Economy
US Government Is Now Top Bitcoin Whale. What Could Happen Next? (Newsbuoy)
Following the news that the US Department of Justice (DoJ) has forfeited USD 1 billion worth of bitcoin (BTC), market players are now discussing possible scenarios what could happen next.
Per the DoJ, the bitcoin was seized by law enforcement on November 3, following an investigation that included tracking down crypto transactions. “The seizure represents the largest seizure of cryptocurrency in the history of the Department of Justice,” they said.
Pfizer Soars as Vaccine Prevents 90% of Covid Cases in Study
A vaccine developed by Pfizer Inc. and BioNTech SE protects most people from Covid-19, according to a study whose early findings sent stock prices surging and were hailed by the top U.S. infectious-disease specialist as “extraordinary.”
The shot prevented more than 90% of symptomatic infections in the trial of tens of thousands of volunteers, the most encouraging scientific advance so far in the battle against the coronavirus. While the results are preliminary, they may pave the way for the companies to seek an emergency-use authorization if further research shows the vaccine is also safe.
Dow, S&P hit records on Pfizer’s COVID-19 vaccine progress, oil soars (jw)
Stocks soared at the open on Monday, along with oil, after positive news from Pfizer on a COVID-19 vaccine and after Joe Biden was named president-elect over the weekend.
Traders are reacting positively to the news that Pfizer and BioNTech’s COVID-19 vaccine proved to be 90% effective in the first 94 patients it was tested on.
Stimulus fight reboots after Election Day
WASHINGTON—Republican and Democratic lawmakers braced for a volatile lame-duck session, with another clash brewing over coronavirus aid and the outcome of the race for the White House, as well as some key Senate and House contests, still up in the air.
Each party logged victories in this week’s results, leaving neither side ready to make dramatic concessions in the long-running deliberations over another coronavirus relief bill. Democrats pointed to the likely path for their presidential nominee, Joe Biden, winning the White House, while Republicans said their unexpected gains in the House and victories in many contested Senate seats should compel new compromises from Democrats.
Here’s What a Biden Victory Means for the Federal Reserve
A victory for Joe Biden in the U.S. presidential election may eventually reshape the Federal Reserve’s leadership and the way it regulates big banks, but it won’t change what matters most for financial markets and the economy: monetary policy.
With the economy struggling to regain its pre-pandemic strength, Fed officials have telegraphed clearly that interest rates will stay near zero for at least three more years. Moreover, in August the Fed’s rate-setting panel unanimously endorsed a new long-run strategy that promises to keep rates lower coming out of this recession than officials had dared during previous recoveries.
Energy
Biden energy plan may be more similar to Trump policy than expected
American presidents have long wanted the U.S. to be self-sufficient when it comes to oil, and if former Vice President Joe Biden wins the presidency, he will likely have a similar agenda but with an added emphasis on clean energy.
During the President Donald Trump’s administration, the U.S. has become the world’s largest energy producer, surpassing both Russia and Saudi Arabia in oil production. It also became a net exporter of oil, when including refined products like diesel, jet fuel and gasoline.
Coal Consumption In U.S. Electricity Sector Plunges 30%
Competition from record-low natural gas prices and reduced power demand in the lockdown in the spring sent coal consumption in the U.S. power sector down by 30 percent in the first half of 2020 compared to the same period last year, the U.S. Energy Information Administration (EIA) said on Friday.
Environment
Federal Court Declares Genetically Engineered Salmon Unlawful (Newsbuoy)
The U.S. District Court for the Northern District of California ruled Thursday the U.S. Food and Drug Administration (FDA) violated core environmental laws in approving the genetically engineered (GE) salmon. The court ruled that FDA ignored the serious environmental consequences of approving GE salmon and the full extent of plans to grow and commercialize the salmon in the U.S. and around the world, violating the National Environmental Policy Act. The court also ruled that FDA’s unilateral decision that GE salmon could have no possible effect on highly-endangered, wild Atlantic salmon was wrong, in violation of the Endangered Species Act.
Steel Is A Climate Nightmare. Sweden Has A Plan To Make It Green
LULEÅ, Sweden ― Situated just below the Arctic circle in Sweden’s sparsely populated Norrbotten County is a quiet picturesque city, nestled in between forests and an archipelago that stretches out into the Gulf of Bothnia toward Finland.
Luleå is known as Stålstaden (“Steel City”) and it is the beating heart of Sweden’s steel industry, home to a sprawling industrial steelworks that employs over a thousand workers. Steel underpins the city’s economy with around 2 million tons of steel slabs produced every year in Luleå. The slabs are sent by train to the city of Borlänge, where they are processed and used to make products like cars, tractors and ships.
Tropical Storm Eta Makes Landfall In Florida Keys
HAVANA (AP) — A strengthening Tropical Storm Eta made landfall on Florida’s Lower Matecumbe Key on Sunday night, days after leaving scores of dead and over 100 missing in Mexico and Central America.
The U.S. National Hurricane Center in Miami declared hurricane and storm surge warnings for the Keys from Ocean Reef to the Dry Tortugas, including Florida Bay.
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The post Daily Digest 11/9 – US Government Is Now Top Bitcoin Whale, Dow, S&P hit records on Pfizer’s COVID-19 vaccine progress appeared first on Peak Prosperity.
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