Economy
IRS delays tax filing deadline until May
The IRS appears to have decided to heed the pleas of lawmakers and advocacy groups who have been urging the tax agency to postpone this year’s April 15 filing deadline.
The IRS confirmed on Tuesday afternoon that it postponed the deadline until May 17. The tax agency said it planned to release additional details in the coming days.
Fed’s Powell Says No Need to React to Rising Treasury Yields
Federal Reserve Chair Jerome Powell said current monetary policy is appropriate and there’s no reason to push back against a surge in Treasury yields over the past month.
“The stance of monetary policy we have today we believe is appropriate,” Powell said in a virtual press briefing Wednesday following a meeting of the Federal Open Market Committee. “We think our asset purchases in their current form — which is to say across the curve, $80 billion in Treasuries, $40 billion in mortgage-backed securities, on net — we think that’s the right place for our asset purchases.”
Housing market tops out as lumber, material costs bring headwinds
The once-red hot U.S. housing market is cooling off as rising mortgage rates and surging materials costs take a toll.
Housing starts and building permits both fell by more than expected in February, according to a report released Wednesday by the Commerce Department. The bad news comes a day after a survey found homebuilder confidence fell to a seven-month low in March.
Biden Vows to Raise Taxes on Families Earning Over $400,000
President Joe Biden said those earning more than $400,000 a year would see a tax increase under his forthcoming economic program, highlighting the administration’s plans to address inequality in part through levies on the wealthy.
“Anybody making more than $400,000 will see a small-to-a-significant tax increase,” Biden said during an interview on ABC’s Good Morning America that aired Wednesday. “You make less than $400,000, you won’t see one single penny in additional federal tax.”
Landlords Struggling To Stay Afloat See Lifeline In COVID-19 Relief For Renters
Nearly 10 million Americans are behind on their rent payments, according to the U.S. Census Bureau. And Stephanie Graves is seeing that play out first hand. She’s a landlord in the Houston area and says tenants in most of her buildings are struggling.
“I have a small property in town,” she says. “It’s about 22 units and eight residents have not been able to pay over 6 months on and off.” She says she might get a $100 partial payment on a $1,000 rent.
From Amazon To FedEx, The Delivery Truck Is Going Electric
Whether or not you want an electric vehicle in your driveway, you might soon spot one showing up on your curb.
All major delivery companies are starting to replace their gas-powered fleets with electric or low-emission vehicles, a switch that companies say will boost their bottom lines, while also fighting climate change and urban pollution.
UPS has placed an order for 10,000 electric delivery vehicles. Amazon is buying 100,000 from the start-up Rivian. DHL says zero-emission vehicles make up a fifth of its fleet, with more to come.
European countries at the start of a third wave of Covid, experts warn
Large parts of Europe are at the start of a third coronavirus wave, experts have said, with warnings that the decision to pause the use of the AstraZeneca vaccine over health concerns is likely lead to a rise in cases and a high number of deaths as more contagious new variants account for the majority of cases.
Christian Drosten, a leading virologist at Berlin’s Charité hospital said Germany’s epidemiological situation was “not good right now”, and was compounded both by the exponential rise in the spread of the B117 mutation which first originated in Britain that now makes up about three-quarters of new cases in Germany, and the decision to temporarily stop using Oxford/AstraZeneca. “We need this vaccine,” he insisted.
“The FOMC Packed A Huge Surprise” – Fed Now Comfortable With “Slightly” Negative Rates
While markets were focused on headline hot takes from today’s FOMC statement, those reading between the lines and focusing on the market plumbing – such as Curvature Securities’ Scott Skyrm – found “a huge surprise”: an increase in the RRP counterparty limit from $30 billion to $80 billion per counterparty.
While at first look, it seems quite benign, Skyrm notes that “this implies the Fed is very comfortable with zero percent rates and maybe even negative rates.”
Gold & Silver
Click to read the PM Daily Market Commentary
Provided daily by the Peak Prosperity Gold & Silver Group
Article suggestions for the Daily Digest can be sent to dd@peakprosperity.com. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the “3 Es.”
The post Daily Digest 3/17 – IRS delays tax filing deadline until May, From Amazon To FedEx, The Delivery Truck Is Going Electric appeared first on Peak Prosperity.
from Peak Prosperity https://ift.tt/2P1PziP
