THE WEEK THAT WAS
April 16: The Federal Reserve of New York admits to errors in the calculation of its brand new SOFR (Secured Overnight Financing Rate), having included forward-starting overnight repurchase agreements in its daily reporting.
April 17: An engine malfunction on a Southwest Airlines flight from New York to Dallas resulted in the death of a Wells Fargo executive. A piece of debris from the explosion in the engine tore a hole in a passenger window, causing the first fatality in a U.S. airline accident since 2009.
April 18:The International Monetary Fund stated that the U.S. Debt-to-Gross Domestic Product will rise to 116.9 percent in five years due to the new tax cuts. That would put the U.S. in a worse fiscal position than Italy by 2023. Former Federal Reserve Chairman Alan Greenspan, in a Bloomberg TV interview, said lowering corporate tax rates is a good thing, but that is not funded and spending cuts should precede tax cuts.
April 19:Amazon, Inc. said it now has more than 100 million Prime members globally and its Prime Now service (which now offers two-hour delivery or less) is currently available in 50 cities in nine countries.
April 20: Stocks opened on Friday unchanged, and the Dow Jones Industrial Average fell about 200 points, threatening to give up a weekly gain as government bond yields rose. Apple shares fell 4.1 percent, which offset a 4 percent gain in General Electric.
Banking & Economic News
One Dead in Southwest Airlines Flight Emergency Landing in Philadelphia
Learn more (April 17, 2018; cbsnews.com)
Oil Jumps 3 Percent on Saudi Price Target, U.S. Stockpiles
Learn more (April 17, 2018; reuters.com)
Amazon Says It Has More Than 100 Million Prime Members
Learn more (April 18, 2018; reuters.com)
U. S. Debt Load Seen Worse Than Italy’s by 2023, IMF Predicts
Learn more (April 18, 2018; bloomberg.com)