The commotion surrounding a potential third round of quantitative easing continues. In the latest development, St. Louis Fed President Bullard stated that QE3 was unlikely to happen, noting that he's not sure the economic data warrants "gigantic" action on the part of the Federal Reserve. This comes as not much of a surprise considering that Bullard has historically been hawkish on quantitative easing. [more]
Apple has become the most valuable stock to have ever traded, ending the day with a record market cap of $623.5 billion. It should be noted that even with a change in leadership, under Tim Cook, shares of Apple have risen 76%. Now the challenge will be continuing this record growth.
The New York Federal Reserve just released a comic book detailing monetary policy. They should totally make a feature-length film out of this: here.
On August 16, Global Finance released the results of its 21st Annual Ranking of the World's 50 Safest Banks. The ranking, which "has been a recognized and trusted standard of creditworthiness for the entire financial world for more than 20 years," is evaluated along the lines of long-term credit ratings and total assets. Of course, we all know that credit ratings are hardly reliable at times and past performance is hardly indicative of future performance, but this ranking is pretty interesting. [more]
On Friday, the US Department of Agriculture's crop report was released and the figures were not good. Taking into account the record-high temperatures across the U.S., a drought that's the worst in decades, and the fact that half of all U.S. counties are considered disaster areas and you can see why. [more]
Recently, there has been a lot of rhetoric about the strength of the current recovery in the U.S. economy and many have stated that it is the "worst recovery since the Great Depression." Just yesterday, Paul Ryan, Romney's VP candidate pick, echoed the same sentiment, stating that "this is the worst economic recovery in 70 years." [more]
For June, the United States international trade deficit in goods and services decreased significantly from $48B in May to $42.9B in June. Imports decreased to $227.9 billion in June from $231.4 billion in May while exports increased to $185.0 billion in June from $183.3 billion in May. The level of exports was at its highest ever. [more]