Bank of Japan Cuts Key Rate The Bank of Japan caught markets by surprise, announcing a $418 billion monetary easing program to spur economic growth while cutting interest rates to virtually zero.
EU Urges China to Let Currency Appreciate European policy makers ramped up pressure on China to allow its currency to strengthen, claiming the yuan’s weakness threatens Europe’s economic recovery.
Two-Year Treasury Yield Hits New Record Low Treasury prices rose, and the two-year Treasury yield slipped to another record low amid more signs that the global economic recovery is slowing.
The Top 1% of Americans… or more
precisely the top 1% of American households… own or
hold 34.6% of all of the privately held wealth in the US.
The next 19%… comprised mainly of “managers”,
professionals and small business owners… hold
50.5%. The remaining 80% of households control the
remaining 14.9% of private wealth in the country. On
the other hand, the bottom 90% of households have
73.4% of the total outstanding consumer debt, while
the upper 10% have only 26.6% of that debt. (Via D. Gartman)