
The whiplash-inducing, “Hunger Games”-style race to become Donald Trump’s Treasury secretary made it easy for the media to ignore what has been going on with Janet Yellen — and the absolute mess she’s leaving for her successor. Yellen — who, it was revealed Friday, will be replaced as Treasury secretary in January by hedge fund mogul Scott Bessent — was Joe Biden’s pick to run the office that is essentially the country’s CFO. Indeed, it could be the most important cabinet position in the White House given the importance of the US economy. Americans put Trump in office largely over his handling of the economy during his first term — job growth and wages that kept place with a low inflation rate. Despite her gold-plated résumé, Ivy League degrees, and time served as Fed chair, Yellen gave the country just the opposite. Her boss paid the price politically as the American people paid the price economically. And according to my sources, the American people aren’t done paying the price for Yellen’s mismanagement even if most of the financial media is overlooking the fiscal time bomb she devised — one that could blow up once Trump takes office. Specifically, my sources who follow the bond market say Yellen has been setting a trap for the incoming Trump administration through the way she financed the massive $1.8 trillion federal budget deficit that exploded during the Biden years with the accumulation of $36 trillion in debt. Yellen has been moving away from long-term debt to finance the shortfalls to shorter-dated securities, essentially rolling over deficits with more and more Treasury bills instead of the normal way of debt issuance through 10- and 30-year debt. That’s according to an analysis by Robbert van Batenburg of the influential Bear Traps Report, who estimates that around 30% of all debt is the short-term variety — aka 2-year and shorter notes — compared to 15% in 2023. Didn’t lock in low rates In an era of low interest rates, Yellen & Co. could have locked in relatively cheap interest payments for years by issuing more 10- and 30-year debt. So why go there? Politics, according to Yellen’s Wall Street critics. Because the Biden administration has taken spending to new and some say unsustainable levels, Yellen needed to engage in a bit of financial chicanery to keep interest rates low and not spook the stock market during an election year, her critics say. If she had financed deficits with 10- and 30-year bonds, that would have caused a rise in interest rates that impact consumers, i.e. mortgages and credit cards. Yields on the 10-year bond have remained under 5%, a key level that has coincided with a run-up in stocks. If rates move to 5% and above, it would also probably cause a decline in the stock market because stocks would be competing with higher-yielding super-safe treasuries for investors’ money. She was playing with additional fire because rates on short-dated debt, while low, began to spike in recent years when the Fed raised its base rate to fight inflation. As van Batenburg puts it: “The Treasury now faces a substantial volume of short-term debt maturing annually, which must be refinanced at significantly higher interest rates. Current market rates for short-term debt, while slightly lower than recent peaks, remain elevated compared to historical levels. This mismatch between low-cost historical debt and high-cost replacement debt is driving a substantial increase in the government’s interest expense.” Scary stuff. Average Americans got screwed by inflation and then higher rates that made homeownership less affordable. Rich people luxuriated in gains from higher financial-asset prices. But yields on the 10-year have been inching up to that danger zone of 5%. It could set the stage for a stock market collapse or even worse if the bond market starts to factor in not just higher deficits given Biden’s spending spree, but also the need to issue more long-dated debt because short-term borrowing is more expensive. Thanks, Janet. Gensler’s SEC land mines Speaking of cleaning up messes, SEC Chairman Gary Gensler announced last week he doesn’t plan to stick around until his term ends in 2026. His replacement is still in question as this column goes to press, though sources say long-time securities lawyer and ex-SEC commissioner Paul Atkins has the inside track. While Wall Street’s top cop won’t face the same existential worries being faced by the new Treasury secretary, it won’t be a cakewalk, either. “Cleaning up after Gensler is like avoiding land mines left behind by the retreating Japanese soldiers,” an SEC insider told me. Gensler, during his three-plus years as Biden’s SEC chair, basically defied the agency’s congressional mandate. He turned what’s essentially an investor-protection agency into a climate-activist arm of the Biden administration by trying to impose costly and absurd disclosures on public companies about their carbon footprint, nearly impossible to accurately gauge. His enforcement arm became a de facto regulator of the $3.5 trillion crypto business; instead of setting clear rules for the industry, he brought cases, stifling innovation of all-important blockchain technology in the US and pushing it overseas. Staff morale is at an all-time low due to Gensler’s brusque management style. I can go on, but I don’t want to scare whoever’s taking Gary’s place. Originally published as US economy: Secretary of Treasury Janet Yellen departs from office - as she leaves a trail of mess for her successorStock market today: Wall Street rises at the start of a holiday-shortened week
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(Bloomberg) — Business activity in the euro area unexpectedly shrank this month, fueling concerns about the prospects for Europe’s economy and suggesting the European Central Bank will need to be more aggressive with interest-rate cuts. The euro fell to its lowest level since 2022 against the dollar after the purchasing managers gauge of service providers and manufacturers weakened. Political crises in Germany and France, as well as the threat of tariffs from a Donald Trump presidency in the US, also weighed on the currency. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy, markets and geopolitics: Europe Euro-area business activity unexpectedly shrank in November, a sign of the damage being wrought by political chaos and heightened discord over trade. The euro fell to its weakest levels since 2022 against the dollar as traders priced in more interest-rate cuts from the European Central Bank. The chance of a 50 basis-point reduction in December rose to 50%, from about 15% at Thursday’s close. UK inflation accelerated more than forecast in October to well above the Bank of England’s 2% target. Consumer-price inflation rose 2.3% from a year earlier after a jump in energy bills. Services inflation — which is being monitored closely by rate-setters for signs of domestic pressures — remained elevated at 5%. A key gauge of euro-zone wages jumped by the most since the common currency was introduced in 1999 — complicating the ECB’s plans for interest-rate cuts as inflation eases. Third-quarter negotiated pay rose 5.4% from a year ago. That’s up from 3.5% in the previous three months and was largely driven by Germany. A dormant stock market, brittle currency, crisis-ridden political system, stagnant economy — so was the landscape in Europe even before Donald Trump won election in the US. Now, the continent faces new trade tariffs against its biggest companies and investment outflows as Trump’s plans to cut taxes and gut regulation make US stocks more attractive. Add to that the growing angst around Germany’s upcoming snap election and escalating Russia tensions and even the most optimistic investors are struggling to stay upbeat. Asia Japanese firms in China are becoming more pessimistic about the world’s second-biggest economy, with about two-thirds saying it’s getting worse and almost half scaling back or halting their investments. About 64% of Japanese companies said the Chinese economy is faring worse than last year, according to the latest survey from the Japanese Chamber of Commerce and Industry in China. South Korea’s household debt grew the most in three years last quarter, highlighting a development that kept the central bank from pivoting on policy until last month. Mortgage loans, a major component of the credit, also rose by the most since the third quarter of 2021. US & Canada Housing starts declined in October to the slowest pace in three months as hurricanes exacerbated an easing in construction activity more generally. Residential construction has struggled to gain traction this year against a backdrop of a growing number of new homes for sale and mortgage rates near 7%. Trump’s vows to “frack, frack, frack” are about to collide with a global crude glut that’s set to, finally, temper record shale production. Inflation in Canada rose by more than forecast and underlying price pressures reaccelerated, hiccups that may dissuade policymakers from a second straight 50 basis-point cut to interest rates next month. The first acceleration of headline inflation in five months may bolster a case for the Bank of Canada to reduce borrowing costs gradually, after officials stepped up the pace of easing in October. Emerging Markets Years of runaway inflation are testing the physical limits of Turkey’s cash-centric economy as its biggest banknotes become increasingly inadequate to cover even daily spending. The highest-denominated bill, for 200 liras ($5.80), now represents more than 80% of all cash in circulation, up from 16% in 2010, according to central bank data. After losing almost all its purchasing power, each note is worth enough to buy two filter coffees at Starbucks. Mexico’s inflation decelerated in early November while the economy continues to lose momentum, giving the central bank room to cut interest rates for a fourth straight meeting next month. World Ukrainian forces earlier this week carried out their first strike on a border region in Russia using Western-supplied missiles as President Vladimir Putin approved an updated nuclear doctrine expanding the conditions for using atomic weapons. The news sent investors scrambling into some of the world’s safest assets. Iceland’s central bank accelerated its easing campaign, while South Africa also cut rates. Bank Indonesia warned there is less scope to lower them. Hungary, Angola, Paraguay and Egypt kept borrowing costs steady. Turkey also held while implying a cut could soon be justified due to slowing inflation. —With assistance from Irina Anghel, Alice Atkins, Maya Averbuch, Taylan Bilgic, Kevin Crowley, Robert Jameson, Lucia Kassai, Sam Kim, Aliaksandr Kudrytski, James Mayger, Henry Meyer, Michael Msika, Tom Rees, Michael Sasso, Zoe Schneeweiss, Mark Schroers, Patrick Sykes, Randy Thanthong-Knight, Alex Vasquez and David Wethe.The morning catch up: ASX set to rise ahead of monthly CPI data on Wednesday
University of Montana club teaches students ethical huntingExpert cautions on cryptocurrency approval, backs CBN’s eNaira platformPHILADELPHIA (AP) — The Philadelphia Phillies have no plans to pitch prized prospect Andrew Painter in spring training games as he recovers from Tommy John surgery. The 21-year-old Painter hurt his elbow during spring training in 2023 and had surgery that July 25 with Los Angeles Dodgers head team physician Dr. Neal ElAttrache. Painter was the 13th overall pick in the 2021 amateur draft and signed for a $3.9 million bonus. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
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Long Island Medium Theresa Caputo steps out with biggest bouffant yet after getting mocked for size of hair Have YOU got a story? Email tips@dailymail.com By SAMEER SURI and KIRSTY MCCORMACK, SENIOR ENTERTAINMENT REPORTER FOR DAILYMAIL.COM Published: 23:03 GMT, 26 November 2024 | Updated: 23:10 GMT, 26 November 2024 e-mail 2 View comments Long Island Medium star Theresa Caputo surfaced in New York City this Tuesday sporting a towering blonde bouffant. The 56-year-old psychic fronted the TLC reality show from 2011 until 2019, becoming as famous for her massive platinum hairdo and splashy outfits as for her insistence that she can commune with dead people. Earlier this year, she inspired widespread derision online for an appearance on The View - with fans taking aim at her voluminous coif . One social media user even joked that the self-professed medium might be hiding a ghost underneath her lavish hairdo. Theresa however was evidently unfazed by all the mockery, and is sticking faithfully to the look that she sported when she first shot to fame over a decade ago. When she stepped out in New York this week, her signature platinum hair was as mountainous as ever, and her ensemble was characteristically eye-catching. Long Island Medium star Theresa Caputo surfaced in New York City this Tuesday sporting a towering blonde bouffant She modeled a colorful blouse-trouser combo that appeared to be made of silk or satin and bore a striking resemblance to pajamas. Sharpening her features with heavy makeup, she brought the getup together with a bright orange handbag and a fuzzy set of blue heels. Although it rained in New York that day, Theresa's bouffant was well-protected, as someone with an umbrella was strolling beside her. This March, Theresa was mercilessly mocked for her hairdo following an appearance on The View , with some people even joking that she could be 'hiding' a spirit underneath her impressive locks. She joined Joy Behar, Sara Haines, Ana Navarro, Sunny Hostin, and Alyssa Farah Griffin at the Hot Topics table sporting her larger than life locks. The mother-of-two, who reduced Sunny and Ana to tears when claimed to have made contact with their late relatives, was her usual glamorous self dressed in a black and white checked blazer dress - but it was her hair that caught everyone's attention - with one viewer describing it as being 'as high as heaven'. Taking to X, formerly known as Twitter , another person posted: 'That lady got some hair !!! #TheView,' while another joked: 'No Theresa the medium affecting the ozone layer how many cans of hair spray did she use today #TheView definitely a Long Island girl.' Someone else tweeted: 'I'm always looking to see something or someone to pop out of [her] hair any minute #theview,' while another asked: ''Does she live in Texas ? Every thing is BIGGER in TX. Are there spirits hiding under that hair?! #TheView.' When she stepped out in New York this week, her signature platinum hair was as mountainous as ever, and her ensemble was characteristically eye-catching She modeled a colorful blouse-trouser combo that appeared to be made of silk or satin and bore a striking resemblance to pajamas This March, Theresa was mercilessly mocked for her hairdo following an appearance on The View , with some people even joking that she could be 'hiding' a spirit under her locks Some viewers mocked Theresa and suggested a spirit could 'chat with her' about her hair One person tuning into Friday's episode of The View described Theresa's hair as a caricature Someone else joked that Theresa was 'affecting the ozone layer' with her hair Another viewer made a joke about Theresa 'hiding spirits' under her voluminous hairdo Read More The View's Sunny Hostin breaks down in TEARS as Long Island Medium Theresa Caputo delivers a 'powerful' message from her late grandmother - before leaving Ana Navarro SOBBING while channeling her late brother 'Oh boy - that hair has become a caricature of itself. #theview,' one viewer claimed, while another accused Theresa's hair of not being real: ''Looks like that wig is trapping some spirits #TheView #HotTopics.' A different user posted: '#teresacaputo hair is too much reminds me of the 70’s it looks like a damn #TheView.' Referring to Theresa's line of work, another viewer joked: 'Maybe a spirit should chat with her about her hair..... #TheView.' And someone else suggested that one of The View hosts should mention her hairstyle and posted: 'Is anyone going to ask Theresa about her hair? I mean... #TheView. I’ve never seen anything like it. How are they not asking, “Girl, what the f*ck is up with your hair?” #TheView.' The former TLC star was on The View to promote her new television show Theresa Caputo: Raising Spirits and explained to the panel how the pandemic made her want to return to TV. 'I felt that my gift was needed more than ever. Someone might not have lost someone during Covid but we lost something during these years and what I do is so much more than communicating with people that have died,' Theresa explained. 'People, you know, haven't spoken to maybe family members or they lost their faith, they don't know how to live, they don't know how to laugh and they'll come for a reading and it'll change their life to just live life in a more positive light.' Speaking about her live shows, Theresa continued: 'They're amazing. To go out on the stage in front of thousands of people and to be in a space and feel the energy and watch a perfect stranger heal in right front of your eyes... you watch it and you feel it and watching, everyone in the audience, strangers consoling each other and feeling for them, it is something truly special.' When Sara Haines asked her thoughts are on people who are skeptical of what she does, Theresa replied: 'I get it. First of all, I'm the first one to say that what I do is crazy. How can someone communicate with someone who died? Theresa reduced Sunny Hostin to tears when she claimed to have made contact with her maternal grandmother The mother-of-two pictured at SiriusXM Studios in New York City on March 13 'And it might be common themes but this has nothing to do with me, it has to do with the souls communicating and also to the person that is receiving the messages. You know, I get it.' Theresa continued: 'This is why I kind of put my gift in God's hands and said, "if this is what I'm supposed to do, I want to help people heal". 'Because if we're too easy with burdens, guilt, only IFS, or just any negative emotion, how can you heal? You're going to block yourself and you get this wall of maybe anger and bitterness and then all of our faith goes out the window because of that.' Last year, Theresa told DailyMail.com in an exclusive interview that she 'struggled' coming to terms with her unique gift, which she first discovered when she was four-years-old. Mediumship is the practice of purportedly mediating communication between familiar spirits or spirits of the dead and living human beings. 'I didn't realize I was different, I've been seeing and sensing spirits since I was four so for me it was normal to see someone standing at the foot of my bed at night or talking to me and there was no one else in the room. 'It wasn't until later in my twenties when I realized not only was I able to connect with my departed loved ones but everyone else's because I believe that.' Speaking about coming to terms with being different, Theresa said: 'I realized I had this ability and then I struggled for over five years. 'But then I realized no matter who dies and what age, here in the physical world we are left with burden and guilt. At the end of the day all of those emotions don't give us the ability to heal, I want to help people heal and give them the ability to move on.' 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