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Mnuchin to Put $455 Billion in Funds Out of Yellen’s Easy Reach
Treasury Secretary Steven Mnuchin will put $455 billion in unspent Cares Act funding into an account that his presumed successor, former Federal Reserve Chair Janet Yellen, will need authorization from Congress to use.
Mnuchin plans to place the money into the agency’s General Fund, a Treasury Department spokesperson said Tuesday. That fund can only be tapped with “authority based on congressionally issued legislation,” according to the Treasury’s website. The money includes $429 billion that Mnuchin is clawing back from the Federal Reserve which backed some of the central bank’s emergency lending facilities and $26 billion that Treasury received for direct loans to companies. Both initiatives were created under the sweeping Cares Act that was passed earlier this year as the coronavirus pandemic inflicted economic pain on the U.S.
The move will leave Yellen selected by president-elect Joe Biden as his nominee for Treasury secretary with just under $80 billion available in the Treasury’s Exchange Stabilization Fund, a pot of money that can be used with some discretion by the Treasury chief. Mnuchin sent a letter to Powell last week asking for the return of money provided to the Fed by the Treasury as a backstop that allowed the central bank to lend to certain markets in times of stress. The Fed publicly objected to the move, but agreed to return the funds.
Mnuchin said that many markets are no longer in danger of seizing up and don’t need aid beyond next month, when the programs are scheduled to expire. He said that the funds can be better applied to specific areas of the economy with the greatest need, through congressionally approved grants. “For companies that are impacted by Covid such as travel, entertainment and restaurants they don’t need more debt, they need more PPP money, they need more grants,” Mnuchin said in an interview last week.
Mnuchin isn’t required to move the money into the General Fund – the Cares Act states that the Treasury Department can maintain access to the money by keeping it in its Exchange Stabilization Fund until 2026. Yet moving the unspent money will make it virtually impossible for Yellen, if confirmed by the Senate as Treasury secretary, to deploy on her own. The Biden transition team last week called Mnuchin’s clawing back of unspent money from the Fed “deeply irresponsible.”
https://www.bnnbloomberg.ca/mnuchin-to-put-455-billion-in-funds-out-of-yellen-s-easy-reach-1.1527279
Firms May Be Shut Out of Swaps on Libor Issue, CFTC Chief Warns
A significant number of asset managers risk being locked out of the interest-rate swaps market early next year unless they sign on to a new protocol designed to smooth the transition away from Libor, warned the chairman of the U.S. Commodity Futures Trading Commission.
With the London interbank offered rate set to be phased out at the end of 2021, market participants are being encouraged to adopt standardized language by January that will convert Libor-linked contracts to an alternative reference rate once the benchmark expires. While about 400 banks, dealers and other groups have already adopted the new framework, roughly 2,400 parties including numerous money managers with swap exposure tied to Libor have yet to do so, CFTC Chairman Heath Tarbert said in a statement Tuesday.
Swaps are used by corporations and investors to hedge their interest-rate risk as well as speculate on movements in markets. There’s about $110 trillion in notional value of dollar-denominated interest-rate swap contracts outstanding, according to data from the Bank for International Settlements. Banks and dealers will likely avoid entering into swap agreements with parties that haven’t adopted the protocol by early next year because they wouldn’t be able to hedge their Libor exposure, Tarbert said.
The protocol, developed by the International Swaps and Derivatives Association, was unveiled last month and has been touted as a key means of preventing a cliff-edge scenario when the benchmark expires at the end of next year.
Most of the world’s largest banks, including Barclays Plc, Credit Suisse Group AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. were early adopters.
But “unless both counterparties to a swap have adopted the protocol, that swap cannot fallback to a non-Libor rate,” Tarbert said.
The Alternative Reference Rates Committee, convened by the Federal Reserve to guide the Libor transition in the U.S., has urged firms to comply. “The ISDA protocol is a perfect example of an area where market participants can solve this problem on their own,” Tom Wipf, vice chairman of institutional securities at Morgan Stanley and chairman of the ARRC, said in an emailed statement. “We don’t need to wait for legislation to solve the problems with derivatives contracts, we can all solve them by adhering to the protocol.”
adhering to the protocol…how did that work out for us in the past??..it's never enforced-had it been you would be out of business…faggot
The U.K. Financial Conduct Authority, which oversees Libor, told firms in July that they face “huge risks” if they don’t sign up.
https://www.bnnbloomberg.ca/firms-may-be-shut-out-of-swaps-on-libor-issue-cftc-chief-warns-1.1527287
SAM171 USAF G5 departed JBA sw
GTMO845 US Navy Beech Huron se from Ft. Laderdale ground stop-inbound from NAS Jax
they think it's anons job to collect notables…
and it's "always been that way"
muh sides!!
ANON Osprey from NAS north island east then north
Have seen this one go to Yuma prior
Netflix sold by CEO Reed Hastings: $102.94m-Nov 23
Muh options exercise (@ $27.34/sh) and sale (@$482.51/sh) of 213,346 shares.
Cost of Options=$5.83m
Good work if you can get it…
https://www.finviz.com/insidertrading.ashx?oc=1033331&tc=7&b=2
dat one wasn't going nowhere
RAF SLAYER1 and 2 Apache AH.1's se of Norwich
SAM171 USAF G5 ne from Mesquite, TX-Metro Airport after a ground stop of about an hour
Currently passing overhead of Little Rock, AR
China, Japan to cooperate in reviving virus-hit economies
China' Foreign Minister Wang Yi, left, and his Japanese counterpart Toshimitsu Motegi bump elbows at the start of their talks amid the coronavirus outbreak, in Tokyo on Nov. 24. (Pool Photo via AP)
The foreign ministers of Japan and China agreed Tuesday to cooperate in fighting the coronavirus and reviving their pandemic-hit economies, while trying to avoid actions that provoke tensions over disputed islands in the East China Sea. Chinese Foreign Minister Wang Yi, who arrived in Tokyo on Tuesday, and his Japanese counterpart, Toshimitsu Motegi, also agreed to resume business travel between the world’s No. 2 and No. 3 economies through a “business track” program that will allow visitors to engage in limited activities during their 14-day quarantine periods. Japan recently launched such arrangements with Singapore, South Korea and Vietnam.
The two countries are to restart business travel by the end of this month, even though Japan is currently grappling with a resurgence of coronavirus infections as the government struggles to balance disease prevention and economic health. “I expect the agreement will contribute to energizing the economy between Japan and China and serve to promote mutual understanding,” Motegi said. He said stable Japan-China relations are crucial not only for the two countries but also for the region.
Chinese nationals topped the number of foreign visitors in Japan before the pandemic. Relations between the two countries have been strained over territorial disputes and wartime history. But ties have improved in recent years while China’s trade dispute with the U.S. has escalated. Japan, a key U.S. ally, sees China as a crucial trading partner and faces the challenge of balancing its relations with both nations.
On Tuesday, Japan and China agreed to work together on climate change, energy conservation, healthcare and digital commerce as part of their economic cooperation. They agreed to support a rule-based multinational trade system, Wang said. Motegi and Wang also discussed their dispute over Japanese-controlled East China Sea islands which Japan calls Senkaku and China calls Diaoyu, and agreed to try not to escalate tensions. The two sides will establish a hotline between their militaries by the end of December to “improve communication and safety,” Wang said.
moar
http://www.asahi.com/ajw/articles/13960372
out earlier-employee's were very supportive on no mask.
Very few without masks-prolly 10 out of hundreds.
SoCal-berry south.
China Slams NatSec Advisor O'Brien As Sowing "Chaos" & Cold War Tensions In Asia
Top Chinese diplomatic officials have hit back against US national security advisor Robert O'Brien over his "unreasonable remarks" in the Philippines while on an official visit there this week.
The Chinese embassy in Manila on Tuesday slammed what diplomatic officials called his deliberate efforts at "stirring up trouble in the South China Sea" and "provoking a rift between China and the Philippines." The Manila embassy further harangued Washington for not promoteing regional peace and stability, instead creating "chaos in the region" for US self-interest. "In recent years, to safeguard its regional and global hegemony, the US has regarded itself as 'patron' and 'judge' of regional countries and directly intervened in the South China Sea and other issues," the statement said.
His statements were said to have "fanned the flames everywhere" and "seriously" undermined regional security by seeking to create tensions between China and its regional allies. The statement said further, "The US is the biggest driver of the militarization of the South China Sea and the most dangerous external factor endangering the peace and stability of the South China Sea" - something which has been emphasized by Beijing many times in the recent past.
O'Brien has been on a surprise tour of Vietnam and the Philippine's this week in a mission seen as attempting to counter the ASEAN (Association of Southeast Asian Nations) countries' (and key allies) recent signing of a historic trade pact, the Regional Comprehensive Economic Partnership (RCEP), hailed as the biggest free trade deal ever among fifteen Asia Pacific Nations and widely reported as a huge win for China.
"We got the Philippines' back when it comes to the South China Sea," says US National Security Adviser Robert O’Brien as he visits the Philippines. https://t.co/mxhoWZnRWu
— Rappler (@rapplerdotcom) November 23, 2020
O'Brien weighed in heavily on soaring tensions in the South China Sea and US efforts to maintain 'freedom of navigation' by its beefed up naval presence there: During his speech at the building of the Department of Foreign Affairs on Monday, O'Brien reiterated Washington’s support for Manila's fight for control over the West Philippine Sea.
"I just want to say that those resources belong to the children and grandchildren of the people here. They belong to the [Filipino] people," O'Brien said. "They don’t belong to some other country that just because they may be bigger than the Philippines, they can come take away and convert the resources of the Philippine people. That’s just wrong," he added.
The Chinese embassy called the whole speech "full of Cold War mentality" and which was intended to "wantonly incite confrontation."
https://www.zerohedge.com/geopolitical/china-slams-trumps-national-security-adviser-causing-chaos-new-cold-war-asia
This AC was used for that trip and arrived back at JBA last night
SAM126 USAF C-32A that departed Burbank, CA is joined by LOKI82 USAF E-4B Nightwatch se out of Offutt
This AC departed JBA on 1118 and arrived at Anchorage, AK-Ted Stevens Airport for a ground stop then arrived at NAF Atsugi, Japan on 1119.
Departed sw on 1120 for a ground stop at HaNoi, Vietnam and ended it's day in Bangkok (se of) U-Tapao Rayong-Pattaya Int'l Airport
On 1122 it departed Bangkok for Manila-Ninoy Aquino Airport and ended day there
1123: depart ne for Anchorage, for a ground stop then se to Burbank Airport.
Modi heading sw-not something ya see everyday
IAF INDIA1 737 departed New Delhi-Ghandi Airport sw
This AC has had some upgrades
Self-protection suites include radar warning receivers, missile-approach warning and counter-measure systems. The aircraft has the capability to shoot chaff and flares to deviate radar-guided and heat-seeking missiles off their track along with other security tools. The aircraft has been configured to the same security specifications as the Boeing VC-25 that flies the President of the United States