Fed’s Bullard Says December ‘A Reasonable Time’ to Raise Rates
Federal Reserve Bank of St. Louis President James Bullard says he’s not changed his outlook for the economy since victory of Donald Trump in U.S. presidential election.
- "Our view has called for a single rate increase. I think December would be a reasonable time to implement that single rate increase"
- "I am not really seeing the kind of GDP growth you would need to be talking in terms of a hot economy" based on recent data
- NOTE: Bullard is voting member of FOMC this year
Californians are calling for a 'Calexit' from the US — here's how a secession could work
A fringe political group in California wants to opt out of a Donald Trump presidency by leaving the union.
The Yes California Independence Campaign aims to hold a referendum in 2019 that, if passed, would make California an independent country.
There is no clear path for how California might appeal to the federal government so that it may leave. The US Constitution lays out procedures for how a new state may enter the union, but there are no protocols for a nation to exit.
Marinelli, however, sees a workaround — with a ballot measure passed by California voters.
In 2015, Marinelli paid $200 each to get nine initiatives related to secession on a statewide ballot, according to The Los Angeles Times. None garnered the nearly 400,000 signatures necessary to appear on the ballot. So Marinelli and his followers are forced to start over.
Yes California now aims to gather enough signatures to put an initiative on the ballot in 2018, when Californians will choose their next governor, for a referendum in 2019.
if #Calexit actually happens, that would make California the world’s sixth-largest economy, ahead of France and India, according to 2015 data from the International Monetary Fund. Here’s exactly what that ranking would look like, if California were not part of the U.S.
Oil Falls as Focus Returns to OPEC After Trump Election Surprise
Oil fell as the market’s focus shifted from Donald Trump’s unexpected U.S. presidential election victory to questions about OPEC’s ability to rebalance crude supply and demand.
Futures declined 1.3 percent in New York, erasing earlier gains after the International Energy Agency said prices may retreat amid “relentless global supply growth” unless the Organization of Petroleum Exporting Countries enacts significant output cuts. The dollar rose to an eight-month high against its peers amid increased inflation expectations, putting downward pressure on commodities priced in the currency.
Brent for January settlement slipped 52 cents, or 1.1 percent, to $45.84 a barrel on the London-based ICE Futures Europe exchange, closing at a 48-cent premium to January WTI. The global benchmark crude rose 0.7 percent to $46.36 on Wednesday.
Reference: Bloomberg, Business Insider, MarketWatch
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