U.S. Government

  • 2019-01-28 16:00


    WASHINGTON (MNI) - The U.S. Treasury Monday estimated it will borrow $365 billion of net marketable debt in the first quarter of 2019, assuming a $320 billion cash balance on March 31.

    Previously, the Treasury estimated it would borrow $356 billion in the quarter, with a $320 billion cash balance at the end of March.

    The larger borrowing estimate was "driven primarily by a lower than previously assumed opening cash balance," the Treasury said.

    In the fourth quarter of 2018, Treasury borrowed $426 billion, while the end-of-quarter cash balance was $402 billion.

  • 2019-01-16 15:00


    WASHINGTON (MNI) - The following is the text of the summary section of the Federal Reserve's summary of economic conditions report, or Beige Book, released Wednesday:

    Overall Economic Activity

    Economic activity increased in most of the U.S., with eight of twelve Federal Reserve Districts reporting modest to moderate growth. Nonauto retail sales grew modestly, as several Districts reported more holiday traffic compared with last year. Auto sales were flat on balance. The majority of Districts indicated that manufacturing expanded, but that growth had slowed, particularly in the auto and energy sectors. New home construction and existing home sales were little changed, with several Districts reporting that sales were limited by rising prices and low inventory.

  • 2018-12-12 03:52


    BEIJING (MNI) - China had no information to share yet on the detainment of former Canadian diplomat Michael Kovrig in China this week, foreign ministry spokesman Lu Kang said when pressed by reporters Wednesday

    "I have nothing to provide on the media reports," Lu said when asked.

    Several media reports cited the International Crisis Group saying that its North East Asia Senior Adviser Kovrig has been detained in China.

    The unconfirmed reports of Kovrig's detention on Monday came out as a Canadian court weighed whether to grant bail -- subsequently granted on Tuesday

    -- to Meng Wanzhou,a senior executive at Chinese tech giant Huawei, who was held

    in Vancouver under a U.S.

  • 2018-10-31 13:15


    By Luke Heighton

    FRANKFURT (MNI) - Appropriate central bank responses to any downturn in the world economy caused by trade disputes are unclear, Swiss central bank governor Thomas Jordan said on Wednesday.

    Here are key points from the speech in Berne, Switzerland:

    -- The optimal monetary policy response for a central bank is in the case of a negative supply shock or an abrupt and hefty rise in tariffs is therefore "not immediately obvious", Jordan said, and it is difficult to predict how central banks would behave "in the event of a fully fledged trade war".

    -- Current tariff impositions "will not plunge the world into a recession. Any such fears are exaggerated".

  • 2018-10-29 15:00


    WASHINGTON (MNI) - The U.S. Treasury Monday estimated it will borrow $425 billion of net marketable debt in the fourth quarter of 2018, assuming a $410 billion cash balance on December 31.

    Previously, the Treasury estimated it would borrow $440 billion in the quarter, with a $390 billion cash balance at the end of December.

    The lower borrowing estimate was due to "changes in cash balance assumptions," the Treasury said.

    In the third quarter of 2018, Treasury borrowed $353 billion, while the end-of-quarter cash balance was $385 billion. Treasury had previously estimated it would borrow $329 billion in the third quarter, assuming a $350 billion cash balance on September 30.

  • 2018-07-06 05:26


    BEIJING (MNI) - Following the imposition of US tariffs on $34 billion worth of Chinese imports on Friday morning, China immediately responded with levies on an equivalent value of US goods, China's Ministry of Foreign Affairs (MFA) confirmed Friday.

    "When our legitimate interests are unfairly treated, without question we will fight back," Lu Kang, MFA spokesman, said at a press briefing in Beijing.

    China hoped that trade conflicts with the U.S. would not escalate into an all-out trade war -- which would benefit no one -- Lu stressed. Bullying and threatening will lead nowhere, he added.

    While criticising the U.S. action for being "unilateral" and "unfair," Lu said that the two countries have been in communication regarding various issues of mutual interest.

  • 2018-05-08 08:19


    BEIJING (MNI) - China's foreign trade continued its upward momentum in the first four months in 2018, the latest trade statistics data from General Administration of Customs showed.

  • 2018-04-30 15:00


    WASHINGTON (MNI) - The U.S. Treasury Monday estimated it will borrow $75 billion of net marketable debt in the second quarter of 2018, assuming a $360 billion cash balance on June 30.

    Previously, the Treasury estimated it would borrow $176 billion in the quarter, with a $360 billion cash balance at the end of June.

    The lower borrowing estimate was due to "the higher end-of-March cash balance combined with the higher cash surplus during the quarter," the Treasury said, adding that the suspension of the debt limit allowed for increased borrowing in the quarter.

    In the first quarter of 2018, Treasury borrowed $488 billion, while the end-of-quarter cash balance was $290 billion.

  • 2018-04-10 07:13


    BEIJING (MNI) - It is unlikely that the trade dispute between China and the U.S. will extend into a currency or financial war at this stage as it would trigger a substantial impact on both nations, Bai Chongen, a member of the PBOC monetary policy committee, told MNI in exclusive comments.

    "I hope the trade war will not expand into such (a currency or financial war), now I don't see much chance (of that happening) because it would have a substantial impact on both China and the U.S.," he said.

    According to Bai, China does not need to use such a methods, as it has many other options.

    "China does not need to make such a choice because we have other choices," he said, without expanding what the choices were.

    China and the U.S.

  • 2018-03-21 08:26


    By Silvia Marchetti

    ROME (MNI) - Potential U.S. duties could negatively impact on Italian exports by E40 billion a year, Confindustria, Italy's leading trade lobby, warned Wednesday.

    In a flash bulletin, the association said that even if the outlook now remains "subdued", the risk that the US may extend duties to the European Union, and therefore to Italy, is of great concern to Italian businesses and could "mar" growth in the country.

    "Italy's recovery is consolidating and consumer and business confidence are at its highest for years, close to pre-crisis levels," said the lobby.

    But even if Italy's industry is now "little exposed to the new U.S.