Latest news with #FinancialReport
Yahoo
9 hours ago
- Business
- Yahoo
An inflation surge could swamp Trump's presidency. This one investment will keep your money safe.
America's financial outlook has darkened under President Donald Trump's leadership. All three major credit-rating agencies now rank U.S. federal debt one notch below triple-A, and Jamie Dimon, the chairman and CEO of JPMorgan Chase JPM, has warned of a crack in the U.S. bond market. With the 10-year U.S. Treasury yield BX:TMUBMUSD10Y at 4.4% on Wednesday and the 30-year rate BX:TMUBMUSD30Y at 4.9%, holders of nominal U.S. debt should be prepared for significant real losses. The principal risk is not U.S. sovereign default, but rather unexpected increases in medium- and long-term interest rates, owing to market expectations of higher inflation. Fiscal policy under Trump is unsustainable, as it was under former President Joe Biden — but even more so if the Trump administration's 'big, beautiful' budget passes in anything like its current form. 'I'm at my wit's end': My niece paid off her husband's credit card but fell behind on her taxes. How can I help her? Why the biggest-ever 'triple witching' options expiration could deliver a jolt to Friday's trading Israel-Iran clash delivers a fresh shock to investors. History suggests this is the move to make. 'I prepaid our mom's rent for a year': My sister is a millionaire and never helps our mother. How do I cut her out of her will? I'm 75 and have a reverse mortgage. Should I pay it off with my $200K savings — and live off Social Security instead? The January 2025 Financial Report of the United States Government makes this clear. The U.S. ratio of federal debt held by the public to GDP at the end of the 2024 fiscal year was around 98%, although $4.7 trillion of the $28.3 trillion in federal debt was held by the Federal Reserve — meaning it is erroneously categorized as held by the 'public,' when really the central bank's accounts should be consolidated with those of the federal government. Under current policy and based on the report's assumptions, federal debt held by the public would reach 535% of GDP by 2099. Stabilizing the U.S. debt-to-GDP ratio requires that the annual primary federal deficit (excluding interest payments) fall by an average of 4.3% of GDP over the next 75 years. And yet, the federal deficit and primary deficit were 6.4% and 3.3% of GDP, respectively, in fiscal-year 2024 — far above what can be justified with the economy near full employment. Read: America's debt is at a breaking point — Trump's tax bill might just push it over the edge With the U.S. Congress so dysfunctional, no one has any faith that it will deliver the required deficit reduction. Democrats do not do permanent spending cuts, and Republicans do not do permanent tax increases. The federal government does own about 28% of U.S. land (roughly 640 million acres), as well as other real commercial assets that could yield significant additional nontax revenues if properly managed. But neither party — nor even the misnamed Department of Government Efficiency — appears to have considered this option, so the federal deficit as a share of GDP is likely to rise over the next few years. With no foreseeable improvement in fiscal policy, there are two possible outcomes. First, the U.S. government could default. There has long been a small, but recurrent, risk of a technical, short-lived default if Congress fails to raise, suspend, extend, revise or abolish the federal debt ceiling on time. Fortunately, it has averted this scenario 78 times since 1960, and we expect it to continue doing so. As matters stand, the debt ceiling (including debt held by federal agencies) is set at $36.1 trillion, and debt subject to the limit is also $36.1 trillion. If needed, the Treasury has a highly liquid asset (the Treasury General Account held with the Fed) worth $332.9 billion that it can use to meet its obligations, and it may temporarily use 'extraordinary measures to continue to borrow additional amounts for a limited time.' The second, more likely possibility is that the Fed will monetize enough federal debt to prevent default. Since U.S. federal debt is serviced in dollars, 'printing money' is always an option. But, as the Fed well knows, a large-scale monetization of federal debt would result in significantly above-target inflation. We believe the Fed will do this without its operational independence being revoked by Trump. To get the Federal Open Market Committee to do something it does not want to do, the president would need to control the majority of its 12 voting members. These include the seven members of the Federal Reserve Board of Governors and five (out of 12) regional Federal Reserve Bank presidents who vote at any given FOMC meeting. Neither the president nor Congress can appoint or fire Federal Reserve Bank presidents. The Board of Governors must approve them, and only the board can remove them. The president nominates board members, but the Senate must confirm them. Board members' current term limits imply that, assuming none are fired, Trump will have the opportunity to nominate only two new members. True, with the power to fire board members 'for cause' — meaning 'inefficiency, neglect of duty, or malfeasance' — Trump could try to replace a majority of the members with loyalists. But this seems unlikely. Whether the 'for cause' criterion has been met will be contested in the courts, and the Senate would have to confirm Trump's appointees. Read: Trump's pick to replace Fed Chair Powell could rock your mortgage and retirement. Buckle up. Similarly, Congress could revise the Federal Reserve Act to replace the Fed's monetary-policy objectives with a mandate to buy or sell sovereign debt according to the wishes of the Treasury. But this, too, is unlikely. And the same goes for a scenario in which the Treasury sets a rapidly depreciating exchange-rate target for the dollar DXY that can be achieved only through large-scale Fed purchases of U.S. public debt that generate high inflation. However, fiscal dominance — indeed, fiscal capture — is very likely, because the need to avoid a domestic and global financial crisis will force the FOMC's hand. It will do whatever is necessary to prevent a U.S. government default, because the Fed's financial-stability mandate (the Financial Stability Act of 2010 mentions the Fed 179 times) undoubtedly trumps its monetary-policy mandate of maintaining maximum employment, stable prices and moderate long-term interest rates. The Fed cannot credibly threaten to refuse to monetize debt and deficits to compel fiscal retrenchment by the Treasury, let alone Congress. Thus, the Fed will have no choice but to engage in sovereign-debt purchases that it knows to be incompatible with its monetary-policy objectives. With nominal interest rates for medium- and long-term U.S. sovereign debt far below the levels consistent with realistic expectations of future inflation, serious capital losses on nominal debt instruments (public and private) are likely. The inflation surge could be no more than three years away. As the prospect of fiscal capture comes into view, investing in Treasury inflation-protected securities (TIPS) and other indexed public and private debt instruments will become increasingly attractive. Willem H. Buiter, a former chief economist at Citibank and former member of the Monetary Policy Committee of the Bank of England, is an independent economic adviser. Anne C. Sibert is professor emerita of economics at Birkbeck, University of London. This commentary — 'U.S. Debt Holders Should Brace for Impact' — is published with the permission of Project Syndicate. Read: 'You are going to panic,' Jamie Dimon tells regulators about what will happen when the bond market cracks More: What's at stake if world's most powerful market finally buckles after decades-long U.S. debt splurge 20 companies in the S&P 500 whose investors have gained the greatest rewards from stock buybacks Israel-Iran conflict poses three challenges for stocks that could slam market by up to 20%, warns RBC I'm 51, earn $129K and have $165K in my 401(k). Can I afford to retire when my husband, 59, draws Social Security at 62? 'It might be another Apple or Microsoft': My wife invested $100K in one stock and it exploded 1,500%. Do we sell? Why the stock market will be performing a high-wire act over the summer, according to UBS
Yahoo
2 days ago
- Automotive
- Yahoo
Invitation to Autoliv's Q2, 2025 Earnings Call
STOCKHOLM, June 18, 2025 /PRNewswire/ -- Autoliv Inc., plans to publish its Financial Report for the second quarter 2025 on Friday, July 18, 2025 at 12:00 Central European Time (CET). The report will be available at In addition, a teleconference will take place the same day. Q2 2025 Earnings Call: Date: July 18, 2025 Time: 14:00 - 15:00 CET Main speaker: Mikael Bratt, President & CEO To attend by webcast, please use the link on our web or the link below: To attend by phone, use the link below to register your participation and obtain your personal pin code and phone number: Audio replay will be available after the conference until July 18, 2026: Transcript will be available on: For more information about Autoliv, please visit Best regards,Anders TrappV.P. Investor RelationsEmail: +46 709578171 This information was brought to you by Cision The following files are available for download: Invitation ALV Q2 25 Webcast Telco July 2025 View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Automotive
- Yahoo
Invitation to Autoliv's Q2, 2025 Earnings Call
STOCKHOLM, June 18, 2025 /PRNewswire/ -- Autoliv Inc., plans to publish its Financial Report for the second quarter 2025 on Friday, July 18, 2025 at 12:00 Central European Time (CET). The report will be available at In addition, a teleconference will take place the same day. Q2 2025 Earnings Call: Date: July 18, 2025 Time: 14:00 - 15:00 CET Main speaker: Mikael Bratt, President & CEO To attend by webcast, please use the link on our web or the link below: To attend by phone, use the link below to register your participation and obtain your personal pin code and phone number: Audio replay will be available after the conference until July 18, 2026: Transcript will be available on: For more information about Autoliv, please visit Best regards,Anders TrappV.P. Investor RelationsEmail: +46 709578171 This information was brought to you by Cision The following files are available for download: Invitation ALV Q2 25 Webcast Telco July 2025 View original content: SOURCE Autoliv Sign in to access your portfolio
Yahoo
28-03-2025
- Business
- Yahoo
Sword Group: Availability of the 2024 Financial Report
According to the current regulations, Sword Group announces that its 2024 Financial Report has been made available to the public. It was sent to the Commission de Surveillance du Secteur Financier (CSSF) and was also filed with the Luxembourg Stock Exchange. It can be viewed and downloaded on the website of the company: 2024 FINANCIAL REPORT Dividend€2.0 gross per shreEx-date: April 30, 2025Payment: May 2, 2025Pending approval at the Annual General Meeting on April 28. Calendar24/04/25 | 2025 First Quarter Revenue24/07/25 | 2025 Second Quarter Revenue About Sword GroupSword has 3,200+ IT/Digital specialists active in 50+ countries to accompany you in the growth of your organisation in the digital a leader in technological and digital transformation, Sword has a solid reputation in complex IT & business project optimises your processes and enhances your SwordGroup_Availability of the 2024 Financial Report_V28032025Sign in to access your portfolio
Yahoo
25-03-2025
- Automotive
- Yahoo
Correction: Invitation to Autoliv's Q1, 2025 Earnings Call
STOCKHOLM, March 25, 2025 /PRNewswire/ -- Autoliv Inc., plans to publish its Financial Report for the first quarter 2025 on Wednesday, April 16, 2025 at 12:00 Central European Time (CET). The report will be available at In addition, a teleconference will take place the same day. Q1 2025 Earnings Call: Date: April 16, 2025 Time: 14:00 - 15:00 CET Main speaker: Mikael Bratt, President & CEO To attend by webcast, please use the link on our web or the link below: To attend by phone, use the link below to register your participation and obtain your personal pin code and phone number: Audio replay will be available after the conference until April 16, 2026: Transcript will be available on: For more information about Autoliv, please visit Best regards,Anders TrappV.P. Investor RelationsEmail: +46 709578171 This information was brought to you by Cision The following files are available for download: Invitation to Autoliv Q1 2025 Earnings View original content: SOURCE Autoliv Sign in to access your portfolio
