Business

The Fed's latest Beige Book released Wednesday found seven regional Fed districts reporting economic activity as growing at a modest or moderate pace, a decline from 11 in the last report, with strong dollar headwinds among one of the more frequently cited reasons for the weakness.

While the Beige Book information was collected up until Nov. 18, 10  days after the U.S. elections, uncertainty about the influence on politics on economic activity was cited eight times in the report. 

We previously detailed the looming reality crisis facing Mario Draghi over his actions (or inactions) about potentially devastating losses at Italy's largest bank, and now we have another update as more questions are being asked.

Via GolemXIV,

So could it really be that after years of stonewalling, Draghi, the ECB and the cabal of central bankers and regulators, are finally being dragged blinking in to the light?

Just a day after Goldman COO Gary Cohn unexpectedly met with Donald Trump, he is now said to be "weighing a future outside the firm" the WSJ reports. According to Dow Jones, the bank's "Number 2", who met with Trump on Tursday, has had conversations in recent months about leaving the bank.

Today's "OPEC deal" snowjob continued with the statement by Russian energy minister Novak, who moments ago have a press conference in which he praised the production cut conclusion, however, two key aspects of Russia's contribution to the non-OPEC stood out.

Former Goldman Sachs banker Steven Mnuchin has been confirmed as Donald Trump’s pick for Treasury Secretary. Mnuchin, a 53-year-old former Goldman Sachs Group Inc. banker turned Hollywood financier…..who was also a one time Soros employee who has no government experience, confirmed he had been tapped to serve as the President-elects Treasury Secretary. Is this a signal that Trump’s administration will be pro–Wall Street?…what happened about draining the swamp? The appointment of Mnuchin certainly signifies yet another shift from the President-elect’s major campaign promises.