Thursday, 29 Jul 2021

Joe Biden Announces 300 Million Coronavirus Vaccines Have Been Administered

Treasuries Extend Rebound Amid Weakness On Wall Street

Following the rebound seen in the previous session, treasuries showed another strong move to the upside during trading on Friday.

Bond prices moved higher early in the session and remained firmly positive throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 6.1 basis points to 1.450 percent.

With the continued decrease on the day, the ten-year yield ended the session at its lowest closing level in over three months.

The strength among treasuries came as stocks on Wall Street saw further downside, with the Dow hitting its lowest intraday levels in well over two months.

Concerns about the outlook for monetary policy continue to weigh on stocks following the Federal Reserve’s announcement on Wednesday.

The Fed’s forecast for two interest rates hikes in 2023 has led to speculation that the central bank will soon start tapering its asset purchases.

Fed Chair Jerome Powell said the central bank would provide “advance notice” before making any changes to its asset purchases.

The comment about providing advance notice of tapering has seemed to inspire traders to look to the relatively safe haven of treasuries, at least temporarily.

Looking ahead, next week’s trading may be impacted by reaction to reports on new and existing home sales, durable goods orders and personal income and spending as well as Congressional testimony by Powell.

Gold Futures Settle Lower Again, Shed Nearly 6% In Week

Despite moving higher earlier in the day, gold prices slipped as the session progressed on Friday and settled lower, as the Federal Reserve’s hawkish policy outlook continued to weigh on the commodity.

The dollar index rose to 92.41 and despite paring some gains subsequently, was still fairly well placed in positive territory at 92.24, up nearly 0.4% from Thursday’s close.

Gold futures for August ended down by $5.80 or about 0.3% at $1,769.00 an ounce, the lowest settlement since April 30. Gold futures shed nearly 6% in the week, recording the biggest weekly loss since the second week of March 2020.

Gold futures rose to $1,797.90 an ounce in the Asian session today.

Silver futures for July ended up by $0.113 at $25.969 an ounce, while Copper futures for July settled at $4.1570 per pound, down $0.0210 from the previous close.

Concerns about the outlook for monetary policy continued to weigh the yellow metal. The Fed’s forecast for two interest rates hikes in 2023 has led to speculation that the central bank will soon start tapering its asset purchases.

Fed Chair Jerome Powell said after the policy meeting on Wednesday that the central bank would provide “advance notice” before making any changes to its asset purchases.

St. Louis Federal Reserve President James Bullard said today that he expects the central bank to raise interest rate in 2022.

Buffalo Bills’ Cole Beasley says he won’t be swayed by NFL’s COVID-19 protocols

After expressing his frustration with the NFL Players Association regarding the league's newly unveiled COVID-19 protocols and arguing with several Twitter users about the virus, Buffalo Bills wide receiver Cole Beasley made clear he has no plans to be vaccinated or take additional precautions.

In a Twitter post Friday, Beasley reiterated his resistance to being vaccinated or altering his daily lifestyle, acknowledging that he could end up subjecting himself to a fine by his team or the NFL. 

"If your (sic) scared of me then steer clear, or get vaccinated. Point. Blank. Period," Beasley wrote. "I may die of covid, but I'd rather die actually living. I have family members whose days are numbered. If they want to come and see me and stay at my house then they are coming regardless of protocol. 

"I don't play for the money anymore. My family has been taken care of. Fine me if you want. My way of living and my values are more important to me than a dollar."

Suspect arrested in shooting death of man in Denver

A suspect has been arrested in the shooting death of a man in Denver.

On Thursday night, police arrested Tammsha Rice-Williams, 34, as a suspect in a May 20 shooting near East Colfax Avenue and Colorado Boulevard, according to a news release.

She is being held on suspicion of second-degree murder, police said. Rice-Williams and the victim knew each other. The arrest affidavit in the case is sealed.

Joe Biden Announces 300 Million Coronavirus Vaccines Have Been Administered

President Joe Biden announced Friday that 300 million coronavirus vaccines have been administered across the country.

“We’re heading into a very different summer from last year,” he said during a news conference. “A bright summer, frankly, a summer of joy.”

More than 175 million Americans have received at least one COVID-19 shot, and 26 states, along with Washington, D.C., have fully vaccinated 50% or more of their adult populations, Biden said. 

“Nationwide, we are at the lowest number of daily deaths since the first days of the pandemic,” the president noted.

Biden also reiterated a commitment to closing the racial gaps in vaccination rates and warned of continued coronavirus variants.

On Thursday, the Biden administration also announced it would invest $3.2 billion to speed the development of antiviral pills that could treat COVID-19 and other viruses.

More than 600,000 Americans have died from the virus so far.

A HuffPost Guide To Coronavirus

  • Do your vaccine side effects predict how you’d react to COVID-19?
  • “I’ve been sick from COVID-19 for almost a year.”
  • Should children go to camp this summer?
  • These are the most common ways the COVID-19 pandemic has affected mental health.
  • Find all that and more on our coronavirus hub page.  
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