The Port of Los Angeles, one of the busiest ports in the country, will begin operating 24 hours a day and 7 days a week to ease cargo bottlenecks that have led to shortages and higher consumer costs. While the neighboring Port of Long Beach, Calif., also started doing a 24/7 schedule last month, major ports in Europe and Asia have operated around the clock for years. The increase in capacity will require cooperation from major companies like Walmart, FedEx, and UPS.
Fed officials signaled last month that they should start reducing emergency pandemic support for the economy in mid-November or mid-December, according to the latest FOMC minutes. The program could then end by mid-2022, though several participants said they'd prefer quicker pace of reducing purchases. Keep in mind that the central bank is currently purchasing at least $80B per month of Treasury securities and at least $40B per month of MBS.
Bank of America posted third-quarter results on Thursday that exceeded analysts’ expectations as it benefited from better-than-expected loan losses and record advisory and asset management fees. Profit surged 58% to $7.7 billion, as revenue climbed 12% to $22.87 billion.