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ryanleongxd
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2021-06-26
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2021-06-24
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Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike
WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the Uni
Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike
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2021-04-01
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2021-03-17
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U.S. stock futures struggle for direction ahead of Fed decision
Stock-index futures hovered near unchanged Wednesday as investors awaited the outcome of an eagerly
U.S. stock futures struggle for direction ahead of Fed decision
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of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.</p>\n<p>According to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.</p>\n<p>If the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.</p>\n<p>SEEKING G20 ENDORSEMENT</p>\n<p>Yellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.</p>\n<p>She said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.</p>\n<p>Her comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.</p>\n<p>The Biden administration is seeking a global minimum tax of at least 15%.</p>\n<p>Yellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.</p>\n<p>She added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 08:53 GMT+8 <a href=https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers...</p>\n\n<a href=\"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186470605","content_text":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.\nIn testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”\nYellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.\nAn unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.\n“I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”\nThe Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.\nAsked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.\n“We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.\nAccording to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.\nIf the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.\nSEEKING G20 ENDORSEMENT\nYellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.\nShe said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.\nHer comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.\nThe Biden administration is seeking a global minimum tax of at least 15%.\nYellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.\nShe added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.","news_type":1,"symbols_score_info":{".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2742,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":357831133,"gmtCreate":1617255613622,"gmtModify":1704697869104,"author":{"id":"3574943165336595","authorId":"3574943165336595","name":"ryanleongxd","avatar":"https://static.tigerbbs.com/2df891d7bf385c12fa6ac26772c1d1e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574943165336595","idStr":"3574943165336595"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/357831133","repostId":"2124285272","repostType":4,"isVote":1,"tweetType":1,"viewCount":2044,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324886949,"gmtCreate":1615982868681,"gmtModify":1704789274617,"author":{"id":"3574943165336595","authorId":"3574943165336595","name":"ryanleongxd","avatar":"https://static.tigerbbs.com/2df891d7bf385c12fa6ac26772c1d1e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574943165336595","idStr":"3574943165336595"},"themes":[],"htmlText":"Damn","listText":"Damn","text":"Damn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324886949","repostId":"2120718657","repostType":4,"repost":{"id":"2120718657","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1615980300,"share":"https://ttm.financial/m/news/2120718657?lang=en_US&edition=fundamental","pubTime":"2021-03-17 19:25","market":"us","language":"en","title":"U.S. stock futures struggle for direction ahead of Fed decision","url":"https://stock-news.laohu8.com/highlight/detail?id=2120718657","media":"Dow Jones","summary":"Stock-index futures hovered near unchanged Wednesday as investors awaited the outcome of an eagerly ","content":"<p>Stock-index futures hovered near unchanged Wednesday as investors awaited the outcome of an eagerly anticipated Federal Reserve meeting which may provide clues to the long-term path of monetary policy.</p><p><b>What are major benchmarks doing?</b></p><p>Stocks ended mostly lower Tuesday, with the Dow falling 127.51 points, or 0.4%, and the S&P 500 edging down 0.2% after closing at records in the previous session. The Nasdaq Composite held on to a gain of 0.1%.</p><p><b>What's driving the market?</b></p><p>The Fed isn't expected to make any tweaks to interest rates or asset purchases, but investors are eager to see the central bank's latest projections on the economic outlook and the forecast long-term path of interest rates in the so-called \"dot plot\". Expectations for a surge in economic growth as vaccine rollouts finally quell the pandemic and another $1.9 trillion round of COVID aid boosts spending have lifted inflation expectations.</p><p>Since the Fed last released forecasts in December, the yield on 10-year U.S. Treasury notes has risen by about 0.7 percentage points as investors have priced in higher interest rates and inflation. That in turn has contributed to a rotation away from previously highflying growth stocks toward more cyclically sensitive stocks.</p><p>Federal Reserve Chairman Jerome Powell \"is in a difficult spot, as he doesn't want to hike rates anytime soon but at the same time, he can't ignore the rise in yields and the increasing chatter that higher inflation is in the pipeline,\" said David Madden, market analyst at CMC Markets, in a note.</p><p>\"Mr. Powell will probably make it clear that the Fed won't be pushed around by the bond market and that it will stay the course with respect to its policy as its economic aims are far from being achieved,\" he said.</p><p>The Fed will release its policy statement at 2 p.m. Eastern, with Powell's news conference to follow at 2:30 p.m.</p><p>Other analysts agreed that the Fed was unlikely to change its tune.</p><p>\"While the Powell Fed has become more forthcoming, that means that anything it does say will be acted on. So, unless the Fed wants markets to react, it has to revert to obscurity -- which is what I expect,\" said Brad McMillan, chief investment officer at Commonwealth Financial Network.</p><p>Besides, the Fed has consistently signaled it plans to keep current policy in place for some time, until the economy shows clear signs of above-trend growth and inflation, he said, in a note. \"Of its two mandates, employment and inflation, the Fed is choosing to focus on employment (which is still well underwater) and not on inflation (which is not a problem),\" McMillan wrote in a note.</p><p>February data on housing starts and building permits is due at 8:30 a.m. Economists look for starts to fall to a seasonally adjusted 1.75 million annualized rate from 1,886 million in January. Permits are seen falling to a 1.54 million pace from 1.58 million.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. stock futures struggle for direction ahead of Fed decision</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stock futures struggle for direction ahead of Fed decision\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-03-17 19:25</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Stock-index futures hovered near unchanged Wednesday as investors awaited the outcome of an eagerly anticipated Federal Reserve meeting which may provide clues to the long-term path of monetary policy.</p><p><b>What are major benchmarks doing?</b></p><p>Stocks ended mostly lower Tuesday, with the Dow falling 127.51 points, or 0.4%, and the S&P 500 edging down 0.2% after closing at records in the previous session. The Nasdaq Composite held on to a gain of 0.1%.</p><p><b>What's driving the market?</b></p><p>The Fed isn't expected to make any tweaks to interest rates or asset purchases, but investors are eager to see the central bank's latest projections on the economic outlook and the forecast long-term path of interest rates in the so-called \"dot plot\". Expectations for a surge in economic growth as vaccine rollouts finally quell the pandemic and another $1.9 trillion round of COVID aid boosts spending have lifted inflation expectations.</p><p>Since the Fed last released forecasts in December, the yield on 10-year U.S. Treasury notes has risen by about 0.7 percentage points as investors have priced in higher interest rates and inflation. That in turn has contributed to a rotation away from previously highflying growth stocks toward more cyclically sensitive stocks.</p><p>Federal Reserve Chairman Jerome Powell \"is in a difficult spot, as he doesn't want to hike rates anytime soon but at the same time, he can't ignore the rise in yields and the increasing chatter that higher inflation is in the pipeline,\" said David Madden, market analyst at CMC Markets, in a note.</p><p>\"Mr. Powell will probably make it clear that the Fed won't be pushed around by the bond market and that it will stay the course with respect to its policy as its economic aims are far from being achieved,\" he said.</p><p>The Fed will release its policy statement at 2 p.m. Eastern, with Powell's news conference to follow at 2:30 p.m.</p><p>Other analysts agreed that the Fed was unlikely to change its tune.</p><p>\"While the Powell Fed has become more forthcoming, that means that anything it does say will be acted on. So, unless the Fed wants markets to react, it has to revert to obscurity -- which is what I expect,\" said Brad McMillan, chief investment officer at Commonwealth Financial Network.</p><p>Besides, the Fed has consistently signaled it plans to keep current policy in place for some time, until the economy shows clear signs of above-trend growth and inflation, he said, in a note. \"Of its two mandates, employment and inflation, the Fed is choosing to focus on employment (which is still well underwater) and not on inflation (which is not a problem),\" McMillan wrote in a note.</p><p>February data on housing starts and building permits is due at 8:30 a.m. Economists look for starts to fall to a seasonally adjusted 1.75 million annualized rate from 1,886 million in January. Permits are seen falling to a 1.54 million pace from 1.58 million.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120718657","content_text":"Stock-index futures hovered near unchanged Wednesday as investors awaited the outcome of an eagerly anticipated Federal Reserve meeting which may provide clues to the long-term path of monetary policy.What are major benchmarks doing?Stocks ended mostly lower Tuesday, with the Dow falling 127.51 points, or 0.4%, and the S&P 500 edging down 0.2% after closing at records in the previous session. The Nasdaq Composite held on to a gain of 0.1%.What's driving the market?The Fed isn't expected to make any tweaks to interest rates or asset purchases, but investors are eager to see the central bank's latest projections on the economic outlook and the forecast long-term path of interest rates in the so-called \"dot plot\". Expectations for a surge in economic growth as vaccine rollouts finally quell the pandemic and another $1.9 trillion round of COVID aid boosts spending have lifted inflation expectations.Since the Fed last released forecasts in December, the yield on 10-year U.S. Treasury notes has risen by about 0.7 percentage points as investors have priced in higher interest rates and inflation. That in turn has contributed to a rotation away from previously highflying growth stocks toward more cyclically sensitive stocks.Federal Reserve Chairman Jerome Powell \"is in a difficult spot, as he doesn't want to hike rates anytime soon but at the same time, he can't ignore the rise in yields and the increasing chatter that higher inflation is in the pipeline,\" said David Madden, market analyst at CMC Markets, in a note.\"Mr. Powell will probably make it clear that the Fed won't be pushed around by the bond market and that it will stay the course with respect to its policy as its economic aims are far from being achieved,\" he said.The Fed will release its policy statement at 2 p.m. Eastern, with Powell's news conference to follow at 2:30 p.m.Other analysts agreed that the Fed was unlikely to change its tune.\"While the Powell Fed has become more forthcoming, that means that anything it does say will be acted on. So, unless the Fed wants markets to react, it has to revert to obscurity -- which is what I expect,\" said Brad McMillan, chief investment officer at Commonwealth Financial Network.Besides, the Fed has consistently signaled it plans to keep current policy in place for some time, until the economy shows clear signs of above-trend growth and inflation, he said, in a note. \"Of its two mandates, employment and inflation, the Fed is choosing to focus on employment (which is still well underwater) and not on inflation (which is not a problem),\" McMillan wrote in a note.February data on housing starts and building permits is due at 8:30 a.m. Economists look for starts to fall to a seasonally adjusted 1.75 million annualized rate from 1,886 million in January. Permits are seen falling to a 1.54 million pace from 1.58 million.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360236071,"gmtCreate":1613921148293,"gmtModify":1704885939669,"author":{"id":"3574943165336595","authorId":"3574943165336595","name":"ryanleongxd","avatar":"https://static.tigerbbs.com/2df891d7bf385c12fa6ac26772c1d1e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574943165336595","idStr":"3574943165336595"},"themes":[],"htmlText":"Poggers","listText":"Poggers","text":"Poggers","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360236071","repostId":"1194607255","repostType":4,"isVote":1,"tweetType":1,"viewCount":1624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360347541,"gmtCreate":1613857955883,"gmtModify":1704885475697,"author":{"id":"3574943165336595","authorId":"3574943165336595","name":"ryanleongxd","avatar":"https://static.tigerbbs.com/2df891d7bf385c12fa6ac26772c1d1e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574943165336595","idStr":"3574943165336595"},"themes":[],"htmlText":"Xd","listText":"Xd","text":"Xd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360347541","repostId":"1143100356","repostType":4,"isVote":1,"tweetType":1,"viewCount":1823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}