Economic News
- Market
Fourth of July closings: Are banks and the post office open on July 4?
The Fourth of July holiday commemorating the ratification of the U.S. Declaration of Independence is this Monday, and many Americans…
Read More » - Market
Weekend reads: What’s ahead for the stock market after that brutal first half of 2022
The first half of 2022 marked a big change for investors and consumers, as inflation reared its ugly head. It…
Read More » - Market
Mortgage rates take a breather after nearly doubling in one year’s time
The 30-year fixed-rate mortgage averaged 5.7% for the week ending June 30, according to data released by Freddie Mac on…
Read More » - Market
Stocks could drop 50%, Nouriel Roubini argues. Things will get much worse before they get better.
NEW YORK (Project Syndicate)—The global financial and economic outlook for the year ahead has soured rapidly in recent months, with…
Read More » - Market
Dow down more than 400 points as brutal first half comes to close
U.S. stocks opened sharply lower on Thursday following the release of closelywatched inflation data, while Wall Street was headed for…
Read More » - Market
Sweden’s central bank becomes the latest to hike interest rates, with 50-basis-point move
Sweden’s Riksbank on Thursday became the latest global central bank to lift interest rates, making a 50-basis-point move as it…
Read More » - Market
Powell says no guarantee of soft landing for U.S. economy
Fed Chairman Jerome Powell on Wednesday said there was no guarantee that the central bank can engineer a soft landing…
Read More » - Market
U.S. stocks push higher as Powell sees path back to 2% inflation while sustaining strong labor market
U.S. stock indexes pushed higher after a wobbly start Wednesday, leaving Wall Street potentially on to gain ground after back-to-back…
Read More » - Market
Here’s why this trader is piling back into one of the year’s hottest commodities
The end of June is nigh and good riddance. Down about 7%, only March has delivered a win for S&P…
Read More » - Finance
How threat of recession could push workers back — or end office life as we know it
The threat of recession amid a shrinking economy may force a return to the office for employees. Or the end…
Read More » - Finance
Investment bank fees fall by $24bn as deal boom loses steam
Dealmaking fees at top investment banks slumped by as much as 56% during the first half of 2022, as recessionary fears and…
Read More » - Market
How long will stocks stay in a bear market? It hinges on if a recession hits, says Wells Fargo Institute
When the S&P 500 officially dropped into a bear market on June 13, closing down more than 20% from its…
Read More » - Market
Home-price growth continues in April, Case-Shiller says
The numbers: The S&P CoreLogic Case-Shiller 20-city index posted a 21.2% year-over-year gain in April, up slightly from 21.1% in the…
Read More » - Market
Consumer confidence falls to 16-month low on worries about inflation and economy
The numbers: A survey of U.S. consumer confidence dropped in June to a 16-month low of 98.7, as Americans grew…
Read More » - Market
U.S. trade deficit in goods falls for second month in a row after setting record
The numbers: The nation’s trade deficit in goods fell 2.2% in May to $104.3 billion, a second straight decline that could…
Read More » - Market
G-7 summit ends with pledge to help Ukraine ‘as long as necessary’
ELMAU, Germany (AP) — Leaders of the world’s wealthiest democracies struck a united stance Tuesday to support Ukraine for “as…
Read More » - Finance
Goldman Sachs, Wells Fargo up shareholder dividends after Fed gives green light
The largest US banks said they would increase payouts to shareholders after the Federal Reserve said the banks are able…
Read More » - Market
Consumer-related, travel stocks rise after China loosens quarantine requirements
Shares of many consumer- and travel-related stocks rose sharply after news that China will ease some of the restrictions to…
Read More » - Market
German consumer sentiment expected to drop to new record low in July
Consumer confidence in Germany is set to fall in July to an all-time low, as inflation and Russia’s war in…
Read More » - Market
Recession scare starting to challenge inflation as top fear among stock and bond investors
It’s easy to want to duck for cover given the carnage seen this year in stocks and bonds, particularly with…
Read More » - Market
Consumer sentiment hits new record low, UMich survey finds
The numbers: The University of Michigan’s gauge of consumer sentiment fell again to a final June reading of 50 from…
Read More » - Market
S&P 500 ends at biggest gain since May 2020, Dow jumps more than 800 points as U.S. stocks snap three weeks of losses
All three major U.S. stock benchmarks closed sharply higher Friday, with the technology-heavy Nasdaq Composite surging more than 3%, as…
Read More » - Market
U.S. new home sales stronger in May
The numbers: U.S. new home sales rose 10.7% to a seasonally-adjusted rate of 696,000 in May, from a sharply revised…
Read More » - Market
Gold prices down a second week as recession fears drive copper to biggest weekly loss in a year
Gold and silver prices edged up for the session on Friday, but end lower for a second straight week, as…
Read More » - Market
U.S. democracy ‘more vulnerable than ever,’ ex-military leaders warn
“‘Today, we harbor unprecedented concern for our country and for our democracy. The nation we have defended for decades is in…
Read More » - Market
Fed says banks could withstand 10% unemployment, 55% stock price drop in annual stress test
The Federal Reserve Board on Thursday projected the potential for a rockier road ahead for banks than it did a…
Read More » - Market
Germany faces gas supply ‘crisis,’ declares alarm level
Germany activated the second phase of its three-stage emergency plan for natural gas supplies Thursday, saying Europe’s biggest economy faces…
Read More » - Market
Biden unlikely to get OK from Congress for gas tax holiday, analysts say
While President Joe Biden is calling for Congress to suspend federal gasoline and diesel taxes for three months, analysts are…
Read More » - Finance
UK sanctions boss predicts pushback from lawyers over Russia crackdown
The man behind the UK’s sanctions regime is expecting significant legal challenges as the government’s crackdown on Russia’s war with Ukraine…
Read More » - Market
U.S. stock futures drop as Powell testimony looms, recession worries return to the spotlight
Recession worries were back in the spotlight for Wall Street on Wednesday, with equity futures and oil prices dropping, as…
Read More » - Market
Fed dissenter George says jumbo interest rate rise this week risked adding to ‘policy uncertainty’
Kansas City Federal Reserve President Esther George on Friday explained her lone dissent against the Fed’s 75 basis point interest…
Read More » - Finance
Inflation is expected to continue climbing — here’s what traders see for the next four months
Just a day after Federal Reserve policymakers delivered their biggest rate hike in 28 years, the US inflation outlook continues…
Read More » - Market
U.S. unemployment claims stay near five-month high. Are layoffs rising?
The numbers: New filings for unemployment benefits fell by 3,000 last week to 229,000, but they remained close to a…
Read More » - Market
Mortgage rates surge in latest week by most since 1987: Freddie Mac
The U.S. 30-year fixed-rate mortgage averaged 5.78% for the week ending June 16, according to data released by Freddie Mac on Thursday. That’s…
Read More » - Market
Oil prices end higher as the U.S. announces new sanctions on Iran
Oil futures climbed on Thursday, shaking off early losses from economic growth worries in the wake of the Federal Reserve’s…
Read More » - Market
U.S. inflation expected to keep running hot: Traders see 4 straight months of roughly 9% or higher CPI readings
Just a day after Federal Reserve policy makers delivered their biggest rate hike in 28 years, the U.S. inflation outlook…
Read More » - Finance
Why wild markets are the gift that keeps on giving Wall Street traders
First, it was the pandemic, which sent stocks down sharply in early 2020. A massive infusion of government cash arrested…
Read More » - Market
Philly factory activity contracts for first time since May 2020
The Federal Reserve Bank of Philadelphia said Thursday that its gauge of regional business activity fell to -3.3 in June…
Read More » - Finance
Fund managers hand out 40% salary increases to private market hires
Asset managers have been fighting over themselves to secure the best ESG talent, but another battleground has emerged for some…
Read More » - Market
Dow futures slump over 500 points as post-Fed meeting gains evaporate
U.S. stock index futures slumped early Thursday, as the gains seen after the Federal Reserve’s biggest interest rate hike since…
Read More » - Market
Fed interest-rate hike is biggest in three decades as central bank anticipates its policy rate rising to 3.8% by end of next year
The Federal Reserve on Wednesday demonstrated it wanted to be aggressive in its fight against inflation, approving its largest interest-rate…
Read More » - Market
Dow, S&P 500 snap 5-day skid after biggest Fed interest rate hike since 1994
U.S. stocks finish a choppy session higher Wednesday, with the Dow and S&P 500 ending a five-session skid, after Federal…
Read More » - Finance
Bank bosses are divided on the odds of recession
Bank executives have better insights regarding the economy than most. They don’t agree on what they see. The state of…
Read More » - Market
Fed sees inflation topping 5% in 2022 and then falling rapidly due to higher rates
The Federal Reserve on Wednesday predicted U.S. inflation would exceed 5% by the end of 2022 — much higher than…
Read More » - Market
Home builder confidence falls for the sixth straight month in June
The numbers: U.S. home builder confidence fell for the sixth consecutive month, according to an industry index, reflecting the pessimistic…
Read More » - Market
Italian bond yields dive and euro climbs as ECB announces emergency meeting on market conditions
European bond yields fell and the region’s single currency climbed on Wednesday as the European Central Bank announced it would…
Read More » - Health
U.S. oil lobby pushes Biden to roll back fossil fuel curbs
June 14 (Reuters) – The American Petroleum Institute, the top U.S. oil lobby organization, on Tuesday urged President Joe Biden’s…
Read More » - Finance
Coinbase slashes 1,000 jobs amid crypto market crash
Coinbase is cutting 1,000 jobs – about a fifth of its employees – amid a meltdown in crypto and a…
Read More » - Market
JP Morgan, Goldman economists now expect Fed to raise rates by 75 basis points on Wednesday
Economists at JP Morgan and Goldman Sachs said in client notes Monday that they now expect the Federal Reserve to…
Read More » - Market
S&P 500 ends in a bear market, Dow drops almost 900 points as recession fears rise ahead of Wednesday’s Fed decision
U.S. stocks closed sharply lower on Monday, with the S&P 500 entering a bear market and Dow industrials tumbling almost…
Read More »
