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Federal Reserve Bank of Atlanta President Raphael Bostic and his Chicago counterpart Austan Goolsbee voiced optimism they could achieve a soft landing for the US economy, but Bostic warned officials will face a stern test if it turns out they are wrong.“We haven’t gotten to the hard part yet,” he said Tuesday, describing the enormous pressure central bankers would face...
Bank of England Governor Andrew Bailey said he was “unwavering” in his commitment to the UK’s 2% inflation target, as he warned that higher food prices and a tight labor market could cause the cost-of-living crunch to persist.
The world economy is showing new signs of slowing down, as China’s post-Covid rebound fades and Germany’s struggling industrial sector threatens to pull Europe’s powerhouse into recession.
"The key issue now is to allow the patients that are in the hospital to come out," economist Mohamed El-Erian told Bloomberg TV about regional banks.
Renter Nation Rout - Multi-Family Home Permits Plunged Again In April As Rates RoseMay 17, 2023 - 05:47:46 PDT
Following March's plunge in building permits (and drop in starts), analysts expected a mixed picture for April with starts lower again but permits unchanged. The reality was different with housing starts jumping 2.2% MoM (-1.4% MoM exp but March's data was revised down massively from -0.8% to -4.5%) and permits fell 1.5% MoM (vs unch exp) but also a major revision (upward from -8.8% to -3.0%)...
Mortgage applications to purchase a home dropped 4.8% last week compared with the previous week, according to the Mortgage Bankers Association.
Ubs Expects $17 Billion Hit From Credit Suisse Rescue, Flags Hasty Due DiligenceMay 17, 2023 - 05:44:44 PDT
UBS estimates a financial hit of around $17 billion from its emergency takeover of Credit Suisse, according to a regulatory filing.
Speaker McCarthy Says He Thinks the U.S. Won’t Default as Debt Talks Inch ForwardMay 17, 2023 - 05:43:01 PDT
"I think at the end of the day we do not have a debt default," McCarthy told CNBC's "Squawk Box" Wednesday morning.
The Federal Reserve has yet to reach a point where interest rates are sufficiently restrictive, the president of the Cleveland Fed said, suggesting she favors further tightening in US monetary policy.
Target CEO: We’re Seeing ‘Violent’ Incidents in Our Stores, and It’s Costing Us MillionsMay 17, 2023 - 05:37:32 PDT
"So it is widespread, and I can tell you, as I talk to my retail peers, is that it's a common theme across all of retail. It'll vary by market, individual store, but the trends have been very persistent. And year on year we continue to see increases [in theft]," Cornell said.
The high cost of -- everything: Rising inflation rates are ramping up anxieties among some groups of Americans much more than others, a new study reports.
Any positive momentum stocks had on Monday dissipated yesterday, as downbeat economic signs weighed on indexes.
A US recession is a virtual certainty and the Federal Reserve may lower interest rates by the third quarter as growth loses momentum, according to JPMorgan Asset Management.
Some Senate Democrats are urging President Joe Biden to “use” the 14th Amendment to raise the debt limit by executive decree. For example, Elizabeth Warren (D-Mass.) stated:
Democratic and Republican leaders walked out of the Oval Office apparently only a little closer to an agreement.
The US dollar has continued to strengthen this month, paring all of its losses from April, at the time of writing. The greenback's move in May has been rather curious and could have ominous undertones for financial markets as we approach the summer months.
Global shares dipped on Wednesday, while the dollar headed for its biggest weekly gain since February to trade at six-week highs, reflecting risk aversion pending a breakthrough to lift the U.S. debt ceiling.
Earlier this year, Saudi Arabia said it was willing to discuss trade in currencies other than the US dollar. This could mark the beginning of the end of petrodollar exclusivity. That would be a huge blow to dollar dominance. Ron Paul said historians may one day call this the most significant event of 2023.
On an annual basis, the Consumer Price Index (CPI) increased by 4.9% in April. While that's an improvement over last year, it's still not good. It's more than twice the Federal Reserve inflation target. And as Peter Schiff pointed out during a recent interview with Jesse Kelly, the reality is even worse than the numbers indicate.
Gold prices dropped on Tuesday after U.S. central bank officials indicated they expect interest rates to stay high, while investors looked ahead to a key meeting for the outcome of debt-ceiling negotiations in Washington.