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European Central Bank Set to Slow Rate Hikes as Financial Conditions Tighten RapidlyMay 4, 2023 - 05:23:58 PDT
The European Central Bank is expected to lift its benchmark rate by a smaller step of 25 basis points Thursday, as core inflation declines and its own survey data points to much tighter financial conditions in the region.
The rally in US Treasuries is set to accelerate as the world’s biggest economy slides toward a recession, strategists say.
DoubleLine Capital’s Jeffrey Gundlach told CNBC there’s an increased likelihood of a recession and the Fed likely won’t lift interest rates again following its latest increase. Meanwhile, over at the Milken Institute Global Conference, talk among the panelists suggested a consensus view that a contraction is inevitable.
First Horizon Corp. shares crashed in premarket trading after Toronto-Dominion Bank published a statement outlining how a deal to purchase the Memphis-based bank has been "terminated." The announcement comes after multiple regional banking failures.
PacWest Bancorp said core deposits have increased since March and confirmed it’s in talks with several potential investors, seeking to calm markets after a 60% stock rout that made it the new focal point of concern over the health of US regional lenders.
Concerns at PacWest weighed on the regional banking sector on Thursday. Stock futures slipped Thursday morning as markets digested the latest interest rate hike from the Federal Reserve and further pressure on the regional banking sector ahead of a highly anticipated earnings release from Apple (AAPL).
Global Markets-Waiting for ECB, Nervous About Fed Pivot and Banking SectorMay 4, 2023 - 05:15:37 PDT
Global stock markets sagged while the Japanese yen rose on Thursday in reaction to the Fed's policy statement and signs of stress at another U.S. regional bank, spurring investors to price in a pivot rather than just a pause in rate increases. Another U.S. regional bank, PacWest Bancorp, reported troubles overnight, reminding investors of the precarious health of some banks despite...
Troubled California Bank PacWest Craters 60% On Report It Is Seeking Buyers Or Capital RaiseMay 3, 2023 - 15:09:04 PDT
Earlier today, when Jerome Powell openly lied to the American People during the FOMC press conference stating without a hint of irony that the US banking system is "sound and resilient"...
The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.
It’s These CRAZY Rate Changes That Have BROKEN the Economy… Now Look at the Box the Fed is in.May 3, 2023 - 15:04:27 PDT
Mike Maloney sheds light on the ongoing banking crisis as the Fed once again raises interest rates.
Gold for June delivery increased by $13.70, or 0.7%, to settle at $2,037 an ounce on the Comex division of the New York Mercantile. For a second day, this marked the highest settlement since April 13.
The bullish pennant formation seen in the market is a positive sign for traders, opening up the possibility of a move all the way up to the $31 level based on the "measured move." While it may take some time to achieve this level, technical traders are likely to pay close attention to the pennant's suggestion of higher levels.
Could a new bull market in Gold kick off at $2,000? Strategists at TD Securities discuss the yellow metal outlook.
A fight between Republicans and Democrats over the debt limit ceiling could send the U.S. economy into a recession even if the standoff doesn't actually trigger a debt default, analysts say - and a much worse downturn with perhaps 7.5 million people thrown out of work if it does.
The collapses that claimed four US lenders this year have stuck investors with more than $54 billion of losses, after First Republic Bank’s demise added to the pile of nearly worthless securities and sent some peers into a new tailspin.
"The US economy looks to be pointed in a troubling direction. Federal unemployment data shows record low unemployment, but state-level data paints a different picture: one where the current 'stagflation lite' conditions could soon become fully stagflationary." ~ Peter C. Earle
The Federal Reserve's latest policy decision on Wednesday could mark the end of its rate hiking campaign, the most aggressive from the central bank since the 1980s.
The Federal Reserve raised interest rates by a quarter of a percentage point, bringing the benchmark funds rate to 5% to 5.25%. Fed Chair Jerome Powell will speak at 2:30 p.m. ET, and investors will search for indications on whether policymakers will pause on future rate hikes.
Fed Hikes 25bps As Expected, Signals Pause; Warns Of 'Tighter Credit Standards': ZHMay 3, 2023 - 11:08:29 PDT
Since March 22 (the last FOMC statement, which included the dot-plot and economic projections), markets have been 'just a little bit turbo' but amid all that vol, bonds and stocks are modestly higher while the dollar has tumbled and alternative currencies (bitcoin and gold) have outperformed...
Fed Increases Rates a Quarter Point and Signals a Potential End to Hikes: CNBCMay 3, 2023 - 11:03:31 PDT
The Federal Reserve on Wednesday approved its 10th interest rate increase in just a little over a year and dropped a tentative hint that the current tightening cycle is at an end.