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Last week the House passed legislation increasing the debt ceiling. The bill was supported by all but four Republicans. For some Republicans, this was the first time they had ever voted for a debt ceiling increase. Perhaps the reason they did so this time was because the legislation also promised to reduce federal spending by $4.5 trillion over the next decade.
Starting today, the Federal Housing Finance Agency's mortgage pricing adjustments will increase fees for borrowers with high credit scores while reducing costs for those with subpar credit scores. This upside-down policy is blatantly socialism, and one can't help but wonder if anyone in the Biden administration learned anything from the subprime mortgage meltdown that occurred more than a decade ago.
U.S. Debt Ceiling Standoff: Platinum Coins, the 14th Amendment Could Be Paths OutMay 2, 2023 - 05:58:41 PDT
With Democratic President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy locked in a standoff over raising the United States' $31.4 trillion debt ceiling, some observers have suggested possible workarounds to avoid disaster if the two sides do not reach a deal. Some commentators suggested said the U.S. Treasury could mint high-value platinum...
(Bloomberg) -- Yields on Treasury bills for early June soared in New York trading Tuesday in the wake of a warning from Treasury Secretary Janet Yellen that the US government could run into debt-ceiling limitations as soon as the start of next month.
A gauge of Chinese stocks listed in Hong Kong wiped out an initial gain in post-holiday trading, as manufacturing data sowed doubts over the strength of the nation’s recovery.
The financial world is increasingly warning of the pain to come for owners of office buildings.
Markets are overly optimistic that the Federal Reserve will quickly switch to cutting rates, a panel of financial services executives and large global investors warned Monday.
IBM To Stop Hiring For Roles That Can Be Replaced By AI; Nearly 8,000 Workers To Be Replaced By AutomationMay 2, 2023 - 05:46:52 PDT
One month ago, to much dismay and widespread denial, Goldman predicted that AI could lead to some 300 million layoffs among highly paid, non-menial workers in the US and Europe.
When Silicon Valley Bank was busy imploding earlier this year, and depositors were pulling their money out of shaky lenders to put it in safer-looking banks, the joke was that everyone was going to end up banking with JP Morgan. Now that the US uber-lender has agreed to acquire most of First Republic, another stricken bank, the gag is even less funny.
For Morgan Stanley and others, the cuts show Wall Street is wrangling with a slump that's dragging on for longer than expected
‘Other Problems Might Be Lurking’: Strategist Is Unconvinced by Jamie Dimon’s Bank Crisis CommentsMay 2, 2023 - 05:42:31 PDT
JPMorgan Chase CEO Jamie Dimon's assertion that turmoil in the banking sector was effectively ended by the resolution of First Republic may be premature, one analyst has suggested.
reasury Secretary Janet Yellen told US lawmakers that her department’s ability to use special accounting maneuvers to stay within the federal debt limit could be exhausted as soon as the start of June.
The funding panic triggered by the shock collapse of Silicon Valley Bank and others in March may be subsiding, but the scramble for money by banks isn’t over.
Australia’s Central Bank Wants Inflation Tamed Before Expectations Fire It up AgainMay 2, 2023 - 05:35:10 PDT
Australia's central bank is ready to tighten policy further to prevent inflationary expectations from re-igniting price rises, its governor said after surprising markets by raising interest rates to a 11-year high earlier on Tuesday. "The Board's central objective is to return inflation to the 2–3 percent target range within a reasonable timeframe,"...
As Wall Street economists and central bankers debate if and when the US economy will slip into a recession, big money managers aren’t waiting to find out.
Underlying inflation in the euro area eased for the first time in 10 months, backing the case for the European Central Bank to slow the most aggressive interest-rate hiking campaign in its history later this week.
Bank failures? Meh. The world's top financial and business minds see bigger risks.
Global shares fell on Tuesday as caution set in ahead of the Federal Reserve's upcoming policy meeting, while bumper profits at Europe's biggest bank gave financial stocks a boost. The Australian dollar soared after the central bank stunned markets with a surprise interest rate hike, while in U.S. markets short-dated government bond yields shot up after the Treasury...
Treasury Secretary Janet Yellen keeps insisting that the banking system is "sound." Is it though? Because it doesn't look particularly sound.In fact, we just witnessed the second-largest US bank failure ever.
On May 1, new Federal Housing Finance Agency (FHFA) rules went into effect that will allow borrowers with lower credit ratings to qualify for better mortgage rates than they otherwise would have. Meanwhile, borrowers with better credit ratings will pay higher fees to subsidize the program. Peter Schiff recently appeared on Real America with Dan Ball to talk about the new rules.