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Brazil Announces Pilot for Digital Currency Seeking to Leverage Financial ServicesMar 7, 2023 - 05:50:01 PST
Brazil's central bank announced the start of a digital currency pilot project on Monday, aiming to replicate the success of its instant payment system Pix to popularize financial services in the country. According to Fabio Araujo, coordinator of the initiative at the bank, the public use of the digital currency should begin at the end of 2024, after the completion of the testing phase...
Spooked by a flurry of hotter-than-expected U.S. economic and inflation data last month, investors are reviving trading strategies that bet on a higher peak in interest rates. The recalibration in inflation expectations has led some investors to bet on a policy rate of 6% or even higher. Risk assets like stocks and corporate bonds that benefited from a months-long...
The dollar’s recovery from a 10-month low has run into a speed bump, with the rally in the currency trailing behind the sizzling surge in Treasury yields.
Bank of America Chief Executive Officer Brian Moynihan said on Tuesday the U.S. economy would reach a technical recession starting in the third quarter. Moynihan told The Financial Review's Business Summit in Sydney a U.S. recession would not be deep and the bank forecast interest rates would start falling in the second quarter of 2024.
After Steep Climb in Rates, Latam Central Banks Show No Signs of ReversalMar 7, 2023 - 05:42:07 PST
Latin American central banks have dashed hopes that they will back off sky-high benchmark interest rates, amid stubbornly high inflation, expected further tightening by the U.S Federal Reserve, and political risks in some cases. Latin American central banks were often in the vanguard of the global battle to quash inflation, with rate hikes totaling over 1,000 basis points...
In a new study, a 5% drop in the S&P 500 is seen snowballing another 20% in the worst-case scenario of thin trading, in the extreme event all traders offload their holdings of zero-day-to-expiration options, known as 0DTE.
Canadian consumers suddenly must come up with more money for their abruptly higher monthly payments, either by tightening their belts or liquidating assets. How they fare could offer clues to whether the rapid-fire interest rate hikes by central banks globally have further to go, or if they’ve already gone too far.
U.S. President Joe Biden will propose raising the Medicare tax on high earners to help keep the federal insurance program solvent as part of his budget to be released on Thursday, the White House said. The tax increase is part of a package of proposals aimed at extending the solvency of the Medicare’s Hospital Insurance (HI) Trust Fund by at least 25 years, the White House said.
China's economy will be forced to recalibrate because of a "fractured" global order, and the new drivers of growth will "disappoint" global markets, according to David Roche.
Wait a minute - surely the question should be the other way around? Actually....no! Join Mike Maloney in this fascinating thought experiment based on information from his latest book The Great Gold & Silver Rush of the 21st Century.
Fed’s Powell, in Hill Appearance, to Update Views on Status of ‘Disinflation'Mar 7, 2023 - 05:25:11 PST
At his last press conference U.S. Federal Reserve Chair Jerome Powell said confidently a "disinflationary process" had begun, showing a "gratifying" corner had been turned even as he pledged the central bank's fight against rising prices was not over. But inflation data since his Feb. 1 remarks has moved in the other direction - an inflation "surprise" index from Citigroup rose...
U.S. Federal Reserve Chair Jerome Powell will testify before Congress as a week packed with economic data releases lies ahead.
Looking at last month's US Treasury activity, it's clear that interest expenses are exploding upwards at an unsustainable pace. Annualized interest on the debt increased by $25 billion in a single month.
Silver demand was at record levels in 2022 and there is reason to believe it will continue to run hot over the next several decades. One reason is the rapidly increasing demand for silver in the green energy sector. In fact, an Australian study projects solar cells may use most of the world's silver reserves by 2050.
Violent protests in Nigeria reveal that getting average people to embrace central bank digital currencies (CBDCs) might be more difficult than government officials would like.Nigerians recently took to the streets to protest a cash shortage caused by government policies adopted in order to push the country into the adoption of its central bank digital currency (CBDC).Protesters attacked bank ATMs and blocked streets, and demonstrations turned violent in some cities.
HIGHEST GOLD COST EVER IN 2022: Top Gold Miners Cost Of Production Q4 2022 & Interesting FundamentalsMarch 7, 2023
While the gold price averaged $1,800 in 2022, the top gold miners experienced the highest costs ever, which negatively impacted profits across the board. Nothing has changed in the past 50 years, as the gold market price is based on the gold mining industry's cost of production...
Most companies under coverage are assuming inflationary pressures seen in 2022 will persist into 2023, but slowly taper off thereafter. Newmont's five-year outlook...
Here is a European central banker noting that gold steadily has outperformed the currency for which he shares responsibility, and suggesting that it is prudent to hold gold..
Perth Mint Sold Diluted Gold to China, Got Caught, and Tried to Cover It UpMar 6, 2023 - 12:49:46 PST
In a bid to save money, the world's largest processor of newly mined gold started "doping" its bullion. Then its customers started asking questions.
“The thing I worry the most about is Ukraine,” the JPMorgan Chase & Co. chief executive officer said Monday on Bloomberg Television. “It’s oil, gas, the leadership of the world, and our relationship with China — that is much more serious than the economic vibrations that we all have to deal with on a day-to-day basis.”