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U.S. Consumer Credit Grows at Slowest Pace in Two Years in Sign of Economic Worries: MWFeb 8, 2023 - 07:16:51 PST
The amount of credit consumers used in December rose by a scant 2.9% as Americans tightened their belts in response to a slowing economy.
Wholesale egg prices have declined by over 50% from their recent record highs. Retail prices may soon follow, but that's not a sure thing.
Super Bowl 2023 Party Inflation: You’ll Save On Wings and Guac but Pay Up for BeerFeb 8, 2023 - 07:05:42 PST
And to wash it all down, if your drink of choice is beer, expect to pay more, with prices up 11% from a year ago. That's alongside soft drinks, up a staggering 25% in price.
Gold Prices on Track to Rise for Third Day as Markets Cheer Dovish Powell: MWFeb 8, 2023 - 06:06:57 PST
Gold prices advanced on Wednesday for the third straight session as the U.S. dollar softened and Treasury yields declined, helping to bolster the relative attractiveness of the yellow metal.
While Bitcoin isn’t the answer, a digital currency could be. “I think that what would ... be best is an inflation-linked coin,” said Dalio, noting that the closest thing on the market to his vision is an inflation-linked index bond in the form of a currency.
Consumer revolving debt — mostly based on credit card balances — rose by $7.2 billion on a seasonally adjusted basis in December, reaching $1.196 trillion, according to the Fed’s G.19 consumer credit report released Feb. 7.
No Wonder Powell Didn’t Commit to Extra Hikes. January Jobs Report May Be Too Good to Be True: MWFeb 8, 2023 - 05:52:05 PST
Economists say the January jobs report do not point to a new acceleration in the jobs market.
Powell: A “Couple of Years” Before Fed Nears End of Balance Sheet DeclineFeb 8, 2023 - 05:50:53 PST
Federal Reserve Chairman Jerome Powell said Tuesday the U.S. central bank has some distance left to run in terms of shrinking its balance sheet. When it comes to setting a stopping point for shedding bonds from the central bank's holdings, "we haven’t put a specific target on it,” Powell said at an appearance before the Economic Club of Washington. "It will be a couple of years"...
Bond yields were easing back as investors look ahead to several Fed speakers due to make remarks on Wednesday.
A radical restructuring could give the scandal-plagued bank new momentum — but deep losses in 2022 could yet prove to be the last straw.
Turkey’s stock exchange suspended trading for the first time in 24 years, following a selloff that erased $35 billion from the value of its main equities gauge in the wake of two devastating earthquakes.
The Economist Who Predicted That A.I. Would Replace Half of All U.S. Jobs Now Says ChatGPT...Feb 8, 2023 - 05:40:58 PST
If ChatGPT is successful in creating competition like Uber did, it could drive wages down, according to Oxford economist Carl Frey.
U.K. citizens could be limited to holding 10,000 British pounds (US$11,900) each in a new digital pound, as the Bank of England seeks to avoid a new central bank digital currency undermining the banking system.
Russia is seeking to spend its way out of the self-inflicted economic crisis that threatened to deliver the deepest recession of President Vladimir Putin’s more than two-decade rule.
European Central Bank supervisors will zero in on bad loans this year after finding that some euro zone banks had set too little money aside for them or were slow in recognising the problem, the ECB said on Wednesday. Presenting its annual review of the sector, the ECB said euro zone banks generally had more capital than required, and a profit boost from rising interest rates...
Central Banks Are Fighting the Wrong War – The West’s Money Supply Is Already CrashingFeb 8, 2023 - 05:28:08 PST
Monetary tightening is like pulling a brick across a rough table with a piece of elastic. Central banks tug and tug: nothing happens. They tug again: the brick leaps off the surface into their faces.
Kuroda Leaves Wild Distorted Bond Market for Next BOJ Governor: In ChartsFeb 8, 2023 - 05:27:03 PST
The Bank of Japan Governor Haruhiko Kuroda is in the twilight of his 10-year tenure. His successor inherits a bond market that is larger than ever, but riddled with wild distortions. The lingering question for Japan is how the central bank can normalize policy.
India’s central bank slowed the pace of interest-rate increases while keeping the door open for further policy tightening to curb core inflation, an approach that aligns with the thinking of peers in the US and Australia.
Despite some high-octane hawkishness from his colleagues - several more of whom are speaking on Wednesday - Powell seemed to reassure investors with some basic honesty about the peculiarity of this business cycle - and the dangers of extrapolating too much from a few data points or overcommitting on future policy moves. "This cycle is different from other cycles...it has just confounded all sorts of attempts to predict," Powell admitted.
U.S. stock futures slipped in early trading Wednesday as another bout of earnings results hit traders' desks while the previous sessions rally lost momentum.