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Gold prices steadied on Wednesday with gains capped by a firmer dollar, as investors fretted over prolonged U.S. debt-limit negotiations.
You would think the Fed wanted housing to become as overpriced as possible, having supported the market with $2.575 trillion in purchases of mortgaged back securities on its balance sheet to keep those securities flowing through with very low yields.
Federal Reserve officials squared off over whether the central bank would need to raise interest rates at its meeting next month to combat inflation.
The International Monetary Fund's no. 2 official said on Wednesday she sees sizeable risks that inflation will remain high or accelerate in many emerging markets and urged central banks to keep monetary policies tight.
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.