The House Financial Services Committee Chairman Patrick McHenry (R-N.C.), warned against quick regulatory fixes for the banking crisis. The congressman from North Carolina told the American Bankers Association Washington Summit on March 22, we “cannot legislate confidence” when it comes to the banking sector. He stated that it was too early to see if any new…
House Financial Services Chair Warns Against Quick Regulatory Fixes For Banking Crisis
Banking Crisis Is How It Starts, Recession Is How It Ends
Commentary As the Fed tightens monetary policy, a banking crisis is historically the first evidence that something is breaking. As noted recently in “Not QE,” Last week, amid a rash of bank insolvencies, government agencies took action to stem a potential banking crisis. The FDIC, the Treasury, and the Fed issued a Bank Term Lending…
The Fed’s Dilemma: Fight Inflation or Save Failing Banks
The Federal Reserve has painted itself into a corner with its fight against inflation, and some experts say it now has no coherent plan for how to get out of it. Having kept interest rates near zero for more than a decade and expanded its balance sheet to $9 trillion to stimulate the economy, the…
Wall Street Ends Higher, Marking 2nd Winning Week in a Row
A late-afternoon turnaround on Wall Street left stocks higher Friday as the market shook off a weak start amid worries about banks on both sides of the Atlantic. The S&P 500 rose 0.6 percent after slipping for most of the morning. The benchmark index marked its second straight weekly gain. The Dow Jones Industrial Average…
Biden Says Deposits Are Safe, US Banks in ‘Pretty Good Shape’
OTTAWA, Canada—President Joe Biden on Friday praised his administration’s management of the recent banking crisis, saying that the banks are in good shape but that it will take some time for markets to settle down. “I think we’ve done a pretty … good job. People’s savings are secure,” Biden said during a press conference in…
Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 24)
Benchmark U.S. crude oil for May delivery fell 70 cents to $69.26 a barrel Friday. Brent crude for May delivery fell 92 cents to $74.99 a barrel. Wholesale gasoline for April delivery fell 2 cents to $2.59 a gallon. April heating oil rose 2 cents to $2.70 a gallon. April natural gas rose 7 cents…
American Households to Dump $750 Billion in Stocks This Year: Goldman
American households are expected to dump $750 billion worth of stocks this year in favor of less-risky assets. This is the first annual drop in demand since 2018, due to higher bond yields and lower savings, reported Goldman Sachs Group strategists, led by Cormac Conners and David Kostin, on March 22. The strategists said that…
Billionaire Investor Warns Economy Heading for ‘Train Wreck’ After Fed’s Latest Move
Billionaire investor Bill Ackman said that the Federal Reserve’s latest decision to raise interest rates by 25 basis points, combined with Treasury Secretary Janet Yellen’s remarks that there are no plans for unlimited deposit guarantees, was a “big mistake” that puts more pressure on smaller banks and sends the economy toward a “train wreck.” Ackman…
Wall Street Falls as Bank Contagion Fears Flare Up
Wall Street’s main indexes fell on Friday as investors fled from risky assets on growing concerns that a contagion in the banking sector had not been fully averted despite assurances from key officials. Treasury Secretary Janet Yellen said late on Thursday afternoon that measures will be taken to keep Americans’ deposits safe, but that did…
Japan’s Consumer Inflation Off 41-year High but Cost Pressure Persists
TOKYO—Japan’s core consumer inflation slowed in February but an index stripping away energy costs hit a four-decade high, data showed on Friday, suggesting cost-push pressures may persist longer than policymakers thought. With inflation still exceeding the Bank of Japan’s 2 percent target, the data will keep alive market expectations of a tweak to its bond…
US News
- ReutersPORT-AU-PRINCE—A U.S. State Department spokesperson said Saturday the government is aware of reports of two U.S. citizens missing in Haiti, after media outlets said a Florida couple had been kidnapped.… [...]
- Jeff LouderbackFlorida Gov. Ron DeSantis won the state’s 2018 Republican gubernatorial primary and then edged a heavily favored Democrat candidate in the general election because of Donald Trump’s endorsement, the former… [...]
- Mimi Nguyen LySenate Minority Leader Mitch McConnell (R-Ky.) has been released home after completing inpatient physical therapy at a rehabilitation facility, following a concussion he suffered earlier this month. The 81-year-old senator had a fall… [...]
- Joseph LordFormer President Donald Trump on March 25 predicted that Russian President Vladimir Putin would end up conquering all of Ukraine. Trump made the comments during the first rally of his… [...]
- Petr SvabHumanity only has a few years to act before the world may irreversibly plunge into an environmental catastrophe of global proportions, climate experts warned in a recent report. Their calls… [...]
- The Associated PressTwo people found dead in a railroad car in south Texas were Honduran men, the U.S. Department of Homeland Security said in a statement Saturday, indicating it was investigating the… [...]
- City News ServiceLOS ANGELES—Authorities are piecing together clues March 25 after a high-speed freeway chase ended with a crash on Melrose Avenue, where officers arrested a fleeing suspect and discovered the motorist… [...]
- Beau Davidson“His Only Son” is a movie set to be released in theaters on March 31 about the biblical story of Abraham. Director David Helling tells how this film transitioned from… [...]
- Joseph LordPresident Donald Trump opened the first rally of his 2024 campaign with a recording of imprisoned Jan. 6 defendants singing the national anthem. The song played after Trump walked on… [...]
- John FredricksSAN JUAN CAPISTRANO, Calif.—The excitement of dozens of children and parents was audible at Los Rios Park as volunteers prepared three frogs for the city’s 7th annual Frog Jumping Contest… [...]