Former U.S. Treasury Secretary Steve Mnuchin has weighed in on the recession debate, stating that he believes the United States is already in the midst of an economic downturn that will continue for the next two years. Speaking at Saudi Arabia’s Future Investment Initiative (FII) conference in Riyadh on Wednesday, Mnuchin, who served under President Donald Trump’s…
Ex Treasury Secretary Steven Mnuchin Says America’s in a Recession That Will Continue for Years
Bank of Canada Raises Key Interest Rate to 3.75 Percent, Downgrades Growth Forecast
OTTAWA—The Bank of Canada increased its key interest rate by 50 basis points (half a percentage point) to 3.75 percent on October 26, maintaining that inflation is still too high. The BoC has now raised its overnight rate target by 3.5 percentage points since March and the October rate hike marks the sixth consecutive time…
Nasdaq Tumbles as Downbeat Tech Earnings Fuel Growth Fears
The tech-heavy Nasdaq index opened 2 percent lower on Wednesday as disappointing results and warnings from Microsoft and Alphabet sparked losses in megacap companies and raised fears of slowing economic growth. The Dow Jones Industrial Average fell 98.30 points, or 0.31 percent, at the open to 31,738.44. The S&P 500 opened lower by 33.14 points,…
Dollar Slides on Expectations of Less Hawkish Fed, Euro at 1-month High
LONDON—The euro climbed back above parity against the dollar for the first time in a month on Wednesday after poor U.S. economic data reinforced speculation that the Federal Reserve will slow its interest rate hikes, sending the greenback tumbling. The European common currency rose as high as$1.0048, the highest since Sept. 20, and was last…
Oil Prices Stable as Rising US Crude Stocks Balance Supply Concerns
October 26, 2022
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LONDON—Oil prices were broadly stable on Wednesday, moving in and out of negative territory after industry data showed U.S. crude stockpiles rose more than expected last week, though supply concerns and a weaker dollar gave support. Brent crude futures for December were up 12 cents, or 0.1 percent, at $93.64 a barrel by 1045 GMT….
Global Stocks Higher on Hopes US Rate Hike Plans Will Ease
October 26, 2022
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BEIJING—Global stock markets mostly gained Wednesday on hopes the Federal Reserve might ease off plans for interest rate hikes, while London opened lower after Britain installed its third prime minister this year amid an economic crisis. Other European markets gained. Shanghai, Tokyo, and Sydney closed higher. The euro edged above $1. The future for Wall…
JPMorgan President Says ‘Deeper Recession’ Is Acceptable Price for Taming Inflation
The president of the world’s largest investment bank says that a “deeper recession” is an acceptable price for taming high inflation. Daniel Pinto, president and chief operating officer at JPMorgan, told CNBC in a recent interview that he supports the Federal Reserve’s aggressive interest rate hikes. “I think putting inflation back in a box is…
Independent Voters Rush Away From Democrats on Economy Ahead of Midterms: Survey
October 25, 2022
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2022 Midterm ElectionsBusiness & MarketsDemocratseconomic policieseconomyIndependentsinflationMidterm electionspersonal financePoliticsrecessionUS
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A new survey reveals that independent voters are fleeing from the Democrats due to the economy and inflation, two weeks before the midterm elections. Independents are 20 percent more concerned about the U.S. economy and gas prices in October than they were last month, according to a public tracking poll taken by Navigator, a liberal…
Goldman Sachs CEO Sees Fed Hiking Rates ‘Meaningfully From Here,’ Says Recession ‘Likely’
Goldman Sachs CEO David Solomon said on Tuesday he thinks that, amid persistently high inflation, the Federal Reserve will hike rates beyond the range of 4.5–4.75 percent if the central bank doesn’t see any “real changes in behavior.” Solomon made the remarks at Saudi Arabia’s flagship investment conference in Riyadh, on Oct. 25, alongside other…
JPMorgan’s Jamie Dimon Says There’s a Much Bigger Worry Than Recession
JPMorgan Chase CEO Jamie Dimon said on Tuesday that the prospect of a recession isn’t the biggest problem facing the global economy and that he worries “much more” about geopolitical strife like the Russia–Ukraine conflict and U.S.–China tensions. Dimon made the remarks at a premier investment conference in Riyadh, Saudi Arabia, on Oct. 25, alongside…
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