TikTok is still in the crosshairs, and bipartisan support is building on the Hill for an outright ban. Economists are warning of a stagflation recession, as Congress preps to probe two top executive officials on the state of the economy and President Joe Biden plans to release his national budget. In an exclusive sit-down with the…
Capitol Report: Former Maryland Gov. Larry Hogan Says He Won’t Run in 2024; Senators for TikTok Outright Ban
Wall Street Opens Higher as Focus Shifts to Powell’s Testimony
Wall Street’s main indexes opened higher on Monday, as Treasury yields retreated ahead of Federal Reserve Chair Jerome Powell’s testimony and jobs data this week that could offer fresh cues on the trajectory of interest rates. The Dow Jones Industrial Average rose 34.35 points, or 0.10 percent, at the open to 33,425.32. The S&P 500…
Stagflation Perils
Commentary “The decade ahead may well be a Stagflationary Debt Crisis the likes of which we’ve never seen before,” warns New York University economics professor emeritus Nouriel Roubini, who has the distinction of having forecast the home mortgage-driven 2008 financial debacle as early as 2006. The Turkish-born Roubini is no conservative, having served on President…
World Stocks Gain After Wall Street Has Best Day in 6 Weeks
March 6, 2023
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BANGKOK—Shares were mostly higher Monday in Europe and Asia after strong data on the U.S. economy sent Wall Street to its best close in six weeks. Germany’s DAX gained 0.4 percent to 15,644.08 and the CAC 40 in Paris was up 0.7 percent at 7,397.31. London’s FTSE 100 edged 0.1 percent lower to 7,941.38. The…
Dollar Eases Ahead of Powell’s Testimony and Pivotal Monthly Jobs Data
LONDON—The U.S. dollar eased on Monday as investors awaited testimony from Federal Reserve Chair Jerome Powell ahead of the February jobs report at the end of the week that will likely influence how much more the U.S. central bank will raise interest rates. The dollar index, which measures the performance of the U.S. currency against…
Oil Down on China Outlook, Spotlight on Powell Testimony
March 6, 2023
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Oil prices slipped on Monday after China set a lower-than-expected target for economic growth this year at around 5 percent, and as investors cautiously awaited U.S. Federal Reserve Chair Jerome Powell’s testimony this week. Brent crude futures were trading down 53 cents, or 0.6 percent, at $85.30 a barrel at 0735 GMT. U.S. West Texas…
US 4th-Quarter Labor Costs Revised Higher; Productivity Growth Lowered
WASHINGTON—U.S. labor costs grew faster than initially thought in the fourth quarter, though the pace has slowed from the prior quarters. Unit labor costs—the price of labor per single unit of output—accelerated at a 3.2 percent annualized rate last quarter, the Labor Department said on Thursday. That was revised up from the 1.1 percent pace…
Eurozone Recovery Gathers Pace, Allays Fears of Recession: PMI
LONDON—The recovery in eurozone business activity gathered pace last month as growth accelerated in the bloc’s dominant services industry, a survey showed, providing the latest piece of evidence suggesting the currency union will avoid a recession. S&P Global’s Composite Purchasing Managers’ Index (PMI), seen as a good barometer of overall economic health, climbed to an…
Wall Street Opens Higher as Yields Pull Back
Wall Street’s main indexes opened higher on Friday as Treasury yields took a breather from a week-long rally sparked by worries that the Federal Reserve would keep interest rates higher for longer. The Dow Jones Industrial Average rose 72.76 points, or 0.22 percent, at the open to 33,076.33. The S&P 500 opened higher by 16.67…
US, Europe Heading for Recession Amid ‘Perfect Storm’ Economist Nouriel Roubini Warns
America, Europe, and other advanced economies will likely have a recession this year amid soaring inflation, according to renowned economist Nouriel Roubini. Roubini issued the warning during an interview with Australia’s ABC on Mar. 2, noting that the latest economic data coming from the United States, Europe, and other advanced economies show that inflation now is quite…
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