Commentary The view was generally held that centralization of banking would inevitably result in one of two alternatives: either complete government control, which meant politics in banking, or control by ‘Wall Street,’ which meant banking in politics. – Paul Warburg, 1930 The idea of the central bank was born in the Middle Ages, when failures…
Adjustable Rate Mortgage Demand Rises as Home Buyers Search for Cheaper Loans
May 11, 2022
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adjustable-rate mortgagesBusiness & Economyeconomymortgage applicationmortgage bankers associationmortgage interest ratesreal estateUSUS Real Estate
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Demand for adjustable rate mortgages (ARM) is increasing as homebuyers look for lower interest rates on loans and the share of ARM applications among total mortgage inquiries rises to its highest level in more than two decades, according to the Mortgage Bankers Association (MBA). Mortgage applications to buy a home rose by 5 percent for…
Executive at COVID-19 Vaccine Maker Moderna Abruptly Resigns After 1 Day
An executive with COVID-19 vaccine maker Moderna resigned from the company about one day after taking the job, according to a statement Wednesday. In the statement and in a securities filing, Moderna said that its new chief financial officer, Jorge Gomez, resigned on Tuesday, “effective immediately.” Retired Chief Financial Officer David Meline will continue his role…
Warner Music Q1 Growth Slows, EPS Dops Y-o-Y
Warner Music Group Corp. reported second-quarter FY22 revenue growth of 10 percent year-on-year to $1.376 billion, missing the consensus of $1.38 billion. Recorded Music revenue grew 8 percent Y/Y to $1.15 billion. Music Publishing increased 20 percent Y/Y to $230 million, and Digital grew 8 percent Y/Y to $931 billion. Adjusted OIBDA margin decreased 50 bps to 19.9 percent…
UK to Further Investigate Proposed Acquisition of UK Graphene Company by Chinese Company
The UK government has ordered further investigation into the proposed acquisition of a British graphene-based products manufacturer by a Chinese company over national security concerns. Business Secretary Kwasi Kwarteng wrote to the Competition and Markets Authority (CMA) on Wednesday, asking the competition watchdog to carry out an “in-depth Phase 2 investigation of the proposed acquisition of the…
Inaction in Europe Makes the Fed’s Anti-Inflation Fight Tougher
May 11, 2022
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Business & EconomyBusiness ColumnistsFederal ReserveinflationOpinionThe European Central Bank (ECB)Thinking About China
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Commentary The European Central Bank (ECB) has made the Federal Reserve’s (Fed) job harder. After dangerously ignoring inflation for months, Fed Chairman Jerome Powell has at last adopted an anti-inflationary policy stance. The Fed will gradually unwind its former practice of directly buying securities on financial markets—what central bankers refer to as “quantitative easing.” Sales…
Americans’ Household Debt Hit Nearly $16 Trillion in Q1 2022
May 11, 2022
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Business & Economyconsumer creditcredit card debteconomyhousehold debtinflationMortgage originationspersonal financeUSUS News
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Household debt in the United States increased in the first quarter of 2022, reaching $15.84 trillion despite rising inflation and interest rates, according to a report on Household Debt and Credit published by the Federal Reserve Bank of New York. That’s $1.7 trillion more than at the end of 2019, just before the COVID-19 pandemic…
Amazon Stock Joins Tech Rout, Erases Nearly All Pandemic Gains
Amazon shares have eliminated nearly all of their gains from the coronavirus pandemic, plummeting about 36 percent so far this year. For the last two years, Amazon had been one of the top-performing companies throughout the global health crisis. As consumers stayed home, shoppers purchased many of their goods from the digital retailer, from toilet…
Fed Official Says 0.75 Point Interest Rate Hike Cannot Be Ruled Out
Cleveland Federal Reserve Bank President Loretta Mester recently said that she can’t rule out the possibility of a 75-basis-point interest rate hike by the Federal Reserve, depending on where inflation is heading. “We don’t rule out 75 forever, right? The cadence we’re going now seems about right to me,” Mester said during a May 10…
America’s Inflation Problem Will Turn Into Cost-of-Living Crisis: El-Erian
May 11, 2022
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Business & Economycost of livingcrisiseconomic policieseconomyinflationPolicies & ImpactsPoliticsUSUS News
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Allianz chief economic adviser Mohamed El-Erian said in an interview that the inflation problem in the United States will inevitably turn into a cost-of-living crisis as price pressures become broader, further erode the wage gains of many American households, and dent demand. Wages have been on the rise as businesses boost pay to attract and…
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