The Federal Reserve announced on June 14 that it has “paused” its relentless pace of interest-rate hikes for the first time in 15 months. In March,2022, the Fed commenced hikes, then continued as follows: Fed Meeting Rate Increase Target Rate March 15–16, 2022 +25 basis points 0.25–0.5 percent May 3–4, 2022 +50 basis points 0.75–1.0…
Don’t Let the Fed Pause Become a Fed Surrender to a Higher Inflation Target Rate
June 19, 2023
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benchmark interest rateBusiness & MarketsBusiness Columnistseconomic policieseconomyFederal Reserveinflationpersonal finance
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Dollar Nudges Up, UK Pound Near 14-month Highs Ahead of BoE Decision
LONDON—The dollar edged higher on Monday as investors digested a slew of monetary policy decisions by central banks last week and looked ahead to a crunch decision by the Bank of England on Thursday. Currency market moves have been dominated by central bank efforts globally to curb high inflation, with the dollar index sliding to…
Oil Falls on China Growth Uncertainties
LONDON—Oil prices fell on Monday as questions over China’s economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. Brent crude fell 17 cents, or 0.2 percent, to $76.44 a barrel by 0944 GMT while U.S. West Texas Intermediate (WTI) crude lost…
Stocks Rally Stalls, Eyes Powell Testimony for Rate Clues
June 19, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON, SYDNEY—Global shares drifted on Monday, consolidating gains after hitting a 14-month high last week, as investors awaited testimony from U.S. Federal Reserve Chair Jerome Powell in markets that remain dominated by monetary policy bets. The MSCI’s broad gauge of world stocks was steady, with Wall Street markets closed for the Juneteenth holiday. In Europe,…
Treasurer Allays Recession Fears as Economy Slows
Treasurer Jim Chalmers is confident Australia is not heading towards a recession despite some economists warning the path to a soft landing from soaring inflation is narrowing. He says the Australian economy might stutter as interest rates lift, but neither the Reserve Bank nor Treasury are anticipating a recession. “We do expect the Australian economy to…
Making Canberra an ‘Electric Vehicle Only’ City Will Be to Its Own Detriment
June 18, 2023
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AustraliaBusiness & MarketsC40 citiesCANBERRAelectric vehicleenergyInternationalOpinionViewpointsWorld
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Commentary What is it about the thought processes of the policymakers in our capital cities? The disconnect between reality and the lot of the citizens seems of Grand Canyon proportions. Australia’s capital city and its government—the Australian Capital Territory (ACT) Legislative Assembly—is seriously exploring its ability to cement its reputation as being seriously out of…
Six Reasons Why Making Canberra an ‘EV Only’ City Is a Bad Idea
June 18, 2023
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AustraliaBusiness & MarketsC40 citiesCANBERRAelectric vehicleenergyInternationalOpinionViewpointsWorld
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Commentary What is it about the thought processes of the policymakers in our capital cities? Australia’s capital city and its government—the Australian Capital Territory (ACT) Legislative Assembly—are seriously exploring ways to cement a Grand Canyon-like disconnect between the people and lofty ideas. Currently, the latest thought bubble to hit the ACT’s Legislative Assembly is to…
6 Reasons Why Making Canberra an ‘EV Only’ City Is a Bad Idea
June 18, 2023
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AustraliaBusiness & MarketsC40 citiesCANBERRAelectric vehicleenergyInternationalOpinionViewpointsWorld
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Commentary What is it about the thought processes of the policymakers in our capital cities? Australia’s capital city and its government—the Australian Capital Territory (ACT) Legislative Assembly—are seriously exploring ways to cement a Grand Canyon-like disconnect between the people and lofty ideas. Currently, the latest thought bubble to hit the ACT’s Legislative Assembly is to…
Intel to Invest $25 Billion in Israel Factory in Record Deal, Netanyahu Says
U.S. chipmaker Intel Corp will spend $25 billion on a new factory in Israel, Prime Minister Benjamin Netanyahu said on Sunday, calling it the largest-ever international investment in the country. The factory in Kiryat Gat is due to open in 2027, to operate through 2035 at least and to employ thousands of people, Israel’s Finance Ministry said….
SVB Agrees to Sell Its Investment Banking Division
SVB Financial Group said on Sunday it has entered into an agreement to sell its investment banking division, SVB Securities, to a group led by Jeff Leerink and backed by funds managed by The Baupost Group. The bidder group led by Leerink, who is chief executive of SVB Securities, will acquire the investment banking business for a combination of cash,…
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