Tag: economic policies

White House Reverses Course, Gives Congress Green Light to Pass Bill Banning TikTok

March 8, 2023
Big Tech, Censorship, and SocialismBusiness & MarketsChinaCompaniesDefending Americaeconomic policiesExecutive BranchFeatured TopicsJake SullivanMedia & Big TechPoliticssocial controlSpecial TopicsTech CompetitionThreat from Communist ChinaTikTokUSUS NewsUS-China relationsWhite House
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WASHINGTON—The White House has reversed direction this week, saying it would support a Senate bill that would outlaw TikTok in the United States. The Biden administration had been at a standstill for two years over how to deal with the threat to national security posed by the Chinese-owned mobile app. U.S. National Security Advisor Jake…

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Experts Warn That the US Is Close to Disaster on Debt Ceiling

March 8, 2023
Business & MarketscongressDemocratseconomic policieseconomyExecutive BranchFederal debt ceilingInvestmentMarketsPolicies & ImpactsPoliticsrecessionRepublicanssenate committee hearingUS
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Economists and experts warned a Senate committee hearing this week that the U.S. government is close to disaster on the federal debt ceiling. The Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy conducted a hearing on Mar. 7 titled: “The Federal Debt Limit and its Economic and Financial Consequences,” with five expert…

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Bank of America CEO Proclaims ‘We Are Capitalists’ After Critics Blast ESG Stance

March 8, 2023
Bank of AmericaBusiness & MarketsCompanieseconomic policieseconomyESGInvestmentPolicies & ImpactsPoliticsSocial IssuesUSUS News
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Bank of America CEO Brian Moynihan told shareholders this week that “we are capitalists,” after a massive backlash from critics over his bank’s stance on the environmental, social, and governance (ESG) agenda. The head of America’s second-largest bank is under heavy fire as Wall Street executives face increasing criticism across the country for adopting progressive…

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Bank of Canada Hits Pause, Doesn’t Mention Risk of US Fed’s Further Rate Hikes 

March 8, 2023
Bank of CanadaBusiness & MarketsCanadaeconomic policiesFedinflationjerome powellTiff MacklemWorld
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News Analysis OTTAWA—As widely expected, the Bank of Canada enacted its pause of interest rate hikes on March 8, but what may be the most compelling reason for the BoC to start raising rates again was not mentioned in its statement.   Economists and investors have long said that there are limits on how much monetary…

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Behind Interest Rate Hikes Sits Trillions in Bonds the Fed Must Unload

March 8, 2023
Business & Marketseconomic policieseconomyFederal Reserve Policyinflationinflation expectationsInvestmentpersonal financequantitative easingquantitative tighteningUSUS News
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Testifying before the Senate Banking Committee on March 7, Federal Reserve chairman Jerome Powell said he is prepared to accelerate interest rate hikes as economic growth and labor shortages continue to fuel inflation. Meanwhile, the Fed is still sitting atop a massive $8.4 trillion portfolio of bonds it bought through economic stimulus programs. This portfolio…

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Senators Mull Past Failures, Possible Solutions on Big Tech

March 8, 2023
amy klobucharantitrustBiden Documents ProbeBig TechBig Tech, Censorship, and SocialismBusiness & MarketsCompaniescongressDefending AmericaDemocratseconomic policieseconomyExecutive BranchFeatured TopicsMedia & Big TechMike LeePolicies & ImpactsPoliticsRepublicansTechTech NewsUSUS FeaturesUS News
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Members of a Senate antitrust subcommittee on March 7 voiced frustration over the failed attempts by Democrats and Republicans alike to regulate tech giants like Google and Apple, as expert witnesses and lawmakers debated legislation that didn’t get a full vote last Congress. “Neither the judiciary nor the executive branch can solve these problems alone—Congress…

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Bank of Canada Pauses Interest Rate Increases, Signals Readiness to Hike Further if Needed

March 8, 2023
Bank of CanadaBusiness & MarketsCanadaeconomic policiesinflationinterest ratesTiff MacklemWorld
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OTTAWA—The Bank of Canada stayed true to its word from January that it would pause on interest rate hikes, but said it is “prepared to increase the policy rate further if needed to return inflation to the 2 percent target.”  Canada’s central bank held its overnight rate target at 4.5 percent on March 8, saying…

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Wall Street Rises After Selloff, Labor Data on Tap

March 8, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionstocksUS
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U.S. stock indexes opened slightly higher on Wednesday after a selloff in the previous session, with investors awaiting more comments from Federal Reserve Chair Jerome Powell and job openings data. The Dow Jones Industrial Average rose 15.62 points, or 0.05 percent, at the open to 32,872.08. The S&P 500 opened higher by 1.18 points, or…

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Dollar Scales 3-month Peak as Powell Flags Higher Rates

March 8, 2023
Business & Marketseconomic policieseconomyForexglobalMarketsrecessionstocks
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LONDON—The dollar scaled multi-month highs against most other major currencies on Wednesday, after Federal Reserve Chair Jerome Powell warned that U.S. interest rates might need to go up even faster and higher than expected to rein in stubborn inflation. Higher rates benefit the dollar by improving its yield and as traders look for safety while…

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Oil Steadies After Rate Hike Concerns Spur Sell-Off

March 8, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices steadied after earlier losses on Wednesday, driven by fears that more aggressive U.S. interest rate hikes would hit demand, while the market awaited further clarity on inventories. Brent crude futures climbed 11 cents, or 0.1 percent, to $83.40 per barrel by 1103 GMT. U.S. West Texas Intermediate (WTI) crude futures eased 9 cents,…

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