The probability of a catastrophic U.S. debt default has risen by 300 percent since the start of the year. A recent report from MSCI, an American financial service provider, warned about the tripling of a debt default and said that Congress must pass a spending bill to avoid a disaster in the next few months. “Implied default probabilities have…
Probability of Debt Default Has Risen 300 Percent Since Start of Year: Report
March 4, 2023
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Business & Marketscongresscredit default swapsdefaulteconomic policieseconomyExecutive BranchMarketsPolicies & ImpactsPoliticsU.S. government debtUS
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Buffett On Buybacks
March 4, 2023
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BerkshireBuffettBusiness & MarketsBusiness ColumnistsBuybacksCompanieseconomic policiesHathawayMarketsstocks
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Commentary Warren Buffett defended stock buybacks in Berkshire Hathaway Inc.’s 2022 Annual Report (pdf), pushing back on those railing against the practice he believes benefits all shareholders. “When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued…
Falling Labor Participation Rate ‘Really Troubling’ for the US Economy, Warn Experts
March 4, 2023
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american workersBusiness & Marketseconomic policieseconomylabor participationpersonal financeUSUS News
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America’s low labor participation rate since the COVID pandemic has become a problem for the U.S. economy, according to experts. Economists are saying that an unprecedented drop in labor participation throughout the United States after the pandemic hit in 2020 has become widely noticeable. Health concerns, harmful reactions to the COVID vaccines, lockdowns, and stimulus…
Fed’s Bostic Open to Rate Hikes, Logan Warns Financial System Vulnerable to Bond Stress
Raphael Bostic, the president of the Federal Reserve Bank of Atlanta, is open to continuing to raise interest rates in the months to come if economic data clocks in stronger than expected. Bostic spoke with reporters on Thursday, acknowledging that he will update his policy trajectory if consumer spending is robust and labor markets remain…
Federal Agency Advances Gas Stove Proposal From Commissioner Who Floated Ban
March 3, 2023
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Business & Marketseconomic policieseconomyenergygas stovesPolicies & ImpactsPoliticsRichard Trumka Jr.USUS News
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A U.S. agency has advanced a request for information on gas stove hazards after it was filed by a commissioner who has floated banning the stoves. The U.S. Consumer Product Safety Commission announced on March 1 it is seeking information from the public “on chronic chemical hazards from gas ranges.” The commission released a draft public…
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…
‘We Have to Pay Our Sins’: Lawmakers Must Negotiate Way Out of US Debt Crisis: Sen. Manchin
March 3, 2023
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Business & Marketscongressdebt crisiseconomic policieseconomyPoliticspublic debtSen. Joe ManchinUSUS News
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Senator Joe Manchin (D-W.Va.) has called on Republican and Democrat lawmakers to work together and resolve the debt crisis facing the United States, pointing out that both Trump and Biden have contributed to ballooning the country’s debt. America’s debt has hit the $31.4 trillion ceiling and it now needs to be raised, which requires lawmakers…
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…
Businesses Must Adopt Digital Receipts Instead of Paper, Says California Bill
March 3, 2023
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BPA-freeBusiness & MarketsCaliforniaCalifornia Billdigital receipteconomic policiesNorth Carolinapaper receiptPolicies & ImpactsRegional & State NewsSouth CarolinaState NewsUSUS News
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Citing environmental factors and potential health risks, assembly member Phil Ting (D-Calif.) has reintroduced a bill pushing for the adoption of electronic receipts in the state while phasing out widely used paper receipts. AB 1347, also known as “Skip the Slip” bill, will require stores to make electronic receipts their default option. In case a…
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