SINGAPORE/LONDON—The euro sat at a 10-month high against the dollar on Thursday, ahead of a European Central Bank meeting at which markets expect a half-percentage point rate increase, a day after the U.S. Federal Reserve slowed the pace of its rises to 25 basis points. The Fed also said it had turned a corner in…
Euro Hits 10 Month-High on Dollar, as Central Banks Chart Divergent Courses
Oil Steady as Dollar Slumps and Russian Oil Products Ban Looms
February 2, 2023
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LONDON—Oil prices were steady on Thursday after tumbling in the previous session as a weaker dollar boosted sentiment, though looming sanctions on Russian oil products added uncertainty over supply. Brent crude futures fell 10 cents, or 0.1 percent, to $82.74 a barrel by 0937 GMT while West Texas Intermediate (WTI) U.S. crude futures advanced 1…
Global Stocks Rise After Fed Sees Inflation Improving
February 2, 2023
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BEIJING—Global stock markets and Wall Street futures rose Thursday after the Federal Reserve said the U.S. economy is moving toward lower inflation but more interest rate hikes are planned. London and Frankfurt opened higher. Shanghai and Tokyo advanced. Oil prices rose. Wall Street’s benchmark S&P 500 index rose after the Fed increased its key lending…
Dove or Hawk? Fed Chair Jerome Powell Bracing America for ‘Ongoing’ Rate Hikes
February 1, 2023
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The Federal Reserve raised interest rates by 25 basis points, lifting the target rate to a more than 15-year-high of 4.50–4.75 percent. While investors had anticipated a quarter-point jump to the benchmark federal funds rate, financial markets had added to their losses when the Federal Open Market Committee (FOMC) statement revealed “ongoing” rate hikes and…
New DOL Rule Allows Retirement Money to Finance ESG Agenda
February 1, 2023
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U.S. lawmakers are fighting back against a new Biden administration rule that allows retirement money to be invested according to environmental, social, and governance (ESG) criteria. Every GOP senator, plus West Virginia Democrat Joe Manchin, signed on to a disapproval resolution this week in protest of a Department of Labor (DOL) directive which went into…
Biden Administration Wants Credit Card Late Fees Slashed to $8
February 1, 2023
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The Biden administration wants credit card late fees to be slashed to $8 and for Apple and Google to reduce the amount they charge on their mobile app stores. White House officials stated that this is part of a larger policy effort to promote competition in consumer markets. President Joe Biden’s Competition Council announced on…
Gallup Poll: Americans Say Government Is the Number One Problem Today
February 1, 2023
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big governmentBusiness & MarketsBusinesses in COVID-19Defeating "Big Government Socialism:"economic policieseconomyenergyindustrial policymistrust of governmentPoliticsSocial IssuesUS
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According to a recent Gallup poll, Americans say that government is their number one problem, beating out inflation for the top spot. In response to the question: “what do you think is the most important problem facing the country today?” 21 percent of Americans answered “Government,” up from 15 percent last year. According to Gallup’s…
Federal Reserve Raises Interest Rates by Quarter-Point, Expects Ongoing Rate Hikes
The Federal Reserve raised interest rates by 25 basis points, matching market expectations and lifting the benchmark federal funds rate to a target range of 4.50 percent and 4.75 percent. This was the lowest rate hike since the first increase of the current quantitative tightening cycle in March. Central bank officials believe that ongoing increases…
Federal Reserve Raises Interest Rates by Quarter-Point, Signals Further Rate Hikes
The Federal Reserve raised interest rates by 25 basis points, matching market expectations and lifting the benchmark federal funds rate to a target range of 4.50 to 4.75 percent. This was the smallest rate increase since the current quantitative tightening cycle began in March 2022. Central bank officials believe that further increases will be necessary…
Wall Street Opens Lower Ahead of Fed Decision; AMD Rises on Outlook
U.S. stock indexes opened lower on Wednesday as investors cautiously awaited the Federal Reserve’s decision on interest rates later in the day, while chipmaker Advanced Micro Devices climbed on an upbeat outlook. The Dow Jones Industrial Average fell 46.44 points, or 0.14 percent, at the open to 34,039.60. The S&P 500 opened lower by 6.53…
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