President Joe Biden and the Democrats are ensconced in a tough fight with the Republicans over the federal debt limit after the country exceeded the $31.381 trillion ceiling. The White House revealed that “there will be no negotiations,” while the GOP opposes a “clean” increase in the debt ceiling. As both sides hammer out a…
Experts Warn That GOP and Democrats Need to Balance Raising Debt Ceiling With Reforms to Avert Disaster
January 24, 2023
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Business & Marketscongressdebt limiteconomic policiesExecutive Branchnational debtPolicies & ImpactsPoliticsUS
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Wall Street Opens Lower as Earnings Roll In, Chipmakers Retreat
U.S. stock indexes opened lower on Tuesday, as corporate reports from bellwethers including 3M, Johnson & Johnson, and GE pushed earnings season into high gear, while chip companies retreated after bouncing in the previous session. The Dow Jones Industrial Average fell 184.84 points, or 0.55 percent, at the open to 33,444.72. The S&P 500 opened…
Japan Higher Rates Expand Debt Pile, Balanced Budget Seen Delayed Again
January 24, 2023
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Asia & PacificBusiness & Marketseconomic policieseconomyfiscalinflationJapanMarketsrecessionstocksWorld
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TOKYO—Japan raised its estimates for long-term interest rates over the coming few years in government’s twice-yearly fiscal projections issued on Tuesday, following the central bank’s decision last month to allow 10-year bond yields to move more widely. Higher rates will test the government’s ability to service the industrial world’s heaviest debt burden at more than…
Japan’s Factory Activity Extends Declines for 3rd Straight Month: PMI
TOKYO—Japan’s manufacturing activity contracted for a third straight month in January as export weakness persisted amid a worsening global outlook, a corporate survey showed on Tuesday. The au Jibun Bank flash Japan manufacturing purchasing managers’ index (PMI) was at a seasonally adjusted 48.9 in January, unchanged from the final reading in the previous month. The…
Eurozone Business Activity Back to Growth in January: PMI
LONDON—Eurozone business activity made a surprise return to modest growth in January, adding to signs the downturn in the bloc may not be as deep as feared and that the currency union may escape recession, a survey showed. S&P Global’s flash Composite Purchasing Managers’ Index (PMI), seen as a good gauge of overall economic health,…
Dollar Stuck Near 9-month Low Versus Euro as Yen Bounces
LONDON—The dollar hovered near a nine-month low against the euro and surrendered recent gains against the yen on Tuesday, as traders weighed the risks of a U.S. recession against the outlook for Federal Reserve monetary policy. Eurozone data on Tuesday reinforced the view that the economy is surviving a winter of intense price pressures reasonably…
Oil Steady as China Reopening Is Balanced by Economic Concerns
January 24, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Crude oil prices were steady on Tuesday as concerns about a global economic slowdown and expected build in U.S. oil inventories were offset by hopes of a fuel demand recovery from top importer China. Brent crude was down 30 cents, or 0.3 percent, at $87.89 a barrel by 1010 GMT. U.S. West Texas Intermediate (WTI)…
World Shares Mixed After Tech Gains Power Wall Street Rally
January 24, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—World stocks were mixed Tuesday after a Wall Street rally driven by heavy buying of tech shares as investors bet the Federal Reserve will trim its rate hikes as it makes headway in tamping down inflation. Germany’s DAX edged 0.1 percent lower to 15,086.68 while the CAC 40 in Paris gained 0.2 percent to 7,024.63….
IRS Boasts of Better Services Thanks to $80 Billion Funding in ‘Inflation Reduction Act’
January 23, 2023
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Business & Marketseconomic policieseconomyExecutive BranchInflation Reduction ActIRSPolicies & ImpactsPoliticsUSUS News
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The Treasury Department has announced that it is rolling out new measures aimed at improving customer service for 2022’s tax season. The Internal Revenue Service (IRS) is starting to accept federal income tax returns for 2022, and is toting its new and improved services after receiving $80 billion in funding for the next decade from…
Fed Paid Funds, Banks More Than $90 Billion Over Past Year for Sitting on Clients’ Cash
The Federal Reserve’s anti-inflation efforts are becoming increasingly expensive. The U.S. central bank has paid out over $90 billion to banks and money market funds over the past year for letting the cash of their clients lay dormant. The payouts have ballooned in recent months as the Fed has repeatedly hiked interest rates. The Fed’s…
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