Multiple Federal Reserve policymakers are expecting interest-rate hikes to continue, albeit at a smaller magnitude, as the central bank attempts to rein in inflation, with Patrick Harker, president of the Federal Reserve Bank of Philadelphia, predicting the economy will experience only a “modest” growth in 2023. The Federal Reserve is “absolutely committed” to bringing down inflation…
Fed Policymakers Foresee Need for More Rate Hikes to Control Inflation
January 19, 2023
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Business & Marketseconomic policieseconomic recessioneconomyfed policyFed Rate Hikehigh inflationinflationinterest rate hikesPolicies & ImpactsrecessionUS
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Jamie Dimon Says That Interest Rates Will Rise Above 5 Percent Because of ‘Underlying Inflation’
January 19, 2023
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Business & Marketseconomic policieseconomyFederal Reserveinflationinterest ratesJamie DimonMarketsPolicies & ImpactsrecessionUS
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JPMorgan Chase CEO Jamie Dimon believes U.S. interest rates will likely rise above 5 percent because of “underlying Inflation.” This is higher than what the Federal Reserve is currently projecting, as inflation remains stubbornly high. The Fed has raised its benchmark interest rate in December to a targeted range of 4.25–4.5 percent, the highest level in 15 years, in order…
Goldman Economist Says US Layoffs Were Far Higher Than Labor Department Reported
January 19, 2023
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Business & Marketseconomic policieseconomyGoldman SachsLabor Departmentlayoffspersonal financePolicies & ImpactsPoliticsSocial IssuesUncategorizedUSUS News
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The U.S. Labor Department’s job openings report may have overlooked a recent upturn in layoffs, according to new research from Goldman Sachs. Goldman economist Manuel Abecasis stated in a report that available job openings in the United States have declined by a large margin without a boost to the official unemployment rate. Abecasis says that…
Climate Poses Difficult Problem for Central Banks Given Long-Term Nature
News Analysis Central banks have their eye on climate change developments but are unequivocal in their understanding that it falls outside their mandate of ensuring stable prices. Nevertheless, central bankers strive to address the roles they think they must play and some of the thorny issues therein, such as independence from government and communications with…
Wall Street Opens Lower Amid Recession Worries
U.S. stock indexes opened lower on Thursday as recession worries resurfaced, while shares of Procter & Gamble fell as it warned of cost pressures. The Dow Jones Industrial Average fell 125.61 points, or 0.38 percent, at the open to 33,171.35. The S&P 500 opened lower by 17.02 points, or 0.43 percent, at 3,911.84, while the…
US Reaches Debt Ceiling, Forcing Treasury Into ‘Extraordinary Measures’
The United States has officially reached its statutory debt limit (pdf) of $31.381 trillion on Jan. 19 as was predicted by Treasury Secretary Janet Yellen in a letter to Congress (pdf) on Jan. 13. The Treasury Department will now have to implement extraordinary measures to prevent default on the national debt. In her letter, Yellen explained that…
US Mortgage Interest Rates Fall to Lowest Levels Since September: MBA
The average interest rate on the most popular U.S. home loan dropped to its lowest level since September as more evidence inflation is past its peak sent Treasury yields lower, data from the Mortgage Bankers Association (MBA) showed on Wednesday. The average contract rate on a 30-year fixed-rate mortgage fell by 19 basis points to…
Dollar Slips After Weak Data While Yen Rebounds
SINGAPORE/LONDON—The dollar slipped on Thursday after a raft of data showed the U.S. economy is losing momentum, while the yen rebounded as traders continued to bet the Bank of Japan will shift away from ultra-loose monetary policy. U.S. data released on Wednesday showed retail sales fell by the most in a year in December and…
Oil Slips on Bearish US Data, Crude Stocks Build
January 19, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil futures fell by about 1 percent on Thursday, extending losses from the previous day, as a surprise jump in U.S. crude stocks weighed on the market along with fears of a recession that were heightened by disappointing U.S. retail sales and output data. Brent crude futures lost 65 cents, or 0.8 percent, to $84.33…
Global Shares Lower After Biggest Wall Street Retreat of Year
January 19, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares were mostly lower Thursday as investors grew cautious after Wall Street’s biggest pullback of the year. France’s CAC 40 lost 0.4 percent in early trading to 7,052.61, while Germany’s DAX edged down 0.5 percent to 15,106.21. Britain’s FTSE 100 fell nearly 0.6 percent to 7,787.49. The future for the Dow Jones Industrial Average…
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