The president of the world’s largest investment bank says that a “deeper recession” is an acceptable price for taming high inflation. Daniel Pinto, president and chief operating officer at JPMorgan, told CNBC in a recent interview that he supports the Federal Reserve’s aggressive interest rate hikes. “I think putting inflation back in a box is…
JPMorgan President Says ‘Deeper Recession’ Is Acceptable Price for Taming Inflation
World Is in Its ‘First Truly Global Energy Crisis’: IEA’s Birol
SINGAPORE—Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis,” the head of the International Energy Agency (IEA) said on Tuesday. Rising imports of LNG to Europe amid the Ukraine crisis and a potential rebound in Chinese…
Independent Voters Rush Away From Democrats on Economy Ahead of Midterms: Survey
October 25, 2022
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2022 Midterm ElectionsBusiness & MarketsDemocratseconomic policieseconomyIndependentsinflationMidterm electionspersonal financePoliticsrecessionUS
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A new survey reveals that independent voters are fleeing from the Democrats due to the economy and inflation, two weeks before the midterm elections. Independents are 20 percent more concerned about the U.S. economy and gas prices in October than they were last month, according to a public tracking poll taken by Navigator, a liberal…
Economist Says Fed ‘Badly Misdiagnosed’ Inflation, Warns of ‘Stagflationary Swamp’ If Another Error Made
The economist Mohamed El-Erian has criticized the Federal Reserve for how poorly it has dealt with inflation, and he warned about the United States slipping into stagflation if policymakers do not deal with the issue carefully. Because of having “badly misdiagnosed” inflation last year, the Federal Reserve “significantly intensified” its policy response in the last…
S&P 500, Nasdaq Rise at Open Amid Mixed Earnings Reports
October 25, 2022
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsMedia & Big TechNASDAQrecessionstocksUS
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The S&P 500 and the Nasdaq opened higher on Tuesday as investors digested a mixed bag of earnings reports, with Microsoft and Alphabet rising ahead of their results later in the day. The S&P 500 opened higher by 2.10 points, or 0.06 percent, at 3,799.44, while the Nasdaq Composite gained 44.35 points, or 0.40 percent,…
Sterling Rises as Sunak Prepares to Become PM, Euro Awaits ECB Hike
LONDON—Sterling rose on Tuesday supported by improved risk sentiment as Rishi Sunak prepared to become Britain’s prime minister, while the euro steadied ahead of an expected rate hike by the European Central Bank (ECB) on Thursday. The U.S. dollar edged up but was not far from its lowest level in October amid signs Federal Reserve…
Oil Falls by More Than $1 Per Barrel as Demand Fears Linger
October 25, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell by more than $1 per barrel on Tuesday as bearish economic data from key global economies heightened demand fears. International benchmark Brent crude futures fell by $1.30 to $91.96 per barrel by 1117 GMT, after easing 0.3 percent in the previous session. U.S. West Texas Intermediate crude futures for December delivery fell…
World Shares Mostly Slip as Investors Eye Corporate Earnings
October 25, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocksUncategorized
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BANGKOK—Shares were mostly lower in Europe and Asia on Tuesday as investors geared up for a slew of corporate earnings reports. U.S. futures edged 0.1 percent higher but oil prices fell back. In London, the FTSE 100 fell 0.6 percent to 6,972.74 as Britain’s third prime minister this year, Rishi Sunak, prepared to take office…
Yellen Taking Steps to Enhance Treasury Market, Boost Funds Resilience
The U.S. Treasury is taking steps to strengthen the resilience of the Treasury debt market and private money market and bond funds, but the U.S. financial system is functioning well despite elevated global volatility, Treasury Secretary Janet Yellen said on Monday. Yellen, speaking to the Securities Industry and Financial Markets Association’s (SIFMA) annual meeting in…
Wall Street Opens Higher as Bond Yields Retreat
Wall Street’s main indexes opened higher on Monday as Treasury yields eased on hopes of a less aggressive Federal Reserve, while investors braced for a busy week of earnings dominated by big technology companies. The Dow Jones Industrial Average rose 104.76 points, or 0.34 percent, at the open to 31,187.32. The S&P 500 opened higher…
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