The United States is now the second-largest electric vehicle market behind China after years of falling behind Europe in terms of use. Americans had been slower than other advanced nations to accept electrified transport, but the EV market has gained momentum due to political pressure and government subsidies. Every state now has plans to construct a…
United States Now Second Largest EV Market After China
June 20, 2023
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Don’t Let the Fed Pause Become a Fed Surrender to a Higher Inflation Target Rate
June 19, 2023
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benchmark interest rateBusiness & MarketsBusiness Columnistseconomic policieseconomyFederal Reserveinflationpersonal finance
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The Federal Reserve announced on June 14 that it has “paused” its relentless pace of interest-rate hikes for the first time in 15 months. In March,2022, the Fed commenced hikes, then continued as follows: Fed Meeting Rate Increase Target Rate March 15–16, 2022 +25 basis points 0.25–0.5 percent May 3–4, 2022 +50 basis points 0.75–1.0…
Dollar Nudges Up, UK Pound Near 14-month Highs Ahead of BoE Decision
LONDON—The dollar edged higher on Monday as investors digested a slew of monetary policy decisions by central banks last week and looked ahead to a crunch decision by the Bank of England on Thursday. Currency market moves have been dominated by central bank efforts globally to curb high inflation, with the dollar index sliding to…
Oil Falls on China Growth Uncertainties
LONDON—Oil prices fell on Monday as questions over China’s economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. Brent crude fell 17 cents, or 0.2 percent, to $76.44 a barrel by 0944 GMT while U.S. West Texas Intermediate (WTI) crude lost…
Stocks Rally Stalls, Eyes Powell Testimony for Rate Clues
June 19, 2023
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LONDON, SYDNEY—Global shares drifted on Monday, consolidating gains after hitting a 14-month high last week, as investors awaited testimony from U.S. Federal Reserve Chair Jerome Powell in markets that remain dominated by monetary policy bets. The MSCI’s broad gauge of world stocks was steady, with Wall Street markets closed for the Juneteenth holiday. In Europe,…
Stellantis No Longer Stocking Gasoline Models With Dealers in 14 States
June 18, 2023
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Carmaker Stellantis has stopped stocking gasoline vehicle models of its Jeep Wrangler brand in many states following stringent emission standards passed in the regions. Stellantis is no longer allocating gasoline-only Jeep Wrangler models to dealerships in the 14 states that follow emission guidelines set by the California Air Resources Board (CARB), according to a June…
Is Mr. Bean Right About EVs?
June 17, 2023
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AustraliaBusiness & Marketseconomic policiesenergyInternationalmr beanOpinionrowan atkinsonUKViewpointsWorld
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Commentary Rowan Atkinson or as many of us know him: “The guy who played Mr. Bean,” has more experience with EVs than most. As an avid car owner and enthusiast, an early adopter of electric vehicles, and having previously studied electrical and electronic engineering (before his entirely unrelated career in entertainment), he surely has an…
US Consumer Sentiment Jumps to Four-Month High on Debt-Cap Deal
June 16, 2023
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Declining fears over inflation lifted American consumers’ spirits this month. U.S. consumer sentiment reading rebounded in June following a decline in May, after concerns over the debt-ceiling crisis faded and investor were buoyed by a strong labor market and stock market gains due to artificial intelligence (AI). Consumers’ near-term inflation expectations dropped to more than…
Bank Executive Pay Could Be Seized for Failures Under Senate Bill Proposal
June 16, 2023
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accountability standardsbank crisisBusiness & MarketsCompaniescongresseconomic policieseconomyExecutive Branchexecutive compensationInvestmentPolicies & ImpactsPoliticsSenate Banking CommitteeUS
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The Senate Banking Committee will consider a bipartisan bill that would allow government regulators to seize compensation from executives deemed responsible for a bank failure. The committee’s chairman, Sen. Sherrod Brown (D-Ohio), and Sen Tim Scott (R-S.C.), the panel’s ranking Republican, came to a deal on June 16 after a wave of regional bank failures…
Fed’s Barkin Says ‘Comfortable Doing More’ If Inflation Does Not Fall
WASHINGTON—Richmond Federal Reserve president Thomas Barkin said Friday he is comfortable with further interest rate increases if coming data does not show that weakening demand for goods and services is feeding through to slower inflation. “I am still looking to be convinced of the plausible story that slowing demand returns inflation relatively quickly” to the…
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