Tag: economic policies

American Workers Want About $76,000 in Starting Wages to Take a Job Due to Inflation

April 19, 2023
Business & MarketsCompanieseconomic policieseconomyinflationlabor marketMarketspersonal financerecessionUSUS Newswage expectations
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American workers are demanding at least nearly $76,000 annual wage from potential employers before taking a job due to high inflation and a tight labor market. Employee wage expectations skyrocketed to a new high of $75,811 a year in March, according to the SCE Labor Market Survey from the Federal Reserve Bank of New York. This is $2,100 higher…

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Morgan Stanley Beats Estimates With Wealth Business Growth, but Shares Fall

April 19, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsMorgan StanleyresultsstocksUSUS News
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Morgan Stanley’s profit beat expectations as wealth management revenue climbed in the first quarter, offsetting slumps in investment banking and trading. The bank earned $1.70 per share, beating analysts’ average estimate of $1.62 per share, according to Refinitiv data. But its shares fell 1 percent to $88.92 in early trading on Wednesday as investment banking…

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Bank of England Could Sell Bonds Faster, Former Monetary Policy Committee Member Says

April 19, 2023
Bank of EnglandBusiness & Marketseconomic policiesquantitative easingquantitative tighteningUKWorld
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The Bank of England (BoE) may not be selling bonds fast enough to get inflation under control, a former member of the bank’s Monetary Policy Committee (MPC) told MPs on Tuesday. Giving evidence to MPs on the Treasury Committee, Andrew Sentance, senior advisor at Cambridge Econometrics and former MPC member, said there is the case for going “a…

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Wall Street Opens Lower on Mixed Earnings, Rising Yields

April 19, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionstocksUS
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U.S. stocks fell at the open on Wednesday as Treasury yields rose on expectations that the Federal Reserve could keep interest rates higher for longer, while mixed earnings from regional banks and weakness in Tesla further dented sentiment. The Dow Jones Industrial Average fell 86.80 points, or 0.26 percent, at the open to 33,889.83. The…

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Elon Musk Says No ‘Magic Cure’ for Inflation, Blames Fed’s Money Printing

April 19, 2023
Business & Marketseconomic policieseconomyElon MuskFederal ReserveinflationrecessionUSUS News
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Tesla CEO Elon Musk said there’s no silver bullet to fix the problem of high inflation, blaming central banks for printing too much money that’s chasing too few goods and pushing up prices. Musk made the remarks in an April 18 interview with Tucker Carlson, who asked the billionaire tech mogul for his thoughts about…

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Oil Slides as Interest Rate Expectations Eclipse Chinese Data

April 19, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices dropped sharply on Wednesday, sliding by 2 percent as potential U.S. interest rate hikes that could slow growth and curb oil consumption outweighed strong Chinese economic data and falling U.S. inventories. Brent crude futures shed $1.70 to $83.07 a barrel by 0929 GMT while West Texas Intermediate U.S. crude fell by $1.64 to…

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Stocks Ease, Dollar Perks Up as Focus Returns to Fed and Inflation

April 19, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SINGAPORE—Global stocks eased on Wednesday, while the dollar pulled further above last week’s one-year lows, as investor focus honed in on what the Federal Reserve may have to do to tame inflation, rather than on the recent problems in the U.S. banking sector. The MSCI All-World index fell 0.2 percent, thanks to a broad-based decline…

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Greens Lock Horns With Labor Again Over Aussie Battlers

April 19, 2023
Adam BandtAustraliaAustralian GreensBusiness & Marketseconomic policieseconomyincome assistanceJim Chalmersmay budgetWorld
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The federal Labor government has been accused of failing lower-income Australians after deciding not to increase the Jobseeker rate, as well as rental assistance. Greens leader Adam Bandt said the decision showed Labor did not care about the Aussie battler. “Labor is forcing people to live in poverty while giving a $9,000-year tax cut to…

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Senators Question Feasibility of EPA’s New Vehicle Emissions Standards

April 18, 2023
bidenBusiness & MarketsChinacongressDemocratseconomic policieseconomyemissionsenergyEnvironmentEPAExecutive BranchPolicies & ImpactsPoliticsRepublicansScienceSpecial TopicstailpipeTech CompetitionUSUS NewsUS-China relations
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Lawmakers questioned the feasibility of new vehicle tailpipe emissions proposals from the Environmental Protection Agency (EPA), which the agency predicts will lead to the mass adoption of electric light- and medium-duty vehicles within a decade. The April 18 hearing was held by the Subcommittee on Clean Air, Climate and Nuclear Safety of the Senate Environment…

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Bank of America First-Quarter Earnings Beat Expectations

April 18, 2023
Bank of AmericaBusiness & MarketsCompaniesEarnings Reporteconomic policieseconomyfirst quarterinflationInvestmentMarketsrecessionUS
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Bank of America’s first-quarter earnings and revenue beat expectations due to higher interest rates. The banking giant reported its best quarter in a decade, according to its latest quarterly earnings report from April 18. BofA said its net interest income (NII) saw its largest boost, surging 25 percent, to $14.4 billion from the year-ago quarter due…

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