A recession is most likely right around the corner, said a former Clinton and Obama administration official in a Sunday morning warning. “The chance that a recession will have begun this year in the U.S. is probably about 70 percent. I think that puts me at the pessimistic end of the spectrum of opinion,” he…
Ex-Treasury Secretary Predicts ’70 Percent’ Chance Recession Begins This Year
Yellen Says US Banks May Tighten Lending and Negate Need for More Rate Hikes
WASHINGTON—Treasury Secretary Janet Yellen said banks are likely to become more cautious and may tighten lending further in the wake of recent bank failures, possibly negating the need for further Federal Reserve interest rate hikes. Yellen said in a “Fareed Zakaria GPS” interview that policy actions to stem the systemic threat caused by last month’s…
Inflation Expectations Surge Despite Signs of Cooling Economy, Suggesting Stagflation
April 14, 2023
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Business & Marketsconsumer sentimenteconomic policieseconomyhousehold inflationinflationpersonal financePolicies & ImpactsUS
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U.S. household inflation is expected to rise over the next 12 months, despite signs of a slowing economy, suggesting stagflation. The University of Michigan’s preliminary release of its overall consumer sentiment index for April came in at 63.5, up from 62.0 in March. Economists polled by Reuters had forecast a preliminary reading of 62.0. Rising inflation expectations…
US Purchases of Chipmaking Machines Soars to Record High
April 14, 2023
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ASMLBusiness & MarketsCCPChinaCompanieseconomic policieseconomyInvestmentMarketsNational SecurityPolicies & ImpactssemiconductorTaiwanTechTech NewstechnologyThreat from Communist ChinaUSUS-China relations
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American purchases of computer chip-making machines from Taiwan rose to a record high in March as the United States continues to rebuild its domestic semiconductor industry. Taiwan Semiconductor Manufacturing Co. (TSMC) and several other major producers in Taiwan are vital players in the global supply chain of computer chips. Taiwan, the world’s largest producer of…
California Reparations Panel Downplays $800 Billion Estimated Price Tag
April 14, 2023
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A member of California’s Reparations Task Force has downplayed its $800 billion estimated price tag, despite it being three times the state’s existing budget. Cheryl Grills, a member of the California Reparations Task Force, told CalMatters in an interview, that the total dollar amount was the “least important piece” of their reparations proposal. The committee is still…
Citigroup Beats Estimates on Higher Income From Loans; Shares Rise
April 14, 2023
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Business & MarketsCitigroupCompanieseconomic policieseconomyinflationMarketsrecessionresultsstocksUSUS News
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Citigroup Inc.’s first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans. While its net interest income rose 23 percent to $13.3 billion, Citi also set aside $241 million to cover potential loan losses, from $138 million a year earlier, according to its results reported on Friday. Citigroup…
As UK Economy Flatlines, Hunt Says IMF’s Forecast Is Too Pessimistic
Chancellor Jeremy Hunt has said the International Monetary Fund (IMF) has “undershot” its forecast for the UK in five out of the last six years. The IMF has predicted the UK economy would contract by 0.3 percent this year but Hunt, who is attending the fund’s spring meeting in Washington, said the IMF was “just…
Wells Fargo Tops Wall Street 1st Quarter Targets, Earning $5 Billion
April 14, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionresultsstocksUSUS NewsWells Fargo
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Wells Fargo beat sales and profit targets in the first quarter compared with a year earlier, boosted by higher interest rates. The quarter saw the collapse of two banks that rattled the financial sector and the broader stock market. Wells Fargo participated with other banks in pumping $30 billion in deposits into First Republic Bank…
JPMorgan Chase Profits Jump 52 Percent Amid Banking Turmoil
April 14, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationJPMorganMarketsprofitsrecessionresultsstocksUSUS News
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JPMorgan Chase & Co. posted a 52 percent jump in its first-quarter profits, helped by higher interest rates, which allowed the bank to charge customers more for loans. The bank saw deposits grow noticeably, as business and customers flocked to the banking titan after the failure of Silicon Valley Bank and Signature Bank last month….
Wall Street Opens Lower as Retail Sales Data Offsets Earnings Cheer
Wall Street’s main indexes opened lower on Friday as weak retail sales data for March suggested the economy was losing steam, while upbeat earnings from a trio of big U.S. banks helped assuage fears of further stress in the sector. The Dow Jones Industrial Average fell 47.98 points, or 0.14 percent, at the open to…
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