Tag: economic policies

Biden Says Deposits Are Safe, US Banks in ‘Pretty Good Shape’

March 24, 2023
banking crisisbidenBusiness & Marketsdepositseconomic policieseconomyMarketsstocksUS
0 Comment

OTTAWA, Canada—President Joe Biden on Friday praised his administration’s management of the recent banking crisis, saying that the banks are in good shape but that it will take some time for markets to settle down. “I think we’ve done a pretty … good job. People’s savings are secure,” Biden said during a press conference in…

Read More

American Households to Dump $750 Billion in Stocks This Year: Goldman

March 24, 2023
Business & Marketseconomic policieseconomyhouseholdsinflationInvestmentinvestorsMarketspersonal financerecessionstocksUS
0 Comment

American households are expected to dump $750 billion worth of stocks this year in favor of less-risky assets. This is the first annual drop in demand since 2018, due to higher bond yields and lower savings, reported Goldman Sachs Group strategists, led by Cormac Conners and David Kostin, on March 22. The strategists said that…

Read More

Billionaire Investor Warns Economy Heading for ‘Train Wreck’ After Fed’s Latest Move

March 24, 2023
bank crisisBusiness & Marketsdeposit guaranteeeconomic policieseconomyInvestmentJanet YellenMarketspersonal financerecessionUS
0 Comment

Billionaire investor Bill Ackman said that the Federal Reserve’s latest decision to raise interest rates by 25 basis points, combined with Treasury Secretary Janet Yellen’s remarks that there are no plans for unlimited deposit guarantees, was a “big mistake” that puts more pressure on smaller banks and sends the economy toward a “train wreck.” Ackman…

Read More

Janet Yellen Calls Emergency Meeting of Financial Stability Council Amid Bank Turmoil

March 24, 2023
banking crisisBusiness & Marketseconomic policiesJanet YellenUS
0 Comment

Treasury Secretary Janet Yellen called an emergency meeting with top U.S. financial regulators. Yellen will chair the closed-door Financial Stability Oversight Council (FSOC) meeting on Friday, the Treasury Department said in a statement. The Treasury did not provide any additional details regarding the closed meeting. The FSOC meets regularly to discuss national financial stability and…

Read More

Wall Street Falls as Bank Contagion Fears Flare Up

March 24, 2023
Business & MarketsCompanieseconomic policieseconomyGold and CommoditiesinflationMarketsrecessionstocksUS
0 Comment

Wall Street’s main indexes fell on Friday as investors fled from risky assets on growing concerns that a contagion in the banking sector had not been fully averted despite assurances from key officials. Treasury Secretary Janet Yellen said late on Thursday afternoon that measures will be taken to keep Americans’ deposits safe, but that did…

Read More

Japan’s Consumer Inflation Off 41-year High but Cost Pressure Persists

March 24, 2023
Asia & PacificBusiness & Marketseconomic policieseconomyinflationJapanMarketsWorld
0 Comment

TOKYO—Japan’s core consumer inflation slowed in February but an index stripping away energy costs hit a four-decade high, data showed on Friday, suggesting cost-push pressures may persist longer than policymakers thought. With inflation still exceeding the Bank of Japan’s 2 percent target, the data will keep alive market expectations of a tweak to its bond…

Read More

Citigroup CEO Says, ‘This Is Not a Credit Crisis,’ After Three US Bank Failures

March 24, 2023
Business & MarketsCitigroupCompaniescredit crisiseconomic policieseconomyInvestmentMarketsPolicies & ImpactsUS
0 Comment

The head of Citigroup denied that there was a credit crisis despite three U.S. bank failures and the collapse of Credit Suisse this month. Citigroup CEO Jane Fraser stated that she had sound confidence in American banking system after the series of closures caused investors to panic, sparking chaos in financial markets worldwide. “The banking…

Read More

Musk Jabs Biden For Climate Change Fixation While ‘Banks Are Melting’

March 24, 2023
Business & Marketsclimate changeeconomic policieseconomyElon MuskExecutive BranchInvestmentJoe BidenMarketsPoliticsSocial IssuesUSUS News
0 Comment

Twitter CEO Elon Musk appeared to criticize President Joe Biden’s fixation on fighting climate change, suggesting the president’s focus was not where it should be given the crisis roiling the U.S. banking sector. Biden on Wednesday took to Twitter to tout his administration’s accomplishments in the area of environmental protection and fighting climate change. “In…

Read More

Nervousness Over Banks Sends Euro 1 Percent Lower Despite PMI

March 24, 2023
Business & Marketseconomic policieseconomyForexglobalinflationMarketsrecessionstocks
0 Comment

LONDON—The euro fell sharply against a strengthening dollar on Friday amid nervousness over banks, with better-than expected economic data failing to lift sentiment. Flash Purchasing Managers’ Index (PMI) data failed to lift the single currency as sentiment in markets were fragile with European banks falling 5.3 percent. S&P Global’s flash Composite Purchasing Managers’ Index (PMI),…

Read More

Oil Falls as US Holds Off Refilling Strategic Reserve

March 24, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
0 Comment

Oil prices extended losses on Friday on worries about a potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years. Brent crude fell 34 cents, or 0.45 percent, to $75.57 a barrel by 0412 GMT, while U.S. West Texas Intermediate crude futures slipped 32 cents,…

Read More