Tag: economic policies

Wall Street Opens Mixed on Bank Fears, Rate-Hike Pause Hopes

March 20, 2023
Business & MarketsCompanieseconomic policieseconomyMarketsstocksUS
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Wall Street’s main indexes opened mixed on Monday as investors weighed a state-backed takeover of Credit Suisse and the odds of the Federal Reserve keeping interest rates unchanged this week. The Dow Jones Industrial Average rose 10.35 points, or 0.03 percent, at the open to 31,872.33. The S&P 500 opened higher by 0.83 points, or…

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Not All Uninsured Deposits Will Be Government-Protected in Future Bank Failures: Yellen

March 20, 2023
bankBusiness & Marketsdepositseconomic policieseconomyInvestmentpersonal financeSilicon Valley BankUSUS Newsyellen
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Not all Americans’ uninsured deposits will be protected by the federal government in the event of future bank collapses, Treasury Secretary Janet Yellen warned during a hearing before the U.S. Senate Finance Committee on March 16. “I can reassure the members of the committee that our banking system remains sound and that Americans can feel confident…

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Safe-Haven Yen Jumps as Credit Suisse Deal Sparks Further Jitters

March 20, 2023
Business & Marketseconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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TOKYO/LONDON—Japan’s yen rallied on Monday as investors sought out safe assets after UBS’ cut-price takeover of its beleaguered rival Credit Suisse failed to quell market nerves. Under the deal, holders of $17 billion of Credit Suisse additional tier-1 (AT1) bonds will be wiped out. That angered some of the holders of the debt who thought…

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Credit Suisse Shares Crash to Record Low After Emergency Takeover

March 20, 2023
Business & MarketsCredit Suisseeconomic policieseconomyEuropeInternationalInvestmentMarketsstocksUBSWorld
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Credit Suisse shares dove 63 percent in early trading Monday to a new low after it was announced that UBS would buy the troubled bank in a multi-billion-dollar deal backstopped by a Swiss central bank $100 billion emergency credit line. Shares of Credit Suisse clawed back some of the initial losses Monday morning and at…

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UK Financial System ‘Safe and Sound,’ Central Bank Says After Credit Suisse Deal

March 20, 2023
Bank of EnglandBusiness & MarketsCompaniesCredit Suisseeconomic policieseconomyEuropeJeremy HuntMarketsSilicon Valley BankUKWorld
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Britain’s central bank has said the UK financial system remains “safe and sound” as it seeks to calm fears after the Swiss government mediated the merger between the country’s two largest banks to save Credit Suisse from collapse. Swiss investment banking company UBS announced on Sunday evening it will purchase its rival Credit Suisse in…

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Sen. Warren Says Fed Chair Wants to Make Millions of Americans Jobless to Fight Inflation

March 20, 2023
Business & MarketsDemocratseconomic policieseconomyElizabeth WarrenFedinflationjerome powellPoliticsUSUS News
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Sen. Elizabeth Warren (D-Mass.) has criticized Federal Reserve Chair Jerome Powell’s handling of the economy, accusing him of trying to put up to 2 million Americans out of work as part of the central bank’s efforts to bring down inflation. Warren made the comments in an interview on NBC’s “Meet the Press” on March 19 in which she called…

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Oil Hits Lowest Since 2021 on Banking Fears

March 20, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell on Monday to their lowest in 15 months on concern that risks in the global banking sector and a potential increase to U.S. interest rates could spark a recession that would sap fuel demand. In volatile trading, Brent crude futures for May fell $2.07, or 2.8 percent, to $70.90 a barrel at…

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Global Stocks Sink After Credit Suisse Takeover

March 20, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BEIJING—Global stock markets sank Monday after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis ahead of a Federal Reserve meeting to decide on more possible interest rate hikes. Hong Kong’s main index slid 2.7 percent. London, Frankfurt, and Paris opened down more than 1 percent. Shanghai, Tokyo,…

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Queensland Toys With Rent Controls as Homelessness Rises 22 Percent

March 20, 2023
AustraliaBusiness & Marketseconomic policiesGlobal Real Estatehousing affordabilityInternationalQueenslandreal estateWorld
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Landlords in Queensland could be forced to keep rents artificially low as the state government considers ways to deal with its housing crisis. Over 150,000 families were dealing with housing stress in the state, with 100,000 of those eligible for social housing—the current waitlist is 27,000—according to a new report by the Queensland Council of…

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Federal Reserve Collaborates With Other Central Banks to Establish Liquidity Measures

March 19, 2023
Asia & PacificBank of JapanBusiness & MarketsCanadaeconomic policieseconomyEuropeMarketsSwiss National BankU.S. Federal ReserveUSWorld
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The U.S. Federal Reserve announced on Sunday that it is collaborating with some of the world’s largest central banks to enhance liquidity provision by strengthening the standing of U.S. dollar liquidity swap line arrangements. The central banks will increase the frequency of seven-day maturity operations from weekly to daily to improve the effectiveness of the…

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