NEW YORK—U.S. stocks rose on Friday and the Dow scored its biggest weekly percentage gain since June, as Goldman Sachs rounded out a week of strong quarterly earnings for the big banks. Goldman Sachs Group shares jumped 3.8 percent and gave the Dow its biggest boost, as a record wave of dealmaking activity drove a…
Wall Street Ends Up With Goldman; Dow Posts Biggest Weekly Rise Since June
October 16, 2021
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Powell Still Favorite for Fed Reinstatement but Investors Examine Alternatives
NEW YORK—Jerome Powell may still be the clear favorite to get renominated as Federal Reserve Chairman, but some investors are considering the long-shot alternative should there be a surprise change. Powell’s odds in betting markets have fallen following sharp criticism of his performance by progressive Democrats and a trading scandal among Federal Reserve officials. Online…
US Business Inventories Rise Solidly, but Auto Stocks Fall
WASHINGTON—U.S. business inventory accumulation increased solidly in August, though motor vehicle retailers continued to struggle to restock amid an ongoing global semiconductor shortage, which is forcing automobile manufacturers to cut production. Business inventories rose 0.6 percent after a similar gain in July, the Commerce Department said on Friday. Inventories are a key component of gross…
Vulnerable US Homeowners Face Uncertainty as Mortgage Forbearance Ends
Close to half a million low-income homeowners in the United States, many of them minorities, are nearing the end of mortgage forbearance plans that allowed them to halt loan payments during the pandemic. The number of borrowers exiting the plans is expected to surge over coming weeks as people who signed up early on in…
US Retail Sales Reveal Surprise Increase in September Despite Ongoing Supply Shortages
American retail sales rose unexpectedly in September amid ongoing supply chain shortages, raising concerns as the nation nears the holiday shopping season. The U.S Census Bureau announced Friday a 0.7 percent increase from August. The July–August increase was also revised up to 0.9 percent instead of the 0.7 percent earlier reported (pdf). The increase was…
European New Car Sales Down in September: ACEA
BERLIN—European car registrations slumped more than 25 percent in September due to a lack of supply of vehicles due to the ongoing semiconductor shortage, industry data showed on Friday. New passenger car registrations fell 25.2 percent in the European Union, Britain, and the countries of the European Free Trade Association (EFTA) compared to last year,…
Fed’s Barkin Says More Data Needed Before Rate Hikes Are Appropriate
Richmond Federal Reserve President Tom Barkin on Thursday said the U.S. central bank has cleared a path for what he hopes to be a “seamless” start to a reduction in its support for the economy, but that it will take more time to determine when interest rate hikes will be appropriate. “We still have a…
Japan’s 3rd Quarter Growth Forecast Trimmed Further on COVID-19 Drag: Poll
TOKYO—Japan’s economy likely grew at a slower pace than previously expected last quarter and faces ongoing risks from soaring raw material prices and coronavirus-linked production and supply disruptions, a Reuters poll of economists showed on Friday. Government and central bank policymakers are hoping a jump in consumer activity put the export-reliant economy firmly on a…
US Supply Chain Disruptions Too Great for Biden Christmas Fix: Experts
As President Joe Biden tries to alleviate supply shortages and disruptions before Christmas, experts said that the process will take far longer. Earlier this week, the White House released a statement saying it received confirmation from UPS, FedEx, Walmart, and other companies, as well as the Port of Los Angeles, to increase the number of…
NY Fed’s Logan Says Banks May Have Access to Standing Repo Facility by Early 2022
October 15, 2021
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The domestic standing repo facility established by the Federal Reserve this year could be open to banks by early next year, a top New York Federal Reserve official said on Thursday. The U.S. central bank began accepting applications from banks earlier this month for the program, which allows financial firms to borrow cash on an…
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