Federal Reserve Chair Jerome Powell sent financial markets rallying on Wednesday after he indicated that the central bank could slow the pace of interest rate hikes as early as the next policy meeting. Speaking at the Brookings Institution, Powell attempted to balance his dovish remarks with a hawkish inflation-busting stance. The head of…
Investors Cheer as Jerome Powell Says Pace of Rate Hikes Could Slow in December
Elon Musk Says Fed Must Cut Rates ‘Immediately’ to Avoid ‘Severe’ Recession
Industrialist Elon Musk said Wednesday that instead of further tightening monetary settings, the Federal Reserve should “immediately” lower interest rates or risk a “severe recession” in the U.S. economy. Musk made the remarks in a post on Twitter, responding to a comment made by Tesmanian co-founder Vincent Yu, who predicted a “real economic recession” next year….
IMF Chief Says US Must Keep Raising Interest Rates Because ‘They Owe It’ to the World
The head of the International Monetary Fund (IMF), Kristalina Georgieva, has cautioned against the Federal Reserve slowing down with its interest rate hikes as it attempts to tame soaring inflation. Speaking in an interview with The Associated Press on Tuesday, the IMF Managing Director was asked for her thoughts on pausing interest amid concerns that a strengthening U.S….
Fed Official Sends Hawkish Signal, Sees Policy Becoming ‘More Aggressive Rather Than Less’ to Tame Inflation
Jim Bullard, president of the Federal Reserve Bank of St. Louis, has dismissed the possibility of the central bank easing its policy-tightening stance, warning that it might instead become even more aggressive. “Markets are underpricing the risk that the FOMC [Federal Open Market Committee] will have to be more aggressive rather than less aggressive in…
Hedge Fund Mogul Questions Peg of Hong Kong Dollar to US Dollar
November 24, 2022
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Bill Ackman, billionaire founder of hedge fund Pershing Square Holdings Ltd., wrote on Twitter Nov. 24, “By holding put options, we have a large nominal short position on the Hong Kong dollar.” He said that the linked exchange rate system no longer makes sense for Hong Kong. It is just a matter of time before…
Federal Reserve Braces for Smaller Rate Hikes Ahead, Talks Recession Risks: Minutes
The Federal Reserve does not believe inflation pressures are easing, according to minutes from the November Federal Open Market Committee (FOMC) policy meeting. Meeting participants noted that inflation risks were “skewed to the upside,” adding that “a persistent reduction in inflation could require a greater-than-assumed amount of tightening in financial conditions.” With risks to real…
Recession Signals Get Louder as Key Economic Gauge Drops for Eighth Straight Month
The possibility that the United States might slip into a recession has strengthened with the Conference Board Leading Economic Index (LEI) remaining in the red in October. The LEI fell by 0.8 percent last month, to 114.9, after falling by 0.5 percent in September, according to a press release on Nov. 18. During the six-month period between…
Fed’s Bullard Says Rates as High as 7 Percent May Be Necessary to Reduce Inflation
November 18, 2022
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The Federal Reserve may have to raise rates as high as 7 percent in order to have an impact on inflation, said James Bullard, president of the Federal Reserve Bank of St. Louis. Even if one allows for a “generous” assessment regarding the recent progress the Fed has made to fight inflation, it must continue…
Stocks Fall as Fed Signals Rates Need to Go Still Higher
Stocks closed lower on Wall Street and Treasury yields rose Thursday afternoon after more indications from the Federal Reserve that it may need to raise interest rates much higher than many people expect to get inflation under control. The S&P 500 fell 0.3 percent, with retailers and banks among the biggest weights on the benchmark…
A Republican House–Now What?
November 17, 2022
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Commentary With Rep. Mike Garcia projected to win California’s 27th congressional district, giving the Republicans 218 seats in the House of Representatives, the GOP will take control of the lower house in January 2023. So now what? Well, certainly there will be investigations and perhaps even perhaps a performative impeachment of Homeland Security Secretary Alejandro Mayorkas…
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