Treasury Secretary Janet Yellen reiterated her projection that the U.S. debt ceiling default deadline is still early June, when her department might exhaust the extraordinary measures employed since January. Yellen confirmed at a virtual Wall Street Journal CEO Summit on May 24 that she would soon update Congress about government finances, adding that payment prioritization…
US Debt Ceiling Default Deadline Is Still Early June, Yellen Warns
May 24, 2023
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Business & Marketscongressdebt ceilingeconomic policieseconomyExecutive BranchJanet YellenMarketsPoliticsUSUS News
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Landlords Face a Crisis After Years of Strong Growth
May 24, 2023
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Business & MarketseconomyFloridainflationInvestmentMarketsNew YorkNY Real Estatereal estaterentalsUSUS Real Estate
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After witnessing over a decade of strong growth, landlords are now facing the worse real estate crisis since 2008. Even in the first months of the pandemic, areas of the country like Florida were able to benefit, as millions of Americans fled major metropolitan regions to more welcoming locations. Despite a temporary drop in tenants in…
Jamie Dimon Sees Rough Times Ahead for Smaller Banks, Predicting Interest Rates as High as 7 Percent
May 24, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationJamie DimonJPMorgan ChaseMarketsrecessionregional banksUS
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JPMorgan CEO Jamie Dimon, predicts rough times ahead for regional banks and warns of more deposit runs, as future interest rate hikes become increasingly likely. Dimon warned at a May 22 Q&A Investor Day meeting at JPMorgan Chase that interest rates were likely to go higher from here and rise to as much as 7 percent….
Tesla to Pick Location for New Factory This Year, Musk Says
Tesla Inc. Chief Executive Officer Elon Musk said on Tuesday the automaker would probably pick a location for a new factory by the end of this year. When the Wall Street Journal’s Thorold Barker asked Musk at an event if India was interesting, he said, “Absolutely.” Tesla is “serious” about its plans to establish a…
Dollar Steady as Debt Ceiling Worries Weigh; Pound Swings After Inflation Data
SINGAPORE/LONDON—The dollar on Wednesday held just shy of a two-month high as U.S. debt ceiling negotiations dragged on, while the pound firmed and then softened after stronger-than-expected British inflation data. Also in focus was the New Zealand dollar, which dived 1.8 percent after the country’s central bank flagged an end to rate hikes. The dollar…
Oil Prices up After Bullish Saudi Comments
LONDON—Oil prices rose on Wednesday following a warning from the Saudi energy minister to speculators raised the prospect of further OPEC+ output cuts. Brent crude futures rose $1.09, or 1.42 percent, to $77.93 a barrel by 1048 GMT, while U.S. West Texas Intermediate crude (WTI) gained $1.14, or 1.56 percent, to $74.05 a barrel. Saudi…
Stocks Slide on US Debt Ceiling and Inflation Woes
LONDON—Stocks lurched downwards on Wednesday as U.S. debt ceiling negotiations dragged on without resolution, stoking a general malaise in markets that saw safe haven assets like the dollar and gold hold near recent highs. The New Zealand dollar meanwhile tumbled after the central bank caught markets off-guard by flagging that its tightening cycle is over….
Several Federal Reserve Officials Mull 11th Round of Rate Hikes
May 23, 2023
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bank crisisBusiness & Marketseconomic policieseconomyFederal Reserveinflationinterest ratesInvestmentMarketsPolicies & ImpactsrecessionUS
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Several Federal Reserve officials are open to at least one more interest rate hike in the coming months to cool inflation. Several top policymakers have publicly spoken in favor of returning to the hawkish policy of the previous year at the next meeting in June, reported Fox Business. However, the central bank has come under increasing…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 23)
May 23, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for July delivery rose 86 cents to $72.91 a barrel Tuesday. Brent crude for July delivery rose 85 cents to $76.84 a barrel. Wholesale gasoline for June delivery rose 1 cent to $2.66 a gallon. June heating oil fell 1 cent to $2.36 a gallon. June natural gas fell 8 cents…
How Major US Stock Indexes Fared Tuesday
Stocks slid on Wall Street as the U.S. government creeps closer to the edge of a potentially disastrous default on its debt. The S&P 500 fell 1.1 percent Tuesday as Democrats and Republicans still haven’t agreed on a deal to keep the U.S. government from running out of cash. Washington is facing a deadline as…
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