Benchmark U.S. crude oil for April delivery rose 74 cents to $68.35 a barrel Thursday. Brent crude for May delivery rose $1.01 to $74.70 a barrel. Wholesale gasoline for April delivery rose 6 cents to $2.50 a gallon. April heating oil rose 4 cents to $2.64 a gallon. April natural gas rose 7 cents to…
Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 16)
March 16, 2023
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Bond Market Volatility Spikes Amid Uncertainty Over Fed Rate Hikes
March 16, 2023
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banking crisisbond market concernsBusiness & Marketseconomyhigh inflationinflationInvestmentMarketsSilicon Valley Bank CollapseUSUS Newsvolatile bond markets
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Bond volatility has jumped and yields have fallen as the American banking crisis cast doubts on whether the Federal Reserve will continue with its policy of rate hikes. On March 10, Santa Clara-based Silicon Valley Bank (SVB) failed, which is the second-biggest bank failure in American history. Two days later, on March 12, U.S. regulators…
Billionaire Investor Warns of ‘Many More Problems’ After SVB Collapse
The recent collapse of Silicon Valley Bank (SVB) has raised concerns among leading analysts and investors, with hedge fund manager Ray Dalio comparing the bank’s collapse to a “canary in the coal mine” while signaling potential future problems in the venture capital sector and beyond. Dalio wrote in an open letter earlier this week that…
US Jobless Aid Claims Fell Last Week as Layoffs Remain Low
Fewer Americans applied for jobless claims last week as the labor market continues to thrive despite the Federal Reserve’s efforts to cool the economy and tamp down inflation. Applications for jobless claims in the United States for the week ending March 11 fell by 20,000–192,000 from 212,000 the previous week, the Labor Department said Thursday….
Yellen: Americans’ Bank Savings ‘Remain Safe’ After Recent Collapses
March 16, 2023
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Treasury Secretary Janet Yellen on Thursday told members of Congress that their bank deposits and savings “remain safe” after the collapse of Silicon Valley Bank and Signature Bank in recent days that prompted federal intervention. Speaking before the Senate Finance Committee, Yellen said that the federal government is committed to ensuring that deposits are safe…
Wall Street Opens Lower as Banks Drag, ECB Hikes Rates
Wall Street’s main indexes opened lower on Thursday after shares of First Republic Bank crashed amid fears of a banking crisis, while a large interest rate hike by the European Central Bank also dented sentiment. The Dow Jones Industrial Average fell 46.92 points, or 0.15 percent, at the open to 31,827.65. The S&P 500 opened…
Silicon Valley Bank Collapse Could Impact Housing Market in Two Ways: Zillow
March 16, 2023
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Business & MarketsCompanieseconomyFederal ReserveMarketsmortgage ratesreal estateSignature BankSilicon Valley BankUSUS NewsUS Real Estate
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The recent collapse of Silicon Valley Bank (SVB) could impact the housing market in two separate ways, according to real-estate marketplace company Zillow. In an article published on March 14, Zillow chief economist Skylar Olsen noted that mortgage rates could fall if the Federal Reserve pulls back from its aggressive interest-rate hikes—which market experts have said looked likely to…
Fed Announces Launch of ‘FedNow’ Real-Time Payment System, Sparking Debate
The Federal Reserve has announced a timeline for the launch of its long-awaited FedNow payment service that will let banks offer customers instantly available funds and execute real-time payments, with critics flagging concerns like lack of cross-border payment processing and raising questions about surveillance. The Fed announced on Wednesday that it will begin formal certification…
Goldman Sachs Cuts GDP Forecast, Warns of Economic Hit From Bank Rout
March 16, 2023
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Goldman Sachs Group (GSG) slashed its U.S. GDP forecast and warned of an economic hit from recent bank failures. The investment bank raised its estimate of the odds of an American recession on March 15, to 35 percent over the next 12 months due to increased concern over the economic impact of stress in the…
First Republic Bank Credit Rating Downgraded to Junk, Causing Stock to Plunge
March 16, 2023
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First Republic Bank’s (FRB) credit rating was downgraded to junk by two rating agencies, causing its stock to dive. Fitch Ratings and S&P Global Ratings announced their concerns on March 15 that there was a risk that depositors could pull their funds from the California-based bank, despite promised federal intervention. S&P Global lowered the bank’s credit rating…
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