U.S. stocks drifted lower to start what could be a quiet stretch following several weeks of gains. The S&P 500 fell 0.2 percent Monday. The Dow Jones Industrial Average lost 199 points, while the Nasdaq composite fell 0.1 percent. Treasury yields fell after a report said U.S. services industries grew by less than economists expected…
US Treasury Poised to Unleash $1 Trillion in Bonds After Debt Ceiling Deal
Now that the bipartisan debt ceiling agreement has been signed, sealed, and delivered, the U.S. Treasury is poised to replenish its bank account at the Federal Reserve. According to the Daily Treasury Statement, the Treasury’s cash balance–the Treasury General Account (TGA)–sank below $23 billion on June 1. This was down from the roughly $316 billion…
Another Insurance Company Stops Offering Policies to Homeowners in California
June 5, 2023
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Another major insurance provider has announced it’s no longer selling new policies for personal and business properties in California, becoming the latest insurer to reduce its footprint in the state amid inflationary pressures and growing exposure to wildfire risks. Allstate, the fourth-largest provider of casualty and property insurance in California, said in a statement obtained…
The Interbank Debt Market: A Warning Sign for the Stock Market’s Future
Commentary Most people look at the stock market as a sign of the health of the economy. If the stock market is moving higher in value, things must be good. The truth of the matter is the stock market isn’t as important as the debt market, specifically the interbank debt market. What goes on in…
[Premiering 6/6, 7:30PM ET] David Stockman: Debt Default, the ‘Doomsday Budget Machine,’ and Failed Fiscal Restraint Explained
June 5, 2023
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“For capitalism to work, you have to have effectively functioning, solid capital markets. And in order to do that, you need savings—real savings, not money printed by a central bank, but real savings from businesses and households,” says David Stockman, who served as budget director for President Ronald Reagan. “Back then, the public debt was 30-40…
What Is a Gold IRA Custodian? Everything You Should Know
If you’re interested in investing in a gold-funded individual retirement account (IRA), you’ve likely stumbled upon the restrictions, fees, and requirements surrounding custodians. So, what is a gold IRA custodian, why do you need one, and how can you select a reputable option for your investment goals? Read on to learn everything you need to…
Wall Street Opens Muted as Investors Weigh Chances of June Rate Pause
Wall Street’s main indexes opened subdued on Monday after a solid rally last week, as investors assessed chances of the Federal Reserve pausing interest rate hikes at its upcoming policy meeting. The Dow Jones Industrial Average rose 8.37 points, or 0.02 percent, at the open to 33,771.13. The S&P 500 opened higher by 0.62 points,…
Dollar Edges Up as Markets Weigh Chances of Fed Rate Hike
LONDON—The dollar edged up against major peers on Monday, as markets priced in around a 1-in-4 chance of the U.S. Federal Reserve raising benchmark rates this month after robust jobs data on Friday. The dollar index—which tracks the greenback against six peers—came off the boil last week, after some Fed officials voiced a preference for…
Oil Rises on Saudi Plan to Deepen Output Cuts From July
LONDON—Oil prices rose by more than $1 a barrel on Monday after top crude exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day (bpd) from July to counter macroeconomic headwinds that have depressed markets. Brent crude futures were up $1.72, or 2.3 percent, at $77.85 a barrel by 0900…
Shares Stroll Higher on June Hike Hiatus Hopes
June 5, 2023
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SYDNEY/LONDON—Shares rose and the dollar firmed on Monday as investors bet the Federal Reserve would pause its rate hikes this month after a mostly encouraging U.S. jobs report, while oil prices jumped after Saudi Arabia pledged big output cuts. The benchmark European STOXX index climbed 0.18 percent in early trading, led by gains in the…
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