LONDON—The Swiss franc fell on Thursday after the Swiss National Bank (SNB) hiked its benchmark interest rate, while the Norwegian crown surged after a bolder Norges Bank move. The SNB raised its benchmark interest rate by 25 basis points to 1.75 percent, defying some market expectations of a bigger increase. Despite an easing in Swiss…
Oil Dips With Interest Rates and Inventories in Focus
June 22, 2023
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LONDON—Oil futures dipped slightly on Thursday, with trader expectations of further interest rate hikes countered by potentially bullish U.S. oil inventory data after preliminary figures showed a fall in stocks. Brent futures eased by 47 cents, or 0.6 percent, to $76.65 a barrel at 0840 GMT and U.S. West Texas Intermediate (WTI) crude futures were…
Shares Ease, Dollar Steady in Central-Bank Heavy Day
June 22, 2023
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LONDON/SINGAPORE—Global shares eased on Thursday after Federal Reserve Chair Jerome Powell indicated U.S. rates had further room to rise, while the dollar held steady against the pound ahead of the Bank of England’s decision on monetary policy later on. The MSCI All-World index was down 0.1 percent, heading for a fifth straight day of declines,…
UK Inflation Rate Unchanged at 8.7 Percent in May
The UK’s Consumer Prices Index (CPI) inflation rate stayed at 8.7 percent in May, the same level as in April. Experts had forecast a fall to 8.4 percent, but inflation has proved more stubborn than expected. The inflation figure, which the Office for National Statistics (ONS) said is still at “a historically high level,” is…
Even Two More Rate Hikes Might Not Be the End
From the latest dot plot released by the Federal Reserve, the mode value of funds rate implies two more hikes of a quarter percent by yearend. However, careful examination shows there are more dots below the mode than above. Taking into account the dovish tone by chairman Powell, the market does not believe this and…
Stock Market Today: Drops for Tech Stocks Sap More Momentum From Wall Street’s Rally
NEW YORK—Drops for technology stocks left Wall Street mixed Wednesday and sapped more momentum from its five-week rally. The S&P 500 fell 23.02, or 0.5 percent, to 4,365.69. It was a third straight pullback for the index after it rallied last week to its highest level in more than a year. Weakness for high-growth stocks…
More Interest-Rate Hikes Are to Come as Inflation Pressure Still ‘Runs High’: Fed Chair Powell
June 21, 2023
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Federal Reserve chairman Jerome Powell on Wednesday affirmed that more interest-rate hikes are on the way as inflation in the United States is still too high above the central bank’s target of 2 percent. “Nearly all” participants in the policy-making Federal Open Market Committee (FOMC) “expect that it will be appropriate to raise interest rates…
ANALYSIS: US Economy Flirting With Stagflation as Prices Remain High While Economy Slows Down
June 21, 2023
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As the American economy continues to struggle with high inflation and weak economic growth, concerns about the country slipping into a stagflation are popping up. Stagflation is an economic cycle marked by slow GDP growth, high inflation, and high unemployment rate. Policymakers usually find it difficult to handle such a situation because any attempt to…
Wall Street Opens Lower as Powell Doubles Down on Inflation Fight
Wall Street’s main indexes opened lower on Wednesday as Federal Reserve Chair Jerome Powell remained firm in bringing inflation back to 2 percent target, spurring worries of more monetary tightening. The Dow Jones Industrial Average fell 63.31 points, or 0.19 percent, at the open to 33,990.56. The S&P 500 opened lower by 8.70 points, or…
Dollar Firm Ahead of Powell Testimony, Sterling Falls After Inflation Data
SINGAPORE/LONDON—The dollar was firmer on Wednesday leading into Federal Reserve Chair Jerome Powell’s appearance before Congress, where he is expected to strike a hawkish tone, while sterling slipped after hotter-than-expected British inflation data. The annual pace of British consumer price gains was steady at 8.7 percent in May, against hopes it had cooled since April….
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