The Federal Reserve recorded its fourth consecutive monthly contraction in the money supply as the central bank continued to remove money from the financial system. In March, the M2—a measurement of money in circulation that includes cash, checking deposits, and a wide range of other deposits—declined 4.05 percent, down from negative 2.3 percent in February….
Green Energy Transition Will Keep Inflation High, Norway’s Oil Fund Chief Warns
April 26, 2023
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Climate change will keep inflation stubbornly high and result in low investment returns for an extended period, said Nicolai Tangen, the head of Norway’s $1.3 trillion oil fund. Tangen told the Financial Times on April 25 that “inflation is going to be tough to get down,” alluding to a multitude of factors, such as rising…
Wall Street Opens Higher on Upbeat Microsoft, Boeing Results
April 26, 2023
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Wall Street’s main indexes opened higher on Wednesday as strong results from Microsoft and positive cash-flow forecast from Boeing offset concerns over rising interest rates and their effect on the U.S. economy. The Dow Jones Industrial Average rose 65.51 points, or 0.20 percent, at the open to 33,596.34. The S&P 500 opened higher by 16.15…
Swedish Crown Softens After Market Sees Riksbank Dovishness, Euro Rebounds
LONDON—The Swedish crown weakened sharply on Wednesday after the country’s central bank was less hawkish than expected, while the euro rebounded from losses a day earlier when jitters about the U.S. banking sector helped the safe-haven dollar. The euro rose as much as 1.05 percent against the crown to 11.426, set for its biggest one-day…
Stock Market Today: US Futures Subdued as Earnings Arrive
April 26, 2023
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Wall Street was slow to gain traction in premarket trading ahead of another full slate of corporate earnings and more economic data later in the week. Futures for the Dow ticked down less than 0.1 percent and the S&P 500 was essentially unchanged before the bell Wednesday. Shares of Activision Blizzard tumbled more than 11…
People Need to Accept They Are Poorer, Says Central Bank Economist
High inflation will stay persistent unless people accept that they are poorer, a senior UK central bank official has said. The UK’s Consumer Prices Index inflation fell slightly to 10.1 percent in March from 10.4 percent in February, but remained in the double digits, according to the Office of National Statistics (ONS). Huw Pill, chief…
Inflation Falls From to 7 Percent Ahead of Cash Rate Call
Australia’s inflation has most likely topped out and starting to moderate, but it’s unclear if the fall will be enough to convince the Reserve Bank to keep rates on hold next week. Inflation lifted seven percent annually in the March quarter, but consumer prices as measured by the Australian Bureau of Statistics (ABS) are growing…
‘I Really Want to Get Back to Work’: PSAC Workers Tell Their Stories on 7th Day of Strike
April 25, 2023
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As the second week of the Public Service Alliance of Canada’s (PSAC) strike begins, several employees gathered in downtown Ottawa said they are hopeful the union and the federal government can soon sign a deal so they can return to work. “I really just want to get back to work, to be honest with you,”…
Standard Chartered CEO Warns Banking Sector Risks Will ‘Come Home to Roost’
April 25, 2023
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Standard Chartered CEO Bill Winters warned that the U.S. banking sector may face another crisis after avoiding a near collapse last month. He spoke with CNBC’s Joumanna Bercetche on April 24 to discuss the future outlook of the industry. Regulators intervened in March to prevent mass panic after the collapse of Silicon Valley Bank, Signature Bank,…
US Consumer Confidence Falls for 3rd Time in 4 Months
Consumer confidence dipped again in April as anxiety over a slowing economy and possible recession weighed on American households. The Conference Board reported Tuesday that its consumer confidence index fell to 101.3 in April from 104 in March. It’s the third time in four months that overall U.S. consumer confidence has declined. Optimism about current…
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