The Swiss National Bank (SNB) reported a loss of 142.4 billion francs ($142.2 billion) for the first nine months of this year as a stronger franc considerably lowered gains from equity and bond holdings. This is the largest loss in the central bank’s 115-year history, with SNB crediting the loss to rising interest rates and…
Swiss Central Bank Loses Over $142 Billion as Franc Strengthens in Value
October 31, 2022
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Fed Seen Hiking Rates Aggressively to 5 Percent, Sparking a Recession: Bloomberg Survey
The U.S. Federal Reserve is expected to maintain its hawkish stance on interest rates during the upcoming meeting in November, according to a group of economists surveyed by Bloomberg. The policy-making arm of the Fed, the Federal Open Market Committee (FOMC), is scheduled to meet on Nov. 2. The survey found that economists expect the…
GDP Print at 2.6% Is Largely From Inventory/Exports Anomaly
NEW YORK—GDP printed at 2.6 percent Thursday morning, just slightly above the consensus estimate of 2.4 percent. We had estimated the GDP to print at 2 percent, plus or minus 0.5 percent in our September jobs report. As we predicted, the current positive report is largely attributable to a reversal of an anomaly with imports clearing the…
GDP Print at 2.6 Percent Is Largely From Inventory/Exports Anomaly
GDP printed at 2.6 percent Thursday morning, just slightly above the consensus estimate of 2.4 percent. I had estimated the GDP to print at 2 percent, plus or minus 0.5 percent in my September jobs report. As we predicted, the current positive report is largely attributable to a reversal of an anomaly with imports clearing the ports that…
Bank of Canada Slows Pace of Rate Hikes Amid Recession Fears, Raising Questions on Fed’s Next Move
The Bank of Canada (BoC) has decided to slow its pace of rate hikes amid fears of a major global recession. BoC Governor Tiff Macklem announced on Oct. 26, that the central bank would raise benchmark interest rates by 50 basis points to 3.75 percent on to combat inflation, for the smallest increase since June. This…
Investing: Bond Funds Turbocharge Payouts
By Jeffrey R. Kosnett From Kiplinger’s Personal Finance The typical short-term taxable bond fund has lost a hard-to swallow 4 percent to 6 percent this year through early September. Fast-climbing interest rates exacted this heavy cost, usurping two years or more of yield. But you know that. So here’s a query: What is the typical…
Fed Pays Banks, Funds $15 Billion in Four Weeks for Not Investing Cash
The Federal Reserve has distributed more than $15 billion over the past four weeks to banks and money market funds simply for not investing the cash of theirs and their investors. The payouts have increased dramatically this year as the Fed is raising interest rates in an attempt to curb inflation. The Fed is saying…
Can Inflation Be Tamed?
September Consumer Price Index (CPI) inflation results came in above expectations, at 8.2 percent, marking the seventh straight month of inflation above 8 percent. Gone is any talk from U.S. Treasury or Federal Reserve officials of inflation being “transitory.” If there was any good news in the numbers, it was that energy commodities, such as gasoline…
Core Inflation Jumps to 40-Year High, Sending Fed Rate-Hike Bets Soaring
Hotter-than-expected inflation data, including the so-called “core” measure of inflation surging to a fresh 40-year high, have sparked a sharp upward revision to investor expectations for how high the Fed will hike rates as it struggles to quell price pressures. Government data released on Oct. 13 showed that the annual “headline” rate of inflation edged…
Fed Expects Restrictive Policy of Higher Interest Rates for Longer: FOMC Minutes
October 12, 2022
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The Federal Reserve will eventually slow down the pace of interest rate hikes as officials assess the cumulative effects of monetary policy adjustments, according to minutes from the September meeting of the Federal Open Market Committee (FOMC) released on Wednesday. However, the central bank reiterated its position that the Fed must adopt and maintain a restrictive…
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