The Federal Reserve Board of Governors on Dec. 2 invited public comment on proposed principles for managing climate-related risks of banks with $100 billion or more in assets. Six of the board’s seven members voted in favor of the move. They included Federal Reserve Chair Jerome Powell, who became chair under President Donald J. Trump….
Federal Reserve Unveils Climate Risk Proposal for Big Banks for Public Comment
December 2, 2022
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Inflation Eases but Remains 300 Percent Above Fed’s Target, New Data Shows
December 2, 2022
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New data shows that U.S. inflation rates have eased but still remain 300 percent above the Federal Reserve’s target. The personal consumption expenditures index (PCE) for October, a measure of inflation that is closely monitored by the Fed, was released on Dec. 1 by the Bureau of Economic Analysis. The central bank is using the headline PCE…
Former FTX CEO Says He’s ‘Deeply Sorry,’ but Is Unaware of Any Intention to Defraud Investors
Appearing at times contrite, at times evasive, former FTX CEO Sam Bankman-Fried told viewers at a New York Times DealBook Summit that he was “deeply sorry about what happened,” referring to the collapse into bankruptcy of his crypto currency exchange and hedge fund in early November, but that he was unaware of any intentional misuses…
Mortgage Demand Drops as Potential Buyers Ignore Falling Rates and Stay on Sidelines
November 30, 2022
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U.S. mortgage applications tumbled as potential buyers across the country ignored falling borrowing rates and stayed on the sideline due to still-high home prices. Applications for mortgage loans decreased 0.8 percent from a week earlier, according to data from the Mortgage Bankers Association (MBA) for the week ended Nov. 25, 2022, with an adjustment for the…
The Bull Case Has Two Problems
Commentary Since the beginning of October, the market has performed better as a “Fed Pivot” bull case pushed investors into the market. We previously laid out the case for a strong “short squeeze” around the lows of September, stating: “Currently, everybody is bearish. Not just in terms of ‘investor sentiment’ but also in ‘positioning.’ As shown, professional investors (as represented by…
US to Auction Almost 1 Million Acres Off Alaskan Coast for Oil Drilling
November 29, 2022
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Almost one million acres off the coast of Alaska will be auctioned off by the Biden administration next month for oil and gas drilling. This is to comply with a mandate in the Inflation Reduction Act (IRA) that was part of a compromise imposed by Sen. Joe Manchin (D-W.V.) on the White House to gain…
UK Government Backs £20 Billion Sizewell C Nuclear Plant and Says Chinese Company Not Involved
November 29, 2022
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Business secretary Grant Shapps has confirmed a Chinese company is “no longer involved” in plans for a new nuclear power station, Sizewell C, in Suffolk on the east coast of England. Shapps made the announcement on Tuesday as he confirmed the government was giving the go-ahead to the £20 billion ($24 billion) project—which the Treasury…
Volkswagen Says EV Battery Plants ‘Practically Unviable’ in EU Due to Soaring Energy Costs
November 29, 2022
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Volkswagen’s CEO wrote that electric vehicle battery plants in the European Union are “practically unviable” at this moment due to soaring energy costs. Further investment in key industrial projects such as battery cell plants in Germany and the EU are becoming more unfeasible due to policymakers inability to control skyrocketing long-term energy prices, according to…
Australian Crypto Ownership Drops Following Market Fluctuations in 2022: Research
New research shows fewer Australians are embracing cryptocurrencies (crypto) following the plunges in their value in 2022. However, the sharp fluctuations in prices have not deterred a proportion of the population from getting in deeper into crypto. According to a new report by the digital currency exchange Independent Reserve, the Independent Reserve Cryptocurrency Index (IRCI),…
Bahamas AG Says FTX ‘Debacle’ Not Their Fault
November 28, 2022
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Bahamas Attorney General Ryan Pinder took to the podium Sunday night to defend his country’s securities regulators against “inaccurate allegations” by the U.S.-based legal team, led by veteran work-out attorney John Ray III, that has taken over management of FTX in bankruptcy, following the cryptocurrency exchange’s abrupt collapse in early November. “It is possible that…
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