While the threat of financial contagion has abated following the bank turmoil sparked by the collapse of Silicon Valley Bank (SVB), experts warn that there are still risks facing U.S. banks that Americans should be mindful of. The collapse of SVB sent shockwaves through the U.S. banking sector, sparking a crisis of confidence and an…
IN-DEPTH: Key Risks Facing Banks and What Americans Can Do About Them
April 19, 2023
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2-Year Anniversary of Declining Real Wages for American Workers
Commentary This week marks the two-year anniversary of declining real wages for ordinary American workers due to ongoing high inflation. The latest Consumer Price Index (CPI), released this week, shows prices grew 20 percent faster than wages over the last 12 months. This sad anniversary is the result of President Biden and Congressional Democrats’ reckless spending that has diluted the value…
Recession Likelihood: Watch for How Much Banks Restrict Lending
News Analysis The flow of credit in the Canadian economy is slowing. This is the effect of much higher interest rates—as engineered by the Bank of Canada—but the other component that could amplify the slowdown is more restrictive bank lending due to their lower risk appetites, concerns about clients’ creditworthiness, and regulatory supervision. Oxford Economics…
Citigroup Expects the US to Fall Into a Recession in the Fourth Quarter
Citigroup said it believes the United States likely will fall into a “shallow” recession in the fourth quarter of this year due to multiple “uncertainties” in the economy amid continued inflation, rising interest rates, and the recent banking turmoil. Jane Fraser, the CEO of the investment bank, made the comments during an earnings call on April…
Wall Street Opens Lower on Mixed Earnings, Rising Yields
U.S. stocks fell at the open on Wednesday as Treasury yields rose on expectations that the Federal Reserve could keep interest rates higher for longer, while mixed earnings from regional banks and weakness in Tesla further dented sentiment. The Dow Jones Industrial Average fell 86.80 points, or 0.26 percent, at the open to 33,889.83. The…
‘Everything Points to Relatively Mild Recession’ in 2023: Bank of America CEO
April 19, 2023
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The chief executive of Bank of America (BofA) is expecting a recession to hit the United States this year, with GDP growth projected to fall for three consecutive quarters. U.S. GDP is estimated to contract by 0.5–1.0 percent for the upcoming three quarters before growth turns positive, BofA CEO Brian Moynihan said during the bank’s…
Elon Musk Says No ‘Magic Cure’ for Inflation, Blames Fed’s Money Printing
Tesla CEO Elon Musk said there’s no silver bullet to fix the problem of high inflation, blaming central banks for printing too much money that’s chasing too few goods and pushing up prices. Musk made the remarks in an April 18 interview with Tucker Carlson, who asked the billionaire tech mogul for his thoughts about…
Prepare for Full-Blown Recession to Hit in the Summer
April 19, 2023
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Commentary My private theory is that we never really left the recession that began March 2020 with lockdowns. Real household income and labor participation still haven’t recovered. Productivity has crawled along but within the range of statistical error. No question that the U.S. economy has downshifted. Whatever pathetic growth we experience now barely registers as…
Oil Slides as Interest Rate Expectations Eclipse Chinese Data
April 19, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices dropped sharply on Wednesday, sliding by 2 percent as potential U.S. interest rate hikes that could slow growth and curb oil consumption outweighed strong Chinese economic data and falling U.S. inventories. Brent crude futures shed $1.70 to $83.07 a barrel by 0929 GMT while West Texas Intermediate U.S. crude fell by $1.64 to…
Stocks Ease, Dollar Perks Up as Focus Returns to Fed and Inflation
April 19, 2023
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LONDON/SINGAPORE—Global stocks eased on Wednesday, while the dollar pulled further above last week’s one-year lows, as investor focus honed in on what the Federal Reserve may have to do to tame inflation, rather than on the recent problems in the U.S. banking sector. The MSCI All-World index fell 0.2 percent, thanks to a broad-based decline…
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