Some of the biggest U.S. financial institutions on Wall Street are concerned about a worsening economic situation over the coming months, according to several top banking executives attending the Credit Suisse Financial Services Forum in Florida. Reuters interviewed several key bank officials at the financial services forum on Feb. 17 about the economic situation in…
Wall Street Banking CEOs Express Recession Concerns Over Inflation, Asset Price Deflation
NY Federal Reserve Bank President Predicts Omicron Having Marginal Effect on US Economy
January 15, 2022
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John C. Williams, the Federal Reserve Bank of New York President and vice chair of the rate-setting Federal Open Market Committee (FMOC), said that the central bank is approaching a decision on whether to raise its short-term interest rates from near zero. Williams said that the current signs of a strong labor market and rising…
December Retail Sales Drop 1.9 Percent as Inflation Hits US Consumers
U.S retail sales sharply fell 1.9 percent in December, as inflation and supply issues hit prices, according to a Commerce Department report on Jan 14. The disappointing results were worse than the Dow Jones’s estimate, which had earlier predicted a 0.1 percent drop. The new surge in Omicron cases is being blamed as a factor for…
China’s Soaring Production Costs Heighten Global Inflation Pressures
December 29, 2021
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China’s soaring producer price index (PPI) and export prices are adding to inflationary pressures around the world, according to analysts. The Chinese Communist Party’s (CCP) recent power sector reform pushes up inflation and export costs, an expert says. The rising production costs in China continue to reflect onto its downstream consumers overseas. In October, China’s…
Consumers Are Spending ‘at a Faster Rate’: Bank of America CEO
December 13, 2021
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Bank of America Chairman and CEO Brian Moynihan says consumers are spending “at a faster rate” but that he is still concerned about rising inflation and supply-chain issues affecting the economy this winter. Moynihan told the Associated Press he sees robust consumer spending driving economic growth in the coming year, but said the recent decline in…
Washington’s Insouciance on the Inflation Question Is Dangerous
Commentary One of the most common complaints about Washington’s elite is its easy presumption of superior knowledge and insight. Few would suggest that elected and appointed officials lack knowledge or insight. What galls the public is how this elite so easily dismisses the perspectives of everyone but its own members (and perhaps the faculties of…
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