California’s Unemployment Insurance (UI) Trust Fund that pays out state benefits is now “structurally insolvent,” according to a recent report. The Legislative Analyst’s Office noted the debt crisis involving the California Employment Development Department’s (EDD) UI trust fund on July 7. The state report was released following last week’s “May Fund Forecast” report by the EDD. It said…
California’s Unemployment Insurance Trust Fund Is Now ‘Structurally Insolvent’ Under Weight of Pandemic Loans
July 11, 2023
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Interest Rates Likely to be Raised ‘Couple’ More Times This Year: Fed Official
Interest rates are likely to be raised a “couple” of more times this year as inflation is still far too high, says the head of the Federal Reserve Bank of San Francisco. Despite price pressures slowing, San Francisco Fed Bank President Mary Daly believes the institution needs to continue raising interest rates, a policy decision…
Interest Rates Likely to Be Raised ‘a Couple’ More Times This Year: Fed Official
Interest rates are likely to be raised “a couple” more times this year as inflation is still far too high, the head of the Federal Reserve Bank of San Francisco says. While price pressures are slowing, San Francisco Fed President Mary Daly says the central bank needs to continue raising interest rates, a policy decision…
Defence Companies Are Being Denied Banking Services, Minister Says
Banks have been denying services to defence companies over environmental, social, and, governance (ESG) factors, a defence minister said. It comes amid ongoing suspicion that banks have been closing customers’ accounts over their political exposure or views. James Cartlidge, minister for defence procurement, said the Ministry of Defence (MoD) has launched an investigation into the impact…
The Fed’s Conundrum Continues: How Many More Rate Rises?
July 10, 2023
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Commentary We’re squarely in the dog days of summer, which in Hellenistic astrology is connected to bad luck, lethargy, and, of course, hot and humid weather. These are the days when economists and market watchers would love to shut down and go away for the summer. But for Chair Jerome Powell and the U.S. Federal…
Wall Street Starts New Week Lower Ahead of Inflation Data
Wall Street’s main indexes opened slightly lower on Monday as investors stayed cautious ahead of a key inflation report, while weak data out of China fanned worries of a looming economic slowdown. The Dow Jones Industrial Average fell 29.20 points, or 0.09 percent, at the open to 33,705.68. The S&P 500 opened lower by 4.72…
Dollar Recovers a Touch, Inflation Data Boosts Norway’s Crown, Hurts China’s Yuan
SINGAPORE/LONDON—The dollar regained ground on Monday, partly recovering from a knee-jerk reaction to Friday data showing U.S. job gains were the smallest in two-and-a-half years, while disappointing inflation figures in China weighed on the yuan and proxies. The dollar index, which tracks the greenback against a basket of major peers, was up 0.15 percent at…
Oil Eases on China, US Data, but OPEC+ Cuts Limit Fall
LONDON—Oil prices dipped on Monday after weak economic data from top consumers the United States and China, although expected crude supply cuts from Saudi Arabia and Russia limited losses. Brent crude futures fell 40 cents, or 0.5 percent, to $78.07 a barrel by 1005 GMT, and U.S. West Texas Intermediate crude was also off 40…
Stocks Take a Breath While Bonds Choke on China Disinflation Drag
July 10, 2023
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LONDON/SYDNEY—Global stocks took a breath on Monday after a surprisingly low reading on Chinese inflation and ahead of data on U.S. inflation and corporate earnings later in the week. The pan-European STOXX 600 index rose 0.1 percent by 0840 GMT while US stock S&P futures declined 0.2 percent and Nasdaq futures fell by 0.3 percent….
Britcoin ‘Will Change Everything,’ Analyst Warns
A Bank of England (BoE) digital pound will be a “complete restructure” of the current financial system and can give the government more control on how people use their money, a financial analyst warns. Some 130 countries are exploring a central bank digital currency (CBDC), according to the Atlantic Council. The Bank of England (BoE) and…
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