As the American economy continues to struggle with high inflation and weak economic growth, concerns about the country slipping into a stagflation are popping up. Stagflation is an economic cycle marked by slow GDP growth, high inflation, and high unemployment rate. Policymakers usually find it difficult to handle such a situation because any attempt to…
ANALYSIS: US Economy Flirting With Stagflation as Prices Remain High While Economy Slows Down
June 21, 2023
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Wall Street Opens Lower as Powell Doubles Down on Inflation Fight
Wall Street’s main indexes opened lower on Wednesday as Federal Reserve Chair Jerome Powell remained firm in bringing inflation back to 2 percent target, spurring worries of more monetary tightening. The Dow Jones Industrial Average fell 63.31 points, or 0.19 percent, at the open to 33,990.56. The S&P 500 opened lower by 8.70 points, or…
Dollar Firm Ahead of Powell Testimony, Sterling Falls After Inflation Data
SINGAPORE/LONDON—The dollar was firmer on Wednesday leading into Federal Reserve Chair Jerome Powell’s appearance before Congress, where he is expected to strike a hawkish tone, while sterling slipped after hotter-than-expected British inflation data. The annual pace of British consumer price gains was steady at 8.7 percent in May, against hopes it had cooled since April….
Oil Holds Steady Ahead of Powell’s Congressional Testimony
LONDON—Oil prices stabilised on Wednesday ahead of Federal Reserve Chair Jerome Powell’s congressional testimony later in the day and as data showing British inflation remained sticky raised the possibility of a hawkish Bank of England policy decision this week. Brent futures were flat at $75.90 a barrel by 0929 GMT and U.S. West Texas Intermediate…
Stocks Uneasy in Case Powell Embraces His Inner Hawk
June 21, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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SYDNEY/LONDON—Stocks slipped on Wednesday on negative news including a lack of new stimulus from Beijing, bearish British inflation data, and a further slump in European real estate, as markets await direction from Federal Reserve Chair Jerome Powell. The world’s most powerful central banker faces lawmakers in two days of testimony and is sure to be…
US Industrial Production Unexpectedly Falls in May After 2 Months of Gains
June 21, 2023
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Business & MarketsCompanieseconomic policieseconomyIndustrial ProductioninflationInvestmentmanufacturing outputMarketsU.S. factoriesUSUS News
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U.S. industrial production unexpectedly slipped in May, after two months of gains. Factories in the mid-Atlantic region saw a decline in activity for the first time since 2021 in June, according to the Federal Reserve Bank of Philadelphia. Production fell 0.2 percent last month, as manufacturing struggled under the weight of higher interest rates, after…
Wall Street Kicks Off Week Lower on Fed Worries; PayPal Climbs
U.S. stock indexes opened lower on Tuesday following hawkish commentary from some Federal Reserve officials last week, while PayPal climbed after agreeing to sell a part of its European buy now, pay later loans. The Dow Jones Industrial Average fell 92.46 points, or 0.27 percent, at the open to 34,206.66. The S&P 500 opened lower…
Yuan Dips After China Cuts Rates; Swedish Crown, Aussie Slide
London—The yuan slipped towards a seven-month low on Tuesday after China cut interest rates, while the Swedish crown weakened to its lowest level since 2009 against the euro on persistent concerns about the real estate sector. China lowered its one-year and five-year loan prime rates (LPR) by 10 basis points, the first such easing in…
Oil Mixed on China Rates Cut, Growth Outlook
LONDON—Oil prices slipped on Tuesday after China cut benchmark lending rates less than some expected while demand was seen rising this year, clouding the outlook for the world’s largest crude importer. Brent crude was up 47 cents or 0.6 percent at $76.56 a barrel at 0850 GMT. U.S. West Texas Intermediate (WTI) crude for July…
China’s Smaller-Than-Expected Rate Cut Sends Stocks Lower
June 20, 2023
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HONG KONG/LONDON—European and Asian stocks fell on Tuesday after China cut interest rates by less than expected and the market awaited more details on Beijing’s plans to shore up a stuttering economic recovery. China cut its benchmark loan prime rates (LPR) for the first time in 10 months on Tuesday, with a smaller-than-expected 10-basis point…
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