Treasury Secretary Janet Yellen reiterated her projection that the U.S. debt ceiling default deadline is still early June, when her department might exhaust the extraordinary measures employed since January. Yellen confirmed at a virtual Wall Street Journal CEO Summit on May 24 that she would soon update Congress about government finances, adding that payment prioritization…
US Debt Ceiling Default Deadline Is Still Early June, Yellen Warns
May 24, 2023
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Business & Marketscongressdebt ceilingeconomic policieseconomyExecutive BranchJanet YellenMarketsPoliticsUSUS News
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Europe Turning Less Competitive, Losing Business to North America, Says Survey
May 24, 2023
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Business & Marketseconomic policieseconomyenergyEuropeEurope economyinflationinflation in europeInvestmentWorld
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Europe’s competitiveness is weakening and many firms are considering moving operations to North America, a survey of business leaders from the region has found. The survey (pdf), published by the European Round Table for Industry (ERT) on May 23, found that 84 percent of CEOs and Chairs believe Europe’s competitiveness is weakening, with 16 percent…
UK Inflation Drops But Prices Remain High
The UK inflation rate has dropped for the first time in eight months, but prices on basic essentials remain high. The latest data from the Office of National Statistics (ONS) showed a drop in the Consumer Prices Index (CPI) 12-month inflation rate in April to 10.5 percent, which is lower than November’s 10.7 percent, and…
Jamie Dimon Sees Rough Times Ahead for Smaller Banks, Predicting Interest Rates as High as 7 Percent
May 24, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationJamie DimonJPMorgan ChaseMarketsrecessionregional banksUS
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JPMorgan CEO Jamie Dimon, predicts rough times ahead for regional banks and warns of more deposit runs, as future interest rate hikes become increasingly likely. Dimon warned at a May 22 Q&A Investor Day meeting at JPMorgan Chase that interest rates were likely to go higher from here and rise to as much as 7 percent….
Americans Loathe Federal Taxes More Than Ever: Poll
As income-tax refunds are down more than 7 percent from last year, Americans’ view of federal income taxes hit a two-decade low, according to a new poll released on May 19. The Gallup poll showed 60 percent of respondents believe the amount in federal income taxes that they pay is too high, a level last…
Dollar Steady as Debt Ceiling Worries Weigh; Pound Swings After Inflation Data
SINGAPORE/LONDON—The dollar on Wednesday held just shy of a two-month high as U.S. debt ceiling negotiations dragged on, while the pound firmed and then softened after stronger-than-expected British inflation data. Also in focus was the New Zealand dollar, which dived 1.8 percent after the country’s central bank flagged an end to rate hikes. The dollar…
Oil Prices up After Bullish Saudi Comments
LONDON—Oil prices rose on Wednesday following a warning from the Saudi energy minister to speculators raised the prospect of further OPEC+ output cuts. Brent crude futures rose $1.09, or 1.42 percent, to $77.93 a barrel by 1048 GMT, while U.S. West Texas Intermediate crude (WTI) gained $1.14, or 1.56 percent, to $74.05 a barrel. Saudi…
Stocks Slide on US Debt Ceiling and Inflation Woes
LONDON—Stocks lurched downwards on Wednesday as U.S. debt ceiling negotiations dragged on without resolution, stoking a general malaise in markets that saw safe haven assets like the dollar and gold hold near recent highs. The New Zealand dollar meanwhile tumbled after the central bank caught markets off-guard by flagging that its tightening cycle is over….
COVID-19 the Scapegoat for Andrew’s $171 Billion Debt
May 24, 2023
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AustraliaBusiness & MarketsCCP Virusdaniel andrewseconomic policiesInternationalOpinionstate debtvictoriaViewpointsWorld
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Commentary Victorians will be paying for the financial mismanagement of the Daniel Andrews government for at least the next decade. This week’s state budget revealed the massive cost of the government’s failings for families, workers, and businesses. Worse, the government had revealed no credible plan to bring the vast debt under control. Victoria’s net debt…
The Victorian State Budget Targeting Big Business, Housing Investors and Private Schools
May 24, 2023
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AustraliaBusiness & Marketsbusiness and private schoolseconomic policieshuge debtinflationInvestmentpersonal financevictorian state budgetWorld
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The Victorian state government will target big business, housing investors and private schools as the main drive to collect tax revenues as outlined in its new budget report released on May 23. But despite the targeted taxes, Treasurer Tim Pallas has denied the state budget is steeped in class warfare. “Nobody’s engaging in a terminology…
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