Two days after another major bank collapse, the Federal Reserve hikes interest rates once again. Senators from both parties will vote on overturning a Biden administration rule on importing solar panels that are made in China—often with forced labor. We hear from Sen. Rick Scott (R-Fla.), who’s leading the effort. A business leader joins us…
Former Brazilian President Jair Bolsonaro Home Raided, Phone Taken
May 3, 2023
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Federal Reserve Raises Interest Rates by 25 Basis Points, Opens Door to Pause
The Federal Reserve raised interest rates by 25 basis points, lifting the benchmark federal funds rate to a range of 5.00 and 5.25 percent, the highest level since September 2007. The vote to raise rates by a quarter point was unanimous, according to a statement from the Federal Open Market Committee (FOMC). Markets had mostly…
Regional Bank Crisis Is ‘More Serious’ Than We Understand: Ex-Fed President Kaplan
May 3, 2023
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Former Federal Reserve Bank of Dallas President Robert Kaplan said that the regional banking crisis may be more serious than commonly believed and called for the central bank to pause its rate hiking cycle to give policymakers more time to address the risks. Kaplan made the remarks in an interview on Bloomberg TV, in which…
Democratic Lawmakers Urge Fed Chair Not to Raise Interest Rates
In a letter to Federal Reserve chair Jerome Powell, a group of lawmakers urged the central bank to stop raising interest rates to avoid additional damage to the U.S. economy. Ten senators and representatives, led by Sen. Elizabeth Warren (D-Mass.) and Rep. Pramila Jayapal (D-Wash.), expressed concern about the Fed’s current monetary-policy initiatives and how…
ANALYSIS: How the Current Banking Crisis Is Different From the Financial Crisis of 2008
May 2, 2023
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News Analysis As the current banking crisis spreads, with First Republic Bank becoming the third major U.S. bank failure of 2023, many are now seeing echoes of what has come to be known as the “Great Financial Crisis” of 2008–09. First Republic’s slow-motion collapse and ultimate acquisition by JPMorgan Chase on May 1 follows the…
ANALYSIS: How the Current Banking Crisis Differs From the Financial Crisis of 2008
May 2, 2023
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bank crisisBusiness & MarketsCompanieseconomic policieseconomyFederal ReserveFirst Republic BankInvestmentpersonal financerecessionSignature BankSilicon Valley Bank CollapseUS
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News Analysis As the current banking crisis spreads, with First Republic Bank becoming the third major U.S. bank failure of 2023, many are now seeing echoes of what has come to be known as the “Great Financial Crisis” of 2008–09. First Republic’s slow-motion collapse and ultimate acquisition by JPMorgan Chase on May 1 follows the…
ANALYSIS: Comparing Today’s Banking Crisis to the 2008 Meltdown
May 2, 2023
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bank crisisBusiness & MarketsCompanieseconomic policieseconomyFederal ReserveFirst Republic BankInvestmentpersonal financerecessionSignature BankSilicon Valley Bank CollapseUS
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News Analysis As the current banking crisis spreads, with First Republic Bank becoming the third major U.S. bank failure of 2023, many are now seeing echoes of what has come to be known as the “Great Financial Crisis” of 2008–09. First Republic’s slow-motion collapse and ultimate acquisition by JPMorgan Chase on May 1 follows the…
Monetary Shocks Could Trigger ‘Negative Impacts’ on US Economy in 2023, 2024: Research
A new working paper stated that the U.S. economy could witness “substantial negative impacts” on real GDP, unemployment, and inflation in 2023 and 2024 based on previous monetary shocks since 1946. The National Bureau of Economic Research (NBER) recently published a paper co-authored by the University of California, Berkeley’s Christina and David Romer, titled “Does…
Another Fed Rate Hike Could Cost Credit Card Users $1.7 Billion Over Next 12 Months: Report
Another interest-rate hike by the Federal Reserve could cost credit card users at least $1.7 billion in added interest charges over the next 12 months, according to a new report from WalletHub. The report, published on May 1, found that consumers will pay around $31.7 billion in extra interest charges over the next year due to…
Bank Rates Are Up. How to Avoid Leaving Money on the Table
April 29, 2023
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NEW YORK—Moving your savings around by opening a new account and closing an old one can seem like a hassle. But it’s a use of time that can pay off. After years of paying low rates for savers, banks are finally offering better interest on deposits. Though the increases may seem small, compounding interest adds…
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