Exxon-Mobil reported bumper profits last quarter, despite falling gas prices. What contributed to the record? You can now add horsepower to an EV Mercedes, but at a cost. The IRS commissioner confirmed the agency is hiring armed tax agents nationwide as part of President Joe Biden’s push to shore up enforcement. But the IRS says…
NTD Business (April 28): Digital Health Device Cybersecurity Risk? IRS Hiring More Armed Tax Enforcers
April 28, 2023
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First Republic Shares Plummet, Trading Halted as Reports Suggest FDIC Receivership Likely
First Republic’s shares dropped to all-time lows on April 28 following CNBC reports that the bank is entertaining the possibility of receivership by the Federal Deposit Insurance Corporation (FDIC). The bank’s stock fell by more than 50 percent and trading was halted multiple times throughout the day. CNBC reported that multiple banks were approached by…
Federal Reserve Admits It ‘Failed’ in Lead up to Silicon Valley Bank Collapse
The banking crisis that formed from the failures of Silicon Valley Bank (SVB) and Signature Bank was the result of a wide range of factors, including Federal Reserve supervisors who did not do enough to make sure that SVB management fixed the company’s problems, according to a new report from the central bank. The Fed Board…
Money Supply Shrinks at Fastest Pace Since Great Depression
The Federal Reserve recorded its fourth consecutive monthly contraction in the money supply as the central bank continued to remove money from the financial system. In March, the M2—a measurement of money in circulation that includes cash, checking deposits, and a wide range of other deposits—declined 4.05 percent, down from negative 2.3 percent in February….
Digital Dollar Could Pose ‘Significant Risks’ to Americans’ Freedom, Fed Official Warns
April 24, 2023
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Central bank digital currencies (CBDCs) might pose “significant risks, challenges, and tradeoffs,” warned Federal Reserve governor Michelle Bowman in a recent speech. It has been about a year since President Joe Biden signed an executive order that directed the federal government to examine the technological infrastructure and capacity for establishing a CBDC. Since then, the…
Minimum Wage and the Fed’s Big Fear
How does the minimum wage affect the Federal Reserve’s biggest fear? I touched on this subject previously as the Fed began its rate-hiking campaign. However, while the issue of the millions of people who aren’t paid a “living wage” for work makes headlines, the actual numbers are fairly underwhelming. As of the end of 2021,…
The Fed Has Been Raising Rates, But What’s Next?
April 21, 2023
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On March 22, 2023, the Federal Reserve raised the target fed funds rate from 4.75 to 5.00 percent. This marked a 475 bps increase in interest rates since March 2022. With the Fed’s next planned meeting scheduled for May 2023, many are wondering if the Fed will continue the trend of aggressive rate hikes, keep…
‘Privacy Is a Top Concern’: Fed Governor Warns About CBDC Risks
April 20, 2023
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The use of Central Bank Digital Currencies (CBDC) poses considerable risks to the privacy of Americans, potentially even limiting how citizens can use their own money, Federal Reserve Governor Michelle W. Bowman warned during a recent speech. “In my view, safeguarding privacy is a top concern and is also often identified as a top concern…
Economic Stress Rises as Access to Credit Tightens: Fed’s Beige Book
Economic stresses have increased over the past several weeks, according to a new report from the Federal Reserve, which noted softening in consumer spending, continued inflation pressure, and more evidence of a pullback in bank lending. The Fed’s latest “Beige Book,” a compendium of surveys and interviews carried out across its 12 districts, showed that…
Elon Musk Says No ‘Magic Cure’ for Inflation, Blames Fed’s Money Printing
Tesla CEO Elon Musk said there’s no silver bullet to fix the problem of high inflation, blaming central banks for printing too much money that’s chasing too few goods and pushing up prices. Musk made the remarks in an April 18 interview with Tucker Carlson, who asked the billionaire tech mogul for his thoughts about…
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