Commentary What is wreaking so much havoc all over the world? You’ve probably heard that the U.S. dollar is rising often precipitously, which means any currencies caught on the other side of it—frankly, all of them—are being swept into crisis. This isn’t the first time, either, because during the last eight years or so this…
The Eurodollar Is What’s Happening—Not Quantitative Tightening or Rate Hikes
October 6, 2022
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Business & MarketsBusiness Columnistseconomic policieseconomyeurodollarFederal Reserveinflationinterest ratesOpinionquantitative tighteningrate hikesrecessionViewpoints
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Wall Street Ends Down as 2-Day Rally Fizzles on Data, Fed Message
Wall Street stocks closed lower on Wednesday, unable to sustain a late-day surge, after data showing strong U.S. labor demand again suggested the Federal Reserve will keep interest rates higher for longer. Fed officials have insisted on aggressive rate tightening to battle inflation, a message the market has feared would lead to a hard landing…
Continuing to Defend Currency Peg to US Dollar May Be ‘Dangerous’ for Hong Kong: Expert
Hong Kong’s latest foreign currency reserve showed another $10.014 billion drop in August, down from July’s $441.8 billion, pushing the accumulated reduction since last December to $67.563 billion. On Sept. 30, the Hong Kong Monetary Authority (HKMA), the city’s central bank, released an analysis of the city’s foreign currency reserves and foreign currency liquidity. The…
United Nations Warns of Looming Global Recession Sparked by ‘Excessive’ Monetary Tightening
October 5, 2022
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Business & Marketseconomic policieseconomyFederal Reserveinflationinterest ratesrecessionUnited NationsWorld
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The United Nations (UN) on Monday warned that a global recession and prolonged stagnation lie ahead, driven by the monetary and fiscal policies of advanced economies, including that of the U.S. Federal Reserve. In its Trade and Development (UNCTAD) report, the international body warned that all regions of the globe would be affected by a recession, but stressed…
Fed’s Jefferson Says Job Market Still ‘Very Tight,’ Inflation Fight to Last ‘Some Time’ Even If Economy Tanks
Federal Reserve governor Philip Jefferson said in his first public remarks since taking office in May that current “very tight” labor market dynamics are adding to inflationary pressures while warning the Fed’s fight against inflation is likely to take “some time,” and the central bank is determined to tame runaway prices even at the cost…
When Will the Fed Blink?
October 4, 2022
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AnalysisBank of EnglandBusiness & MarketsBusiness ColumnistsFederal ReserveinflationOpinionrecessionU.S. economy
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Commentary Let’s understand the significance of the Bank of England’s announcement that it would start buying $65 billion in UK public debt. It represents an about-face on the previous policy of using central bank power to sop up excess liquidity in hopes of getting inflation under control. It’s like crossing a river halfway and then…
Have the Markets Found a Bottom?
October 1, 2022
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While the fourth quarter has only just begun, the end of the year can’t come fast enough for Wall Street. The year 2022 has been disastrous for investors. The Dow Jones Industrial Average is down 22 percent, the S&P500 has fallen 25 percent, and the NASDAQ Composite has dropped a whopping 33 percent for the…
Key Inflation Gauge Jumps, Investors Ramp Up Bets for a More Aggressive Fed
September 30, 2022
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Business & Marketseconomic policieseconomyFederal ReserveinflationPersonal Consumption Expenditures Indexpersonal financerecessionUS
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U.S. inflation rates rose higher than expected in August, as investors expect a more aggressive monetary policy by the Federal Reserve in its efforts to curtail inflation toward the central bank’s preferred target of 2 percent. The keenly watched Personal Consumption Expenditures price index (PCE) was published by the Bureau of Economic Analysis on Sept….
From Pandemic Relief to Transitory Inflation, How Did the Federal Reserve Get to This Point?
September 30, 2022
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Business & Marketseconomic policieseconomyFederal Reserveinflationinterest ratesjerome powellpandemic reliefrecessiontransitoryUS
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The Federal Reserve is on an inflation-busting campaign. During the September meeting of the Fed’s policy-making arm, the Federal Open Market Committee (FOMC), the committee’s members raised the benchmark federal funds rate by 75 basis points, to a target range of 3.0–3.25 percent, the highest level since 2008. According to the dot-plot—a survey of…
‘Good News Is Bad News’: Stocks Resume Selloff On Fed Rate Hike Fears After Jobless Claims Plunge to 5-Month Low
The number of Americans filing new claims for unemployment benefits fell to a five-month low last week, but stock markets reacted in line with a “good news is bad news” paradigm and resumed their sharp selloff as the strong labor market data suggests the Federal Reserve is likely to stay the course on hiking rates…
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