Wells Fargo CEO Charles Scharf revealed that Americans and the U.S. economy aren’t ready for Federal Reserve interest rate hikes after the central bank raised rates earlier this month. “We know rates are going up, it couldn’t be clearer,” Scharf told CNBC on Wednesday. “We know that consumers and businesses, while strong today, are going…
Wells Fargo CEO: ‘Rates Are Going Up, It Couldn’t Be Clearer’
June 30, 2022
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Wells Fargo CEO: Americans Won’t Be Ready for What Fed Has in Store for Them
June 30, 2022
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Business & MarketsCompanieseconomic policieseconomyinflationinterest ratesInvestmentrecessionUSWells Fargo
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Wells Fargo CEO Charles Scharf revealed that Americans and the U.S. economy aren’t ready for Federal Reserve interest rate hikes after the central bank raised rates earlier this month. “We know rates are going up, it couldn’t be clearer,” Scharf told CNBC on Wednesday. “We know that consumers and businesses, while strong today, are going…
Fed Just Getting Started With Rate Hikes, Mester Says, Acknowledges Recession Risk
The U.S. central bank is “just at the beginning” of its monetary tightening cycle and Americans should brace for interest rates to go higher as the Fed battles soaring inflation, Cleveland Fed President Loretta Mester said, while acknowledging the risk of a recession. Mester, who is a voting member of the Federal Open Market Committee…
In Unchartered Territory, Is the Housing Market About to Crash?
By Mark Patrick Produced by Planner at Heart and syndicated by Wealth of Geeks The housing market is heading into waters not charted in decades. We haven’t had to deal with several factors at play in a long time, including high inflation, rising interest rates, low supply, and rapidly increasing home prices. All of these factors…
New Study Estimates 72 Percent Chance the Fed’s Rate Hikes Will Trigger Recession by 2024
The chance that the American economy will fall into a recession by early 2024 has risen to 72 percent, according to a study published on June 15 by Bloomberg Economics. The report came out just as the Federal Reserve made its largest hike in interest rates since 1994 in an attempt to cool down inflation. In…
Federal Reserve Governor Backs Another Big Rate Hike for ‘All In’ Inflation Fight
June 19, 2022
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Federal Reserve Governor Christopher Waller on Saturday became the latest U.S. central banker to pledge a whatever-it-takes approach to fighting inflation, three days after the Fed raised interest rates by three-quarters of a percentage point and signaled more hikes to come. “If the data comes in as I expect, I will support a similar-sized move…
The Federal Reserve Policy You’ve Never Heard of Could Have the Biggest Effect on Your Wallet
June 16, 2022
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By Sarah Foster From Bankrate.com The Federal Reserve made headlines on June 15 when it raised interest rates by the single biggest hike since 1994, but another lesser-known decision at May meeting—albeit a substantially more complex one—could have an even greater influence over how much you pay to borrow money. The Fed said in May…
British Central Bank Hikes Rates In Bid to Tame Runaway Inflation
June 16, 2022
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Business & MarketsCentral Bankeconomic policiesEuropeinflationinterest ratesInvestmentMarketsstocksUKWorld
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Britain’s central bank has raised its benchmark interest rate for the fifth time in a row in an effort to quell the country’s cost-of-living crisis, becoming the latest monetary authority to tighten in response to runaway inflation. Policymakers at the Bank of England (BOE) decided on June 16 to raise the so-called Bank Rate by…
How Fed Rate Hikes Could Impact Stocks, Crypto, and Other Investments
By James Royal From Bankrate.com The Federal Reserve raised interest rates at its June 14-15 meeting after hiking rates in March and May. The nation’s central bank is expected to lift the benchmark Fed funds rate by 50 basis points—one-half of a percentage point—according to the CME FedWatch tool. It’s likely not the last increase…
Wall Street Rallies in Relief After Fed’s Assurance on Rates
NEW YORK—Wall Street rallied Wednesday following the Federal Reserve’s sharpest hike to interest rates since 1994, and its later assurance that such mega-hikes would not be common. The S&P 500 climbed 54.51, or 1.5 percent, to 3,789.99 after whipping through roller-coaster trading immediately following the Fed’s latest move to fight inflation. In equally topsy-turvy trading,…
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