LONDON—Global shares edged up on Monday as a U.S. holiday made for slow trading ahead of minutes of the latest Federal Reserve meeting and a reading on core inflation that could add to the risk of interest rates heading higher for longer. The dollar, which is heading for its largest one-month rise since September in…
Shares Edge Up as US Holiday Interrupts Interest-Rate Reality Check
February 20, 2023
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‘Follow the Money’ and Brace For Recession
Commentary “Rich-people problems aren’t going to tank the economy,” Wall Street Journal reporters recently assured us. Lest anyone forget, for decades there has been a Great Wall at the Journal, which Rupert Murdoch never demolished when he added the paper to his massive media empire in 2007. While there is no denying the talent and…
Used Car Prices Soar, Highest Jump in 14 Years
February 17, 2023
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Used car prices have seen the largest February increase in 14 years as inflation continues to drive consumer prices. Wholesale used-vehicle prices increased 4.1 percent from January through the first half of this month, signifying the largest February increase since 2009’s full-month 4.4 percent gain, according to the mid-month Manheim Used Vehicle Value Index from Cox Automotive….
Recession ‘Near’ as US Leading Economic Index Drops for Tenth Straight Month
February 17, 2023
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The United States is approaching a recession, as a closely watched economic index dropped for the tenth straight month in January, for the longest slump since the Lehman Brothers collapse in 2008. The Conference Board Leading Economic Index (LEI), released on Feb. 17, declined by 0.3 percent in January, following an 0.8 percent contraction in December….
Bank of America Strategists Expect Economic ‘Hard Landing’ to Pummel Markets
February 17, 2023
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Bank of America strategists are expecting an economic “hard landing” to pummel the markets at the end of the year, due to a resilient U.S. economy. Economists are beginning to fear that a delayed recession in the second half of 2023 will be harsh on stocks, since the current state of the American economy is keeping…
Wall Street Opens Lower as Fears of Hawkish Fed Grow
Wall Street’s main stock indexes opened lower on Friday on worries that accelerating inflation in the face of a sturdy U.S. economy could prompt the Federal Reserve to err on the side of caution by keeping monetary policy restrictive through the year. The Dow Jones Industrial Average fell 19.84 points, or 0.06 percent, at the…
‘This Is Not Your Typical Recession’: Bank of America’s Savita Subramanian
Bank of America (BofA) strategist Savita Subramanian believes the United States is not facing a “typical recession” and expects the economic slowdown to extend into the next year, while also raising alarm bells about the Federal Reserve’s quantitative-tightening policy. “This is not your typical recession, because I think what’s happening is that you’ve still got…
Dollar Powers to 6-Week High as Interest Rate Expectations Rise
LONDON/SINGAPORE—The dollar rose to a six-week high on Friday as strong U.S. economic data and comments from Federal Reserve officials led to traders betting more interest rate rises are coming. Data on Thursday showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, and that monthly producer prices increased by…
Oil Heads for Weekly Loss on Rate Hike Worries, Ample Supply
February 17, 2023
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LONDON—Oil fell almost 3 percent on Friday and was on course for a weekly decline, pressured by concerns of more U.S. Federal Reserve interest rate hikes that could weigh on demand, and signs of ample supply. Two Fed officials on Thursday warned additional hikes in borrowing costs are essential to lower inflation to desired levels….
Philadelphia Fed Manufacturing Index Crashes, Adding to Recession Concerns
Manufacturing activity in the mid-Atlantic region tumbled unexpectedly in February, adding to recession concerns. Goods producers reported a spike in input costs for the first time in 10 months, despite a slowdown in company price increases—a sign that margin pressures were worsening. The Philadelphia Federal Reserve’s manufacturing index for February fell to -24.3 this month from…
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