The Federal Reserve has painted itself into a corner with its fight against inflation, and some experts say it now has no coherent plan for how to get out of it. Having kept interest rates near zero for more than a decade and expanded its balance sheet to $9 trillion to stimulate the economy, the…
The Fed’s Dilemma: Fight Inflation or Save Failing Banks
March 25, 2023
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Wall Street Ends Higher, Marking 2nd Winning Week in a Row
A late-afternoon turnaround on Wall Street left stocks higher Friday as the market shook off a weak start amid worries about banks on both sides of the Atlantic. The S&P 500 rose 0.6 percent after slipping for most of the morning. The benchmark index marked its second straight weekly gain. The Dow Jones Industrial Average…
Biden Says Deposits Are Safe, US Banks in ‘Pretty Good Shape’
OTTAWA, Canada—President Joe Biden on Friday praised his administration’s management of the recent banking crisis, saying that the banks are in good shape but that it will take some time for markets to settle down. “I think we’ve done a pretty … good job. People’s savings are secure,” Biden said during a press conference in…
American Households to Dump $750 Billion in Stocks This Year: Goldman
March 24, 2023
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American households are expected to dump $750 billion worth of stocks this year in favor of less-risky assets. This is the first annual drop in demand since 2018, due to higher bond yields and lower savings, reported Goldman Sachs Group strategists, led by Cormac Conners and David Kostin, on March 22. The strategists said that…
Wall Street Falls as Bank Contagion Fears Flare Up
March 24, 2023
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Wall Street’s main indexes fell on Friday as investors fled from risky assets on growing concerns that a contagion in the banking sector had not been fully averted despite assurances from key officials. Treasury Secretary Janet Yellen said late on Thursday afternoon that measures will be taken to keep Americans’ deposits safe, but that did…
Nervousness Over Banks Sends Euro 1 Percent Lower Despite PMI
LONDON—The euro fell sharply against a strengthening dollar on Friday amid nervousness over banks, with better-than expected economic data failing to lift sentiment. Flash Purchasing Managers’ Index (PMI) data failed to lift the single currency as sentiment in markets were fragile with European banks falling 5.3 percent. S&P Global’s flash Composite Purchasing Managers’ Index (PMI),…
Oil Falls as US Holds Off Refilling Strategic Reserve
March 24, 2023
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Oil prices extended losses on Friday on worries about a potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years. Brent crude fell 34 cents, or 0.45 percent, to $75.57 a barrel by 0412 GMT, while U.S. West Texas Intermediate crude futures slipped 32 cents,…
World Shares Fall on Banking Turmoil, Recession Worries
March 24, 2023
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BANGKOK—Shares fell Friday in Europe and Asia as worries over turmoil in the banking sector and recession risks overshadowed gains on Wall Street. Benchmarks declined in most major markets, while U.S. futures were higher. Oil prices fell. Investors are worried that more banks might suffer a debilitating exodus of customers following the second- and third-largest…
Dollar Falls for 6th Day as Fed Signals Rate-Hike Pause
LONDON/SINGAPORE—The dollar headed for its longest losing streak in 2–1/2 years on Thursday after the Federal Reserve sounded close to calling time on interest rate hikes, while the Swiss franc edged higher after the central bank pushed ahead with another hike. The Fed raised its benchmark funds rate by 25 basis points, as expected, but…
Oil Down After Fed Comments, US Crude Stock Build
March 23, 2023
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LONDON—Oil prices dipped on Thursday, having hit their lowest since late 2021 earlier this week, after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world’s largest economy, while U.S. crude stockpiles swelled. Brent crude futures were down 54 cents, or 0.7 percent, to $76.15 a barrel at 0929 GMT, while U.S….
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