The European Central Bank announced the largest interest rate hike in the central bank’s 24-year history on Thursday — three-quarters of a percentage point — as the eurozone battles record inflation stoked by an energy crisis, Axios reports.
Fed Looks Ready for Another Rate Hike
“The Federal Reserve appears to be on a path to raise interest rates by another 0.75 percentage point this month in the wake of Chairman Jerome Powell’s public pledge to reduce inflation even if it increases unemployment,” the Wall Street Journal reports.
Unsealed Docs Reveal Flurry of Stock Trades by Burr
“After two years of lawsuits, a court finally unsealed key evidence from the FBI’s 2020 investigation of North Carolina Sen. Richard Burr for allegedly trading stocks based on nonpublic information,” CNBC reports.
“Public records at the time show that Burr abruptly liquidated more than half of his and his wife’s equity holdings in February of 2020, when most of the world had yet to focus on the looming coronavirus crisis.”
“Burr was ultimately not charged with breaking any laws, but the newly released records show FBI agents believed Burr had committed insider trading and securities fraud.”
CNN: Burr avoided tens of thousands in losses with “well-timed” stock sales in beginning of pandemic.
Stock Price of Trump-Linked Company Plummets
The shell company that plans to take Trump Media and Technology Group public, saw its stock price slide Monday as shareholders consider delaying the merger and the former president contends with a host of legal problems, CNBC reports.
Shares of DWAC closed down nearly 8% at $25.32, off 16% this month and significantly below their 2022 peak of about $97.
The Buyers Are Selling
“Investors are selling stakes in private equity and venture capital funds this year at the fastest pace on record, as the downturn in equities spreads to the private markets that boomed during the era of low interest rates,” the Financial Times reports.
Fed Hikes Interest Rates Again
The Federal Reserve enacted its second consecutive 0.75 percentage point interest rate increase as it seeks to tamp down runaway inflation without creating a recession, CNBC reports.
European Central Bank Hikes Interest Rates
“The European Central Bank raised interest rates by a larger-than-expected half-percentage point and unveiled a new plan to buy the debt of Europe’s most vulnerable economies, seeking to protect the currency union as it navigates the twin threats of skyrocketing inflation and slowing economic growth,” the Wall Street Journal reports.
Fed Prepares to Hike Rates .75 Percentage Point
“Federal Reserve officials have signaled they are likely to raise interest rates by 0.75 percentage point later this month, for the second straight meeting, as part of an aggressive effort to combat high inflation,” the Wall Street Journal reports.
“Policy makers left the door open to a larger, full-percentage-point increase at the July 26-27 gathering. But some of them simultaneously poured cold water on the idea in recent interviews and public comments ahead of their premeeting quiet period, which began Saturday.”
Fed Mulls Historic 100 Basis-Point Hike
“Federal Reserve officials may debate a historic one percentage-point rate hike later this month after another searing inflation report piled pressure on the central bank to act,” Bloomberg reports.
Fed’s Top Banking Regulator Michael Barr Confirmed
“The Biden administration saw a key figure of its financial-regulatory team move into place as the Senate confirmed Michael Barr to become the government’s most influential banking regulator,” the Wall Street Journal reports.
“Mr. Barr’s confirmation Wednesday as the Federal Reserve’s vice chairman for supervision provides the central bank with a full seven-member board for the first time in nearly a decade and adds to a group of Biden-appointed bank overseers who may revisit financial regulations that were eased during the Trump administration.”
Euro and Dollar Are at Parity
“For the first time in 20 years, the exchange rate between the euro and the US dollar has reached parity — meaning the two currencies are worth the same,” CNN reports.
Market Set for Worst Performance in 52 Years
“The S&P 500 is on track for its worst first-half performance since 1970, down nearly 20% this year,” the Wall Street Journal reports.
Public Pension Funds Borrowing Money to Invest
Wall Street Journal: “U.S. public pension funds don’t have nearly enough money to pay for all their obligations to future retirees. A growing number are adopting a risky solution: investing borrowed money. As both stock and bond markets struggle, it’s a precarious gamble.”
This Is a Market Rout Without Equal
“You can look but you won’t find a stretch of futility as pervasive as the one that is landing on Wall Street,” Bloomberg reports.
“Even in the long and storied history of market meltdowns, the breadth of losses is without equal, based on data that goes back to the Great Depression. In five of the seven sessions through Thursday, at least nine in 10 S&P 500 stocks dropped, a record run of widespread losses.”
Bloomberg: The next crisis to hit markets may be about liquidity.
Bitcoin Down 72% from November High
“The price of bitcoin lurched below $20,000, and below a level widely monitored by cryptocurrency enthusiasts, as a brutal selloff in crypto showed no signs of abating,” the Wall Street Journal reports.
Fed Raises Rates By 0.75 Percentage Point
“The Federal Reserve approved the largest interest rate increase since 1994 and signaled it would continue lifting rates this year at the most rapid pace in decades as it races to slow the economy and combat inflation that is running at a 40-year high,” the Wall Street Journal reports.
Vox: Stopping inflation is going to hurt.
Inflation Clears the Way for Big Fed Rate Hike
“The Federal Reserve is expected Wednesday afternoon to announce its largest interest rate hike since 1994 — a bigger increase than it had previously signaled and a sign that the central bank is struggling to restrain stubbornly high inflation,” the AP reports.
Markets Lose Faith that Fed Can Handle Inflation
“The Federal Reserve’s missteps in waiting too long to tackle the greatest run-up in prices in four decades has shaken trust across markets and the American public that it is up to the task of curbing inflation,” the Washington Post reports.
“On the eve of a high-stakes Fed policy announcement, investors, economists and policymakers were on edge over how sharply the Fed would raise interest rates to deal with inflation, which hit a new peak in May.”
“Financial market volatility and losses deepened on Tuesday, fueled by fears that the Fed continues to misjudge inflation and will come down too hard on the economy, prompting a recession. The S&P 500 has fallen into bear market territory — a 20 percent fall from the most recent high — and all the indexes have accelerated losses for the year.”
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