The European Union has reached a consensus on the price at which to cap Russian oil just days before its ban on most imports comes into force. News of the deal, which had needed approval from holdout Poland, was confirmed on Twitter by the president of the European Commission, Ursula von der Leyen, marking a …
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The November U.S. jobs report on Friday showed the U.S. economy gained 261,000 jobs last month, with the unemployment rate holding steady at 3.7%. Economists polled by the Wall Street Journal had expected an addition of 200,000 jobs. Wages jumped 0.6% in November, double the expected pace. “You probably want to revise your view on …
Continue reading “November jobs report is not good news on the inflation battle”
Fed officials’ favorite inflation gauge, the core personal consumption expenditures (PCE) index—which excludes volatile food and energy prices—rose by 0.2% in October, according to Commerce Department data released Thursday. That’s a slight drop from the 0.5% month-over-month gain seen in September. And its still climbing…… The 5% year-over-year core PCE reading was still well above …
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Switzerland could limit the use of electric vehicles (EVs) in cases of electricity supply shortages this winter under a new four-step plan to prevent power cuts and blackouts. To ensure energy security this winter, Switzerland could become the first country to limit the driving and use of EVs, German daily Der Spiegel reports, citing multiple …
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One of the bond market’s most reliable indicators of impending U.S. recessions is predicting a disaster. The Federal Reserve Powell made it clear yesterday the FED will remain committed to its battle on inflation. The spread between 2- TMUBMUSD02Y, 4.351% and 10-year Treasury yields TMUBMUSD10Y, 3.634% is stuck at one of its most negative levels …
Continue reading “Most deeply inverted Treasury curve in more than 4 decades”
U.S. stocks rallied sharply on Wednesday, clinching their biggest gains since Nov. 10 on the final trading day of the month, as stocks celebrated Fed Chairman Jerome Powell’s comments that the central bank is leaning toward smaller interest-rate hikes in December. The S&P 500 SPX, +3.09% closed 122.47 points, or 3.1%, higher at 4,080.10, while …
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The United States economy grew at a faster-than-expected annual rate of 2.9% in the third quarter of 2022, according to the second estimate published by the Bureau of Economic Analysis on Wednesday. Today’s reading came in slightly higher compared to the initial estimate of 2.6%. The latest data “reflected upward revisions to consumer spending and …
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(Reuters) – Former Russian President Dmitry Medvedev warned NATO on Tuesday against providing Ukraine with Patriot missile defence systems, denouncing the alliance as a “criminal entity” for delivering arms to what he called “extremist regimes”. Medvedev, who once cast himself as a liberal moderniser as president from 2008 to 2012, has increasingly emerged as one …
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Bank of America Corporation CEO Brian Moynihan said on Tuesday, during an interview with CNN, that China’s most recent shutdowns of areas hit with the COVID-19 virus will cause further obstruction of supply chains. “We’re all concerned about it,” Moynihan stated, adding that from an economic perspective these shutdowns are likely to cause world disruptions. …
International Monetary Fund (IMF) Managing Director Kristalina Georgieva underlined on Tuesday it is “too early” for the Federal Reserve to “back off” interest rate increases, after several policymakers’ voiced support for slowing down the pace of the rate hikes starting from its December meeting. The IMF head also expressed optimism that the energy crisis brought …
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