The Federal Reserve is outsourcing monetary policy, former White House adviser Gary Cohn said. It’s betting that tighter lending in the banking sector will act as a brake on the economy, he told CNBC. But this may lead to a recession, as businesses are unable to expand without borrowing. Loading Something is loading. Thanks for… Continue reading The Fed has outsourced monetary policy and lost control of the economy, former White House advisor says
A person suspected to be crypto developer Do Kwon arrested in Montenegro months after the collapse of TerraUSD
A person suspected of being Do Kwon, creator of the now-collapsed TerraUSD stablecoin, has been arrested in Montenegro, a country official said Thursday. The country’s interior minister said the suspect was arrested at the airport with falsified documents. Authorities in the US and South Korea have charged Kwon for legal violations. Loading Something is loading.… Continue reading A person suspected to be crypto developer Do Kwon arrested in Montenegro months after the collapse of TerraUSD
The current banking crisis is a ‘worldwide phenomenon’ that started long before SVB failed, Harvard professor and former IMF economist says
Chaos in the banking sector was a long time coming, according to a former IMF chief economist. The crisis was, in part, caused by banks betting on a prolonged period of ultra-low rates, Kenneth Rogoff said. “It’s a worldwide phenomenon,” he told Yahoo Finance Live. Loading Something is loading. Thanks for signing up! Access your… Continue reading The current banking crisis is a ‘worldwide phenomenon’ that started long before SVB failed, Harvard professor and former IMF economist says
US stocks end higher in volatile session as traders assess rate outlook and bank concerns
Matthew Fox Photo by TIMOTHY A. CLARY/AFP via Getty Images) US stocks were whiplashed on Thursday as investors digested fresh concerns of a US banking crisis.The S&P 500 rose as much as 2% before it gave back most of those gains, while the Dow erased nearly all of a 470 point gain.Treasury Secretary Janet Yellen… Continue reading US stocks end higher in volatile session as traders assess rate outlook and bank concerns
Snapchat and Meta lead social media stocks higher as TikTok CEO gives ‘disaster’ testimony to Congress
Snapchat and Meta Platforms jumped on Thursday as the CEO of TikTok gave testimony to Congress.CEO Shou Chew sought to quell concerns that TikTok is a Chinese asset that could spy on its 150 million American users.”We would characterize today’s testimony by TikTok CEO Shou Zi Chew in the Beltway as a ‘disaster’ moment,” Wedbush… Continue reading Snapchat and Meta lead social media stocks higher as TikTok CEO gives ‘disaster’ testimony to Congress
Dow sinks more than 500 points after Fed delivers soft rate hike but Powell pushes back on expectations of cuts this year
US stocks fell Wednesday following the Fed’s March rate decision. The Fed raised raised by 25 basis points, in line with expectations. But Chairman Jerome Powell said rate cuts this year at not in its baseline expectations. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re… Continue reading Dow sinks more than 500 points after Fed delivers soft rate hike but Powell pushes back on expectations of cuts this year
PacWest sinks 11% as the California bank borrows cash following a 20% drop in deposits
PacWest shares dropped 17% on Wednesday following a financial update. The lender said deposits have fallen 20% since the end of last year. Venture banking deposits have declined. Regional banks have been shaken by deposit outflows since SVB’s collapse this month. Loading Something is loading. Thanks for signing up! Access your favorite topics in a… Continue reading PacWest sinks 11% as the California bank borrows cash following a 20% drop in deposits
The banking crisis is not over and more pain is coming for the stock market, CEO of the largest publicly-traded hedge fund says
Man Group CEO Luke Ellis says equities have yet to bottom out. Ellis thinks a “significant number” of banks will close in the next two year, he said at the Bloomberg Invest conference. Depositors may take their money to larger institutions, he says, on fears regional banks won’t be bailed out. Loading Something is loading.… Continue reading The banking crisis is not over and more pain is coming for the stock market, CEO of the largest publicly-traded hedge fund says
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