Lumber prices continue to fall as future Fed rate hikes are poised to put more pressure on the housing market.Fed Vice Chair Lael Brainard said it’s “very hard to see the case” to pause its interest rate hikes.Lumber prices have dropped 48% year-to-date as mortgage rates jumped above the 5% threshold. Loading Something is loading.… Continue reading Lumber prices see no relief and continue to drop as Fed rate hikes put pressure on the housing market
New York has passed a bill placing a moratorium on cryptocurrency mining as state lawmakers seek to address environmental concerns
New York lawmakers on Friday passed a bill putting a moratorium on certain crypto mining operations. The state Senate in a 36-27 vote approved a two-year moratorium targeting proof-of-work, carbon-based projects. The Blockchain Association called the bill “misguided”. Loading Something is loading. New York state lawmakers on Friday passed a bill that will halt certain… Continue reading New York has passed a bill placing a moratorium on cryptocurrency mining as state lawmakers seek to address environmental concerns
President Biden visiting Saudi Arabia wouldn’t be a long-term solution to the energy crisis because the US faces structural shortages, says Goldman Sachs head of energy research
President Biden may visit Saudi Arabia, but it wouldn’t bring lasting solutions to energy prices, says Goldman Sachs’ energy research head. “And bringing extra barrels today, sure, it helps in the short run, but it’s not sustainable,” Damien Courvalin told CNBC Friday. The energy analyst added that markets all over the world are signaling downside… Continue reading President Biden visiting Saudi Arabia wouldn’t be a long-term solution to the energy crisis because the US faces structural shortages, says Goldman Sachs head of energy research
The dollar’s dominance is shrinking — and it’s the krona and the won that are replacing it in reserves, the IMF says
The dollar’s dominance is eroding in the face of non-traditional reserve currencies, IMF economists said. Currencies including the krona and won account for three-quarters of the shift from the greenback. It comes as central bank reserve managers seek to diversify their portfolios. Loading Something is loading. The dollar has reigned supreme as the world’s global… Continue reading The dollar’s dominance is shrinking — and it’s the krona and the won that are replacing it in reserves, the IMF says
Stocks just broke a 7-week losing streak – here are 3 reasons markets could be set for a long-term rally, according to LPL
The S&P 500 broke a seven-week losing streak last week, rising 6.6%. A “June swoon” summer crash now looks unlikely, according to LPL Financial. LPL shared three reasons for investors to feel optimistic that the bear market might be over. Loading Something is loading. The stock market’s miserable year might be set to end as… Continue reading Stocks just broke a 7-week losing streak – here are 3 reasons markets could be set for a long-term rally, according to LPL
Global emissions goals won’t be met by 2050 if metal shortages aren’t addressed and mining firms don’t ramp up investment, Bank of America says
A dearth of key metals important for future technologies will prevent countries from meeting the Net Zero global emissions target by 2050, says Bank of America. The bank has identified 27 so-called MIFTs including lithium, cobalt and copper. Miners need to nearly double investment to address shortages of these key metals. Loading Something is loading.… Continue reading Global emissions goals won’t be met by 2050 if metal shortages aren’t addressed and mining firms don’t ramp up investment, Bank of America says
Lumber prices plunge 12% to new 2022 lows as wood inventories start to pile up
Lumber prices fell 7% on Wednesday and are down 12% this week as the commodity hits new 2022 lows.The building material has come under pressure as mortgage rates surge and new home sales drop.Lumber inventories are starting to pile up at mills and at home improvement stores. Loading Something is loading. Lumber prices fell 7%… Continue reading Lumber prices plunge 12% to new 2022 lows as wood inventories start to pile up
Russia’s last-minute bond payment to avoid default still wasn’t enough, triggering a failure-to-pay event, credit panel rules
A credit panel ruled that a failure-to-pay event occurred after Russia breached the terms of a bond payment. Moscow failed to include $1.9 million for interest in a bond payment last month, Bloomberg reported. The interest accrued during a month-long grace period Russia had used before making the bond payment. Loading Something is loading. The… Continue reading Russia’s last-minute bond payment to avoid default still wasn’t enough, triggering a failure-to-pay event, credit panel rules
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