Credit Suisse tries to reassure investors when faced with financial difficulties: FT

Credit Suisse tries to reassure investors when faced with financial difficulties: FT

The Swiss flag flies over the Credit Suisse sign in Bern, Switzerland FABRIC COFFRINI | AFP | Getty Images Credit Suisse executives are holding talks with the bank’s major investors to reassure them amid rising concerns about the Swiss lender’s financial health, the Financial Times reported, citing those involved in the discussions. One of the … Read more

Liz Truss admits to flaws in a controversial tax cut plan, but doubles up anyway

London CNN – British Prime Minister Liz Truss admitted mistakes were made in her government’s controversial ‘mini-budget’ announced last week – which pushed the pound to historic lows and caused market chaos – but stuck with her policy. Speaking to Laura Kuenssberg of the BBC on Sunday morning, Truss said: “I agree we should have … Read more

Stocks and bonds “discount for disaster” after the worst episode for investors in 20 years

Things could always get worse. S&P 500 SPX index, -1.51% on Friday it cemented its worst monthly percentage decline since the March 2020 pandemic, but also joined the Dow Jones Industrial Average DJIA, -1.71% and Nasdaq Composite Index COMP, -1.51% in booking the worst, first 9-month episode since 2002, according to Dow Jones market data. … Read more

Americans are suffering from financial burnout

A recession is a very real possibility. As the Federal Reserve is aggressively raising rates to combat persistent inflation, toughness may come at a cost. Already, falling stock markets have wiped out more than $ 9 trillion of wealth from American households. Fed chairman Jerome Powell also warned that the imminent action of the central … Read more

Fed vice president Brainard warns against premature withdrawal from the fight for inflation

U.S. Federal Reserve Board Member Lael Brainard speaks after she was nominated by U.S. President Joe Biden as vice chairman of the Federal Reserve at the Southern Court Auditorium at the Eisenhower Executive Office Building in the White House in Washington, U.S., on November 22, 2021. Kevin Lamarque | Reuters Federal Reserve Vice President Lael … Read more

Used cars became unavailable

New York CNN Business – High prices and rising interest rates are keeping used cars out of the reach of a growing number of car buyers. This is bad news for CarMax, the country’s largest used car dealer. CarMax said on Thursday that its profits were down 54% as car sales for the quarter fell … Read more

The unemployment rate has dropped to its lowest level in five months, despite the Fed’s efforts to slow the labor market

Person arranges grocery shopping at El Progreso Market in Mount Pleasant, Washington, DC, August 19, 2022. Sarah Silbiger | Reuters Initial unemployment claims fell last week to a five-month low, meaning the labor market is gaining ground, even as the Federal Reserve tries to slow things down. The number of unemployed for the week ended … Read more

Mortgage rates soar, approaching 7%

Mortgage rates rose for the sixth consecutive week, approaching 7%. 30-year fixed-rate mortgage averaged 6.70% in the week ending September 29, an increase from 6.29% a week earlier, according to Freddie Mac. This is the highest level since July 2007. Mortgage rates have more than doubled since the beginning of this year as inflation soared … Read more

Erdogan says Turkey will continue to cut interest rates, mocking the British pound

Turkish President Tayyip Erdogan speaks to members of his ruling AKP party during a parliamentary meeting in Ankara, Turkey May 18, 2022 Murat Cetinmuhurdar / Presidential Press Office / Information material by REUTERS. NO RESALE. NO ARCHIVES. MANDATORY LOAN Murat Cetinmuhurdar Reuters Turkey will continue to cut interest rates, President Recep Tayyip Erdogan said, despite … Read more

The yield on 10-year government bonds exceeds 4%, reaching a peak in 14 years

The benchmark 10-year Treasury briefly broke 4% on Wednesday, hitting levels not seen since 2008 as markets adopted a comment from a Federal Reserve speaker that suggested further interest rate hikes. The profitability of the 10-year Treasury increased by 3 basis points to 3.9945% around 4:20 EST. Earlier that day, it rose to 4.019%. The … Read more