Tag: Economic news

  • From Zero to Hero – WSJ

    President Joe Biden at the University of Nevada, Las Vegas, March 15. Photo: Ethan Miller/Getty Images Isn’t it bizarre that so many people who cause problems then turn around and become heroes who solve the same problems they caused? Between the $1.9 trillion US bailout from the Biden administration and the green-laden $738 billion Inflation […]

  • ECB implements rate hike of half a point amid concerns about banks

    Last Updated: March 16, 2023 at 9:42 a.m. ET First published: March 16, 2023 at 9:20 a.m. ET The European Central Bank on Thursday went ahead with its plan to raise interest rates by 50 basis points or half a percentage point despite banking sector turmoil, warning that “inflation is expected to remain too high […]

  • First drugs to face Medicare price penalty called

    U.S. health officials released the first list of drugs paid for by the government’s Medicare insurance program whose prices rose more than inflation and will be fined under a new federal law. The Centers for Medicare and Medicaid Services on Wednesday named 27 medications that had the big price increases, including AbbVie’s rheumatoid arthritis treatment […]

  • US consumer spending fell in February after a brisk start to the year

    Retail sales fell in February as consumers pulled back after a strong start to the year amid high interest rates and inflation. Spending in stores, online and in restaurants fell a seasonally adjusted 0.4% in February, the Commerce Department said Wednesday. Sales in January were revised to a gain of 3.2%. Retail sales figures are […]

  • Fed considers stricter rules for medium-sized banks after SVB, signing errors

    WASHINGTON — The Federal Reserve is reconsidering some of its own rules regarding medium-sized banks following the collapse of two lenders, potentially expanding restrictions that currently only apply to the largest Wall Street firms. A series of tighter capital and liquidity requirements are being reviewed, as are steps to bolster annual “stress tests” that assess […]

  • Inflation report comes in as Fed confronts bank failures

    The Labor Department’s inflation data on Tuesday will inform the Federal Reserve of price pressures in the economy as the central bank faces bank failures. Inflation has cooled after a recent peak last June, but remains stubbornly high. The consumer price index, a closely monitored measure of inflation, rose 6.4% in January from a year […]

  • Jitters in the banking sector could spell more pain for stocks as the Fed’s battle with inflation continues

    Aftershocks from the collapse of three US banks in less than a week could hurt stocks even more in the coming weeks by creating new obstacles for the Federal Reserve in its fight against inflation, market strategists say. U.S. authorities, including the Fed, Treasury and Federal Deposit Insurance Corp., jointly announced Sunday evening that Signature […]

  • Banking crisis calls into question Fed rate path

    There is a saying that the Federal Reserve raises interest rates until something breaks. A big surprise of the past year was that nothing broke. The situation could force Fed Chairman Jerome Powell and his colleagues to choose which issue the central bank needs. “We have always said that the only thing that could derail […]

  • Biden says the banking system is safe after the Silicon Valley bank collapse

    WASHINGTON — President Biden said on Monday that the banking system is safe while emphasizing steps have been taken to mitigate the fallout from the Silicon Valley Bank collapse and bolster confidence in the financial system, as some lawmakers called for a reexamination of the rules for medium-sized banks. “The swift action of my administration […]

  • FDIC transfers all deposits from Silicon Valley Bank to the newly established bridge bank

    The Federal Deposit Insurance Corp. said Monday it transferred all deposits, both insured and uninsured, from the former Silicon Valley Bank to a newly created full-service FDIC-managed bridge bank in a move that aims to protect all of the bank’s depositors. The move comes after the regulator closed the bank and its 13 branches on […]