Montana lawmakers have confirmed the state’s estimated revenue numbers for the coming years, setting the stage for the budget negotiations in the 2023 legislative session.
The market is digesting a dozen or so economic reports Wednesday morning as it awaits comments from Jerome Powell at 1:30 pm ET. The reports were a mixed bag that reflected some economic slowing but job openings remained strong, and the Fed's preferred inflation measure was a bit higher than expected. The overall verdict of the data is that there is some slight improvement in inflationary pressures, and the economy is slowing, but there isn't enough progress to cause the Fed to change its current course of action.
"We might get rid of inflation, but at a very high human cost," Powell said at the Brookings Institution in Washington, in response to a question from a JP Morgan economist about if he would take a "shock and awe" approach to rate hikes. "I think we are in a position where the right thing to do is to move really quickly as we have, and now slow down and get to that place where we think we need to be, and by the way, there's high uncertainty around that."
- Business Insider
'Big Short' investor Michael Burry sounds the recession alarm, warning the US economy faces a multiyear downturn
Burry has predicted a slump in consumer spending, a blow to company profits, and economic pain as households move closer to exhausting their savings.
As tech companies deal with lower stock prices, inflation, rising interest rates and a possible recession, they've announced tens of thousands of job cuts.
- The State Journal-Register
The bipartisan agreement to rid the state of its unemployment insurance loan debt will move to the General Assembly where it is expected to pass
BofA warns that the US economy will start to lose 175,000 jobs per month during Q1 of 2023, expects a ‘harder landing’ rather than a softer one — here’s why
Things might look fine now. BofA says not for long.
- Business Insider
The Fed just crushed hopes of rate cuts anytime soon - and the US economy will suffer stagflation next year, a top strategist says
Barings' Christopher Smart predicts a toxic combination of stagnant economic growth and stubborn inflation in 2023.
The 1-year Treasury yield , which captures the bond market's expectations for the direction of interest rates within that time frame, rose to as high as 4.87% on Wednesday and appeared to be headed for its highest level since 2007. Traders are increasingly factoring in the likelihood that Federal Reserve officials will push the fed-funds rate target up toward 5% by next year, versus its current level between 3.75% and 4%. If the 1-year rate finishes the New York session at or around 4.87%, that
(Bloomberg) -- The European Commission recommended delaying the disbursement of crucial funding to Hungary, saying Prime Minister Viktor Orban’s government has failed to allay its concerns over graft and the erosion of the rule of law.Most Read from BloombergScientists Revive 48,500-Year-Old ‘Zombie Virus’ Buried in IceNYC Becomes One Billionaire Family’s Haven From China Property CrashThese Are the Best and Worst Cities for Expats to Live and Work InBanks Stuck With $42 Billion Debt Seize Chanc
With warm weather and relatively affordable living costs, Arizona has long been a popular destination for retirees. While the average monthly costs of the necessities (rent, groceries, healthcare and...
French President Emmanuel Macron will use a state visit to Washington this week to press European Union concerns about the United States' huge new green energy subsidy package. While EU countries welcome the new commitment to energy transition, they fear the $430 billion Inflation Reduction Act will put their companies at an unfair disadvantage. WHY IS EUROPE ANGRY?
The economy grew at an annual 2.9% pace in the third quarter, updated figures show, and the U.S. is on track to expand again in the waning months of 2022 despite growing worries of recession.
‘Wealth effect on steroids’: Here’s the potential fallout from $22 trillion lost by investors this year, according to BofA
Investors have lost an estimated $22 trillion in equities, bonds, cryptocurrencies and real estate, which could mean a $700 billion hit to consumption, and maybe more, says Bank of America.
Bank of America sees inflation falling to this number by the end of next year—but it’ll take a recession to get there
Bank of America says a “mild recession” will raise the unemployment rate to 5.5% next year and cool inflation.
A suddenly surging economy will force the Federal Reserve to keep hiking interest rates. When that happens, investors and consumers better buckle up.
One of the bond-market's most reliable indicators of impending U.S. recessions indicates the Federal Reserve will remain committed to its battle on inflation.
- Yahoo Finance
What to watch in markets on Tuesday, November 29, 2022.
- The Hill
Congress is set to take action to prevent a rail strike from upending the economy, but some workers object. We’ll also look at the increasing likelihood of a stopgap funding bill and a tepid economic prediction from a big bank chief. 🤒 But first, a warning about the brewing flu season. Welcome to On The Money,…
- Business Insider
Expect a US recession that will ravage markets and could send stocks spiraling down 24% next year, Bank of America says
The threat of a recession will overtake the Federal Reserve's tightening campaign as the dominant story for markets next year, strategists said.
Kenyan President William Ruto on Wednesday launched a low-interest credit scheme to boost financial access for the country's poorest citizens, fulfilling a key campaign promise made to voters.