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Bill Gross, the co-founder of Pacific Investment Management Co. (PIMCO), predicted that the United States will be in a recession by the fourth quarter. Gross said that he will buy futures that are connected to the Secured Overnight Financing Rate (SOFR). The Federal Reserve of New York defines the SOFR as “a broad measure of the cost…
It has been an increasingly puzzling week for market watchers and economists alike, as the American economy continues to resist a recession and stymy policymakers hoping to lower inflation and stave off a downturn. A gangbusters September jobs report is putting the efficacy of Federal Reserve interest rate hikes into question, just as falling crude…
While the summer brought lower inflation rates, higher jobs rates and boosts of consumer spending, Bloomberg Economics is warning a recession is more likely than not happening soon. Citing the ongoing autoworkers strike, the return of student loan repayments and the looming threat of a government shutdown after Congress’s short-term spending bill lapses in November, Bloomberg…
The Federal Reserve is taking a break from a rapid stretch of rate hikes as it approaches a critical crossroads in its battle with inflation. The Fed’s rate-setting committee announced Wednesday it would keep its baseline interest rate range unchanged for the first time since January 2022. The Fed funds rate range will remain at…
The partisan standoff over the debt limit, which hardened over the weekend when 43 Senate Republicans said they would not support a clean debt-limit increase, sets the stage for severe turbulence in the financial markets, experts warn. The yield on Treasury bonds maturing next month spiked last week, signaling that investors are already preparing for…
Senate Minority Leader Mitch McConnell (R-Ky.) has signed onto a letter stating he and more than 40 members of the Senate GOP conference will not back “any bill that raises the debt ceiling without substantive spending and budget reforms,” according to sources. The letter is addressed to Senate Majority Leader Chuck Schumer (D-N.Y.) and would…
The Federal Reserve voted to raise interest rates Wednesday by another 0.25 percentage points, brushing aside concerns about the financial sector and an expected recession later this year. The Fed’s rate-setting committee voted unanimously Wednesday to boost its baseline interest rate to a range of 5 to 5.25 percent, the point at which Fed officials…
The stock market may be closely watching the chance of an official economic recession, but many Americans across the country are already feeling the squeeze as they contend with higher prices and borrowing costs than they saw a year ago. While Evelyn Canela, 31, a senior program director at a nonprofit based in Harlem, said…
Large U.S. banks reported massive earnings Friday, signaling that the biggest institutions largely shrugged off the banking crisis stemming from Silicon Valley Bank’s collapse. JPMorgan Chase, the largest bank in the nation, posted $12.6 billion in first-quarter profits, a whopping 52 percent increase from the same period last year. Wells Fargo’s quarterly profits rose 32…
The consumer price index (CPI) fell to a 5 percent annual increase in March from 6 percent in February, the Labor Department reported Wednesday, dropping a full percentage point as prices for goods ranging from fresh produce to automobiles became cheaper. That’s the lowest level of annual consumer inflation since May 2021. Prices have been…