Russia Turns to China’s Yuan in Effort to Ditch the Dollar

Russia’s economy, restricted from Western financial networks and the U.S. dollar, has embraced a burgeoning alternative: the Chinese yuan. Energy exporters are increasingly getting paid in yuan. Russia’s sovereign-wealth fund, a war chest to support government spending burdened by battlefield costs in Ukraine, is using the Chinese currency to store its oil riches. Russian companies have borrowed in yuan, also known as renminbi, and households … Continue reading Russia Turns to China’s Yuan in Effort to Ditch the Dollar

Wall Street Investors Are Snatching Up Single-Family Homes And Taking Over The Rental Market

An ongoing shortage of housing will make it easier for banks and other Wall Street investors to take control of the market for single-family rental homes, National Association of Realtors Chief Economist Lawrence Yun told the Daily Caller News Foundation. Institutional investors, such as banks and other large investors, are on track to own 40% of single-family rentals in the U.S. by 2030, MetLife Investment … Continue reading Wall Street Investors Are Snatching Up Single-Family Homes And Taking Over The Rental Market

IMF offers Jordan’s central bank recommendations for implementing retail CBDC

The Central Bank of Jordan is closer to its next step toward a retail central bank digital currency (rCBDC) with the completion of an International Monetary Fund technical report on the country’s markets. The IMF conducted a three-month mission last year to assist the bank with preparations for a CBDC feasibility report. The IMF released its report on Feb. 23. Working between July and September … Continue reading IMF offers Jordan’s central bank recommendations for implementing retail CBDC

Fed’s James Bullard pushes for faster rate hikes, sees ‘good shot’ at beating inflation

St. Louis Federal Reserve President James Bullard expressed confidence that the central bank can beat inflation and advocated Wednesday for stepping up the pace in the battle. Bullard told CNBC that a more aggressive interest rate hike now would give the rate-setting Federal Open Market Committee a better chance to bring down inflation that, while falling some off the precarious levels of 2022, is still … Continue reading Fed’s James Bullard pushes for faster rate hikes, sees ‘good shot’ at beating inflation

Crypto Analysts Scramble to Explain Bitcoin’s Pause Near $25K

Bitcoin’s (BTC) upswing has come to a screeching halt at a price level that proved to be a tough nut to crack last year. The leading cryptocurrency picked up a strong bid at the start of the year and has gained nearly 50% since then, outperforming major traditional risk assets. However, the bullish momentum has stalled since Feb. 16, with the cryptocurrency failing multiple times … Continue reading Crypto Analysts Scramble to Explain Bitcoin’s Pause Near $25K

After Testing Four-Day Week, Companies Say They Don’t Want to Stop

A large majority of U.K. companies participating in a test of a four-day workweek said they would stick with it after logging sharp drops in worker turnover and absenteeism while largely maintaining productivity during the six-month study. In one of the largest trials of a four-day week to date, 61 British businesses ranging from banks to fast-food restaurants to marketing agencies gave their 2,900 workers … Continue reading After Testing Four-Day Week, Companies Say They Don’t Want to Stop

Hong Kong shows desire to be crypto hub with new regulation

As the U.S. government continues to rein in the crypto industry with a spate of regulations, other places are emerging as new hubs for the virtual asset industry. On Monday, Hong Kong proposed rules that would let retail investors trade certain “large-cap tokens” on licensed exchanges, a stark contrast to mainland China across its border where crypto-related transactions are outright banned. The city’s Securities and … Continue reading Hong Kong shows desire to be crypto hub with new regulation

El Salvador Plans to Open ‘Bitcoin Embassy’ in Texas

El Salvador is in discussions to open a “bitcoin embassy” in Texas, El Salvador’s Ambassador to the U.S. Milena Mayorga said on Tuesday. The Central American country wishes to open a bitcoin embassy in “new ally” Texas, Mayorga said on Twitter. The embassy will aid “expansion of commercial and economic exchange projects,” Mayorga said following a meeting with the state’s Secretary of State Joe Esparza. … Continue reading El Salvador Plans to Open ‘Bitcoin Embassy’ in Texas

Inflation rose 0.5% in January, more than expected

Inflation turned higher to start 2023, as rising shelter, gas and fuel prices took their toll on consumers, the Labor Department reported Tuesday. The consumer price index, which measures a broad basket of common goods and services, rose 0.5% in January, which translated to an annual gain of 6.4%. Economists surveyed by Dow Jones had been looking for respective increases of 0.4% and 6.2%. Excluding … Continue reading Inflation rose 0.5% in January, more than expected

Fed Chair Jerome Powell Sticks To Disinflationary Script; S&P 500 Rises

Federal Reserve Chair Jerome Powell on Tuesday didn’t adopt a more hawkish tone in the wake of a surprisingly strong January jobs report. The S&P 500 rose solidly after Powell’s talk, after some volatile swings higher and lower. Wall Street was on alert for more hawkish commentary after Friday’s jobs report showed a net gain of 517,000 jobs as the unemployment rate fell to a … Continue reading Fed Chair Jerome Powell Sticks To Disinflationary Script; S&P 500 Rises

Wholesale egg prices have ‘collapsed.’ Why consumers may soon see relief

Wholesale egg prices have cratered in recent weeks from record highs, meaning consumers may soon see relief at the grocery store. But the dynamics of egg pricing from the wholesale to retail market, in addition to other factors, means that’s not a sure thing in the short term. Prices fell to $2.61 per dozen eggs on Monday — a 52% decrease from the peak of … Continue reading Wholesale egg prices have ‘collapsed.’ Why consumers may soon see relief

Janet Yellen: ‘You don’t have a recession’ when U.S. unemployment at 53-year low’

U.S. Treasury Secretary Janet Yellen on Monday said she saw a path for avoiding a U.S. recession, with inflation coming down significantly and the economy remaining strong, given the strength of the U.S. labor market. “You don’t have a recession when you have 500,000 jobs and the lowest unemployment rate in more than 50 years,” Yellen told ABC’s Good Morning America program. “What I see … Continue reading Janet Yellen: ‘You don’t have a recession’ when U.S. unemployment at 53-year low’

Stocks close lower Monday as higher rates rattle investors

The markets were somewhat cautious on Monday, as U.S. stocks fell downward by the tech-heavy Nasdaq Composite, this as investors are increasingly growing cautious of rising bond yields. Meanwhile, Bitcoin continues to struggle near the $23,000 trading line. The following is from CNBC: U.S. stocks fell Monday, led downward by the tech-heavy Nasdaq Composite, as investors grew increasingly cautious of rising bond yields. The Dow Jones … Continue reading Stocks close lower Monday as higher rates rattle investors

Jobs report shows increase of 517,000 in January, as unemployment rate hit 53-year low

The employment picture started off 2023 on a stunningly strong note, with nonfarm payrolls posting their biggest gain since July 2022. Nonfarm payrolls increased by 517,000 for January, above the Dow Jones estimate of 187,000 and December’s gain of 260,000, according to a Labor Department report Friday. The unemployment rate fell to 3.4% versus the estimate for 3.6%. That is the lowest jobless level since … Continue reading Jobs report shows increase of 517,000 in January, as unemployment rate hit 53-year low

Fed announces smallest interest hike in a year 

The United States Federal Reserve signaled that soaring inflation may be slowing down a bit on Wednesday, announcing its smaller rate hike in almost a year. The Fed announced a quarter-point increase in its interest rate to a rage of 4.5% to 4.75%, which is the smallest increase since March of last year. “Inflation has eased somewhat but remains elevated,” the Fed said in a … Continue reading Fed announces smallest interest hike in a year 

Exxon smashes Western oil majors’ earnings record with $56 billion profit for 2022

Exxon Mobil Corp posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and soaring demand, pushing their combined take to near $200 billion. The … Continue reading Exxon smashes Western oil majors’ earnings record with $56 billion profit for 2022

Raising Chickens for Cheaper Eggs Gets Expensive Fast

Grocery shoppers, frustrated by the record prices of a dozen eggs, are increasingly choosing to go right to the source by bringing chickens home.  The price for a carton of eggs is up 60% year-over-year, according to the latest Consumer Price Index. Eggs are just one example out of hundreds of items that eat further into Americans’ budgets than they did a few years ago. … Continue reading Raising Chickens for Cheaper Eggs Gets Expensive Fast

Wall St snapping up Colorado River water rights

With the federal government poised to force Western states to change how they manage the alarming shortfall in Colorado River water, there is one constituency with a growing interest in the river’s fate that’s little known to some: Wall Street investors. Private investment firms are showing a growing interest in an increasingly scarce natural resource in the American West: water in the Colorado River, a … Continue reading Wall St snapping up Colorado River water rights

Yellen warns of debt ceiling “catastrophe” for U.S. and beyond

Treasury Secretary Janet Yellen told Axios she is “nervous” about the U.S. defaulting on its debt and cautioned that Americans likely will face a scary and spiraling recession if Congress doesn’t raise the debt ceiling this summer. “Of course, it makes me nervous,” Yellen told Axios from Johannesburg, South Africa, at the end of a 10-day trip across the continent. “It would be devastating. It’s … Continue reading Yellen warns of debt ceiling “catastrophe” for U.S. and beyond

Dollar touches 7-month low as Fed rate rise expectations slide

The dollar touched a seven-month low on Wednesday, reversing a trend that dominated much of 2022 as lower expectations of sharp Federal Reserve rate rises eased pressure on global markets. The fall in the US currency, one of the steepest since the aftermath of the global financial crisis, came as US retail figures showed a 1.1 per cent year-on-year drop in sales in December — … Continue reading Dollar touches 7-month low as Fed rate rise expectations slide

US Treasury buys time for Biden and GOP on debt limit deal

The U.S. government bumped up against its debt limit Thursday, prompting the Treasury Department to take “extraordinary” accounting steps to avoid default — as friction between President Joe Biden and House Republicans raised concern about whether the U.S. can sidestep an economic crisis. The Treasury Department said in a letter to congressional leaders it had started taking “extraordinary measures” as the government had run up … Continue reading US Treasury buys time for Biden and GOP on debt limit deal

Davos elites see a major risk ahead for markets with looming U.S. debt standoff

The finance and tech CEOs gathering at the World Economic Forum this week expressed measured optimism about the economy in 2023 — but at least one major risk looms for markets, they said. The resilient U.S. economy, a mild European winter and China’s reopening have given investors and forecasters hope that a severe recession can be avoided, Citigroup The U.S. economy has slowed since the … Continue reading Davos elites see a major risk ahead for markets with looming U.S. debt standoff

Goldman, M. Stanley profits plunge as dealmaking dries up

The profits for two iconic Wall Street firms — Goldman Sachs and Morgan Stanley — plunged sharply last quarter as volatile markets cut deeply into investment banking. Goldman’s profits tumbled 66% to $1.33 billion in the fourth quarter, it said Tuesday, well below what Wall Street had expected. Profits at Morgan Stanley slumped 40% to $2.2 billion, barely beating analyst projections. Expectations for Goldman and … Continue reading Goldman, M. Stanley profits plunge as dealmaking dries up

Central-Bank Digital Currencies Are Coming—Whether Countries Are Ready or Not

“Central-bank digital currency” doesn’t exactly roll off the tongue. But you might want to get used to saying it. These so-called CBDCs, or digital versions of dollars, yuan, euros, yen or any other currency, are coming, say those who study them. And depending on how they are designed and rolled out, their impact on the banking system could be profound. One hundred and fourteen countries … Continue reading Central-Bank Digital Currencies Are Coming—Whether Countries Are Ready or Not

Consumer prices fell 0.1% in December, in line with expectations from economists

Inflation closed out 2022 in a modest retreat, with consumer prices in December posting their biggest monthly decline since early in the pandemic, the Labor Department reported Thursday. The consumer price index, which measures the cost of a broad basket of goods and services, fell 0.1% for the month, in line with the Dow Jones estimate. That equated to the largest month-over-month decrease since April … Continue reading Consumer prices fell 0.1% in December, in line with expectations from economists