The latest CNBC All-America Economic Survey reveals that Americans have become increasingly pessimistic about the economy due to persistent inflation, higher interest rates, and recession concerns. This sentiment is at an all-time high, with a record-breaking 69% of the population holding negative views about the economy, both in the present and future. The survey, which included 1,000 individuals from across the country and had a … Continue reading Record 69% of public holds negative views about economy

House Republicans criticized Securities and Exchange Commission Chairman Gary Gensler on Tuesday over his agency’s strict approach to regulating cryptocurrency trading platforms. During a four-hour testimony before the House Financial Services Committee, Gensler maintained his position that crypto trading platforms and exchanges must adhere to US securities laws, CNBC reported. Republicans argued that the SEC’s disclosure rules were not designed for decentralized digital currency exchanges … Continue reading Gensler defends SEC’s crypto crackdown in House hearing 

On Monday, U.S. Treasury yields saw a slight increase as investors evaluated the prospects for the American economy while earnings season continued. The 10-year Treasury yield rose 7 basis points to 3.595%, while the 2-year Treasury yield jumped over 9 basis points to 4.198%. It’s worth noting that yields and prices have an inverse relationship, and each basis point is equivalent to 0.01%, CNBC reported. … Continue reading Treasury yields rise as investors weigh economic outlook

During his state trip to China this week, Brazilian President Luiz Inácio Lula da Silva called on developing nations to seek out an alternative currency to the US dollar, criticizing the dollar’s dominant role in global trade. This echoes the sentiments expressed by leaders of the BRICS countries, including Brazil, Russia, India, China, and South Africa, who have increasingly voiced their support for de-dollarization. The … Continue reading Brazil’s president backs calls for BRICS nations to use their own currency

Economists at the Federal Reserve predict that the recent banking instability will cause a slight recession later this year, which could be a concerning development for President Joe Biden as he prepares for an election campaign. In their briefing to policymakers before interest rate decisions, the central bank staff had previously anticipated a deceleration in GDP growth this year due to the Fed’s efforts to … Continue reading Fed economists project recession this year

On Wednesday, U.S. Treasury Secretary Janet Yellen is set to hold a roundtable discussion on the evolution of the World Bank and other development lenders in addressing climate change and other global crises. The discussion, taking place during the World Bank and International Monetary Fund Spring Meetings, will include finance ministers from major shareholders and borrowing countries, with a focus on finding ways to improve … Continue reading Yellen to push next steps for World Bank

Russia aims to challenge the U.S. dollar’s global dominance as the primary currency by proposing that countries in the BRICS alliance consider creating their own trade currency. Alexander Babakov, the State Duma Deputy Chairman, revealed this plan at the St. Petersburg International Economic Forum in India, which lasted for two days, Coingeek reported. During the conference, Babakov urged India and Russia to collaborate in building … Continue reading Russia wants BRICS nations to explore new trade currency

Following a new hiring report indicating a decrease in private-sector job growth and a separate report showing a decline in growth at U.S. service providers, U.S. stocks experienced a decline, particularly in the technology sector. The S&P 500 (^GSPC) decreased by 0.25%, while the Dow Jones Industrial Average (^DJI) had a slight increase of 0.24%. Meanwhile, the Nasdaq Composite (^IXIC), which is heavily composed of … Continue reading Stocks wobble, Nasdaq sinks as gold rallies

AFP reported that the Brazilian government has announced a deal between China and Brazil to trade in their own currencies, bypassing the US dollar as an intermediary altogether, Zero Hedge reported. This move marks the latest effort by Beijing to challenge the dominance of the greenback, and allows China and Brazil, whose trade amounts to $150 billion per year, to conduct financial transactions directly by … Continue reading China And Brazil Strike Deal To Ditch Dollar

According to an email seen by The Wall Street Journal, Elon Musk announced that Twitter Inc. employees would be receiving stock awards based on a valuation of roughly $20 billion, which is less than half of the $44 billion he had acquired the company for last year. In the note to staff, Musk expressed his optimism about the future of the social media company, stating … Continue reading Elon Musk Offers Employees Stock Grants Valuing Twitter at About $20 Billion

In an effort to keep up with China’s military advancements, the Pentagon is looking to collaborate with Silicon Valley startups to finance and develop new weaponry technology and more agile suppliers. There is growing concern that the U.S. defense industry’s consolidation has resulted in a reliance on a small group of large corporations that depend on government funding for research, hindering innovation. Meanwhile, China has … Continue reading WSJ: Pentagon Woos Silicon Valley to Join Ranks of Arms Makers

Despite the biggest banks in the U.S. injecting $30 billion into First Republic Bank, the company’s stock continues to plummet. On Monday, the stock price fell by more than 47%, with trading being halted several times due to volatility. In the last two weeks, the shares have declined by about 88%, closing at $12.18 after hitting an all-time low of $11.52 last week, CBS News … Continue reading First Republic Bank troubles mount despite Wall Street rescue

The tumultuous week for Wall Street ended on a bleak note on Friday, with significant declines in stock prices. Concerns deepened over the state of the banking industry, and anxiety mounted that it could potentially lead the economy into a recession. As of 11:30 a.m. Eastern time, the S&P 500 had decreased by 1.3% in midday trading, eroding its weekly gains. Similarly, the Dow Jones … Continue reading AP: Stocks fall as worries about banks, possible recession flare