Wall Street Today | Fed's Evans Sees Another Jumbo Rate Hike on Table in September
MACRO
Fed's Powell Affirms Need to Act Strongly to Fight Inflation
Federal Reserve Chairman Jerome Powell said the central bank is squarely focused on bringing down high inflation to prevent it from becoming entrenched as it did in the 1970s, firming expectations of a third consecutive 0.75-percentage-point rate rise later this month.
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Fed's Evans Sees Another Jumbo Rate Hike on Table in September
"I think that we've got a good plan in place. We could very well do 75 in September," Federal Reserve Bank of Chicago President Charles Evans said Thursday during remarks at an event hosted by the College of DuPage in Glen Ellyn, Illinois.
Queen Elizabeth II Dies at 96 After 70 Years on the Throne
Queen Elizabeth II, who defined the monarchy for generations of Britons, died on Thursday, plunging the U.K. into mourning and giving the country its first new head of state in 70 years, her son, King Charles III.
SECTORS
The Copper Market Is Flashing Signs of Tight Supply
The premium for cash copper over three-month futures on the London Metal Exchange rose by as much as 91% Thursday to a high of $145 per metric ton, an indication the market is paying more for units right now. That's the biggest backwardation since November last year.
Mortgage Rates Hit 5.89%, Highest Level Since 2008
The average rate on a 30-year fixed mortgage rose to 5.89%, topping an earlier high from June, according to a weekly survey by Freddie Mac released Thursday. This time last year, rates were below 3%.
COMPANY
Rivian, Mercedes to Partner on Electric-Van Factory
The two companies said Thursday they signed a memorandum of understanding to establish a joint venture to invest in and operate a factory in Europe to produce large electric vans for both companies, starting in a few years. $Rivian Automotive(RIVN.US$ $MERCEDES-BENZ GROUP AG(MBGAF.US$
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T-Mobile Announces $14 Billion Share-Buyback Program
$T-Mobile US(TMUS.US$ announced that its board of directors has authorized up to $14 billion in stock buybacks, in a move that shows how the telecommunications industry has evolved in recent years.
Citi Wins Appeal on Errant $500 Million Revlon Loan Payment
Hedge funds shouldn't be able to keep roughly $500 million they were mistakenly paid by $Citigroup(C.US$ on a loan owed by now-bankrupt cosmetics company $Revlon(REV.US$, a federal appeals court ruled Thursday.
Trump's SPAC Partner Gains a 4-week Reprieve After Failing on a Key Vote
$Digital World Acquisition Corp(DWAC.US$, the SPAC aiming to take former President Donald Trump's media company public, adjourned its shareholder meeting until Oct. 10 to allow voting to continue on delaying the merger.
GM Courts Mainstream Buyers With $30,000 Electric Chevy Equinox
$General Motors(GM.US$ said it plans to release an electric Chevrolet SUV priced around $30,000, targeting cost-conscious buyers as prices soar on other plug-in models.
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Source: Bloomberg, Dow Jones, CNBC
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