Wall Street Today | Treasury Taps Retirement Funds to Avoid Breaching US Debt Limit
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Fed’s Brainard Favors High Rates for Some Time to Cool Inflation
“Even with the recent moderation, inflation remains high, and policy will need to be sufficiently restrictive for some time to make sure inflation returns to 2% on a sustained basis,”Federal Reserve Vice Chair Lael Brainard said in prepared remarks Thursday for a University of Chicago Booth School of Business event. She didn’t explicitly state a preference for whether the Fed should downshift to a quarter-point rate hike at its next decision due Feb. 1, as traders expect.
Fed’s Williams Says There’s More Work to Do to Cool Inflation
“With inflation still high and indications of continued supply-demand imbalances, it is clear that monetary policy still has more work to do to bring inflation down to our 2% goal on a sustained basis,” Federal Reserve Bank of New York President John Williams said Thursday in prepared remarks for an event in New York with the Fixed Income Analysts Society, Inc. Williams did not specify in his remarks how high he expects rates will need to go to calm price gains, or what size move officials should take when they meet in two weeks.
Treasury Taps Retirement Funds to Avoid Breaching US Debt Limit
The department is altering investments in two government-run funds for retirees (CSRDF and PSRHBF), in a move that will give the Treasury scope to keep making federal payments while it’s unable to boost the overall level of debt.
Treasury Secretary Janet Yellen informed congressional leaders of both parties of the step in a letter on Thursday. She had already notified them of the plan last week, when she flagged that the debt limit would be hit Jan. 19.
COMPANY
Nordstrom Holiday Sales Decline as Shoppers Tighten Belts
$Nordstrom(JWN.US$ became the latest retailer to report declining holiday sales as consumers tightened their spending amid persistent economic challenges.
The department-store chain said Thursday that sales during the nine weeks that ended Dec. 31 declined 3.5% from a year earlier, leading the Seattle-based company to adjust its full-year forecast. Shares dropped 5.4% in after-hours trading.
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Reed Hastings to Step Down as Netflix Co-CEO, Stock Leaps as Subscriber Additions Beat Expectations
Netflix earnings miss on noncash charge, but subscriber additions hit 7.7 million and easily surpass expectations as founder moves to executive chairman and new co-CEO named.
$Netflix(NFLX.US$ added more subscribers than expected in the final quarter of 2022, sending shares higher in after-hours trading Thursday even as founder Reed Hastings prepared to step down from the chief executive role he has maintained since the company's inception. The company announced that Hastings would become executive chairman, while Chief Product Officer Greg Peters moves up to co-CEO, joining Ted Sarandos.
T-Mobile Says Hackers Gained Access to Data on 37 Million Customers
$T-Mobile US(TMUS.US$ disclosed in a securities filing Thursday that hackers gained access to personal data for 37 million of the wireless carrier's account holders. The company said the data accessed includes names, billing addresses, email, phone numbers, account numbers, birth dates, and plan features.
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Ark's Wood Remains Bullish on Tesla, Says Oil Stock Rally 'Defying Logic'
Star stock picker Cathie Wood of Ark Invest suggested the rally in energy stocks will soon end and reiterated her bullish view on $Tesla(TSLA.US$ in a webinar on Thursday. "We are as bullish about Tesla as we have ever been," she said.
She thinks yet the rally energy stocks over the last six months despite the roughly 30% decline in the price of oil suggests that the market is now over-valuing value stocks. "The market is defying logic from our point of view," she said.
P&G Raised Prices 10%, and the Volume of Products Sold Fell More Than Expected
Earnings matched expectations and full-year sales outlook was raised, while estimate of inflation and foreign-exchange headwinds was trimmed to $3.7 billion
In the second quarter, $Procter & Gamble(PG.US$ raised prices even more it did than last quarter, which led to a deeper-than-anticipated drop in demand -- but the branded consumer goods giant is OK with that, as it still managed to keep pace with its peers. Investors didn't seem OK with the fiscal second-quarter results, however, as concerns over the drop in shipment volume appeared to overshadow the fact that earnings met expectations and the full-year sales outlook was raised.
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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powerful Hare_yqv : our government needs to get their stuff in order and really think about us and not take our money for granted. This is ridiculous. we give and give to other countries and do not help us.
SpyderCall : Good job spreading the good info!
I missed the last few fed speaks so this is valuable stuff.
Revelation 6 : So Yellen is basically saying is since you won’t raise the debt ceiling so the overblown budgets of the past can be pushed in to the overblown budgets of the future, I’m going to tap your retirement funds to pay the bills we should be paying anyway but we can’t because we’re to busy giving money away and passing trillion dollar budgets as part of Chairman Biden’s “Common Poverty Plan.” (And 10% for the Big Guy fee) Hey Yellow Yellen, let me tell you a secret, the people making the decisions on the debt ceiling really don’t need their government retirements as they’re fairly prior to being elected and that has been enhanced by their membership in the government organized crime group. The only people you’re hurting are the little people, again. May I make two suggestions? 1. Go ahead and get 2-3 taps on the head with the crowbar of knowledge, weekly, as needed. 2. Hire @Syueeas a Consultant and pay her twice what you’re getting, to unscrew the mess you have created, raise the IQ of your office by 130 points and make the Treasury Department a kinder, gentler, easier to look at and more friendly place to do business. SK included.
搞经济 抄底 加仓 : After many years of trading. You'll realise 60% of trader selling then will make the price goes up
. Price down when higher % of people buying . Totally my personal opinion 