Wall Street Today | Fed Officials See More Work on Inflation Despite Bank Strains
MACRO
Fed Officials See More Work on Inflation Despite Bank Strains
Fed officials continued to stress the need to lower inflation even as they keep an eye on the fallout from the collapse of $SVB Financial(SIVBQ.US$ earlier this month.
The comments from the three regional Fed presidents Thursday echoed remarks from Chair Jerome Powell last week that policymakers will not shrink from their responsibility to restore price stability despite banking strains.
Fed's Emergency Loans to Banks Fall in Sign of Easing Turmoil
Banks reduced their borrowings from two Federal Reserve backstop lending facilities in the most recent week, a sign that liquidity demand may be stabilizing.
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Michael Burry Says He Was 'Wrong to Say Sell,' Congratulates Dip Buyers
The founder of Scion Asset Management directed traders to "sell" ahead of the Federal Reserve meeting on Feb. 1. Now, he's telling Twitter followers that advice was incorrect, while congratulating dip buyers for pushing stocks higher than he anticipated.
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SECTORS
Cash Stashed in Funds Instead of Banks Fuels US Slump Risks
Money-market mutual funds are proving an irresistible place for investors to park their cash right now instead of banks. The amount squirreled away in them has surged to more than $5 trillion and that risks becoming a problem for the US economy if that grows too much and too quickly.
COMPANY
Apple Analyst Kuo Says Mixed-Reality Headset Faces Delay of 1 to 2 Months, Prompting Uncertainty over WWDC Launch
$Apple(AAPL.US$'s widely anticipated mixed-reality headset may not be ready in time for the company's June WWDC event, top Apple analyst Ming-Chi Kuo of TFI Securities wrote Thursday on Twitter.
Virgin Orbit Stock Plunges After Report Says Company Will Cease Operations
$Virgin Orbit(VORB.US$ plans to cease operations, according to a CNBC report Thursday afternoon. Virgin Orbit stock plunged 44% in after-hours trading after declining 16% in Thursday's regular session.
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Trump-Related SPAC Digital World Rises on Report He's Been Indicted
A Manhattan grand jury has voted to indict former President Donald Trump on felony charges, launching the first criminal case against a former president, according to multiple media reports. $Digital World Acquisition Corp(DWAC.US$, the blank-check company taking Trump's social media company public, rose 11% after hours Thursday following the news.
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Ford Hikes Prices on Its F-150 Lightning As Production Resumes After EV Battery Fire
$Ford Motor(F.US$ said that it has resumed full production of its electric F-150 Lightning pickup following a February battery fire — and that it's once again raising prices on the popular truck.
Source: Bloomberg, Dow Jones, CNBC
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