Wall Street Today | Fed Officials See More Rate Hikes Possible While Inflation Persists
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Fed Officials See More Rate Hikes Possible While Inflation Persists
Two Federal Reserve officials said at least one more interest-rate hike is possible and that borrowing costs may need to stay higher for longer for the US central bank to ease inflation back to its 2% target.
While Boston Fed President Susan Collins said further tightening “is certainly not off the table,” Governor Michelle Bowman signaled that more than one increase will probably be required, cementing her position as one of the Federal Open Market Committee’s most hawkish members.
“I continue to expect that further rate hikes will likely be needed to return inflation to 2% in a timely way,” Bowman said in remarks to the Independent Community Bankers of Colorado in Vail Friday.
UAW to Expand Strike Against GM and Stellantis While Sparing Ford
The United Auto Workers’ unprecedented strategy to simultaneously target all three legacy carmakers is showing results.
The union said that it clinched key concessions from Ford Motor Co. and would spare the company more pain even as it expanded the strike to 38 additional facilities run by rivals General Motors Co. and Stellantis NV as of midday Friday.
BofA Says Rate Worries Spark Biggest Stock Outflows This Year
Investors are dumping equities at the fastest pace since December as the prospect of higher-for-longer interest rates raises the risk of a recession, Bank of America Corp. strategists say.
Global equity funds had outflows of $16.9 billion in the week through Sept. 20, according to a note from the bank citing EPFR Global data.
SECTORS
Oil’s Rally Cools as Tight Crude Market Vies With Hawkish Fed
While Russia’s announcement of a temporary emargo on gasoline and diesel exports has tightened an already stressed global fuel market, signals that the Federal Reserve will keep borrowing costs higher for longer have cooled oil’s rally. West Texas Intermediate posted its first weekly loss in a month, after reaching the highest level this year.
COMPANIES
Arm Stock Has Dropped Below IPO
$Arm Holdings(ARM.US$ arrived on the New York market with a bang at its initial public offering, but investors shouldn't rush to buy the chip-design stock, according to analysts at Susquehanna Financial Group.
While Arm Holdings listed with a valuation of more than $50 billion and has talked up its role in the growth of artificial intelligence, the shares have returned to near the listing price after an initial pop.
Apple Seeing Robust Demand for iPhone 15 Pro, Pro Max, Wedbush Says
Apple is seeing robust demand for the Pro and Pro Max versions of its newly launched iPhone 15, with pre-orders tracking higher than expected, Wedbush Securities said in a Friday client note.
Scholastic Shares Fall 11% After Bigger Loss in 1Q
Scholastic's shares were 13% lower Friday after the children's book publisher said its net loss widened in its fiscal year's first quarter from a year earlier.
Scholastic said after the close of trading Thursday that it had a net loss of $74.2 million in its fiscal year 2024, compared with a loss of $45.5 million in the year-earlier period.
Goldman Sachs to Pay $6 Million For Failing to Provide Complete Trading Information
$Goldman Sachs(GS.US$ has agreed to pay $6 million to settle charges that it failed to provide complete and accurate securities trading information, known as blue sheet data, to the Securities and Exchange Commission.
Microsoft's Activision Deal Provisionally Approved
$Microsoft(MSFT.US$'s $75 billion acquisition of $Activision Blizzard(ATVI.US$ took a major step toward being completed Friday after U.K. regulators said a new restructured deal substantially addresses its concerns over cloud gaming.
Source: Bloomberg, Dow Jones, CNBC
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Shootingstar : I wish to confiscate their money printing machine that all the money goes to a minority of non spending organisation wishing to control the world and model it to their liking
小桥戏水 : In 2020, the Federal Reserve printed trillions of dollars to give to Americans
bindian Shootingstar: As a result, the dollar became less and less valuable
Shootingstar 小桥戏水: Like all business economy model around the world the money printed will eventually flow back to the government by spending on essentials like good and petrol and majority by tax. They print to give only to get it back. In Singapore gst is going up but the gov gives out small moneys to it's citizens only to get it back a thousand fold
Shootingstar bindian: They are too many redundant government officials around the world having year on year salary increases and bonuses without any competition for their jobs like that of the middle income which is the pillar of any economy
小桥戏水 Shootingstar: It is for this reason that the US is inflated
bindian Shootingstar: Yes, but no matter what, you have to work hard to avoid becoming a victim of inflation
Shootingstar bindian: No matter how hard one works it is quite impossible to keep up with inflation, housing, food, transport and affordability to have children. Unable to retire for fear of not having enough for retirement. This is to reduce population growth to sustain the planet but every nation need more young workforce to sustain growth. Economist are waiting to catch each nations falling gdp and cannot wait to call for recession based on their outdated and unfeasible standards
bindian Shootingstar: This is not a single person facing this kind of problem. Everyone is facing it, and they are all working hard to change reality. Only by being optimistic can we be positive
Joao Shootingstar: I support you intellectually. Let's go
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