However, companies are still facing
difficulty in filling positions, as evidenced
by the 10.5 million job openings in the U.S.
The high number of openings has led to an increase
in wages, however the Fed warns that the trend is
likely to translate into higher prices for consumers.
To be clear, strong wage growth is
a good thing.
But for wage growth
to be sustainable, it needs to be
consistent with 2% inflation, Jerome Powell, Federal Reserve Chair, via NBC
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
In this Biz Pulse episode, we delve into market updates and the US Federal Reserve's announcement. Indian ADRs witness a decline, while IT stocks garner attention. Equity markets are on an upswing, while gold prices surge. Stay tuned for insights into these trends shaping the financial landscape.
#ADRStocks #ITMarket #StockMarket #Sensex #Nifty #IndianStocks #USStocks #USStockexchange #Businessnews #Worldnews #Oneindia #Oneindianews
~HT.178~PR.282~ED.101~GR.124~
Experts Say Fed's , Rate Hikes Could Impact , Housing Market for Decades.
Yahoo Finance reports that the housing market
has been showing signs of bouncing back as
this year's spring home-buying season begins.
For the second week in a row, mortgage rates
fell, reaching the lowest level in over a month. .
According to Freddie Mac, the average rate
on a 30-year fixed mortgage dropped to
6.74% from 6.88% the week before.
At the same time, supply is also
starting to rebound, with new listings
hitting a 17-month high in February. .
Despite the improvement, experts warn
that the Fed's aggressive rate-hiking campaign could
have long-lasting side effects on the housing market.
Despite the improvement, experts warn
that the Fed's aggressive rate-hiking campaign could
have long-lasting side effects on the housing market.
According to economist Gary Shilling, the Fed's
campaign has created a "perfect storm,"
with higher rates causing would-be
home sellers to put their plans on hold. .
It won't continue
indefinitely, but it certainly
is disruptive right now, Gary Shilling, Economist, via Yahoo Finance.
Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts.
Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts.
There's going to be low
supply for a long time to
come. What the Fed did…
will have a 30-year tail on it, Glenn Kelman, Redfin CEO, via Yahoo Finance.
Yahoo Finance reports that mortgage rates may be
unlikely to fall much further in the near term, meaning
that a more substantial rebound may still be far off.
Credit: Wibbitz Top Stories Duration: 01:30Published
Data Shows , US Wages Falling , at a 'Striking' Pace.
Fox News reports that wage growth
in the United States has slowed
significantly over the past year. .
According to new data from Indeed,
wage growth is beginning
to near pre-pandemic levels. .
Indeed's wage tracker showed that salaries have had
a marked drop since January 2022, suggesting that
employers are seeing less competition for new hires.
The pace of deceleration
is striking. Posted wage growth
has fallen by almost 3 percentage
points over the past year, Nick Bunker, Indeed labor economist, via Fox News.
Fox News reports that the most pronounced
deceleration was found in low-wage sectors. .
Given the huge run-up in posted
wages for those sectors, wage growth
is still above its pre-pandemic pace.
How long this will last is uncertain, Nick Bunker, Indeed labor economist, via Fox News.
After remaining historically tight throughout the last
year, the labor market is expected to continue slowing
in the coming months amid elevated interest rates.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
Despite this, job growth has
remained resilient, with employers
adding 275,000 jobs in February. .
At the same time, Labor Department
data shows that the unemployment
rate for the month also rose to 3.9%.
Credit: Wibbitz Top Stories Duration: 01:31Published
Consumer Prices , Rose 0.4% in February.
The Bureau of Labor Statistics released
its latest data on March 12.
In February 2024, prices rose 0.4%
compared to January and 3.2% year-over-year, according to the Consumer Price Index (CPI).
The figures, which are greater than expected, represent the biggest monthly increase since September, Yahoo Finance reports. .
The index for housing rent rose 0.5% in February.
Gas prices rose 3.8%.
While food prices held steady for the month, they increased 2.2% year-over-year.
The Federal Reserve will use the latest data to help determine its position on interest rates on March 20. .
Experts predict that rates will
remain unchanged for the time being.
The market is now eyeing June for the possibility of rate cuts, Yahoo Finance reports. .
Fed Chair Jerome Powell recently said
that while interest rates will likely
be cut "at some point this year,"
"a little bit more data" is needed.
Credit: Wibbitz Top Stories Duration: 01:31Published
Powell Says , Fed Remains Reluctant to Start , Lowering Interest Rates.
On March 6, Federal Reserve Chair Jerome Powell
said that interest rates will start to drop at
some point this year, without specifying when.
CNBC reports that Powell said policymakers
are closely monitoring the risks of inflation and
are reluctant to begin easing rates too quickly.
In considering any adjustments
to the target range for the policy
rate, we will carefully assess
the incoming data, the evolving
outlook, and the balance of risks. , Jerome Powell, Federal Reserve Chair, via CNBC.
The Committee does not
expect that it will be appropriate
to reduce the target range until
it has gained greater confidence
that inflation is moving
sustainably toward 2 percent, Jerome Powell, Federal Reserve Chair, via CNBC.
According to Powell, the Fed needs
"a little bit more data" before
making a decision on rates.
We think because of the strength
in the economy and the strength
in the labor market and
the progress we’ve made,
we can approach that step
carefully and thoughtfully
and with greater confidence, Jerome Powell, Federal Reserve Chair, via CNBC.
When we reach that confidence,
the expectation is we will
do so sometime this year.
We can then begin dialing back
that restriction on our policy, Jerome Powell, Federal Reserve Chair, via CNBC.
Markets are eagerly anticipating the Fed ending its
aggressive rate-hiking campaign, after 11 interest
rate increases between March 2022 and July 2023.
Longer-term inflation expectations
appear to have remained well
anchored, as reflected by
a broad range of surveys of
households, businesses, and
forecasters, as well as measures
from financial markets, Jerome Powell, Federal Reserve Chair, via CNBC.
Longer-term inflation expectations
appear to have remained well
anchored, as reflected by
a broad range of surveys of
households, businesses, and
forecasters, as well as measures
from financial markets, Jerome Powell, Federal Reserve Chair, via CNBC.
CNBC reports that Powell is scheduled for a two-day visit
to Capitol Hill this week, beginning with a March 6
meeting with the House Financial Services Committee.
Credit: Wibbitz Top Stories Duration: 01:31Published
Sabrina Impacciatore of 'The White Lotus' and Domhnall Gleeson from 'Star Wars: The Rise of Skywalker' have been cast in the new take on the beloved NBC Steve Carell-led comedy 'The Office.'
Credit: The Hollywood Reporter Duration: 01:08Published
Biden Looks to Energize , Young Voters With Earth Day , Solar Energy Grants.
Biden Looks to Energize , Young Voters With Earth Day , Solar Energy Grants.
NBC reports that President Joe Biden will mark
Earth Day with the announcement of $7 billion
in federal grants for residential solar projects.
NBC reports that President Joe Biden will mark
Earth Day with the announcement of $7 billion
in federal grants for residential solar projects.
The grants will bring solar energy
to over 900,000 households in both
low- and middle-income communities. .
According to senior administration officials, the
projects receiving additional funding will reduce emissions
by 30 million metric tons and save $350 million every year. .
According to senior administration officials, the
projects receiving additional funding will reduce emissions
by 30 million metric tons and save $350 million every year. .
NBC reports that solar power has gained
traction as a clean energy source that could
help reduce U.S. reliance on fossil fuels.
However, the high cost of initial installation
makes solar energy inaccessible
for many households in the U.S.
However, the high cost of initial installation
makes solar energy inaccessible
for many households in the U.S.
49 of the new grants will be awarded at
the state level, six more will serve Native American
tribes and another five are multi-state awards.
The grants will be used for renewable
investments that include rooftop solar
and community solar gardens. .
The grants will be used for renewable
investments that include rooftop solar
and community solar gardens. .
Officials say that the latest environmental
announcements are part of an effort to energize
young voters ahead of his upcoming reelection campaign.
Biden also reportedly plans to expand the
American Climate Corps green jobs training program,
which was created last year by executive action. .
Biden also reportedly plans to expand the
American Climate Corps green jobs training program,
which was created last year by executive action. .
The corps, which will offer nearly 2,000 positions across
36 states, is meant to offer young Americans the chance
to help enact the Biden administration's climate agenda. .
The corps, which will offer nearly 2,000 positions across
36 states, is meant to offer young Americans the chance
to help enact the Biden administration's climate agenda.
Credit: Wibbitz Top Stories Duration: 01:31Published
Olympic Break-Dancing , Is Making Its First Appearance , at the Paris Games.
NBC reports that break-dancing will
make its debut as an official Olympic
sport at the upcoming Paris Games.
Also known as breaking, the sport
features headspins, windmills, various
"freeze" moves and will be set to music.
According to the Paris Olympics, the sport is , "characterized by acrobatic movements, stylized
footwork and the key role played by the DJ and
the MC (master of ceremonies) during battles.".
The sport first made an appearance
at the 2018 Youth Olympics
in Buenos Aires, Argentina.
According to NBC Olympics, the event
garnered over one million viewers,
a much wider audience than many other sports.
According to NBC Olympics, the event
garnered over one million viewers,
a much wider audience than many other sports.
Breaking joins a number of other new sports, including
three that were debuted at the 2020 Tokyo Games: , surfing, skateboarding and sport climbing.
Breaking joins a number of other new sports, including
three that were debuted at the 2020 Tokyo Games: , surfing, skateboarding and sport climbing.
Breaking joins a number of other new sports, including
three that were debuted at the 2020 Tokyo Games: , surfing, skateboarding and sport climbing.
NBC reports that the new sports represent an effort
by the International Olympic Committee (IOC)
to draw in younger viewers and athletes. .
NBC reports that the new sports represent an effort
by the International Olympic Committee (IOC)
to draw in younger viewers and athletes. .
The Paris Olympics breaking competition
will be split into two events on August 9
and 10 at La Concorde Urban Park.
According to the Paris Olympics, the event
will see a total of 16 B-boys or 16 B-girls , "go face to face in spectacular solo battles.".
According to the Paris Olympics, the event
will see a total of 16 B-boys or 16 B-girls , "go face to face in spectacular solo battles."
Credit: Wibbitz Top Stories Duration: 01:31Published
Carl Erskine, , 1950s Dodgers Pitcher, , Dead at 97.
NBC reports that the baseball legend
died at Community Hospital Anderson in Indiana.
He was one of the last surviving members of the
celebrated Brooklyn teams from the 1950s, having
spent his entire career playing for the Dodgers.
He was one of the last surviving members of the
celebrated Brooklyn teams from the 1950s, having
spent his entire career playing for the Dodgers.
Between 1948 and 1959,
Erskine and the Dodgers took home
five National League pennants.
Between 1948 and 1959,
Erskine and the Dodgers took home
five National League pennants.
The right-handed pitcher had a career record of 122-78 with 981 strikeouts and an ERA of 4.00.
Erskine's best season came in 1953
when he led the National League
with a record of 20-6.
In 1954, Erskine had another
All-Star season, winning 18 games.
Out of his five World Series appearances,
the Dodgers beat the Yankees
in 1955 to win their only championship.
Out of his five World Series appearances,
the Dodgers beat the Yankees
in 1955 to win their only championship.
With Erskine's passing, 88-year-old
Sandy Koufax becomes the lone surviving
Dodgers player from that 1955 World Series team.
With Erskine's passing, 88-year-old
Sandy Koufax becomes the lone surviving
Dodgers player from that 1955 World Series team.
In July of 2023, the Baseball Hall of Fame's
board of directors awarded Erskine with
the Buck O'Neil lifetime achievement award.
In July of 2023, the Baseball Hall of Fame's
board of directors awarded Erskine with
the Buck O'Neil lifetime achievement award.
For millions of fans, he was
a baseball hero. For his family
and thousands of Special Olympians,
Carl was someone who always
believed everything was possible. , Jane Forbes Clark, Baseball Hall of Fame chairman, via NBC.
His legacy is one
of deep compassion
and encouragement
of the human spirit, Jane Forbes Clark, Baseball Hall of Fame chairman, via NBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Elon Musk Banks Nearly $12B , of Tesla Money in a Week.
Elon Musk Banks Nearly $12B , of Tesla Money in a Week.
Fox Business reports that according to the Dow Jones Market Data Group, Musk added..
Credit: Wibbitz Top Stories Duration: 01:31Published
The US Economy Grew , More Than Expected in 2022.
CNN reports that the United States
economy expanded again in the fourth
quarter, showing solid growth to end 2022. .
The news comes despite..
Credit: Wibbitz Top Stories Duration: 01:30Published
Fed Must Be Free of
'Political Control', to Curb Inflation, , Powell Says.
Federal Reserve Chairman Jerome Powell made the comments on Jan. 10.
Powell stated that preventing further price increases..
Credit: Wibbitz Top Stories Duration: 01:30Published
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