Author: News Room

U.S. inflation increased 5.0% for the 12-months ending March 31, 2023. Prices for energy along with used cars and trucks fell by 6.4% and 11.2% respectively, while all other items rose. For example, food prices remain high as food inflation increased 8.5% over the past 12 months. The cost of shelter rose 8.2% and transportation services increased 13.9% during the same period. Will the Fed continue to raise rates? Will the U.S. avoid a recession? What about inflation in the rest of the world? Inflation: Cause The pandemic has left more than a trail of unfortunate deaths and other health…

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By Andrea Shalal WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday called for the World Bank to implement further reforms this year to expand its ability to help developing countries meet global challenges such as climate change. Yellen hosted talks with global finance officials to discuss an initial spate of balance sheet changes that will allow the World Bank to lend an additional $50 billion over 10 years while maintaining its top-tier AAA credit rating, and how to deepen those efforts with it and other multilateral development banks. Yellen said the changes already approved had sharpened the mission of…

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By Barani Krishnan Investing.com — Gold reinforced its hold on $2,000 territory on Wednesday by reaching for another peak not seen in almost three years as softer U.S. consumer prices bolstered bets for a rate hike pause that could help the yellow metal’s quest for a record high. on New York’s Comex settled at $2,024.90 an ounce, up $5.90, or 0.3%, on the day. In the previous session, June gold rose by almost 2%. Wednesday’s session peak itself was $2,043.45 — a level not seen since August 2020. The , more closely followed than futures by some traders, got to…

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© Reuters. FILE PHOTO: Automobiles are shown for sale at a car dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake (Reuters) – New vehicles’ average transaction price fell below the manufacturer’s suggested retail price (MSRP) for the first time in 20 months, according to data published by automotive research company Kelley Blue Book. Vehicle prices turned hot after a pandemic-driven supply chain snag and an increased demand for private cars. The average transaction price of a new vehicle in the U.S. declined 1.1% in March to $48,008 from February’s $48,558. However, March prices rose 3.8% compared to a…

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San Francisco Federal Reserve President Mary Daly said the central bank will use all its tools to keep country’s financial system “safe and sound,” but she did not offer any fresh details on Silicon Valley Bank in her first public remarks since its failure. SVB was located in the San Francisco Fed’s region and the bank was responsible for regulatory oversight. Daly and the San Francisco Fed have been criticized for not spotting the potential problems earlier. The… Read the full article here

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Investors might use the terms exchange-traded fund and exchange-traded note interchangeably, but there’s a significant difference in the products’ structures. Owners of ETNs issued by Credit Suisse Group or other troubled banks may ultimately learn that lesson the hard way. While ETFs own securities directly, ETNs—a niche investment vehicle that has been seeing growing assets—are unsecured debt products created by a financial institution, usually a bank. There is no portfolio, just a bank’s promise to pay a specified return stream based on an underlying asset class—typically commodities or master limited partnerships—through a set maturity date. They also target more esoteric…

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It’s a big day for the economy, with data on inflation and the latest Fed minutes due for release. More on that later. But first let’s discuss the housing market, and this startling chart. It shows the huge gap between mortgage rates, and the rates that Americans are actually paying — a gap that hasn’t been this wide since the early 1980s,… Read the full article here

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A version of this story appears in CNN’s What Matters newsletter. To get it in your inbox, sign up for free here. The Environmental Protection Agency proposed a plan to remake the way car-obsessed Americans live, using public safety rules to accelerate the shift from internal combustion to electric vehicles. Just a fraction of the current auto market is EVs, but under standards announced by the EPA Wednesday, up to two-thirds of new vehicles sold in the US would be zero-emission or plug-in hybrid within a decade. The rules, which are not yet final, would use authority under the Clean…

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JPMorgan Chase was aware by 2006 that Jeffrey Epstein had been accused of paying cash to have underage girls and young women brought to his home — seven years before the bank dropped him as a client, legal filings in New York on Wednesday alleged.Mary Erdoes, who is now the head of asset management at the US bank, said under oath in a recent deposition that JPMorgan knew about the accusations by 2006, lawyers wrote in newly unredacted portions of a lawsuit filed against the bank by the US Virgin Islands, where Epstein had a home. “In 2010, JPMorgan compliance…

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Introduction In January, I wrote a bullish article on SA about Peruvian cement producer named Cementos Pacasmayo (NYSE:NYSE:CPAC) in which I said that I expected that sales in 2023 would be strong and that there could be another dividend of above $0.50 per ADR around the end of the year. In my view, the company posted good Q4 2022 financial results, but it seems that the first few months of 2023 could be challenging for the local cement sector as national cement production is back to pre-pandemic levels following several weeks of violent strikes in the first weeks of the…

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