Author: News Room

By Michael S. Derby NEW YORK (Reuters) – Federal Reserve Bank of New York President John Williams said on Monday that financial system troubles that drove the central bank to provide large amounts of credit to banks is not collateral damage from the Fed’s aggressive effort to lower inflation. “I personally don’t think the pace of rate increases was behind the issues at the two banks back in March,” Williams said at an event held at New York University. The central banker, who is also vice-chairman of the rate-setting Federal Open Market Committee, was referring to the failures of Silicon…

By Karen Brettell NEW YORK (Reuters) – The dollar firmed on Monday after Friday’s solid jobs report boosted expectations for a U.S. interest rate hike in May, while the yen weakened as new Bank of Japan Governor Kazuo Ueda signaled no hurry to dial back its massive stimulus. U.S. employers hired at a strong pace in March, adding 236,000 jobs that pushed unemployment down to 3.5%, signaling labor market resilience that will keep the Federal Reserve on track to raise rates again next month. “In my view the pendulum of market sentiment is going to swing back in favor of…

© Reuters. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann By Divya Rajagopal TORONTO (Reuters) – Glencore (OTC:) Plc Chief Executive Gary Nagle plans to meet with some of Teck Resources (NYSE:) Ltd’s Canadian shareholders in Toronto this Thursday to personally lobby them for support of Glencore’s proposed takeover of the and zinc miner, according to a source who was invited.     Royal Bank of Canada’s RBC Capital Markets will host the Toronto lunch meeting, according to Jonathan Case of CI Global Asset Management, a…

Goldman Sachs GS, +0.79% settled charges Monday with the Commodity Futures Trading Commission that it violated standards related to equity index swap transactions. Goldman admitted that it failed to make necessary disclosures for “same-day” swaps to clients in 2015 and 2016, the CFTC said Monday. “The purpose of the CFTC’s Business Conduct Standards is to promote transparency and fairness in the swaps market,” said Ian McGinley, the CFTC’s director of enforcement, in a statement. “The CFTC is committed to ensuring that swap dealers abide by these standards, so that swap counterparties receive disclosures allowing them to assess material aspects of…

April is National Financial Literacy Month. To mark the occasion, MarketWatch will publish a series of “Financial Fitness” articles to help readers improve their fiscal health, and offer advice on how to save, invest and spend their money wisely. Read more here. Do you have the annual jitters about filing your taxes? If you want your tax return to go smoothly, experts advise filing online. The Internal Revenue Service’s backlog to process returns hovered at 2.17 million unprocessed individual returns at the end of March. That includes over half-a-million paper returns. You have been warned. Read the full article here

““Credit collapse, although terrible, is not as terrible as hyperinflation in terms of destruction wrought upon societies.”” — Paul Singer, hedge-fund manager and founder of Elliott Management That’s hedge-fund billionaire Paul Singer of Elliott Management, on why he thinks a deep recession and credit collapse will be necessary to purge financial markets of excesses created by more than a decade of easy-money policies. “I think that this is an extraordinarily dangerous and confusing period,” Singer told The Wall Street Journal, in a recent interview, warning that trouble in markets may only be getting started a year into the Federal Reserve’s…

Used car dealer CarMax is stuck between a rock and a hard place, just like so many other automotive-related companies in 2023, struggling to deal with rising interest rates and declining vehicle affordability. Investors will get a chance to see how the year is developing when the company reports fiscal year 2023 fourth-quarter earnings on Tuesday, before the market opens for trading. Wall Street is looking for 20 cents in per-share earnings from $6.1 billion in sales. A year ago, CarMax (ticker: KMX) reported 98 cents in per-share earnings from $7.7 billion in sales. Things are down year over year.…

Expelled lawmaker asked if he would change behavior if he’s reappointed After being expelled for protesting a lack of gun reform on on the Tennessee House floor, CNN’s John Berman asks Justin Pearson if he would continue to break the rules of decorum if he were reinstated. Read the full article here

The failures of Silicon Valley Bank and Credit Suisse have made a global economic slowdown more likely and European governments should be ready to support businesses as credit conditions tighten, veteran Italian banker Corrado Passera has said.“The banking crisis in the United States and the situation at Credit Suisse have increased the risk of recession,” said the 68-year-old, who left the top job at Italy’s largest bank Intesa Sanpaolo to serve in government at the height of the country’s debt crisis in 2011. Passera, who is now chief executive of Illimity, a digital bank he founded five years ago, added…

Tough Times Some days, the saying goes, you’re the windshield, and some days you’re the fly. Over the last several quarters, the personal computer business has found itself in the unenviable position of being the fly, helpless to the force of the windshield that has been embodied by difficult macro trends. Research firm Gartner recently published a note on the PC industry, highlighting that shipments in Q4 2022 declined 28.5% year over year, largely due to consumers feeling pinch of inflation and putting off large purchases, combined with the fact that the industry pulled forward a large amount of sales…