Author: News Room

The Federal Reserve will set interest rates six more times in 2023. The Fed’s own forecasts suggest one more high is likely, with more possible, and then holding rates at elevated levels for the rest of 2023. Fixed income markets disagree. Bond markets see some chance of another hike at the upcoming May meeting, but then view rate cuts as almost certain later this year. The disconnect reflects disagreement on the chances of a U.S. recession. Markets see a recession looming, the Fed is more optimistic. Fed Meeting Timing The Fed’s remaining interest rate decisions for 2023 are scheduled for…

Rain is a four-year-old company that uses technology to advance employees, typically hourly workers, their wages shortly after a shift ends so they don’t have to wait for payday to have cash on hand. The Los Angeles-based business says it secured a $250 million valuation through a $116 million funding round made up of $66 million in equity and $50 million in debt. The raise was led by fintech-focused venture capital firm QED QED investors and Invus Opportunities. Wndrco, Tribe TRIBE2 Capital and Dreamers VC, which was co-founded by the actor Will Smith, also invested. In the time waiting for…

In recent weeks, we experienced historic changes in the banking industry. A series of idiosyncratic events at a few specialized financial institutions led to a push to move deposits to the largest banks in the country in just a few days. The concern among both consumers and businesses that their money may not be safe at a community or regional bank has broader implications for the industry. The strength of the U.S. economy is powered by our robust and diverse banking system. Banks are part of the public fabric and the funds in our system propel our economic vitality. The…

BEIJING (Reuters) – China’s new yuan loans are expected to rebound in March from a sharp drop in February, a Reuters poll showed, as the central bank keeps policy accommodative to support a nascent economic recovery. Chinese banks are estimated to have issued 3.24 trillion yuan ($471.30 billion) in net new yuan loans last month, up sharply from 1.81 trillion yuan in February, according to the median estimate in the survey of 20 economists. The expected new loans would be 3.5% higher than 3.13 trillion yuan issued in the same month a year earlier. After record growth in credit in…

By Ambar Warrick Investing.com — Asian currencies inched lower on Tuesday amid growing uncertainty over economic growth this year, while the Australian dollar retreated after the Reserve Bank held interest rates and signaled that inflation had likely peaked. The lost 0.3% after the RBA in a closely-watched decision. The bank said that it was waiting to observe the full effects of its year-long rate hike cycle on the economy, and that had likely peaked after touching an over 30-year high in December. While inflation eased for two consecutive months from a December peak, it was still well above the RBA’s…

SINGAPORE (Reuters) – BHP Group (NYSE:)’s programme to support promising minerals explorers will expand beyond and nickel to prospective uranium and lithium projects from September, the head of its Xplor program said on Wednesday. The Xplor accelerator program chose seven projects around the world to support for six months from January in its first year this year that fit with BHP’s portfolio – copper and nickel – and are key to the energy transition. BHP expects the world to need twice the amount of copper by 2030 as is produced this year, and four times the amount of nickel. For…

© Reuters. By Mike Scarcella (Reuters) – A U.S. appeals court on Friday declined to reinstate a lawsuit from Chicago drivers who claimed the city’s costly parking meter rates were derived from a 75-year, $1.1 billion contract with a private company in violation of U.S. antitrust law. The unanimous decision by a three-judge panel of the Chicago-based 7th U.S. Circuit of Appeals upheld the dismissal of the motorists’ legal challenge in Illinois federal court. The lawsuit sought to compel Chicago to end its long-term contract with Chicago Parking Meters LLC, the defendant in the case. The cost of metered parking…

The numbers: Banks trimmed borrowing from the Federal Reserve for the second week in a row, as stress in the financial system appeared to ease further almost a month after the surprising collapse of Silicon Valley Bank. Financial institutions drew $149 billion in credit in the week ended April 5, based on the Fed’s weekly H.4.1. survey. That’s down from $154 billion last week and $164 billion two weeks ago. Reduced borrowing points to less stress on the financial system after several regional U.S. banks floundered last month. Key details: Banks borrowed $69.7 billion from the Fed using the traditional…

My husband is 81 years old and I am 68. He was a banking professional for many years and retired in 2007. He always handled our finances but became ill a few years ago. I took it upon myself to sort out our tax situation and was appalled to find he had not done our taxes after 2018. He got sick in 2019 and is unable to manage our finances. I’m working with a tax preparer who filed for an extension for 2022 since she can’t get to us until after April 18. Will the IRS take into consideration that…

Dogecoin DOGEUSD, -0.47% supporters no longer appear able to count on Twitter to help elevate their dog-themed cryptocurrency’s image, or apparently its price. As of Thursday evening, Twitter had switched back to its classic blue bird logo from a Shiba Inu image displayed earlier in the week, and the price for dogecoin dropped to $0.086 from $0.09 late Thursday, down 8.46% in the past 24 hours, according to CoinDesk data. It was unclear whether the logo would change back once more, and Twitter didn’t respond to a request for comment when contacted by MarketWatch (unless an automatic reply with a…