The unanimous decision marked the Fed’s 10th consecutive rate increase aimed at battling inflation and brings its benchmark federal-funds rate to a range between 5% and 5.25%, a 16-year high. Central-bank officials remove earlier guidance that had pointed to further increases signaled they might be done raising interest rates for now. (Wall Street Journal, May 3, 2023, https://www.wsj.com/articles/federal-reserve-raises-rates-signals-potential-pause-eb264784?mod=economy_more_pos6)
U.S. trade with the rest of the world increased in March as companies shipped more oil, natural gas and vehicles overseas and exported more products to China after it lifted Covid restrictions. (Wall Street Journal, May 4, 2023, https://www.wsj.com/articles/u-s-trade-with-world-rose-in-march-on-energy-auto-shipments-f7867d09?mod=economy_more_pos5)
Stocks ripped higher Friday on the back of an upbeat jobs report, capping a tumultuous week that saw regional bank stocks buckle even after JPMorgan Chase swooped in to buy failing First Republic Bank and the Federal Reserve chairman said the banking system was sound. (Wall Street Journal, May 5, 2023 https://www.wsj.com/articles/global-stocks-markets-dow-news-05-05-2023-cb142c76?mod=markets_lead_pos1)
In a week that included another interest-rate hike by the Federal Reserve and a rescue of First Republic by JPMorgan Chase, the KBW Regional Banking Index, which tracks regional banks in the U.S., was down 28% this year, through Friday. (Wall Street Journal, May 5, 2023 https://www.wsj.com/articles/the-regional-bank-selloff-visualized-f9a41dd3?mod=markets_lead_pos3)
Thousands of jobs were added in April—even in industries with layoffs. Hiring held up in tech, construction and manufacturing as the labor market continues to boom. (Wall Street Journal, May 6, 2023, https://www.wsj.com/articles/thousands-of-jobs-were-added-in-aprileven-in-industries-with-layoffs-a768a3ab?mod=economy_lead_story)
President Joe Biden has invited congressional leaders for a May 9 meeting after Treasury Secretary Janet Yellen suggested that the so-called X-date, after which the US might exhaust its options to fund itself, could come as early as June 1 — less than a month away. (Bloomberg, May 6, 2023, https://www.bloomberg.com/news/articles/2023-05-06/debt-ceiling-in-focus-as-us-banking-turmoil-persists?srnd=null)
World trade data begin to show early signs of ‘Reglobalization’. Vietnam, Mexico, India are among gainers at China’s expense. Trade-landscape transformation has started but will take years (Bloomberg, May 6, 2023, https://www.bloomberg.com/news/articles/2023-05-06/world-trade-data-begin-to-show-early-signs-of-reglobalization?srnd=economics-v2)
Top Democrats and Republicans are racing to try to find a politically acceptable way to raise the nation’s borrowing limit in the coming weeks, diving into talks that President Biden has avoided during months of impasse. (Wall Street Journal, May 7, 2023, https://www.wsj.com/articles/biden-lawmakers-look-to-break-impasse-on-debt-ceiling-3b6e6809?mod=economy_more_pos2)
top of page
Search
Recent Posts
See AllWith the new year around the corner, as part of the continuous effort of adding value to our clients, I would like to introduce a few new...
0
I was asked by ThinkAdvisor journalist how to help clients make decision on what to do when a client’s CDs and bonds mature. Below is my...
0
bottom of page