Fed leaves rates unchanged – Three experts on what that means
The Fed left rates unchanged in its last meeting before the 2020 presidential election in November. It also indicated rates were unlikely to rise until at least 2023. Three experts weigh in on what the Fed decision means. David Kelly,...
Yelp data shows 60% of business closures due to the coronavirus pandemic are now permanent
Yelp on Wednesday released its latest Economic Impact Report, revealing business closures across the U.S. are increasing as a result of the coronavirus pandemic’s economic toll. As of Aug, 31, 163,735 businesses have indicated on Yelp that they have closed....
Fed holds rates steady near zero and indicates it will stay there for years
The Federal Reserve kept its pledge to keep interest rates anchored near zero and promised to keep rates there until inflation rises consistently. As the central bank concluded its two-day policy meeting Wednesday, it said short-term rates would remain targeted...
Activist ValueAct played a key role in speeding up Citigroup CEO’s retirement, sources say
CEO Michael Corbat answers questions at Citi’s 2017 Investor Day. Source: Citigroup.com Three years ago, Michael Corbat strode onto the stage of a ballroom in midtown Manhattan and proclaimed that a new day had arrived at Citigroup. The bank had...
U.S. consumer spending appears to slow in August
U.S. consumer spending appeared to slow in August as extended unemployment benefits were cut for millions of Americans, offering more evidence that the economic recovery from the Covid-19 recession was faltering. Core retail sales, which correspond most closely with the...
Mortgage demand fell last week as interest rates stalled
With no major move in mortgage rates, there was no sudden incentive to refinance a home loan last week, so fewer people did. That drove overall mortgage application volume down 2.5% from the previous week, according to the Mortgage Bankers...
In last meeting before election, the Fed could placate markets with promise of low rates for years
Federal Reserve Chairman Jerome Powell, wearing a face mask, testifies before the House of Representatives Financial Services Committee during a hearing on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease (COVID-19), on...
OECD projects global GDP will collapse by 4.5% this year
Posters in the window a a closing-down shop advertise a “Stock Liquidation” in Manchester, northern England on August 12, 2020. Paul Ellis | AFP | Getty Images LONDON — The global economy has performed better-than-expected but it is still on...
The Fed could still move markets Wednesday even with rates on hold for the foreseeable future
Federal Reserve Board Chairman Jerome Powell speaks during a press conference following the January 28-29 Federal Open Market Committee meeting, in Washington, DC on January 29, 2020. Mandel Ngan | AFP | Getty Images While committed to keeping interest rates...
Market volatility is set to swell after Election Day, Wells Fargo warns
September’s early volatility may be no match for what comes after the presidential election. Wells Fargo Securities’ Michael Schumacher notes volatility is set to jump following the results — not recede. “Normally, you might think that it’s Election Day or Election...
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