US BANKS
Is Warren Buffett aware that the US dollar is losing 99.99% of its value? What did Michael Saylor say about this?
In a podcast, Michael Saylor has warned that the US dollar is losing its value due to high rate of inflation and other currency options. He added that well known investors are aware of this reality.
Some way to go before reaching US inflation target, says New York Fed’s Williams
Inflation in the US has decreased from its pandemic-era highs, but more efforts are necessary to bring consumer prices down to the desired level, said John Williams, president and CEO of the Federal Reserve Bank of New York. Speaking on Friday at the Reserve Bank of India, Williams addressed global market speculations about when interest rates might be lowered in the world's largest economy.
US job growth moderates in June; unemployment rate rises to 4.1%
In June, job growth slowed with the unemployment rate at 4.1%, reported the Bureau of Labor Statistics. Nonfarm payrolls rose by 206,000, while average hourly earnings increased 0.3%. Revised May data showed fewer jobs added. Wage growth moderation and disinflationary trends bolster the Federal Reserve's rate cut prospects. Monitoring these changes is crucial for economic assessment.
US Independence Day 2024: Will stock markets stay open on Fourth of July?
Fourth of July celebrations are just on the brink, and people in the US are in a rather jovial mood due to all the festive plans and events around this occasion of US Independence Day 2024. However, this day being a federal holiday, will see some major operations staying closed.
US weekly jobless claims rise labor market slows
The labor market shows signs of easing as unemployment benefits claims increase. Layoffs rise due to interest rates impacting demand, and challenges in seasonal data adjustments persist. Market anticipates Fed's potential rate cuts. Job cuts decrease in June, but higher than last year. Nonfarm payrolls data may reveal job increase. Job openings ratio remains steady, while Fed deliberates policy changes post-hikes. Continuing claims rise due to policy effects.
Independence Day 2024 in US: Will banks, post offices, FedEx stay open on July 4?
July 4th is celebrated as the Independence Day in US, which is a federal holiday, meaning various services will stay shut for the entire day. However, a few selected services may stay open for those people who want to still run their errands on this holiday occasion of Independence Day.
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US job openings rise to 8.1 million despite higher interest rates
U.S. job openings increased slightly to 8.1 million in May, despite higher interest rates aimed at cooling the labor market, as reported by the Labor Department. Layoffs rose slightly, while the number of Americans quitting their jobs remained stable. The economy and job market have shown resilience despite the Federal Reserve's efforts to raise rates. Job openings have decreased since a peak in March 2022, signaling a possible slowdown in the economy.
Inflation is down in Europe. But the European Central Bank is in no hurry to make more rate cuts
In June, inflation in the eurozone fell slightly to 2.5%, above the European Central Bank's target. The ECB remains cautious about adding more rate cuts after a recent reduction. Inflation is expected to remain between 2% and 3%. ECB President Lagarde emphasizes the need to control inflation before further rate cuts. The economy faces challenges with high rates impacting credit-sensitive sectors like real estate.
US economic growth for last quarter is revised up slightly to a 1.4% annual rate
The US economy expanded at a 1.4% annual pace from January to March, the slowest quarterly growth since spring 2022, according to the government. Consumer spending grew only 1.5%, indicating high interest rates may be impacting the economy. The Commerce Department estimated a 1.3% GDP growth in the first quarter.
US weekly jobless claims drift lower
Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 233,000 for the week ended June 22, the Labor Department said on Thursday. The claims data included last Wednesday's Juneteenth National Independence Day, a new holiday. Claims tend to be volatile around public holidays.
All about China's War Game Exercise that Left the U.S. Air Force Worried
The US is concerned about growing cyber threats from China. The FBI Director has warned that there are multi-pronged threats against the US interest. Analysts have noted that there is a need for joint efforts to tackle this growing menace.
Has America’s banking information been compromised? What is this ransomware group’s demand?
A ransomware group named ‘LockBit’ is claiming to have hacked into the servers of the US Federal Reserve and stolen ‘sensitive’ banking information. They claim to be negotiating with the Central Bank and have threatened to release the information if their demands aren’t met by Tuesday.
Big US banks expected to be cautious on shareholder payouts
Big U.S. lenders brace for Fed stress tests evaluating capital resilience in economic hardships, impacting returns to investors amid challenges in regional lending and commercial real estate.
Juneteenth 2024: Banking and postal services to remain shut in the US? All you need to know
Juneteenth 2024 is a federally recognized holiday and some services in the United States may remain closed on this occasion. Know which of them are not going to be operating and which are to stay open in major US cities. Some major facilities across the US are staying shut for this occasion, which may see some of your plans change.
US based Wells Fargo bank fires several employees for faking work using keyboard simulation
Wells Fargo & Co fires employees for faking work activities, discovered through Bloomberg report of keyboard simulation. It implements a hybrid flexible model with specific office attendance policies.
US unveils sweeping sanctions targeting Russia over Ukraine war
The United States has imposed new sanctions on more than 300 targets, including entities in Russia and other countries, in an effort to constrain Moscow's war in Ukraine. The sanctions target entities involved in Russia's military-industrial complex and several liquefied natural gas projects. The move also broadens the reach of sanctions to include all Russian individuals and entities impacted by US sanctions, expanding the list from over 1,000 to about 4,500. The US is also restricting the supply of certain IT services and software support to individuals in Russia.
World Bank upgrades global growth outlook on resilient US economy
The World Bank raised its global growth outlook due to resilient consumer spending in the US, but warned of weak growth by historical standards.
Dollar or other currencies? How the US is daring the world to find a dollar alternative
The United States is challenging its own foundations as the world's reserve currency with attacks on the legal system following Donald Trump's conviction. Despite growing consternation, no credible alternative has emerged. The dollar's dominance stems from U.S. democratic principles, but threats loom as sanctions and political turmoil test its credibility.
US Fed's 'dot plot' could offer glimpse of rate-cut resolve
Since raising their benchmark federal funds rate more than five percentage points starting in March 2022, the Federal Open Market Committee (FOMC) has held borrowing costs at a two-decade high since July. A host of Fed leaders have suggested in recent weeks they see no rush to cut rates, with inflation more persistent and the outlook for growth staying solid.
G7 plans to warn small Chinese banks over Russia ties, sources say
U.S. officials expect the G7 wealthy democracies to warn smaller Chinese banks at the upcoming summit hosted by Prime Minister Giorgia Meloni regarding their assistance to Russia in evading Western sanctions.
US Fed likely to remain on pause and pare back rate cut expectations
The US Federal Reserve is likely to keep interest rates unchanged this week, but could pare back the number of cuts it has penciled in for this year, as policymakers digest a mixed bag of economic data. But with the data still painting a mixed picture, he is unlikely to rock the boat too much this week, according to Oxford Economics chief US economist Ryan Sweet.
ECB cuts rates, keeps next move under wraps
The European Central Bank cut interest rates for the first time in five years, lowering the deposit rate to 3.75%. The move came in response to inflation uncertainty following a slowdown. This move is seen as the start of an easing cycle, but future cuts may be delayed due to price and wage pressures. ECB remains data-dependent and may wait until September for further action. Fed's stance may impact ECB's decisions.
Juneteenth 2024 date, history: Is it federal holiday? Are New York Stock Exchange, banks, postal services closed?
Juneteenth holiday is nearing and it will be observed on Wednesday, June 19. It is a federal holiday.
ECB to start rate cuts but sticky inflation clouds path ahead
The European Central Bank (ECB) is set to reduce eurozone interest rates from historic highs this week, with a quarter-point cut expected on Thursday, lowering the key deposit rate to 3.75%. Despite the reduction, persistent inflation and stronger-than-expected economic data suggest a slow pace for further rate cuts. ECB President Christine Lagarde is anticipated to provide future guidance post-meeting. Analysts predict only modest rate reductions throughout the year, with the deposit rate projected to reach 3.25% by the end of 2024.
US inflation rises in line with expectations in April
U.S. inflation tracked sideways in April, a worrying sign for the U.S. central bank that suggests the elevated pace of price increases could last longer than expected and casts doubt on how soon it will be able to cut interest rates. The personal consumption expenditures (PCE) price index increased 0.3% last month, the Commerce Department's Bureau of Economic Analysis said on Friday, matching the unrevised gain in March.
Memorial Day 2024: What will remain open and what will be closed? Here are details
Memorial Day began in the 19th century as Gen. John Logan issued an order in 1868 to observe May 30 as a day of remembrance for those who died serving in the Civil War. While all Northern states recognized Decoration Day as a holiday by 1890, Southern states chose to observe it on separate days.
World Bank chief Ajay Banga open to managing G7 loan to Ukraine
World Bank President Ajay Banga is open to managing a fund for Ukraine, disbursing a G7 loan using earnings from frozen Russian assets for non-military purposes.
US weekly jobless claims fall as labor market remains solid
Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 215,000 for the week ended May 18, the Labor Department said on Thursday. Economists polled by Reuters had forecast 220,000 claims in the latest week.
Memorial Day in the U.S: Date, history, how to celebrate, what's open and what's closed; all you need to know
Memorial Day is a permanent federal holiday. Most banks' branches, including Bank of America, PNC, Truist, CitiBank and JPMorgan Chase, will remain closed on Memorial Day.
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