‘Wow,” Fed’s Daly says after killer jobs report, but it doesn’t alter Fed’s inflation-fighting plan
The president of the San Francisco Federal Reserve said the huge increase in new U.S. jobs in January was a “wow” report, but she stressed the central bank needs more information before it decides how much further to raise interest rates. “What I am seeing is a strong labor market,” Mary Daly said in an […]
Wall St gains over 1% after encouraging inflation data with Fed next
Nasdaq posts biggest January gain since 2001U.S. labor cost growth slows in fourth quarterExxon, UPS rise after results, Caterpillar slumpsFed decision on interest rates on WednesdayIndexes up: Dow 1.09%, S&P 500 1.46%, Nasdaq 1.67%NEW YORK, Jan 31 (Reuters) – Major U.S. stock indexes closed over 1% higher on Tuesday as labor cost data encouraged investors […]
U.S. employment costs rise more slowly, but still too fast for Fed comfort
The numbers: The U.S. employment cost index rose more slowly at the end of 2022 for the third quarter in a row, but worker compensation still rose a sharp 1% and didn’t offer much comfort to the Federal Reserve as it fights to tame inflation. Economists polled by The Wall Street Journal had forecast a […]
How to pay for reparations in California? ‘Swollen’ wealth could replace ‘stolen’ wealth through taxes
The panel responsible for the nation’s first state-level exploration of reparations for Black Americans discussed an important question this weekend: How will the state pay for reparations?The California reparations task force listened to testimony from experts who suggested possible sources for compensation, after previous meetings had touched on the potential for hundreds of thousands of […]
Tyre Nichols, George Floyd and police abuse: Time for a public-union reckoning?
As the family of Tyre Nichols endures the release of the video of the young Black man’s fatal traffic stop with Memphis police, and the nation still smarts from the civilian-filmed 2020 murder of George Floyd at the hands of Minneapolis cops, a book hitting this week argues it’s time to disband the public labor […]
California reparations push needs to be a ‘game-changer,’ author of bill says
“” — Shirley Weber, California secretary of state, addressing the Reparations Task Force California Secretary of State Shirley Weber, who wrote the legislation that established the state’s groundbreaking reparations task force as a state assemblywoman, made that plea Friday to the panel at the beginning of a two-day meeting in San Diego. Weber’s Assembly Bill […]
S&P 500 nears first ‘golden cross’ in 2.5 years, but this doesn’t guarantee more gains ahead
The S&P 500 is on the verge of achieving its first “golden cross” in two-and-a-half years, but that doesn’t mean stocks are destined for more gains over the coming year. The golden-cross indicator is used by technical analysts as a sign that a particular upward trend in markets or currencies is gaining momentum. Barring a […]
Fed rate cuts always lead to stock-market gains — but this one thing must happen too, veteran Wall Street strategist says
It’s way too early to proclaim a Goldilocks environment, even if major asset classes are at least pointing to a better chance of it. The S&P 500 SPX has gained 5% this year, and the tech-heavy Nasdaq Composite COMP is up 8%, even with a seemingly daily stream of job-cut announcements. Stay tuned Thursday to […]
South Korea’s economy contracts sequentially in Q4 for first time in 2 years
South Korea’s economy contracted sequentially in the fourth quarter of 2022 for the first time in more than two years due to weak exports and private consumption. Gross domestic product shrank 0.4% from the prior quarter during the October-December period–the first sequential contraction since the second quarter of 2020–after a 0.3% expansion in the third […]
Treasury yields edge lower as tech earnings disappoint, sparking risk aversion
Treasury yields edged lower on Wednesday as worries about a slowing U.S. economy hit appetite for risk and boosted demand for government bonds.What’s happeningWhat’s driving markets A risk-off tone across markets was encouraging investors to buy government bonds on Wednesday, nudging yields lower. Investors were focused in… Source link