Bank of England Hikes Interest Rates by Quarter Point in 11th Consecutive Increase
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The biggest U.S. banks reported stronger-than-expected first-quarter earnings, but results were tempered by rising pressure from interest rates, which squeezed profit margins.
The biggest U.S. banks reported stronger-than-expected first-quarter earnings, but results were tempered by rising pressure from interest rates, which squeezed profit margins.The Wall Street Journal - World -
Bank of Korea Stands Pat, Keeping Guard Up Against Inflation
South Korea’s central bank held its base rate steady for a 10th consecutive time as widely expected, keeping its guard up against still-stubborn inflation.The Wall Street Journal - World -
Markets are wrong to think U.K. rate cuts will track the U.S., says Bank of England policymaker
Linking the trajectory of interest rate cuts in the U.K. too tightly to the U.S. is mistaken because British inflation will be stickier, according to a Bank of England monetary policymaker.MarketWatch - Business -
BoE’s Bailey insists UK ‘on track’ to quell inflation
Governor keen to set his own course on interest rate cuts but may find it uncomfortable to move faster than the FedFinancial Times - Business - United Kingdom -
Bank of England to cut rates in May, Morgan Stanley says, retaining contrarian call
Morgan Stanley says that the Bank of England will cut interest rates as soon as May, in a notable sign of optimism amid waning market sentiment.CNBC - Business -
New York Community Bank’s online arm is paying the nation’s highest interest rate
NYCB raised the rate offered via its online arm My Banking Direct to 5.55%, higher than any other U.S. savings account, weeks after needing a capital infusion.CNBC - Business - New York -
The Fed is determined not to reduce interest rates too soon, experts say — a mistake the central bank has made in the past
The Fed is determined not to reduce interest rates too soon, experts say — a mistake the central bank has made in the past.CNBC - Business -
European Central Bank gives strong signal that cuts are on the way despite Fed uncertainty
The euro zone's central bank held interest rates steady for a fifth straight meeting.CNBC - Business - Federal Reserve -
What to expect from bank earnings as high interest rates pressure smaller players
JPMorgan Chase, the nation's largest lender, kicks off earnings for the industry on Friday, followed by Bank of America and Goldman Sachs next week.CNBC - Business -
High interest rate anxiety
How long can the economy last without a recession?Financial Times - World -
‘Serious possibility’ that Fed’s next rate move is a hike, warns Larry Summers
“You have to take seriously the possibility that the next rate move will be upwards rather than downwards.”MarketWatch - Business -
Firm inflation during the first quarter has called into question whether the Fed will be able to lower interest rates this year without signs of an unexpected economic slowdown, Powell said.
Firm inflation during the first quarter has called into question whether the Fed will be able to lower interest rates this year without signs of an unexpected economic slowdown, Powell said.The Wall Street Journal - World - Federal Reserve -
Ben Bernanke’s brutal verdict on the Bank of England
Former Fed chair highlights shortcomings in modelling but does not call for policymakers to publish own rate projectionsFinancial Times - Business -
Adidas shares rise 8% after first-quarter profit hike, improved outlook
Shares of Adidas jumped on Wednesday after the company raised its full-year guidance and reported a first-quarter profit hike, according to preliminary figures.CNBC - Business -
Bank of America Earnings Drop, Under Pressure From Higher Rates
The bank reported an 18% drop in first-quarter profit, but still topped expectations with strong performances from its Wall Street and wealth-management operations.The Wall Street Journal - World -
Bank of America Earnings Drop 18% in First Quarter
The bank reported that it earned $6.7 billion in the first quarter of 2024.The Wall Street Journal - World -
Investment Banking Bounceback Powers Big U.S. Lenders
Top U.S. banks, including Bank of America, JPMorgan and Goldman, posted better-than-expected earnings thanks to strong consumer spending and a flurry of Wall Street activity.The Wall Street Journal - World -
Wall Street’s Big Rethink on Interest Rate Cuts
Investors see Wednesday’s Consumer Price Index report as a pivotal report card on inflation and the Federal Reserve’s next move.The New York Times - Business -
Are the odds of Fed interest rate cuts headed for zero?
Investors should consider whether the clock is running out for the Fed to ease policy this year.The Hill - Politics - Federal Reserve -
How do interest rates affect me?
Bank of England interest rates have an impact on the mortgage, loan and savings rates for millions of people.BBC News - Top stories -
JPMorgan Chase, Wells Fargo and Citigroup all reported better-than-expected first quarter profits and revenues but warned that their core lending incomes would be muted this year as higher interest rates force them to pay up for deposits.
JPMorgan Chase, Wells Fargo and Citigroup all reported better-than-expected first quarter profits and revenues but warned that their core lending incomes would be muted this year as higher interest rates force them to pay up for deposits.The Wall Street Journal - World -
ECB leaves eurozone interest rates on hold but hints at cut this summer – as it happened
European Central Bank says rate cuts would be appropriate if inflation keeps falling, as BoE policymaker Megan Greene argues UK rate cuts are a way off. There’s takeover drama in the self-storage world this morning, as another UK company falls to ...The Guardian - World -
The migrant highway that could sway the US election
The Darién Gap has become a key migration route for people heading towards the USFinancial Times - Business -
Top commodities traders dismiss IPO route after bumper profits
Executives at Vitol, Trafigura and Mercuria say banks and export credit agencies have never been so keen to lend to themFinancial Times - Business -
Franklin, Apple TV+ — story of a polymath patriot who secured the future of America
Part biography and part costume drama, Michael Douglas plays Benjamin Franklin with twinkling mischiefFinancial Times - World - Apple -
China's Central Bank Holds Key Policy Rates
The People’s Bank of China kept key policy rates steady and drained liquidity from the banking sector as economic data shows fresh signs of weakness.The Wall Street Journal - World - China -
Bernanke recommends Bank of England ax ‘fan charts’ but not adopt ‘dot plot’
Ben Bernanke is not bringing the dot plot that dominates the Fed’s communications to investors to the U.K.MarketWatch - Business -
Bank of England forecasts undermined by out-of-date methods, report finds
Former US Fed boss Ben Bernanke criticises failure to admit mistakes and change course. Do better: Bernanke gets strict with Bank of EnglandThe Bank of England’s recent record of forecasting inflation and the path of interest rates was undermined ...The Guardian - World -
Bank of England Will Overhaul Its Forecasting After Inflation Surprises
The review, which was led by Ben S. Bernanke, a former Federal Reserve chair, came after the central bank had been criticized for underestimating inflation.The New York Times - Business -
Net interest income may have peaked for Wall Street banks
The flipside to higher rates is people want more for their savings, tooFinancial Times - World -
What to Know About the Rate Increases for Drilling on Public Lands
The fossil fuel industry says higher rates will harm the economy. The administration says they will pay for the environmental costs of drilling and mining.The New York Times - Top stories -
Goldman Sachs tops first-quarter estimates fueled by trading, investment banking
Goldman CEO David Solomon has taken his lumps in the past year, but a turnaround appears to be underway, fueled by a rebound in Wall Street activities.CNBC - Business -
Bank of America tops estimates on better-than-expected interest income, investment banking
Bank of America on Tuesday reported first-quarter earnings that topped analysts' estimates for profit and revenue.CNBC - Business -
Fed Governor Goolsbee Urges Rethink of Stationary Interest Rates
The head of the Chicago Fed wonders how long the central bank can leave interest rates alone before hurting the economy.Inc. - Business - Federal Reserve -
Biden says inflation report ‘may delay’ expected interest rate cut
President Biden on Wednesday said that the March report on inflation, which ticked higher, may delay an expected interest rate cut from the Federal Reserve. Biden last month predicted the Federal Reserve will cut interest rates, a move that could ...The Hill - Politics - Joe Biden -
Nasdaq, S&P 500 Climb After PPI Data Lands
U.S. stocks climbed after wholesale price data came in slightly lower than expected.The Wall Street Journal - World -
Resurgent inflation looms over Biden’s White House bid
Consumer prices are rising quickly at just the wrong time for the US presidentFinancial Times - Business - Joe Biden -
Hot inflation likely to delay interest rate cuts. Here's what to expect
Rate cuts may not begin this year, some experts said.ABC News - Top stories -
Interest Rates Have Investors Worried. Profits Give Them Comfort.
A stronger-than-expected economy portends fewer rate cuts this year as well as improving earnings.The Wall Street Journal - World -
Tory election hopes fade with prospects for interest rate cuts
Rishi Sunak hoped to go to the polls in the autumn with cheaper mortgages and lower taxesFinancial Times - Business