Larry Summers Warns of 1970s Economic Crisis If Banks Back Down on Interest Rates
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Nigeria's central bank hikes interest rate to 24.75% as it battles sky-high inflation, currency crisis
The Central Bank of Nigeria on Tuesday hiked its key interest rate by 200 basis points, as Africa's largest economy looks to recover from a historic currency crisis and soaring inflation.CNBC - Business -
FirstFT: Larry Fink warns of looming ‘retirement crisis’
Also in today’s newsletter, latest on Baltimore bridge collapse, and Donald Trump’s inner circleFinancial Times - World -
A U.K. court upheld the conviction of Tom Hayes, the alleged ringleader of a conspiracy among big banks and brokers to rig interest rates during the global financial crisis.
A U.K. court upheld the conviction of Tom Hayes, the alleged ringleader of a conspiracy among big banks and brokers to rig interest rates during the global financial crisis.The Wall Street Journal - World -
Larry Fink warns retirement crisis looms for ageing world population
BlackRock chief’s annual letter also embraces ‘energy pragmatism’ amid attacks over climate stanceFinancial Times - Business -
BoE rate-setter warns against rushing to cut interest rates
Comments come after governor Andrew Bailey last week said interest rate cuts were ‘in play’Financial Times - World -
Bank of England Holds Interest Rates After U.K. Inflation Slows
Britain’s central bank held its key interest rate at the highest level in 16 years for the fifth straight meeting.The New York Times - Business - United Kingdom -
Janet Yellen warns China against clean energy dumping
US Treasury secretary tells Beijing its trade practices will distort markets and harm workersFinancial Times - Business - China -
Top Fed official says ‘no rush’ on rates after ‘disappointing’ data
Progress on taming price rises ‘has slowed and may have stalled’, according to Christopher WallerFinancial Times - Business - Federal Reserve -
$75,000 for a baby? South Korean businesses float incentives as demographic crisis looms
Companies and politicians try new strategies to encourage workers to start familiesFinancial Times - Business -
Rates need to calm down
They’re being too loudFinancial Times - World -
Larry Fink Says World Leaders Must Address Growing Retirement Crisis
The BlackRock CEO’s annual letter says demographics will strain retirement systems.The Wall Street Journal - World -
BlackRock’s Larry Fink calls for urgent national action on retirement crisis
The retirement crisis facing America is so “big and urgent” that government and corporate leaders need to stop business as usual and tackle the problem so that future generations will be able to grow older with dignity, according to the chair and ...MarketWatch - Business -
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 -
An interesting disconnect in US rate-cut expectations
Economists and the Fed think similar things on what will happen to the US economy. So why is there a big gap in their expectations for interest rates?Financial Times - World -
Bankers jailed for interest rate rigging lose appeal
Tom Hayes and Carlo Palombo, convicted for manipulating a key interest rate, have had their appeals dismissed.BBC News - Top stories -
Mortgage demand stalls, even as interest rates moderate
The usually busy spring housing market is underway, but mortgage demand isn't moving.CNBC - Business - Mortgage -
Fed Rate Outlook Looks Just Right for Banks
Banks look forward to relief on deposit costs but have no desire to go back to zero rates.The Wall Street Journal - World - Federal Reserve -
Beware of 'bank jugging' this tax season, police warn
Police are warning the public about "bank jugging" this tax season.The Hill - Politics -
Cook says Fed has to move carefully before cutting interest rates
Federal Reserve Gov. Lisa Cook on Monday said the central bank needs to take a “careful approach” in deciding when to cut interest rates, but she gave few clues on the timing or size of any reductions.MarketWatch - Business - Federal Reserve -
4 times you should buy a home with interest rates high
Even with mortgage interest rates high, there are some times when it may make sense to buy. Here are four of them.CBS News - Top stories -
‘Lagging’ housing market, high interest rates drag on MillerKnoll’s sales
The furniture maker said that a “lagging” housing market, rising interest rates, and other headwinds contributed to lower sales.MarketWatch - Business -
Fed’s Waller says there’s ‘no rush’ to cut U.S. interest rates
Federal Reserve Gov. Chris Waller said high inflation readings and strong job gains in early 2024 reinforce his view that “there is no rush” to cut U.S. interest rates.MarketWatch - Business -
Dollar Loses Some Strength After Fresh U.S. Data
The dollar was mixed after fresh U.S. economic data, losing some of the strength it showed overnight after Fed Governor Waller said late yesterday there is no rush to cut interest rates.The Wall Street Journal - World -
Global inflation and interest rates tracker: see how your country compares
Inflationary pressures are beginning to wane but not all central banks have taken action yet. See how this affects youFinancial Times - World -
BlackRock's Larry Fink sees Social Security crisis, says 65 retirement age 'a bit crazy'
The issue of retirement took center stage in Fink's letter to shareholders.CNBC - Business -
BlackRock's Larry Fink says young people have a lot going for them, but retirement crisis looms
In an interview with CNBC's Jim Cramer, BlackRock CEO Larry Fink said he's hopeful about the younger generation.CNBC - Business -
Extremism endangers Germany's prosperity, warns central bank chief
Yahoo News - World -
Boeing CEO, other executives stepping down amid safety crisis
Three senior Boeing executives including its CEO are stepping down, the company said Monday, as the company continues to deal with an ongoing scandal and federal investigation into the safety of its passenger jets.NBC News - Top stories -
Poland's ruling coalition wants the central bank chief tried in court over hurting state interests
Lawmakers with Poland’s ruling pro-European Union coalition have launched a rare process to bring the central bank chief before a special court on allegations of acting against the country’s financial interestsABC News - World -
Poland's ruling coalition wants the central bank chief tried in court over hurting state interests
Yahoo News - World -
Bank of England policymaker says markets pricing in too many rate cuts; Co-op Bank to cut 400 jobs – business live
Catherine Mann says market pricing is helping the central bank do its work in bringing borrowing rates down. The pound has risen since her comments, up 0.2% to $1.2661.. Bank of England policymaker Catherine Mann said financial markets are pricing ...The Guardian - World -
Rationed food kept Cubans fed during the Cold War. Today an economic crisis has them hungry
María de los Ángeles Pozo used to get a little notebook laying out her family’s rations in Cuba’s subsidized neighborhood storesABC News - World - Federal Reserve -
A friendship dating back to teenage years is one to treasure, especially during a crisis
It’s not easy to maintain the closeness of relationships of our youth but Abigail Dean will always make time for the friend she grew up with. In early 2006, when I was 17, I was admitted to a well-known psychiatric hospital in the UK, an ...The Guardian - World -
Middle East crisis live: Israel recalls ceasefire negotiators from Qatar, claiming Hamas ‘not interested’ in talks
Netanyahu’s office said ‘Israel will not cave to Hamas’s delusional demands’, ending immediate attempts to negotiate a ceasefire and hostage release deal. See all of our Israel-Gaza war coverageIsraeli media is reporting that the Israeli ...The Guardian - World - Israel -
A UK financial trader dubbed the ringleader of an interest rate manipulation scandal loses an appeal
A British financial trader described as the ringleader in the manipulation of a key interest rate before and after the global financial crisis has lost his appeal to have his conviction quashedABC News - World - United Kingdom -
Hawks storm back from 30 down to topple Celtics
The Atlanta Hawks stormed back from a 30-point deficit Monday night to beat the red-hot Boston Celtics. It's tied for the fourth-largest comeback win in the past 25 years.ESPN - Sports - NBA -
Dow Wavers After Inching Closer to 40000
Stocks were little changed but the S&P 500 remained on track to notch its best start to a year since 2019.The Wall Street Journal - World -
Boeing CEO to step down in broad management shake-up as 737 Max crisis weighs on aerospace giant
Boeing CEO Dave Calhoun will step down at the end of 2024 in part of a broad management shakeup for the embattled aerospace giant.CNBC - Business -
Having ridden the New York commercial-property boom together, NYCB and Meridian Capital are now in a changed world of higher interest rates and falling building valuations.
Having ridden the New York commercial-property boom together, NYCB and Meridian Capital are now in a changed world of higher interest rates and falling building valuations.The Wall Street Journal - World - New York -
Viking Therapeutics posts positive results for oral weight-loss drug. Analysts remain unanimous the stock’s a buy.
Data from a Phase 1 trial is the latest bullish news from the biotech that may offer cheap entry to weight-loss mania.MarketWatch - Business