Markets

The world’s major central banks bought $1.4 trillion of assets in March — 5 times the last record set after the financial crisis

G-7 central banks bought nearly $US1.4 trillion of financial assets in March, Bloomberg reported Tuesday, roughly five times the last monthly record notched in April 2009. The Federal Reserve led the group with $US1.1 trillion in purchases. Central banks of Canada, New Zealand, and Australia started their first quantitative easing […]
The world’s major central banks bought $1.4 trillion of assets in March — 5 times the last record set after the financial crisis
Markets

The ‘most patriotic thing’ big banks can do to fight the coronavirus recession is raise $200 billion and cancel dividends, Fed’s Kashkari says

The nation’s largest lenders should learn from the 2008 recession and raise TARP-levels of cash to endure the coronavirus recession, Minneapolis Federal Reserve President Neel Kashkari wrote in a Financial Times op-ed Thursday. Shoring up $US200 billion through equity sales will form a healthy buffer should businesses default on loans […]
The ‘most patriotic thing’ big banks can do to fight the coronavirus recession is raise $200 billion and cancel dividends, Fed’s Kashkari says
Markets

There’s only one person on the stimulus oversight panel policing the $2.2 trillion coronavirus relief fund — and he has no office or support staff

Bharat Ramamurti is the sole member so far of a five-person commission charged with policing the $US2.2 coronavirus relief package, Bloomberg reported. He has no office nor any support staff yet. Congressional leaders still haven’t appointed other members of the commission. Visit Business Insider’s homepage for more stories. Hundreds of […]
There’s only one person on the stimulus oversight panel policing the $2.2 trillion coronavirus relief fund — and he has no office or support staff
Markets

The Fed estimated a ‘more adverse’ coronavirus outbreak would plunge the US into a year-long recession, meeting minutes reveal

The Federal Reserve’s directors envisioned two economic scenarios of differing intensity as the coronavirus began driving business shutdowns and layoffs, Federal Open Market Committee meeting minutes released Wednesday showed. A short-lived outbreak would bring an economic recovery in the second half of the year, the board said in the emergency […]
The Fed estimated a ‘more adverse’ coronavirus outbreak would plunge the US into a year-long recession, meeting minutes reveal
Markets

‘I will be watching carefully’: Elizabeth Warren just put the Treasury Department and Federal Reserve on notice about the $500 billion corporate bailout fund

Warren sent a letter to Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell on Tuesday, pressing them to ensure stimulus money for corporations is responsibly used. “I will be watching carefully as you hand out these funds,” Warren wrote. A battle is brewing among top Democrats and the […]
‘I will be watching carefully’: Elizabeth Warren just put the Treasury Department and Federal Reserve on notice about the $500 billion corporate bailout fund
Markets

UBS outlines an ‘enormous opportunity’ to buy up high-quality stocks and bonds following a sharp sell-off in recent weeks

Weeks of widespread selling and credit stress leave some assets primed for outsized gains, UBS said Monday. Stock sell-offs saw equities across all S&P quality rankings tumble about the same amount, creating “an enormous opportunity to own high-quality names” when the virus threat subsides, Solita Marcelli, deputy chief investment officer […]
UBS outlines an ‘enormous opportunity’ to buy up high-quality stocks and bonds following a sharp sell-off in recent weeks
Markets

The Fed’s balance sheet exceeds $5 trillion for the first time in history amid the bank’s wave of coronavirus relief efforts

The Federal Reserve’s balance sheet surpassed $US5 trillion for the first time as the coronavirus threat drove major liquidity operations. The central bank added $US586 billion worth of assets in the week ended March 25, according to a Thursday release, bringing its total holdings to $US5.3 trillion. Treasury and mortgage-backed […]
The Fed’s balance sheet exceeds $5 trillion for the first time in history amid the bank’s wave of coronavirus relief efforts
Markets

Trump and Pence reportedly talked with a handful of Wall Street giants to get their view on how coronavirus is reshaping markets and the economy

The White House spoke with Wall Street giants including Stephen Schwarzman and Paul Tudor Jones on Tuesday about how they view the coronavirus-battered economy and struggling financial markets, CNBC reported. President Trump and Vice President Pence avoided talking about potential relief measures and instead asked the investors how they see […]
Trump and Pence reportedly talked with a handful of Wall Street giants to get their view on how coronavirus is reshaping markets and the economy
Markets

Janet Yellen and Ben Bernanke call on the Fed to avoid long-term economic damage from coronavirus pandemic. ‘The economy may take a very long time to recover.’

Former US Federal Reserve chairs Janet Yellen and Ben Bernanke have called for the Fed to widen its arsenal of responses to the coronavirus pandemic. The two former central bankers indicated that the US economy could suffer long term consequences and recession if steps are not taken to improve conditions. […]
Janet Yellen and Ben Bernanke call on the Fed to avoid long-term economic damage from coronavirus pandemic. ‘The economy may take a very long time to recover.’
Markets

‘We need to care for working people as much as we care for the stock market’: Alexandria Ocasio-Cortez and Bernie Sanders blasted the Fed’s $1.5 trillion injection

Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders attacked the Federal Reserve’s $US1.5 trillion injection into money markets on Thursday. “FYI, the amount that the Fed just injected almost covers all student loan debt in the US,” Ocasio-Cortez tweeted. “We need to care for working people as much as we care […]
‘We need to care for working people as much as we care for the stock market’: Alexandria Ocasio-Cortez and Bernie Sanders blasted the Fed’s $1.5 trillion injection
Markets

Wall Street expects the Fed to slash rates to 0% as coronavirus spreads

Wall Street is increasingly expecting the Federal Reserve to slash borrowing costs to zero amid the coronavirus outbreak. Interest rates futures traders are pricing in a roughly 51% probability that interest rates will hit the zero lower bound by April. The sharp rise in rate cut expectations came as COVID-19 […]
Wall Street expects the Fed to slash rates to 0% as coronavirus spreads
Markets

Stocks tumble as coronavirus fears overpower stimulus efforts

European stocks and US futures fell on Thursday as coronavirus fears outweighed stimulus efforts. US lawmakers approved $US8 billion, Chinese finance ministers allocated $US16 billion, and the International Monetary Fund earmarked $US50 billion to combat the epidemic. Rate cuts and government cash may not prevent coronavirus from disrupting businesses and […]
Stocks tumble as coronavirus fears overpower stimulus efforts
Markets

‘One of those once in 100 years catastrophic events’: Billionaire Ray Dalio says coronavirus will ‘annihilate’ select parts of the market — and warns further emergency rate cuts will be futile

The coronavirus is a once-in-a-lifetime epidemic that will squash those who don’t defend for a worst-case scenario, Bridgewater co-founder Ray Dalio wrote in a Tuesday LinkedIn post. The billionaire investor pointed to insurance companies offering insurance against the outbreak and investors selling deep out-of-the-money options as those set to face […]
‘One of those once in 100 years catastrophic events’: Billionaire Ray Dalio says coronavirus will ‘annihilate’ select parts of the market — and warns further emergency rate cuts will be futile
Markets

Reddit and Twitter users are lashing out at Robinhood’s back-to-back service outages. Here’s what they’re saying.

Robinhood experienced its second straight daily outage during Tuesday’s hectic trading session, prompting fresh backlash from clients online. Markets slipped as the day progressed as investors mulled the Federal Reserve’s first emergency rate cut since the 2008 financial crisis. The discount brokerage experienced a “system-wide outage” during most of Monday’s […]
Reddit and Twitter users are lashing out at Robinhood’s back-to-back service outages. Here’s what they’re saying.
Markets

Why a coronavirus-driven recession would be a unique beast — and why the normal playbook might not work

The ongoing coronavirus outbreak could result in a dangerous and unique type of global economic recession. The outbreak has already crippled spending activity in China and prompted widespread factory shutdowns, harming both supply and demand in the economic superpower – and infecting economic operations worldwide. Central banks are normally well-positioned […]
Why a coronavirus-driven recession would be a unique beast — and why the normal playbook might not work
Markets

Trump slams Fed as ‘slow to act’ as coronavirus threatens US economy

President Donald Trump lashed out at the Federal Reserve early Monday as concerns about the economic impact of the coronavirus mounted. He argued that the central bank has put the US at a disadvantage amid the outbreak. x Visit the Business Insider homepage for more stories. President Donald Trump lashed […]
Trump slams Fed as ‘slow to act’ as coronavirus threatens US economy
Markets

US factory activity slows as coronavirus slams global supply chains

Key measures of US manufacturing activity in the US fell in February as a novel coronavirus spread outside of China to more than four dozen countries. The outbreak has disrupted global supply chains and raised broader concerns about global growth. “Coronavirus-related supply chain issues threaten to constrain production in coming […]
US factory activity slows as coronavirus slams global supply chains
Markets

‘There’s nothing really to be relieved about’: Stocks climb on hopes of coronavirus stimulus, but analysts fear the rally is premature

Stocks recovered on Monday after central bankers promised to protect their economies against the coronavirus outbreak. US, Japanese, and British authorities said they would intervene as needed to provide liquidity and stabilise markets. Italian officials plan to spend 3.6 billion euros ($US4 billion) to combat the virus’ economic impact. The […]
‘There’s nothing really to be relieved about’: Stocks climb on hopes of coronavirus stimulus, but analysts fear the rally is premature
Markets

Powell signals Fed is open to rate cut as coronavirus raises economic concerns

Federal Reserve Chairman Jay Powell sought to reassure businesses and investors Friday afternoon. As concerns about the coronavirus continued to escalate, Powell said the fundamentals of the US economy remained strong. But he signalled that the central bank would step in if necessary. Visit the Business Insider homepage for more […]
Powell signals Fed is open to rate cut as coronavirus raises economic concerns
Markets

Wall Street is certain the Fed will slash interest rates next month. But a key official says that will only happen if the coronavirus becomes a pandemic.

St. Louis Federal Reserve President James Bullard said Friday that interest rates would be cut only if the coronavirus worsened. The comments were the latest sign the central bank would maintain a wait-and-see approach to the outbreak. But Wall Street expectations for rate cuts have risen dramatically in recent days. […]
Wall Street is certain the Fed will slash interest rates next month. But a key official says that will only happen if the coronavirus becomes a pandemic.
Markets

Wall Street expects 3 rate cuts this year as coronavirus fears spread

As concerns about a fast-spreading viral outbreak escalate, Wall Street is increasingly betting the Federal Reserve will step in to shield the US economy. The market-based probability that the central bank would slash interest rates three times this year was roughly 80% on Wednesday morning. Investors expect a cut as […]
Wall Street expects 3 rate cuts this year as coronavirus fears spread
Markets

‘A new risk to the global growth outlook’: Here’s what the Fed said about the coronavirus outbreak at its last meeting

The Federal Reserve deems its current policy stance and interest rate “appropriate” amid the growing coronavirus threat, minutes from January’s Federal Open Market Committee meeting revealed Wednesday. The meeting took place days after coronavirus fears fuelled a sharp downtrend in US stocks. Participants cited the outbreak as “a new risk […]
‘A new risk to the global growth outlook’: Here’s what the Fed said about the coronavirus outbreak at its last meeting
Markets

Fed president Neel Kashkari tears into ‘giant garbage dumpster’ cryptocurrencies

Cryptocurrencies are “like a giant garbage dumpster” and lack the basic characteristics of any stable currency, Minneapolis Federal Reserve President Neel Kashkari said at an event on Tuesday. The Fed official praised the Securities and Exchange Commission for “cracking down on” the coin-offering frauds, noting “people have been fleeced for […]
Fed president Neel Kashkari tears into ‘giant garbage dumpster’ cryptocurrencies
Markets

Household debt balloons the fastest since 2007, Federal Reserve says

Household debt jumped in 2019, posting the fastest annual growth since 2007. Mortgages powered the jump, though credit standards and delinquencies showed signs of restraint. Student loans are more likely than other forms of debt to be delinquent, but they are not the most popular form of first-time debt for […]
Household debt balloons the fastest since 2007, Federal Reserve says
Markets

Trump suggests without evidence that Fed Chair Powell caused the Dow to drop

President Donald Trump suggested without evidence that comments by Federal Reserve Chairman Jay Powell drove stocks lower on Tuesday. The Dow Jones industrial average briefly dipped into negative territory mid-morning as a drop in Boeing shares pressured the index. Bond yields held mostly steady throughout the central bank testimony, suggesting […]
Trump suggests without evidence that Fed Chair Powell caused the Dow to drop
Markets

Fed leaves interest rates at historically low levels

The Federal Reserve left borrowing costs at historically low levels on Wednesday. Policymakers signalled there was no immediate need for further action following a round of stimulus measures in the second half of 2019. The central bank predicted a target range of 1.5% to 1.75% would keep the record expansion […]
Fed leaves interest rates at historically low levels
Markets

Former Fed Chair Janet Yellen says it’s OK for the US to add to its $23 trillion debt pile — as long as it’s used to pay for climate change and education programs

Former Federal Reserve chair Janet Yellen says the US can “afford” to increase its spending or cut taxes because it’s cheap to borrow with low interest rates. The additional room could give policymakers more leeway to spend more in infrastructure, education, combatting climate change and other programs to spur long-term […]
Former Fed Chair Janet Yellen says it’s OK for the US to add to its $23 trillion debt pile — as long as it’s used to pay for climate change and education programs
« Previous PageNext Page »