Three major U.S. banks are raising their prime lending rates to the highest levels since the global financial crisis of 2008, following a hefty interest rate hike by the U.S. Federal Reserve. JPMorgan Chase & Co, Citigroup Inc and Wells Fargo & Co said on Wednesday the new rates, including the latest 75 basis point hike, would take effect on Thursday.
A reverse currency war is in full flow, with monetary authorities across the world now ditching their standard quarter-point increases in favour of 50, 75 and even 100 basis point moves in order to stem dollar declines.
US equity futures wavered and Treasury yields edged higher after the Federal Reserve signaled it would risk a recession to beat inflation, precipitating a wave of monetary tightening from other central banks.
A herd of wild central banks stormed across markets overnight - following The Fed's uber-hawkish 75bps hike and dot-plot projections - sparking chaotic swings in everything from Yen to Gilts. Everyone hiked or held rates... except Turkey which cut!
A gold funeral mask was found in an ancient tomb in China's Henan Province that dates back to approximately the Shang Dynasty.
Swiss exports of gold to China fell in August from July’s 5-1/2-year high, while shipments to Turkey rose to their highest since June 2013, Swiss customs data showed on Tuesday.
Switzerland’s imports of Russian gold surged to the highest in more than two years, a sign that more old bullion from the country may be being remelted to make it easier to sell.
This, of course, came at the expense of American savers and consumers. The inflationists won, and a new generation learned that talk of a “strong dollar” is often quickly followed by calls for devaluation. It is unlikely to be any different this time.
Taking advantage of their current majorities in Congress, which might not last beyond the midterms, and after eighteen months of marathon negotiations, the Democrats finally passed yet another plan to artificially and unfairly dope the US economy.
A perfect storm of stimulus cash during the pandemic, a strong demand for goods, geopolitical chaos and supply chain kinks have led to a surge in prices globally.
...moments ago the most outspoken Indian among the Democrats proved us right, when Lizzie Warren threw the first tomahawk at the Marriner Eccles building: "Chair Powell just announced another extreme interest rate hike while forecasting higher unemployment. I’ve been warning that Chair Powell’s Fed would throw millions of Americans out of work — and I fear he’s already on the path to doing so."
Fed Efforts Are Not Working at All. Inflation may be headed lower, but how it is lower is the problem and betrays the Fed’s lack of effectiveness in handling this emerging crisis.
Harriet Hageman has spent a lifetime upholding the values of the Constitution in the legal and political arenas. To celebrate Constitution Day, she joins Heritage's Tommy Binion to think through the gravest threats to the Constitution and help prepare the conservative movement for the fight to protect it.
Russian president Vladimir Putin announced this morning that Russia would partially mobilize its military forces in the ongoing Ukraine conflict, stating that it is NATO that is pulling the strings and sending the weapons to Kiev. The Russia/NATO proxy war has been long ongoing...but will the conflict take a turn to a direct clash?
The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest.
Real-rate differentials are a headwind for the dollar, with the DXY continuing to look like it is in the process of topping.
After today’s hike, The Fed Funds rate will have increased by the most amount since the six months ending March 1981.
Less than a year ago, Goldman (or at least its client-facing sellside research team) was one the most bullish banks on Wall Street, with chief US equity strategist putting a 5,100 S&P price target for his 2023 year end forecast last November. That, to put it mildly, has been a complete disaster of a forecast, and in subsequent months, Kostin has repeatedly slashed his S&P target...
Equity tail risk may result if prices remain high and the Fed cannot combat already high levels of inflation.
For the first time since October 2007, the yield on 2Y US Treasury bonds has topped 4.00%...
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