- Federal Reserve Bank of Chicago President Austan Goolsbee on Friday signaled he feels the U.S. central bank will likely end up cutting the policy rate by another quarter of a percentage point this year and a full percentage point further next year, as Fed policymakers projected in September .?. "I think we are going to be looking at rates coming down over the next year along the line the dot-...
* Retail sales rise 0.4% in October, above forecasts. * Indexes on track for weekly losses. * Vaccine makers, packaged food cos fall after RFK Jr. appointment. * Applied Materials (AMAT) down after forecasting Q1 revenue below estimates. * Indexes down: Dow 0.72%, S&P 500 1.23%, Nasdaq 2.03% By Lisa Pauline Mattackal and Purvi Agarwal.
The British economy expanded less than forecast in the third quarter as the service sector and budget concerns slowed momentum. Gross domestic product grew by 0.1% for the quarter, compared with growth of 0.5% in Q2, data from the Office for National Statistics showed on Friday.
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A and the Long-Term Issuer Credit Rating of ?a? of Tokio Marine HCC Mexico Compa??a Afianzadora, S.A. de C.V.. Concurrently, AM Best has affirmed the Mexico National Scale Rating of ?aaa.MX? of TMHCC Mexico.
The Chicago City Council delivered a strong rebuke of Mayor Brandon Johnson's fiscal 2025 budget on Thursday, rejecting a $300 million property tax increase.
Mexico's government projected a deficit for next year of 3.9% of gross domestic product and forecast economic growth of between 2% and 3%, Finance Minister Rogelio Ramirez de la O said on Friday. Ramirez de la O, presenting the administration's budget proposal, said spending would look for growth while prioritizing social programs.
Strong U.S. economic and inflation data on Friday continued reshaping the debate among Federal Reserve policymakers over the pace and extent of interest rate cuts as investors further downgraded their expectations for a rate reduction at the central bank's December meeting.
Strong U.S. economic and inflation data continue to reshape the debate among Federal Reserve policymakers over the pace and extent of interest rate cuts as investors on Friday further downgraded their expectations for a rate reduction at the central bank's December meeting.
Federal Reserve Bank of Boston President Susan Collins said Friday she wants to see more data before deciding whether the central bank should cut rates again at its policy meeting next month.
With Donald Trump's imminent return to the U.S. presidency looming over the Asia-Pacific Economic Cooperation summit in Lima, Chinese President Xi Jinping said on Friday that unilateralism and protectionism needed to be rejected in favour of economic globalization. Xi's critique of protectionism at APEC offers a preview of how China will seek to position itself once Trump takes office in January.
* Dollar heads for strongest week since September. * Pound sags after data shows UK economy slowed. * Trump plans on taxes, tariffs hit trade partner currencies. By Chibuike Oguh and Amanda Cooper.
Canada's main stock index fell on Friday amid broader losses led by technology shares, while markets assessed Federal Reserve Chair Jerome Powell's comments urging a cautious approach towards U.S. interest-rate cuts going forward. The S&P/TSX composite index was down 88.69 points, or 0.42%, at 24,962.98, set to snap its four-day gaining streak. However, the TSX was headed for weekly gains.
* MSCI index down for fourth straight session. * Dollar slips but poised for weekly gain. * US retail sales slightly above expectations. By Chuck Mikolajczak. A gauge of global stocks was poised for its biggest weekly drop in two months while U.S. Treasury yields continued their ascent as economic data and comments from Federal Reserve officials pointed to a slower pace of rate cuts ahead.
Federal Reserve Bank of Boston President Susan Collins said Friday she wants to see more data before deciding whether the central bank should cut rates again at its policy meeting next month.
The Florida Bankers Association and Federal Home Loan Bank of Atlanta are hosting an inaugural Affordable Housing Summit in Miami today, bringing bank, business, and civic leaders together to discuss affordable housing solutions in the state. ?Affordable housing is essential for Florida?s continued economic vitality,? said Kathy Kraninger, President & CEO of the FBA.
U.S. industrial production fell for a second straight month in October, continuing to be depressed by hurricanes and a strike by factory workers at Boeing (BA), but a rebound is likely in November as the drag from these factors lifts. Industrial output dropped 0.3% last month after a downwardly revised 0.5% decline in September, the Federal Reserve said on Friday.
* US retail sales rise more than expected. * US import prices advance unexpectedly. * US yield curve steepens. * US 10-year yield hits highest since late May. By Gertrude Chavez-Dreyfuss.
By RoboForex Analytical Department EURUSD plunged to a six-month low of 1.0543 on Friday amid strong support for the US dollar following the US presidential election and recent comments from Federal Reserve officials.
AM Best has affirmed the Financial Strength Rating of A++ and the Long-Term Issuer Credit Ratings of ?aa+? of the life/health subsidiaries of Delphi Financial Group, Inc.: Reliance Standard Life Insurance Company and First Reliance Standard Life Insurance Company. Concurrently, AM Best has affirmed the Long Term ICR of ?a+? and the Long-Term Issue Credit Rating of ?a-? of DFG.
Wall Street's main indexes opened lower on Friday, after Federal Reserve Chair Jerome Powell said there was no need to rush interest-rate cuts, pushing up bond yields and pressuring rate-sensitive equities.
Federal Reserve Bank of Boston President Susan Collins said Friday the U.S. central bank needs to keep a close watch on technological developments in the financial system. "We must all be attuned to the very real risks and challenges" resulting from technical innovations, Collins said in the text of a speech for an event at her bank.
Blanket trade barriers could do more harm than good and may not even be effective, European Central Bank policymaker Fabio Panetta said on Friday, just as incoming U.S. President Donald Trumps looks to impose tariffs on many, if not most, imports.
NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) today announced the preliminary results of a tender offer. As previously announced, the Fund conducted a tender offer allowing shareholders to offer up to 100% of their shares for repurchase for cash at a price per share equal to 100% of the net asset value per share determined on the date the tender offer expires.
U.S. retail sales increased slightly more than expected in October, but underlying momentum in consumer spending appeared to slow at the start of the fourth quarter. Retail sales rose 0.4% last month after an upwardly revised 0.8% advance in September, the Commerce Department's Census Bureau said on Friday.
Brazil launched the Global Alliance for Hunger and Poverty on Friday at the G20 Summit in Rio, a Brazilian government official said, with an initial 41 participating members pledging to lift 500 million people out of poverty through cash transfers and social protection systems.
-Major brokerages reiterated their view of a 25-basis-point interest-rate cut by the U.S. Federal Reserve in December after U.S. consumer prices for October increased as expected, even as Fed Chair Jerome Powell indicated that there is no need to rush rate cuts given strong U.S. economy.
Redfin reports existing home sales rose 1.6% month over month in October to a seasonally adjusted annual rate of 4,179,346, and are on track to finish this year higher than last year ?Existing home sales rose 1.6% month over month in October?the biggest gain since January 2022?to a seasonally adjusted annual rate of 4,179,346.
* Italy's 10-yr bonds outperform German equivalents this week. * Germany's 2-yr yield at lowest in nearly 3 weeks. * U.S. and European rate differential diverge further. By Medha Singh.
* Fed Chair Powell signals no rush for rate cuts. * Dollar sits near 1-year top, euro struggles. * Asian shares set to end brutal week on steadier note. * Yen bears on alert as Japan issues FX warning. By Naomi Rovnick and Nell Mackenzie.
Futures tied to Canada's main stock index fell on Friday, hurt by crude prices, while markets assessed Federal Reserve Chair Jerome Powell's comments that pointed to fewer U.S. interest-rate cuts next year. December futures on the S&P/TSX index were down 0.17% at 6:05 a.m. ET.
A look at the day ahead in U.S. and global markets from Mike Dolan. Faced with another monthly round of stubborn inflation and uncertainty about fiscal, tariff and immigration policy ahead, the Federal Reserve is getting cagier about the extent of further policy easing.
A look at the day ahead in U.S. and global markets from Mike Dolan. Faced with another monthly round of stubborn inflation and uncertainty about fiscal, tariff and immigration policy ahead, the Federal Reserve is getting cagier about the extent of further policy easing.
A look at the day ahead in U.S. and global markets from Mike Dolan. Faced with another monthly round of stubborn inflation and uncertainty about fiscal, tariff and immigration policy ahead, the Federal Reserve is getting cagier about the extent of further policy easing.
-The Nasdaq and S&P 500 were set for their biggest daily losses in over two weeks on Friday, after Federal Reserve Chair Jerome Powell pointed to a slower pace of interest-rate cuts and investors reacted to cabinet selections by U.S. President-elect Donald Trump.
* Futures down: Dow 0.47%, S&P 500 0.64%, Nasdaq 0.88% U.S. stock index futures fell on Friday after Federal Reserve Chair Jerome Powell said there was no need to reduce interest rates in a hurry, pushing up bond yields and pressuring rate-sensitive equities.
- Federal Reserve Bank of Boston President Susan Collins said in an interview with the Wall Street Journal that another rate cut in December is on the table, but it is not a "done deal". "There's more data that we will see between now and December, and we'll have to continue to weigh what makes sense," Collins was quoted as saying in remarks made on Thursday.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
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