- Scott Bessent, U.S. President-elect Donald Trump's choice to head the Treasury Department, on Thursday said that extending Trump's 2017 tax cuts that are set to expire at the end of this year is "the single most important economic issue of the day." "If we do not renew and extend, then we will be facing an economic calamity," Bessent told the U.S. Senate Finance Committee.
U.S. President-elect Donald Trump said on Thursday he would nominate Bill Pulte to be the next director of the Federal Housing Finance Agency. "Bill needs no formal introduction to the Great Citizens of our Country, because they have seen, and many have experienced, his philanthropy firsthand," Trump wrote in a post on Truth Social.
* Waller's inflation outlook sees a faster return to 2% target. * He says a rate cut at Fed's March meeting cannot be ruled out. * Investors see two cuts as more likely in 2025 after his remarks. By Howard Schneider, Ann Saphir.
* Fed's Waller says three or four cuts possible this year. * US retail sales, jobless claims softer than expected. * Philly Fed Index surges, analysts say could be an aberration. * US 2/10 yield curve flattens slightly. * US rate futures price in 40 bps of easing in 2025. By Gertrude Chavez-Dreyfuss.
- Pakistan's central bank said on Thursday that the United Arab Emirates has confirmed rollover of its two deposits of $1 billion each placed with state bank of Pakistan for another year.
Franklin Templeton Institute?s Global Investment Management Survey reveals optimistic outlook for the economy, equities, fixed income and alternative investments in 2025 Investors are gearing up for a promising 2025, citing stable inflation, rates, and low unemployment according to the latest Global Investment Management Survey by the Franklin Templeton Institute.
Inflation is likely to continue to ease and possibly allow the Federal Reserve to cut rates sooner and faster than expected, Fed governor Chris Waller said Thursday in comments that pushed against recent market moves that anticipated a shallower Fed rate path. Inflation "is getting close to what our 2% inflation target would be," Waller said on CNBC.
Inflation is likely to continue to ease and possibly allow the U.S. central bank to cut interest rates sooner and faster than expected, Federal Reserve Governor Christopher Waller said on Thursday in comments that pushed against recent market moves that anticipate a shallower Fed rate path.
The U.S. central bank faces no imminent pressure to stop the contraction of its holdings of Treasury bonds and mortgage-backed securities, data released by the New York Federal Reserve suggested on Thursday.
U.S. retail sales increased in December as households bought motor vehicles and a range of other goods, pointing to strong demand in the economy and further reinforcing the Federal Reserve's cautious approach to cutting interest rates this year.
* US earnings kick off with strong showing from banks. * Richemont leads European stocks higher after results. * Asian stocks surge, boosted by tech sector after TSMC results. * 10-year Treasury yield holds on to Wednesday gains, last 4.67% * Yen hits strongest in a month on growing rate hike wagers. By Alun John.
U.S. business inventories rose marginally in November, suggesting that restocking will probably not contribute to economic growth in the fourth quarter. Inventories ticked up 0.1% after being unchanged in October, the Commerce Department's Census Bureau said on Thursday. Inventories increased 2.6% on a year-on-year basis in November. Inventories and trade are the most volatile components of GDP.
U.S. business inventories rose marginally in November, suggesting that restocking will probably not contribute to economic growth in the fourth quarter. Inventories ticked up 0.1% after being unchanged in October, the Commerce Department's Census Bureau said on Thursday. Inventories increased 2.6% on a year-on-year basis in November. Inventories and trade are the most volatile components of GDP.
The Federal Reserve Bank of New York released data Thursday that suggest it faces no imminent pressure to stop the process of shrinking the size of its balance sheet. The bank said that its Reserve Demand Elasticity measure essentially held steady as of January 7 at a -0.04 reading.
* Gold hits its highest level since Dec. 12. * Treasury yields pare gains after US data. * US weekly jobless claims increase more than expected. By Anjana Anil.
Scorpio Tankers Inc. (SBBA) announces today that it has successfully placed USD 200 million of new senior unsecured bonds in the Nordic bond market. The net proceeds from the bond issue shall be used to refinance the Company?s existing USD 70.6m senior unsecured notes and for general corporate purposes.
ATLANTA, Jan. 16, 2025 ?The following is a blog post by Cary Chenanda, President, Novelis North America, and Executive Vice President, Novelis. ?. As the world's largest recycler of aluminum, Novelis has long played an integral role in scaling circularity and decarbonizing the aluminum industry to create a more sustainable future.
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B++ and the Long-Term Issuer Credit Rating of ?bbb? of Post-Telecommunication Joint Stock Insurance Corporation.
Canada's main stock index opened higher on Thursday, on the back of metal mining shares, while investors assessed domestic housing and U.S. retail sales data. At 9:33 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 0.24%, or 58.88 points, at 24,848.18.
By Jamie McGeever. Spiking Treasury yields and the 'wrecking ball' dollar are creating a negative feedback loop that monetary authorities around the globe may be helping to sustain. Potential culprits include strong U.S. growth, sticky inflation, debt and deficit fears, as well as uncertainty surrounding incoming U.S. President Donald Trump's trade, immigration and 'America First' economic agenda.
The Bank of Canada will cut interest rates by 25 basis points to 3.00% on Jan. 29, according to a Reuters poll of economists, but many were not confident about the outlook beyond that given uncertainty around threatened U.S. tariffs and possible Canada's response. The country's central bank has been one of the world's most aggressive in reducing rates.
* Bank of America (BAC), Morgan Stanley (MS) up after higher Q4 profits. * UnitedHealth (UNH) falls on missing quarterly sales estimates. * Rate-cut bets intact after retail sales, jobless claims data. * Futures: Dow down 0.3%, S&P 500 up 0.1%, Nasdaq up 0.3% By Johann M Cherian and Sukriti Gupta.
Advisor concerns for a major equity market downturn largely wavered in the final quarter of 2024 Registered Investment Advisors have an improved outlook and increased optimism following the U.S. election, according to the latest RIA Economic Outlook Index from Security Benefit in partnership with Greenwald Research.
U.S. Treasury yields pared gains on Thursday after data showed weaker-than-expected numbers in retail sales, jobless claims, and import prices. The lone surprise was the Philadelphia Fed Business Index, which jumped to 44.3 in January. The benchmark 10-year yield trimmed gains after the data, last up 1.4 basis points at 4.669%. It was 4.694% before the data.
U.S. retail sales edged higher in December, showing that consumers kept spending through the holiday season, but the increase wasn't as strong as economists had hoped. Retail and food services sales rose 0.4% last month, decelerating from upwardly revised 0.8% growth in November, according to advanced estimates from the U.S. Census Bureau released Thursday.
The number of Americans filing new applications for unemployment benefits increased more than expected last week, but remained at levels consistent with a healthy labor market. Initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 217,000 for the week ended Jan. 11, the Labor Department said on Thursday.
The number of Americans filing new applications for unemployment benefits increased more than expected last week, but remained at levels consistent with a healthy labor market. Initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 217,000 for the week ended Jan. 11, the Labor Department said on Thursday.
U.S. retail sales increased in December as households bought motor vehicles and a range of other goods, pointing to strong demand in the economy and further reinforcing the Federal Reserve's cautious approach to cutting interest rates this year.
-Major brokerages stuck to their predictions on interest rate cuts in 2025, after U.S. inflation data came in line with expectations on Wednesday, easing investor nerves, following a surprisingly strong U.S. employment report last week.
Canadian housing starts fell 13% in December compared with the previous month as groundbreaking decreased on multiple unit and single-family detached urban homes, data from the national housing agency showed on Thursday. The seasonally adjusted annualized rate of housing starts fell to 231,468 units from a revised 267,140 units in November, the Canadian Mortgage and Housing Corporation said.
DANVILLE, Va., Jan. 16, 2025 Molly Montgomery, Executive Chair and CEO of AeroFarms,?the leading supplier of microgreens to the U.S. retail market and a Certified B Corporation,?has been invited to attend the World Economic Forum annual meeting in Davos, Switzerland.
Amid rising concerns about a potential ?death spiral? in the U.S. Treasury market, major international investors remain unfazed. What Happened: European money managers, Australian pension funds, and Japanese insurers are still favoring U.S. Treasuries, attracted by their yield premiums compared to other markets.
Brazil's economic activity grew by a seasonally adjusted 0.1% in November compared to the previous month, a central bank index showed on Thursday, while economists polled by Reuters were expecting a flat performance.
Donald Trump came to Washington eight years ago vowing to rewrite U.S. trade relationships, shrink a massive goods trade deficit and rebuild America's industrial base with new tariffs. The president-elect is about to embark on an even more aggressive effort in his second term, pledging to impose 10% duties on all U.S. imports and 60% on goods from China.
Donald Trump came to Washington eight years ago vowing to rewrite U.S. trade relationships, shrink a massive goods trade deficit and rebuild America's industrial base with new tariffs. The president-elect is about to embark on an even more aggressive effort in his second term, pledging to impose 10% duties on all U.S. imports and 60% on goods from China.
* Longer-dated U.S. Treasury yields hit a more than one-year high this week. * Markets concerned over $4 trillion cost of extending tax cuts and $36 trillion US government debt. * Democrats argue tax cuts benefit wealthy, harm fiscal position. By David Morgan.
* Sterling falls sharply versus yen. * BoJ to debate raising rates next week. * Bank of England expected to ease monetary policy. * Analysts say could be too soon to expect sterling rebound. By Stefano Rebaudo.
* Futures up: Dow 0.01%, S&P 500 0.20%, Nasdaq 0.34% U.S. stock index futures ticked up on Thursday, ahead of quarterly results from some of the country's major lenders, and economic reports that could offer insights into the health of the world's largest economy.
* Risk of bond vigilantes returning if Trump's policies misfire, some experts say. * U.S. debt-to-GDP ratio nearing 100%, raising market concerns. * Trump adviser Laffer says focus is on growth, not deficits. * Former Treasury Secretary Rubin: risk bond market could force Trump's hand. By Lawrence Delevingne, Yoruk Bahceli, Davide Barbuscia and Dhara Ranasinghe.
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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