Jerome Powell Sends Dow Jones to the Bears – Swamponomics
By Andrew Moran Federal Reserve Chair Jerome Powell tried his best to resuscitate the financial markets during his post-Federal Open Market Committee (FOMC) […]
Oil prices will head back toward $100 per barrel as a supply crunch returns to the energy market, JPMorgan says
Oil tanker unloads crude oil at a crude oil terminal in ZhoushanThomson Reuters Brent oil prices could head back toward $100 a barrel as supply grows tighter in the coming months, JPMorgan said. Analysts expect oil demand to rebound by about 1.5 million a barrels in the last quarter of this year. Meanwhile, releases from the US Strategic Petroleum Reserve will stop, and the EU's partial ban on Russian oil will kick in. Oil prices have been on a steady slide all summer long – but that could change in the last stretch of the year, with Brent crude heading…
Markets will get ‘Fed up’ with too much tightening if growth slows as Powell shows most resolve since Paul Volcker, BlackRock says
Paul Volcker, former Fed Chair 1979 to 1987.Bettmann / Getty Images Slow growth and too much tightening from the Fed will frustrate markets and the economy, BlackRock says. "Still, we do think that markets, and consequently the economy, will become 'Fed up' with too much tightening," according to a note. The current Fed's campaign to tackle inflation also drew comparisons to the one engineered by former Fed Chair Paul Volcker. Financial markets may stop tolerating the Federal Reserve's tightening cycle while rate hikes work their way through the economy, a note from BlackRock said Thursday.The coming months will be key…
Biden made a major dent in the student debt crisis — and it’s time he does the same for the growing medical debt load in the US, attorneys and advocates say
The medical debt load in the US currently totals around $195 billion, according to the Kaiser Family Foundation.krisanapong detraphiphat/Getty Images America's medical debt problem has parallels to the student debt crisis, experts told Insider. Both are financially debilitating, putting people at risk of not being able to afford rent and food. The Biden Administration is already taking steps to address it but the challenge of helping more low-income borrowers remains. The Biden administration is finally delivering long-promised relief to more than 40 million Americans with federal student loans, half of whom will see their debt wiped out completely. But experts…
Bonds are in the midst of their worst crash since 1949, and the fallout could unravel some of the market’s most crowded trades, Bank of America says
A trader works at the New York Stock Exchange NYSE in New York, the United States, on March 9, 2022.Michael Nagle/Xinhua via GettyThe worst bond market decline since 1949 is set to disrupt the stock market, according to Bank of America.The bank said soaring interest rates will unwind the most crowded trades in the stock market, including long US tech."Bond crash in recent weeks means highs in credit spreads, lows in stocks are not yet in," BofA said.The unraveling of the bond market will continue to batter stocks over the coming months, according to a Friday note from Bank of…
Investors may soon be able to replicate stock trades by Republican and Democratic lawmakers with the NANC and CRUZ ETFs
US Speaker of the House Rep. Nancy Pelosi.Alex Wong/Getty Images Two proposed exchange-traded funds would mimic stock trades made by members of Congress and their spouses. If approved, the ETFs would track trades by Democrats and Republicans, under tickers NANC and CRUZ. One poll shows 70% of likely voters in America do not want lawmakers to trade stocks while in office. Polls show that most likely voters in America do not approve of Congress members buying or selling stocks, but two proposed exchange-traded funds will allow investors to mimic the trades of Washington lawmakers. The prospective funds – Unusual Whales Subversive…
Crypto parties are still raging in the bear market. Here’s what it’s like at Mainnet, where tickets cost $2,100 and attendees network on yachts.
Alexander Spatari/Getty Images Crypto enthusiasts, Web3 founders, and investors convened at Messari Mainnet in New York City this week. The tone was firmly upbeat, despite bitcoin, ether, and other digital assets struggling through a bear market. Here's a look inside the event from Insider's Phil Rosen. The Messari Mainnet crypto conference in New York drew about 2,000 attendees in person this week, with bullishness still running high and conference-goers ready to party — even as bitcoin and ether, the two largest cryptocurrencies by market cap, are each down more than 60% this year. "Enthusiasm is definitely back to where we were…
Central banks around the world are willing to risk recession to fight inflation — and early signs suggest widespread pain for everyone, everywhere
Ina Fassbender/AFP/Getty Images More than 80 central banks are aggressively raising interest rates to cool inflation. Rate hikes are the best tool for easing price surges but bring with them the risk of recession. The synchronized rate hikes could throw the world economy into a slump. Countries around the world are rushing to crush inflation. The price? A global economic downturn.In the US, the Federal Reserve chair, Jerome Powell, has warned that the fight against rising prices will "bring some pain" to Americans by slowing job growth, making mortgages and credit cards more expensive, and possibly prompting layoffs. He characterized…
‘Moneyball’ manager Billy Beane says Warren Buffett’s investing lessons apply to baseball too – and Seth Klarman agrees
Warren Buffett. "Moneyball" star Billy Beane said Warren Buffett and Charlie Munger's lessons apply to baseball. The ex-Oakland Athletics manager excelled at finding undervalued players and besting richer teams. Baupost CEO Seth Klarman recently described "Moneyball" as a value-investing book. Warren Buffett and Charlie Munger preach a "value investing" philosophy centered on identifying and buying underpriced assets. Billy Beane of "Moneyball" fame says their teachings are equally relevant in the ballpark."If you look at everything Warren Buffett and Charlie Munger say, if you take the word 'investing' out and put 'baseball' in, every sentence still works," Beane said at the…
Russia’s ramped-up gas squeeze means an even deeper recession for Europe — and a sharp winter will pile on the pain, Deutsche Bank warns
Russia halted natural gas flows through the Nord Stream 1 pipeline last month.ODD ANDERSEN/Getty Images Europe will suffer an even deeper recession than Deutsche Bank predicted, its strategists said. Russia's indefinite shut-off of a key natural gas pipeline has intensified Europe's energy crisis. That bodes ill for Europe's economy, and a very cold winter will make things worse, they said. The recession facing Europe will be more severe and drawn-out than previously feared, thanks to Moscow ratcheting up the pressure in energy supplies, Deutsche Bank has warned.That means European households and businesses should brace for a cold winter of rationing…
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