US stocks mixed with S&P 500 hitting a new low in 2022 as Fed officials defend hawkish policy

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Drew Angerer/Getty ImagesUS stocks ended mixed on Tuesday with the S&P 500 falling to a new 2022 low intraday as Fed officials defended their hawkish stance.Tuesday's decline marked the sixth consecutive fall for the the S&P 500 and Dow Jones Industrial Average.Fed President Neel Kashkari said the central bank's current pace of hiking interest rates to tame inflation is "appropriate."US stocks closed mixed on Tuesday, with the S&P 500 hitting a new 2022 low intraday as the broad index and the Dow Jones Industrial Average fell for a sixth day in a row.During the trading session, the S&P 500 dipped…

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Binance is launching a training program for law enforcement to catch crypto criminals around the world

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Yuichiro Chino Binance has launched a program to train law enforcement on how to spot cyber crimes, moving in response to greater demand for help.  The world's largest crypto trading platform said Tuesday its investigations team has responded to more than 27,000 law enforcement requests since November. The FBI recently warned about cyber criminals increasingly exploiting vulnerabilities in decentralized finance, or DeFi, platforms.  Binance, the world's largest crypto trading platform, said Tuesday it has launched a global program to train law enforcement on how to spot cyber crimes, moving in response to greater demand for help by public and private entities. Binance…

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It’s just not the British pound that’s getting pummeled. Bond yields in the UK are now trading at Global Financial Crisis levels

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Downing Street And ParliamentRichard Baker / In Pictures via Getty Images UK bond yield traded at levels not seen since the global financial crisis on Tuesday.  The two-year gilt's yield jumped as high as 4.761%, the most since 2008.  Meanwhile, the UK's 30-year bond yields topped 5% for the first time since 2007.  Yields on UK bonds climbed higher on Tuesday, hitting the highest levels in 14 years or more, as economic uncertainty and the pound's crash continued to roil Britain.The two-year gilt's yield jumped as high as 4.761%, the most since 2008 and up from about 4.5% on Monday.Meanwhile,…

Continue ReadingIt’s just not the British pound that’s getting pummeled. Bond yields in the UK are now trading at Global Financial Crisis levels

UK finance minister will meet with Wall Street banks after the newly unveiled mini-budget sparked panic in markets and sent the pound plummeting

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UK Chancellor of The Exchequer Kwasi Kwarteng leaves 11 Downing Street holding the government's mini-budget on September 23 in London.Carl Court/Getty Images The UK Chancellor of the Exchequer Kwasi Kwarteng is scheduled to meet with Wall Street execs, Wednesday.  Kwarteng is conducting outreach about the UK's newly announced mini-budget, Bloomberg reported.  The pound dropped to a record low with investors spooked by the plan that includes £45 billion in tax cuts.  The UK's top finance chief, Kwasi Kwarteng, is slated to meet with Wall Street bank representatives on Wednesday as he reaches out to discuss the government's economic growth initiatives…

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Hedge fund manager who is up 145% this year says the British pound isn’t done falling after hitting record low

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Photo Illustration by Karol Serewis/SOPA Images/LightRocket via Getty Images The British pound could fall further and reach parity with the US dollar, according to hedge fund manager Crispin Odey.  "I don't think you can start getting bullish on sterling," the founder of Odey Asset Management told the Financial Times. His firm's flagship European hedge fund is up about 145%, mostly after shorting government bonds like British gilts.  The British pound could fall further and reach parity with the US dollar after hitting records lows, according to hedge fund manager Crispin Odey.On Monday, the pound sterling hit an all-time low against…

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The US economy could be grappling with deflation in the next 6 months, and the Fed could be forced to pivot in the face of demand destruction, ARK Invest’s Cathie Wood says

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Photo by Marco Bello/Getty Images The US economy could be grappling with deflation in the next six months, Cathie Wood said Tuesday.  She warned the Fed could be underestimating demand destruction, meaning future rate hikes won't be necessary. That could lead the central bank to pivoting from its rate hike policy soon.  The US economy could be grappling with deflation in the next six months, and the Fed could soon be forced to pivot from its aggressive policy, according to Ark Invest's Cathie Wood.Fed officials have been battling inflation all year, and have been trying to pull it down from…

Continue ReadingThe US economy could be grappling with deflation in the next 6 months, and the Fed could be forced to pivot in the face of demand destruction, ARK Invest’s Cathie Wood says

Home-prices growth slowed by the most on record in ‘forceful deceleration’ in July, S&P Case-Shiller says

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Higher mortgage rates are cooling the housing market.Grace Cary/Getty Growth in house prices slowed at the fastest rate on record in July, according to the S&P CoreLogic Case-Shiller index released Tuesday. House prices across the US increased by 15.8% in July over the same month last year. That rate was 18.1% in June.  Mortgage rates have jumped to more than 6% this year as the Fed raises interest rates.  Growth in house prices eased at the fastest rate on record in July, data released Tuesday showed, with the market cooling as the Federal Reserve's moves to tame inflation propels mortgage…

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Lumber prices fall to a new 2022 low as housing market cools and mortgage rates approach 7%

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Thomas Northcut/Getty ImagesLumber fell 20% over a four-day period ending on Monday, hitting its lowest level of 2022.The essential building commodity has been rocked by soaring mortgage rates and a slowing housing market.The average 30-year fixed mortgage rate inched closer to 7%, according to Mortgage News Daily.Surging mortgage rates and a slow down in the housing market continue to take a toll on lumber prices, with the essential building commodity hitting a new 2022 low on Monday.Lumber futures hit a low of $413 per thousand board feet on Monday, representing a year-to-date decline of 64%, and a 76% decline from…

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Decades-high inflation has triggered a ‘reverse currency war’ as a soaring dollar leaves central banks scrambling to catch up

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The pound's dramatic plunge against the dollar has led to calls for the Bank of England to hike interest rates more aggressively.Reuters A "reverse currency war" is breaking out amongst global central banks as they race to keep pace with a rapidly appreciating dollar. The Federal Reserve's torrid rate hikes — intended to suppress decades-high inflation — have been a major driver of the greenback gains. Japan has already moved to strengthen its currency for the first time in 24 years, while the British pound is fresh off record lows against the dollar. The dollar's rapid appreciation has central banks…

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David Einhorn poked fun at the $100 million deli he brought to light after 3 men involved were charged with fraud

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David Einhorn.Mike Segar/Reuters David Einhorn joked about the $100 million deli after charges were brought against those involved. The Greenlight Capital boss shed light on Hometown International in a letter to clients last year. Einhorn warned it was the kind of company that amateur investors could lose money in. David Einhorn has poked fun at the $100 million deli he brought to light last year, after three men involved with the company were charged on Monday with alleged crimes including securities fraud and market manipulation.The billionaire investor and Greenlight Capital boss first highlighted Hometown International, the owner of a single…

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