By David Randall and Davide Barbuscia NEW YORK (Reuters) – Some investors believe a bond market selloff that has pushed the benchmark U.S. Treasury yield to 5% may have more room to run, as the Federal Reserve gives little indication of veering from its “higher for longer” mantra. Fed Chair Jerome Powell walked a narrow …
Relentless climb in Treasury yields may have further to run after surging to 5% Read More »
By Marcela Ayres, Bernardo Caram and Lisandra Paraguassu BRASILIA (Reuters) -Brazilian President Luiz Inacio Lula da Silva is moving swiftly to secure his next two nominations to the central bank’s board, seeking Senate approval for the new directors approved in time for the bank’s first policy decision of 2024, said three officials familiar with the …
Lula seeks approval for Brazil central bank picks for Jan rate decision Read More »
By Howard Schneider and Michael S. Derby NEW YORK (Reuters) -The U.S. economy’s strength and continued tight labor markets could require still tougher borrowing conditions to control inflation, Fed Chair Jerome Powell said on Thursday, though rising market interest rates could make action by the central bank itself less necessary. Appearing to align himself with …
Powell: Strong economy may need more restraint, but bond markets are helping Read More »
SHANGHAI (Reuters) – The People’s Bank of China (PBOC) is widely expected to leave loan prime rates (LPR) unchanged at a monthly fixing on Friday, a Reuters survey showed, with a weak yuan constraining further monetary easing and data suggesting the economy is stabilising. The loan prime rates, normally charged to banks’ best clients, are …
China expected to leave benchmark loan rates unchanged at monthly fix: Reuters poll Read More »
By Darya Korsunskaya and Alexander Marrow (Reuters) – Russia could miss its 2024 revenue target and be forced to hike business taxes if the rouble proves stronger than expected in the budget and optimistic economic assumptions fall short, analysts warned, as Moscow spends more on its war in Ukraine. Budget plans published in September envisage …
Analysis-Russia’s optimistic fiscal plans risk budget revenue shortfall Read More »
(Reuters) – Discover Financial Services fell short of analysts’ estimates for third-quarter profit on Wednesday, as it set aside more rainy-day funds to cover potential loan defaults. The U.S. Federal Reserve’s aggressive rate hikes to battle inflation have bolstered banks’ interest income but has also heightened concerns of customers likely defaulting on loan repayments. Discover …
Discover Financial misses profit estimates on higher bad loan provision Read More »
By Chibuike Oguh NEW YORK (Reuters) – Several U.S. regional banks beat analysts third-quarter profit expectations on Wednesday as higher interest rates allowed them to charge more for loans, although rising loan loss provisions and deposit retention costs crimped margins. Shares of several regional banks fell, including M&T Bank and US Bancorp. Stronger net interest …
US regional banks earn more on loans but warn on rising deposit costs Read More »
By David Shepardson WASHINGTON (Reuters) -Ford Motor Co said on Wednesday a proposal by President Joe Biden’s administration to hike vehicle fuel economy standards through 2032 threatens to cause “substantial economic hardship” for the No. 2 U.S. automaker. Ford’s comments represent the latest attack by the auto industry on the National Highway Traffic Safety Administration’s …
Ford says US fuel economy plan would cause automaker ‘economic hardship’ Read More »
By Matt Tracy (Reuters) – A number of U.S. banks saw continued pain in the third quarter on delinquent commercial real estate (CRE) loans in their portfolios, as stress in the sector persists. Building owners that borrowed money to finance their properties are being squeezed by high interest rates and vacant offices as workers opt …
Banks report continued pain on commercial real estate loans Read More »
(Reuters) – Federal Reserve policymakers are signaling a pause in hiking interest rages for another couple months as they wait for a resolution of mixed signals: strong economic data, signs of progress on still-stubbornly high inflation, and the potential for the recent rise in longer-term borrowing costs to do some of their work for them. …
