Reuters US Economy

By Lucia Mutikani WASHINGTON (Reuters) – The U.S. trade deficit in goods narrowed for a fifth straight month in August amid a decline in imports, which is being driven by slowing domestic demand as the Federal Reserve aggressively tightens monetary policy to tame inflation. The report from the Commerce Department on Wednesday suggested that trade …

U.S. goods trade deficit shrinks on weak exports; Q3 growth estimates raised Read More »

(Reuters) – The framework used to assess competition in the banking sector needs to be overhauled to ensure there remains a level playing field that supports consumer choice, Federal Reserve Governor Michelle Bowman said on Wednesday. “As… new competitors increasingly provide consumers with alternative delivery channels for the cluster of banking products and services they …

Fed’s Bowman calls for overhaul of approach to evaluating banking competition Read More »

By Kate Abnett BRUSSELS (Reuters) – The European Commission has warned EU countries that a broad cap on gas prices could be complex to launch and pose risks to energy security, amid calls from countries for Brussels to step in to tame high fuel prices. The Commission shared a document with countries on Wednesday, analysing …

EU tells countries gas price cap would come with risks Read More »

By Dhara Ranasinghe and Jorgelina do Rosario LONDON (Reuters) – The Federal Reserve is raising interest rates expeditiously to address very high, persistent inflation, and will likely get U.S. short-term borrowing costs to where they need to be by early next year, Federal Reserve Bank of Chicago President Charles Evans said Wednesday.     Most Fed …

Fed’s Evans: expect to reach top Fed policy rate by March Read More »

By Laila Bassam, Timour Azhari and Tom Perry BEIRUT (Reuters) – Lebanon plans to slash its official exchange rate, replacing the 1,507 per dollar rate adopted 25 years ago with a rate of 15,000 in a step towards unifying numerous exchange rates, the finance minister told Reuters on Wednesday. After saying the move would come …

Exclusive-Lebanon to slash official exchange rate from Nov. 1, finance min says Read More »

WASHINGTON (Reuters) – The International Monetary Fund said on Wednesday that its staff has agreed on some $293 million in new financing for Barbados, including $183 million via a new trust fund created to help vulnerable middle-income and island countries. The staff-level agreement is the first under the Resilience and Sustainability Trust, the IMF said. …

IMF agrees $293 million financing for Barbados, first deal under new trust fund Read More »

By Devik Jain (Reuters) – European shares slid 1% on Wednesday, in line with a sell-off in Asian markets, as an intensifying energy crisis in the region and the relentless surge in global bond yields fuelled worries about a recession. The continent-wide STOXX 600 index was down 1%, hitting its lowest since late-December 2020, and …

European shares slide to 21-month low on mounting recession worries Read More »

(Reuters) – Euro zone yields hit fresh multi-year highs on Wednesday, and Germany’s real yield rose above zero for the first time since 2015, on expectations of monetary tightening and concerns a potential increase in public spending would increase supply of bonds. Germany’s 10-year government bond yield, the benchmark of the bloc, was up 5 …

Euro zone yields at fresh multi-year highs, German real yield in positive territory Read More »

(Reuters) – A look at the day ahead in Asian markets from Jamie McGeever The savage selling that has decimated world markets recently abated somewhat on Tuesday, but the relentless rise in U.S. interest rates and deepening fear of contagion from the British market mayhem loom large. The 10-year U.S. Treasury yield is at a …

Marketmind: Contagion stations Read More »

(Reuters) – Digital financial assets require appropriate regulations to ensure a level playing field and protect consumers, Federal Reserve Chair Jerome Powell said on Tuesday. “Within the decentralized finance ecosystem there are these very significant structural issues around the lack of transparency,” Powell said during a panel discussion on digital finance organized by Banque de …

Fed’s Powell reiterates call for appropriate regulation of digital finance Read More »