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Watch Fed Chair Powell talk live about the economy, interest rates at ECB forum
Federal Reserve Chairman Jerome Powell speaks Wednesday to a European Central Bank forum on central banking.
Stocks making the biggest moves premarket: General Mills, Carnival, Bed Bath & Beyond and more
These are the stocks posting the largest moves before the bell.
U.S. FCC commissioner wants Apple and Google to remove TikTok from their app stores
A leader of the U.S. Federal Communications Commission asked Apple and Google to remove TikTok from their app stores over China-related data security concerns.
Dow rises Wednesday as Wall Street attempts to regain its footing
The S&P 500 rose Wednesday, after the major averages made a failed attempt at a bounce in the previous session.
China’s economy didn’t bounce back in the second quarter, China Beige Book survey finds
„While most high-profile lockdowns were relaxed in May, June data do not show the powerhouse bounce-back most expected,“ according to a report released Tuesday.
Bed Bath & Beyond replaces CEO as retailer’s sales plummet
The home goods retailer has faced months of challenges, with supply chain woes and pressure from activist investor Ryan Cohen.
Germany June preliminary CPI +7.6% vs +8.0% y/y expected
This article was written by Justin Low at www.forexlive.com.
US MBA mortgage applications w.e. 24 June +0.7% vs +4.2% prior
- Prior +4.2%
- Market index 322.7 vs 320.4
- Purchase index 243.1 vs 242.8
- Refinancing index 726.1 vs 712.7
- 30-year mortgage rate 5.84% vs 5.98% prior
A slight rise in mortgage activity was seen last week after what I would say was a bit of a rush in home buying before the Fed raised rates again. The average rate of the most popular mortgage tenor did drop by 14 bps to 5.84%, but it still isn’t of much comfort to prospective home owners I would say after having seen a 33 bps rise in the week prior.
US dollar
This article was written by Justin Low at www.forexlive.com.
Fed’s Mester: Have to act more forcefully if inflation expectations become unanchored
- Central banks need to be resolute in acting to bring inflation down
- Policymakers cannot be complacent about a rise in longer-term inflation expectations
- Current inflation situation is a very challenging one
- Our policy communications are important for keeping inflation well anchored
Nothing new really by Mester. As mentioned earlier, markets have already more or less priced in a 75 bps rate hike next month and it’s tough to see the Fed go beyond that.
This article was written by Justin Low at www.forexlive.com.