Money

Jerome Powell: “Rates could move higher”

Published

7 months ago

March 8, 2023

ticker NEWS

The Fed Reserve believes it needs to tame inflation even more

U.S. Federal Reserve Chair Jerome Powell has warned interest rates could move higher than previously expected.

After seeing the data, Powell believes the Fed needs to do more to tame inflation.

This could see larger rate increases than the quarter-percent ones officials had used recently.

“As I mentioned, the latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated,” Powell told a Senate banking committee.

“If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.

“Although inflation has been moderating in recent months, the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy.”

The White also believes the path the Fed is taking is the right one, as inflation is on a trajectory to stabilise and drop.

“Our team has been very clear – the recent jobs data and economic data shows we are on the right track,” White House Press Secretary Karine Jean-Pierre affirmed.

Powell also made remarks about increasing the U.S.’ debt ceiling beyond $31 trillion.

“At the end of the day, there is only one solution to this problem and that is Congress,” he added. “Congress really needs to raise the debt ceiling. That’s the only way out.”

Money

Xi Jinping is taking over China’s sharemarket

Published

8 hours ago

October 3, 2023

ticker NEWS

China’s economy sees President Xi Jinping asserting control over its sharemarket, a move raising eyebrows globally.

Xi’s government has unveiled a series of measures aimed at consolidating authority over the country’s stock market, signalling a desire for greater economic stability and control.

The reforms include stricter regulations for listing on Chinese stock exchanges, with companies needing to meet more stringent criteria to go public.

Additionally, the government is increasing its oversight of foreign listings by Chinese firms, a move seen as an attempt to prevent capital flight.
#featured

Money

Investors worry as Tesla misses targets

Published

8 hours ago

October 3, 2023

ticker NEWS

Tesla reported lower-than-expected quarterly deliveries, sending its shares into a downward spiral.

The EV giant’s stock tumbled as investors expressed concerns over the company’s ability to meet its ambitious growth targets.

In the third quarter of this year, Tesla delivered a total of 220,500 vehicles, missing Wall Street’s estimates.

This disappointing performance raised doubts about the company’s ability to keep up with the soaring demand for its EVs, especially as competitors continue to enter the market. #featured