Federal Reserve Chair Jerome Powell has ordered a “fresh and comprehensive” examination of the central bank’s ethics rules around permissible financial holdings and activities by senior Fed officials.
“This review will assist in identifying ways to further tighten those rules and standards,” a Fed spokeswoman said in a statement Thursday. “The Board will make changes, as appropriate, and any changes will be added to the Reserve Bank Code of Conduct.”
U.S. stocks and bonds slipped as investors weighed the impact of mixed economic data on the Federal Reserve’s plans to taper stimulus. The dollar strengthened and crude oil gave back a portion of this week’s gains.
The materials and consumer staples sectors led the S&P 500 lower. The benchmark index is down about 1% so far this month after a string of record gains amid concern about a broader pullback. Google parent Alphabet and Amazon.com weighed on the tech-heavy Nasdaq 100, which has declined in six of the last seven trading sessions. Fed policy makers meet next week.
Mortgage rates in the U.S. slipped to the lowest level in almost a month.
The average for a 30-year loan was 2.86%, down from 2.88% last week and the lowest since Aug. 19, Freddie Mac said in a
- set to begin trading under the ticker DNA on Sept. 17 after completing a reverse merger with Soaring Eagle Acquisition Corp. That will mark the first time any company has traded under DNA since 2009, when Roche Holding AG bought Genentech Inc., one of the world’s first biotech firms and the original holder of the ticker.
- Vectura Group Plc is set to go ahead after the tobacco giant obtained control of most of the U.K. asthma drug maker’s shares.
Despite concerns raised from a range of health charities, Philip Morris has taken control of 74.8% of Vectura’s shares and its offer is now unconditional, the company said in a
European Central Bank President Christine Lagarde called for continued cooperation between monetary officials and governments as the euro area moves into the next phase of its rebound from the coronavirus slump.
U.S. futures pared losses and bonds slipped as investors mulled the impact of an unexpected August increase in retail sales on the Federal Reserve’s plans to taper stimulus. Stocks rose in Europe, while the dollar ticked higher.
Contracts on the S&P 500 rose after the 0.7% gain in retail sales suggested resilient demand for goods. Casino stocks with operations in Macau extended declines in premarket trading amid the government’s tightening grip on the gambling hub. Miners were weighed down by declines in
An owner of commodity hauling freighters said rates for the ships are close to the point of spiking sharply higher and mirroring an unprecedented surge in costs for transporting manufactured goods.
Spot rates for container ships to move manufactured products have surged for 20 straight weeks and now stand 731% above their seasonal average over the prior five years, according to Drewry Shipping. John Wobensmith, the president and chief executive officer of Genco Shipping & Trading Ltd., said that prices to move commodities -- which have already rallied sharply -- may follow.
- Zurich Insurance Group AG is considering a sale of some of its general insurance assets in Australia as the Swiss firm seeks to streamline its portfolio, according to people familiar with the matter.
The insurer is working with an adviser on the potential divestment of non-core commercial assets in the country, the people said, asking not to be identified because the matter is private. A sale could fetch a few hundred million dollars, and may draw interest from other insurers and investment funds, the people said.
U.S. retail sales rose unexpectedly in August as a pickup in purchases across most categories more than offset weakness at auto dealers, showing resilient consumer demand for merchandise.
The value of overall retail purchases climbed 0.7% last month following a downwardly revised 1.8% decrease in July, Commerce Department figures showed Thursday. Excluding autos, sales advanced 1.8% in August, the largest gain in five months.
Most Americans rely on retirement accounts as a way to eventually stop working without falling into poverty. For the rich, they’ve become something more — a powerful tool to avoid taxes and pass on wealth to heirs.
More than $279 billion sits in mega-IRAs, individual retirement accounts with at least $5 million each, according to Congress’s nonpartisan Joint Committee on Taxation. Despite rules designed to limit IRA contributions by the wealthy, almost 29,000 Americans hold these giant accounts, and nearly 500 of them somehow managed to get $25 million or more into their IRAs.
Inflation rates across the U.S. have diverged in the pandemic, with some cities far outpacing the national average while in a handful of others there’s been hardly any acceleration in prices.
Inflation in Atlanta was running at 6.6% in August, according to Labor Department
Applications for U.S. state unemployment benefits rose last week, led by a jump in Louisiana, as Hurricane Ida continues to throw a wrench in the labor market’s broad recovery.
Initial unemployment claims in regular state programs increased to 332,000 in the week ended Sept. 11, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for an increase to 322,000 new applications.
- shortages.
Just ask RoxAnne Thomas, U.S. transportation manager at Gerber Plumbing Fixtures in suburban Chicago. She’s among the logistics chiefs at the center of the storm, battling every day to ensure products vital to the U.S. economy find their way to customers. (Read the full story
France’s top diplomat unleashed a stream of invective against President Joe Biden after the U.S. and the U.K. announced a new security alliance for the Pacific region which will cost the French defense industry some A$90 billion (56 billion euros).
Foreign Minister Jean-Yves Le Drian told France Info Thursday that he felt “stabbed in the back” over the “unacceptable” deal that will hurt French business and shuts the French military out of a key initiative in Western efforts to build a bulwark against China.
South Korea’s leading opposition candidate warned of a potential collapse in the housing market and a spike in bankruptcies as interest rates rise, blaming President Moon Jae-in for letting debt levels hit a record through expansionary spending.
Hong Joon-pyo, one of the top-ranked conservatives seeking to be the next president, said the current level of fiscal spending is unsustainable with government debt expected at over 1,000 trillion ($855 billion) next year.
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