CHARLESTON, W.Va. (AP) — West Virginia University approves final academic program and faculty cuts as it addresses a $45 million budget shortfall.
(Reuters) -The U.S. bond market is calling a moment: the age of low interest rates and inflation that began with the 2008 financial crisis has ended. The market's view has come into sharp focus in recent days amid a dramatic run-up in 10-year Treasury yields that hit 16-year highs. Behind that move is a bet that the disinflationary forces the Federal Reserve fought with its easy money policies in the aftermath of the financial crisis have abated, according to investors and a regularly updated New York Fed model based on yields.
YORK, Pennsylvania (Reuters) -After helping build a floor under the economy during the pandemic only to put a squeeze on it as inflation soared, Federal Reserve Chair Jerome Powell on Monday faced a public he'd warned would go through painful times as the central bank hiked interest rates. On a day tour of York, Pennsylvania, once a thriving manufacturing town about 100 miles west of Philadelphia that local officials tout as undergoing a "fledgling renaissance," Powell got an earful from residents and community and business leaders fretful about inflation and eager for greater certainty about what lies ahead. Families are "squeezing to make ends meet," caught between rising prices and a lack of accessible child care, Kim Bracey, chief executive of the YWCA York, told Powell.
Stock markets slumped across the board Tuesday after US jobs data signalled the labour market remained buoyant, reinforcing a conviction that interest rates will remain higher for longer as the Federal Reserve tries to bring inflation under control.The data could induce the Fed to increase interest rates further -- after the 11 hikes since March 2022 -- in its fight against inflation.
Sluggish post-pandemic recovery, China’s property crisis and US trade policies expected to hinder growth next year
Federal Reserve Bank of Cleveland President Loretta Mester said Monday that the U.S. central bank most likely isn’t done raising interest rates amid ongoing inflation pressures. “I suspect we may well need to raise the fed funds rate once more this year and then hold it there for some time as we accumulate more information on economic developments and assess the effects of the tightening in financial conditions that has already occurred,” Mester said in the text of a speech to a group in Cleveland. “But whether the fed funds rate needs to go higher than its current level and for how long policy needs to remain restrictive will depend on how the economy evolves relative to the outlook,” which is bounded by considerable uncertainty right now, the official said.
More than 1,300 school destroyed in Ukraine after Russia’s invasion in February last year
For many years, this was more or less how Japan was mapped-out in the minds of visitors from outside — a place to enjoy, but also to leave. For many visitors — in particular those from Singapore, Hong Kong, and mainland China — Japan is now, emphatically, a place to buy. It is matched by an even greater shift of focus by institutional investors, sovereign wealth funds, private equity firms and corporations — all of which are eager to make their mark in one of the hottest and most liquid real estate markets in the world.
We will likely see a groundswell of Wall Street chatter on how the ongoing debt ceiling drama is slowly eroding confidence in the country.
Euro zone manufacturing activity remained mired in a deep and broad-based downturn last month, according to a survey which showed on Monday that demand kept shrinking at a pace rarely surpassed since the data was first collected in 1997. "The output PMI was well under 50 for the entire third quarter, so we are feeling pretty certain that the recession in manufacturing continued during this period," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
U.S. manufacturing took a step further towards recovery in September as production picked up and employment rebounded, according to a survey on Monday that also showed prices paid for inputs by factories falling considerably. "The soft landing narrative still holds as we enter the final quarter of 2023," said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto. The ISM said that its manufacturing PMI increased to 49.0 last month, the highest reading since November 2022, from 47.6 in August.
Tesla suffered its first decline in deliveries in more than a year as it closed factories to prepare for work on new models.
Rishi Sunak has rejected Liz Truss’s call for corporation tax to be slashed, arguing it is not the “right priority”.
The greenback reached fresh 11-month highs after strong U.S. economic data bolstered the view that the Federal Reserve will keep interest rates higher for longer. Sterling hit $1.2061, its lowest level since mid-March, and was last down 0.1% at $1.2075. Britain's economy displayed apparent recession signals a couple of weeks ago, a day after the Bank of England called to halt its long run of interest rate increases.
"In my view, the most important question at this point is not whether an additional rate increase is needed this year or not, but rather how long we will need to hold rates at a sufficiently restrictive level to achieve our goals," Barr said in remarks prepared for delivery to the Forecasters Club of New York. The Fed last month opted to leave its benchmark policy rate unchanged in the 5.25%-5.5% range, but most policymakers were penciling in another interest rate hike before year's end and fewer rate cuts next year than they had earlier envisioned. Barr said his assessment of appropriate policy will take account of a range of incoming data, including "the cost and availability of credit to the economy."
MSCI's global index of stocks kicked off fourth-quarter trading with a decline as U.S. Treasury yields and the dollar rose while investors worried that rates would stay higher for longer. U.S. stocks were a mixed bag while earlier in Europe stocks closed down after September PMI data, a key economic indicator, showed manufacturing activity still in a downturn. While U.S. Federal Reserve Vice Chair for Supervision Michael Barr said he feels the Fed's policy rate is "at or near" a sufficiently restrictive level to bring inflation down, he also said that rates will need to stay high for some time.
TOKYO (Reuters) -Japan's business sentiment improved in the third quarter, a central bank survey showed, suggesting conditions for a durable economic revival are falling into place even as a global slowdown keeps policymakers cautious about the outlook. Big non-manufacturers' mood brightened to levels unseen since 1991, when Japan was experiencing an asset-inflation bubble, a sign retailers were benefitting from a rebound in consumption after the dismantling of pandemic curbs. Companies also retained their robust spending plans and faced a tight labour market, the survey showed, suggesting that conditions for the Bank of Japan to phase out its massive stimulus could fall into place.
After a rough September, investors will be looking for something positive to kick off the fourth quarter, although a dump of economic data from Europe on Monday may not give them the lift they want. A round of purchasing managers index (PMI) data from across the globe continues with Europe on Monday, following Chinese PMI data over the weekend that pointed to mixed levels of services and manufacturing activity last month. Markets have been feeling the pain after stocks, bonds and non-dollar currencies around the world mostly fell in the previous month, as investors adjusted to the idea that U.S. interest rates will stay elevated for longer.
The HCOB Global Purchasing Managers' Index (PMI) for Italian manufacturing came in at 46.8, up from 45.4 in August but still well below the 50 mark that separates growth from contraction. The reading was above the median forecast of 45.4 in a Reuters survey of five analysts. "The Italian industrial economy appears to be trapped in a deep recession with no clear way out," said HCOB economist Tariq Kamal Chaudhry.
If markets had been hoping the Federal Reserve might be minded to push back against the relentless rise in U.S. bond yields, they've been sorely disappointed already this week. Just as 10-year Treasury yields topped 4.70% for the first time sine 2007 and the dollar built another head of steam, Fed officials stuck to their message that one more interest rate hike this year was still on the cards and rates wouldn't be coming down for some time after that. "I remain willing to support raising the federal funds rate at a future meeting if the incoming data indicates that progress on inflation has stalled," Fed Governor Michelle Bowman said.
Sherman Vannoy, 17, was killed as he arrived at Lake Minneola High School
