Wall Street Today | Fed lays out plan to prune balance sheet by $1.1 trillion a year
Stocks set to decline on Fed fallout; Crude lower: Markets wrap
Stocks in Asia looked set to fall Thursday after the Federal Reserve outlined plans to pare its balance sheet by over $1 trillion a year while hiking interest rates in a push to curb elevated inflation.
Futures declined for Australia, Japan and Hong Kong, while those for the U.S. fluctuated. Technology was among the sectors the led a retreat on Wall Street, saddling the $NASDAQ 100 Index (.NDX.US)$ with its worst two-day loss in nearly a month.
Fed lays out plan to prune balance sheet by $1.1 trillion a year
Federal Reserve officials laid out a long-awaited plan to shrink their balance sheet by more than $1 trillion a year while raising interest rates "expeditiously" to counter the hottest inflation in four decades.
The roadmap for reducing the assets they bought during the pandemic was spelled out on Wednesday in minutes of their March meeting, when officials raised rates by a quarter point. They debated going bigger but chose caution in light of the uncertainty caused by Russia's invasion of Ukraine, the record of their discussion showed.
Oil falls as dollar surge offsets plan for new Russia sanctions
Oil ended a volatile session lower as a stronger U.S. dollar offset a potentially bullish impact from plans by the U.S., European Union and Group of Seven nations to install new round of sanctions on Russia.
Fed's George says rate-hike debate must include balance sheet
Federal Reserve Bank of Kansas City President Esther George said raising interest rates by half a percentage point in May will be an option as the central bank confronts the hottest inflation in 40 years, though the size of the increase will need to be weighed alongside plans for shrinking the Fed's $8.9 trillion balance sheet.
"I think 50 basis points is going to be an option that we will have to consider, along with other things," George said in a Bloomberg News interview with Michael McKee on Tuesday. "We have to be very deliberate and intentional as we remove this accommodation. I am very focused on thinking about how the balance sheet moves in conjunction with policy-rate increases."
Credit Suisse picks Chinese 'little giant' stocks, says the start-ups are a growing force
There's a group of government-endorsed start-ups in China that's becoming a "growing force" in the country's push for greater technological self-reliance, according to $Credit Suisse (CS.US)$. The investment bank has singled out 32 names in this group of small- and medium-sized firms, which China has called "little giants" in its plan to boost thousands of start-ups in the country.
Twitter is working on an edit button, early reviews are mixed
$Twitter (Delisted) (TWTR.US)$ is developing a feature that will allow users to edit tweets after they have been posted, the company said.
The announcement comes after $Tesla (TSLA.US)$ Chief Executive Elon Musk revealed a 9.2% stake in the social-media company and asked his followers in a poll if they wanted the feature.
Google bans apps with hidden data-harvesting software
Google has yanked dozens of apps from its Google Play store after determining that they include a software element that surreptitiously harvests data.
The Panamanian company that wrote the code, Measurement Systems S. de R.L., is linked through corporate records and web registrations to a Virginia defense contractor that does cyberintelligence, network-defense and intelligence-intercept work for U.S. national-security agencies. $Alphabet-A (GOOGL.US)$ $Alphabet-C (GOOG.US)$
SEC is investigating how Amazon disclosed business practices
Federal securities regulators are investigating how $Amazon (AMZN.US)$ has disclosed some details of its business practices, including how it uses third-party-seller data for its private-label business, according to people familiar with the matter.
The Securities and Exchange Commission is probing how the technology giant—the largest U.S. e-commerce retailer and cloud-computing company—handled disclosures of its employees' use of data from sellers on its e-commerce platform, the people said. The SEC's enforcement division has asked for emails and communications from several senior Amazon executives, according to one of the people.
Source: Bloomberg, CNBC, WSJ
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Aurelian : can't wait to see musk behind bars
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