Wall Street Today | Powell Abandons Soft Landing Goal as He Seeks Growth Recession
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Powell Abandons Soft Landing Goal as He Seeks Growth Recession
Powell has seemingly concluded that it will take a tiger -- and not just a soft landing -- to attack America's pernicious inflation. Fed chief wants weak growth, soft jobs market to cut inflation. "It's a bit like dripping water torture," said Diane Swonk, chief economist at KPMG LLP. Now.
Stock Indexes Face Fresh Low This Year, Morgan Stanley's Wilson Says
Investors should brace for more pain as US stock indexes haven't yet hit bottom for the year, according to Mike Wilson, chief US equity strategist at Morgan Stanley. "P/E multiple is wrong not because the Fed is going to be hawkish, but because the equity market is being too optimistic about the earnings outlook," Wilson said.
SECTORS
OPEC+ Panel Tightens Oil Market Outlook for This Year, Next
The alliance's committee of technical experts slashed forecasts for this year's supply surplus in half, to 400,000 barrels a day, according to a report from the panel. It flipped projections for next year from an overhang of 900,000 barrels a day to a deficit of 300,000 a day.
There's a Rush for the World's 'Safest' Dollars, Deutsche Bank Says
Balances at the Federal Reserve's overnight reverse repurchase agreement facility, or RRP, which have surpassed the $2 trillion dollar level for much of the summer. Saravelos said in a note published on Tuesday. "From a top down macro perspective it can be argued the surge in RRP usage boils down to one thing: an immense demand for 'safe' dollar assets. "
COMPANY
Bed Bath & Beyond to Close 150 Stores, Cut Staff, Sell Shares to Raise Cash
$Bed Bath & Beyond Inc(BBBY.US$ said it would close roughly 20% of its namesake stores, cut its workforce and bring in fresh cash to stabilize the business through the holiday season as the retailer confronts plunging sales.
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Arm Sues Qualcomm, Seeks to Quash Nuvia Licenses
Arm Ltd. said it filed a lawsuit against $Qualcomm(QCOM.US$ Inc. and two of its subsidiaries, Qualcomm Technologies Inc and Nuvia Inc., on Wednesday for breach of certain license agreements and trademark infringement.
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Snap Shares Jump After Job Cut Announcement
$Snap Inc(SNAP.US$ shares rose 8% on Wednesday after it confirmed reports it will cut 20% of its more than 6,000-person workforce and said it will scrap several projects, including its Pixy photo-taking drone and its lineup of Snap Originals premium shows.
Disney Explores Membership Program Like Amazon Prime to Offer Discounts and Perks
$Disney(DIS.US$ is exploring a membership program that could offer discounts or special perks to encourage customers to spend more on its streaming services, theme parks, resorts and merchandise, according to people familiar with the discussions.
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NASA Taps SpaceX for 5 More Astronaut Missions Worth $1.4 Billion
NASA on Wednesday announced it has awarded five more astronaut missions to Elon Musk's SpaceX, with a contract worth an additional $1.4 billion to the company.
Source: Bloomberg, Dow Jones, CNBC
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Giovanni Ayala :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
72890943 : Inflation, created by the government and banking sector, now wants to slow growth and limited jobs. Sigh.
70599707 72890943 : How did banks create inflation?
72890943 70599707 : By supporting a corrupt system that picks and chooses winners and borrowing money from that corrupt system. It is more than that, but really, are banks that innocent?
70599707 : Banks have to follow the law, do as they’re told… like most other human beings. Crypto, originally sought to detach from Centralized authority, but given unfettered freedom, some crypto institutions made the same mistakes as “banks” did that resulted in the 07-09 crisis… thereby causing a similar situation, today. Unfortunately, humans are human and sadly, we need rules and regulations, because evil and greed abound everywhere. But no, banks in general are not responsible for inflation. This is a Supply and Demand issue, basic Economics 101. The US Central Bank is simply using banks as a conduit to implement their anti-inflation strategy, by raising rates and curbing demand (remember Supply and Demand) by suppressing certain economic activity. I might not agree with the FED, but the only tool at their disposal is interest rates and they’re doing the job they’ve been commissioned to do. To correct inflation at its root, the Supply side of Supply and Demand needs to be addressed, which is not in the scope of Banking. Getting people back to work so Supply output can begin to meet demand, streamlining various regulations that affect logistics, etc… none of which can banks or the FED do anything about, for they don’t have such powers.