Wall Street Today | Wall Street Says Ignore the Treasury Rally. Fed Hikes Won't Stop
MACRO
Fed Must Press On Despite Global Market Volatility, Evans Says
The Federal Reserve must keep pushing interest rates higher to contain inflation despite rising volatility in global financial markets, Chicago Fed President Charles Evans said. "We're at a target range of 3 to 3.25%," Evans said Wednesday, referring to the US central bank's benchmark lending rate.
Wall Street Says Ignore the Treasury Rally. Fed Hikes Won't Stop
Some big bond investors say don't be deceived by the Treasury market's torrid rally Wednesday. The hawkish signals still coming out of the Federal Reserve are what matters. The rest is noise. David Kelly, chief global strategist at JPMorgan Asset Management, said he doesn’t expect the Fed to pull back on its hawkish tone anytime soon.
SECTORS
Oil Rallies the Most Since July As Supply Risks Tighten Outlook
Oil jumped the most since July as an escalating energy conflict with Russia and declining US inventories raised the prospect of supplies tightening in the near term. West Texas Intermediate settled above $82 a barrel after rising 4.7%, the most in a single day since mid-July.
Jet Fuel Premiums Skyrocket as New York, Gulf Supplies Sink
Jet fuel premiums are skyrocketing in New York and Houston as low inventories stoke concerns of a supply pinch. The premium for physical barrels of New York Harbor jet fuel has jumped by nearly 20-fold since the start of the week.
COMPANY
Amazon's Fall Device Event: Wi-Fi-Boosting Echo Speakers, a Kindle for Note-Taking and More
$Amazon (AMZN.US)$'s fall hardware event is often where it unveils oddball products. This year, the e-commerce giant stuck mainly to more practical devices: a large Kindle e-reader with note-taking capabilities, a sleep-tracking bedside alarm clock and Echo speakers that can boost your Wi-Fi network.
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Tesla Adds Airbnb Co-Founder Joe Gebbia to Board
$Tesla (TSLA.US)$ has added Airbnb co-founder, designer and billionaire Joe Gebbia as an independent member to its board of directors according to a regulatory filing out Wednesday.
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Biogen Jumps 40% After Alzheimer's Disease Treatment Meets Primary Endpoint in Phase 3 Trial
$Biogen (BIIB.US)$ shares jumped about 40% on Wednesday after announcing late Tuesday that lecanemab, an investigational Alzheimer's disease treatment, met its primary endpoint and all key secondary endpoints in a phase 3 trial, driving analysts' rating upgrade and price target increase.
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Starbucks Boosts Dividend by 8%
$Starbucks (SBUX.US)$ announced Wednesday that it was boosting its quarterly dividend to 53 cents a share from 49 cents a share. The new dividend takes effect with the payment that's set to be distributed Nov. 25. It applies to shareholders of record as of Nov. 11. The 8% dividend increase lifts Starbucks' annual payout to $2.12 a share.
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Google Adds New Search Features to Try to Give Users the 'Vibe' of a City or Neighborhood
$Alphabet-A (GOOGL.US)$ held its third annual Search On event Wednesday, where it launched more image-heavy search result options. Users may see visual stories and short videos from visitors to a city and tips on things to do. Google said users will be able to zoom into a neighborhood and a restaurant to "get a feel for what it might be like."
Source: Bloomberg, Dow Jones, CNBC
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SpyderCall : The rate hikes are not stopping yet. The fed already forecasted the interest rate targets going over 3 years out. We are not near the target yet.