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☆ Higher US Fed rates 'not a major concern' for C$, BOC's Macklem says
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: 1 min

OTTAWA, April 20 (Reuters) - The impact on the Canadian dollar from U.S. Federal Reserve raising interest rates more than the Bank of Canada is not a "major concern" because of a flexible exchange rate and the BOC's independent monetary policy, Governor Tiff Macklem said on Thursday. "That is not a major concern. We have an independent monetary policy, we have a flexible exchange rate," Macklem told a Canadian Senate panel, in response to a question about the impact of higher U.S. interest rates on the Canadian dollar. "For sure there'll be some fluctuations in the Canadian dollar .. but, by and large, the flexible exchange rate system works pretty well," he said. Reporting by Ismail Shakil and Steve Scherer in OttawaOur Standards: The Thomson Reuters Trust Principles.

☆ Workers in the US now want at least $76,000 to start a new job as minimum wage expectations continue to rise in a red-hot job market
▼ + stars: | 2023-04-19 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Employees' wage expectations have risen to $76,000 a year, according to a New York Fed survey. The rise in expected salary levels comes at a time of historically low unemployment rates in America. Those with a college degree raised their reservation wage expectations by about $5,000 to over $97,000. The rise in expected salary levels makes sense, as it comes at a time of historically low unemployment rates in America. This, in turn, leads to employees upping their salary expectations to combat inflation's erosive effects.

☆ CEOs like Jamie Dimon, Warren Buffett, and Elon Musk want the government to fight inequality and 'reignite the American dream'
▼ + stars: | 2023-04-15 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +8 min

His proposals include investing in American industry, teaching students workplace skills, and expanding the Earned Income Tax Credit. Forecasting "storm clouds ahead," Dimon wants the government to drive economic growth by subsidizing industry, investing in the workforce, and reducing income inequality. Following in Buffett's footsteps, Dimon said JPMorgan owes its business success to the "extraordinary conditions our country creates" for economic growth. Akin to Musk, Dimon said he didn't want the government to micromanage industry, believing "Adam Smith's invisible hand still prevails." He suggested expanding the Earned Income Tax Credit, a tax refund that allows lower-income working individuals and families to keep more of their earned income.

☆ Howard Marks says rock-bottom rates are history, bitcoin has its uses, and AI won't replace the best investors. Here are his 8 best quotes from a new interview.
▼ + stars: | 2023-04-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Howard Marks says interest rates won't return to zero anytime soon. The billionaire investor warns the ballooning US federal debt may cause problems in the future. Marks says AI won't replace the best investors, and the banking fiasco shone a light on bitcoin. (Marks was warning that continued growth in the US federal debt will likely have serious consequences down the line.) It should be harder and harder and harder to run money and be paid highly for producing inferior.

☆ Oil falls 1% on recession fears, OPEC summer demand warning
▼ + stars: | 2023-04-13 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. However, minutes from the Fed's last policy meeting indicated that banking sector stress could tip the economy into recession, which would weaken U.S. oil demand. Also weighing on prices, the Organization of the Petroleum Exporting Countries (OPEC) flagged downside risks to summer oil demand in a monthly report on Thursday. Oil price declines were limited, however, as OPEC kept its forecast for global oil demand growth in 2023 unchanged. Signs of a demand recovery in China, the top importer of crude oil and products, provided more support for oil prices, Yawger said.

☆ Oil prices cool off multi-month highs on recession fears
▼ + stars: | 2023-04-13 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. However, minutes from the Fed's last policy meeting indicated that banking sector stress could tip the economy into recession, which would weaken U.S. oil demand. Oil price declines were limited, however, as OPEC kept its forecast for global oil demand growth in 2023 unchanged. Signs of a demand recovery in China, the top importer of crude oil and products, provided more support for oil prices, Yawger said. The executive director of the International Energy Agency expects the move to tighten supply in the second half of the year and push oil prices higher.

☆ Gen Z isn't letting the economy keep them from living their most luxurious lives. They're just buying stuff secondhand instead.
▼ + stars: | 2023-04-12 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

About a third of Gen Z choose secondhand to afford higher-end brands, according to a ThredUp report. And even increasing economic uncertainty is not deterring their pursuit of the good life — they're just buying secondhand instead. About 30% of Gen Z — those born between 1997 and 2012 — are buying secondhand items to afford higher-end brands, according to an April 5 resale report by ThredUp, an online thrift store and resale platform. Moreover, 64% of the surveyed members of Gen Z look for an item secondhand before buying it new, up four percentage points from 2021, per ThredUp's report. And while Ricci wasn't specifically referencing her habits in relation to buying secondhand items, ThredUp's report states that more than 80% of Gen Z considered the resale value of apparel before making a purchase.

☆ Here’s the real reason to turn on airplane mode when you fly
▼ + stars: | 2023-04-06 | by ( Doug Drury | ) edition.cnn.com time to read: +6 min

And mobile phones need to be set to flight mode so they can’t cause an emergency for the airplane, right? 2.2 billion passengersWhy then, with these global standards in place, has the aviation industry continued to ban the use of mobile phones? Of course, when it comes to mobile networks, the biggest change in recent years is the move to a new standard. Current 5G wireless networks – desirable for their higher speed data transfer – have caused concern for many within the aviation industry. With new Wi-Fi technologies, passengers could theoretically use their mobile phones to make video calls with friends or clients in-flight.

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. Global standards for dealing with teetering “too big to fail” banks were key a part of the package of rules introduced after the global financial crisis. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. Although some investors in Credit Suisse bonds lost everything, Swiss taxpayers are still on the hook for up to 9 billion Swiss francs ($9.8 billion) of potential losses arising from certain Credit Suisse assets. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

☆ US Fed lending to banks ticks slightly lower in latest week
▼ + stars: | 2023-03-30 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

As of Wednesday, banks tapped $88.2 billion from the central bank’s discount window lending facility, versus $110.2 billion on March 22. The Fed said “other credit” lending, which is tied to credit the Fed extended to Federal Deposit Insurance entities dealing with failed banks stood at $180.1 billion, from March 22’s $179.8 billion. She added, "together with banks' internal liquidity and stable deposits, other external sources, and discount window lending, the BTFP provides ample liquidity for the banking system as a whole." The latest round of Fed lending caused the overall size of the Fed’s balance sheet to fall to $8.756 trillion, from $8.784 trillion on March 22. Fed lending has caused the central bank's balance to grow substantially but officials have said repeatedly that this expansion is not stimulative of the economy.

☆ Potential regulator challenges to Big Tech M&A may have far-reaching consequences for the tech ecosystem
▼ + stars: | 2023-03-30 | by ( Paayal Zaveri | April Joyner | ) www.businessinsider.com time to read: +6 min

M&A deals involving large tech companies may get harder as US regulators ramp up scrutiny. If regulators increase scrutiny, it could deter other large tech companies from buying startups. More challenges to proposed tech M&A deals may also mean that the pool of potential acquirers shrinks. Of course, there are cases where a large tech company seeks to buy out a smaller, more innovative competitor because it is scared of getting displaced. "There has to be the hope and dream of selling to a larger tech company some day," Sherman said.

☆ US Federal Reserve watchdog launches probe of SVB supervision
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 28 (Reuters) - The U.S. Federal Reserve's Office of Inspector General (OIG) has launched an independent review of the failure of Silicon Valley Bank (SVB), an OIG spokesperson said on Tuesday. The review, which was launched on March 14, will assess the board's and the Federal Reserve Bank of San Francisco's supervision of the failed lender, the spokesperson told Reuters in a statement. The independent oversight authority plans to complete its investigation within six months, the spokesperson added. The probe was reported earlier by Bloomberg News. Reporting by Rahat Sandhu in Bengaluru and Pete Schroeder; Editing by Leslie Adler and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon’s head of HR rejects employees’ return-to-office petition
▼ + stars: | 2023-03-24 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Beth Galetti, the company's HR head, formally responded to a letter that gathered ~30,000 employee signatures. Galetti wrote in her email that Amazon's guiding principle is to "make our customers' lives better and easier every day." My colleague Eugene Kim obtained Galetti's full email and walks us through how Amazon employees feel about the response. In other news:MSCHF's Tax Heaven 3000 dating simulator is supposed to help you prepare your 2022 US federal tax return. Carta offers popular software to help employees manage their equity.

☆ Most Asian shares reverse early losses after US Fed raises rates by a quarter point
▼ + stars: | 2023-03-23 | by ( Juliana Liu | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —Most Asia Pacific shares pared early losses on Thursday, after the US Federal Reserve reaffirmed its dedication to bring down inflation. The broader Topix index was 0.3% lower, reversing some of its early morning losses. South Korea’s Kospi was 0.2% higher, while Australia’s S&P ASX 200 advanced by half a percentage point. Asian shares had opened broadly lower, tracking losses on Wall Street. The Fed raised rates by a quarter point at the conclusion of its two-day meeting, even though its historic rate hiking campaign was a contributing factor in the banking crisis.

☆ This dating-simulator game says it'll help prepare your taxes as you play — and criticizes TurboTax as 'predatory'
▼ + stars: | 2023-03-23 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +4 min

MSCHF announced a free dating simulator that it says helps prepare your 2022 US federal tax return. The game is scheduled to launch April 4, but its listing on the Steam platform has been removed. A screenshot from MSCHF's "Tax Heaven 3000" website, showing a character description for "Turbo." The dating simulator is scheduled to launch on April 4, but the game's storefront page has been removed from the popular platform Steam. A screenshot from MSCHF's "Tax Heaven 3000" dating simulator.

☆ UK interest rates: Bank of England hikes by a quarter percentage point
▼ + stars: | 2023-03-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —[Breaking news] The Bank of England hiked interest rates by a quarter of a percentage point Thursday, extending its long-running fight against inflation, which rose unexpectedly in February. The central bank made its 11th consecutive rate hike, taking its benchmark rate to 4.25%, the highest since October 2008. ET]The Bank of England is expected to hike rates by a quarter of a percentage point Thursday following an unexpected jump in inflation. The US Federal Reserve hiked rates by a quarter of a percentage point Wednesday. Announcing its rate hike, Switzerland’s central bank said UBS’s weekend takeover of Credit Suisse had “put a halt” to the banking crisis.

☆ CNBC Daily Open: Powell flipped the script
▼ + stars: | 2023-03-23 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Jerome Powell, chairman of the US Federal Reserve, exits following a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, March 22, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The last few Federal Open Markets Committee meetings have followed a pattern. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Morning Bid: Jittery markets attempt risk-on rally while waiting for Powell
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Ankur BanerjeeWith about 12 hours still to go before the Fed announces its policy decision, investors are attempting a bit of a risk-on rally. The collapse of Silicon Valley Bank, which sank under the weight of bond-related losses due to surging interest rates, kicked off a tumultuous 10 days for banks, with fears of a global meltdown rattling investors. Traders are pricing in a 15% chance of a 25 basis-point interest rate hike by the Fed and an 85% chance of no increase. The retailer reached an amended agreement with Hudson last week to temporarily lower the stock price threshold to $1 until April 3. Reuters Graphics Reuters GraphicsKey developments that could influence markets on Wednesday:Economic events: UK inflation, US Fed policy decisionReporting by Ankur Banerjee; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Central banks' obsession with holding down wages has led to banks becoming 'collateral damage in a class war,' says GFC veteran economist
▼ + stars: | 2023-03-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

British economist Ann Pettifor criticized central banks for choosing a 'class war over financial stability.' Central banks have been trying to tame inflation with higher interest rates. This is even though economies have not fully recovered from the Global Financial Crisis and the pandemic, she added. Higher interest rates make borrowing for anything from mortgages to credit cards more expensive. The US central bank already hiked interest rates eight times over the past year to its targeted levels of 4.5% to 4.75%.

☆ SVB Financial accuses FDIC of 'improper actions' to block the firm from accessing $2 billion of its cash
▼ + stars: | 2023-03-22 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

SVB Financial filed for bankruptcy on Friday. Lawyers for SVB Financial said in the group's first bankruptcy hearing in Manhattan on Tuesday that the FDIC took "improper actions" to block it from accessing its cash, according to a Reuters report. "Not only has the bank been taken, all the cash has been taken," the financial group's lawyer James Bromley said at the hearing. The lawyers also said that the FDIC has stopped communicating with the financial group and has instructed the successor of SVB to claw back transfers that SVB Financial had made to other accounts, the WSJ first reported. SVB Financial lost access to its deposits one day before it filed for bankruptcy protection, the lawyers added.

☆ Fed hikes rates by a quarter percentage point, indicates increases are near an end
▼ + stars: | 2023-03-22 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

watch nowWASHINGTON — The Federal Reserve on Wednesday enacted a quarter percentage point interest rate increase, expressing caution about the recent banking crisis and indicating that hikes are nearing an end. That wording is a departure from previous statements which indicated "ongoing increases" would be appropriate to bring down inflation. Still, the median of the estimates points to a 0.8 percentage point reduction in rates in 2024 and 1.2 percentage points worth of cuts in 2025. Estimates released Wednesday of where Federal Open Market Committee members see rates, inflation, unemployment and gross domestic product underscored the uncertainty for the policy path. The Dow Jones Industrial Average is up some 2% over the past week, though the 10-year Treasury yield has risen about 20 basis points, or 0.2 percentage points, during the same period.

☆ Asia Pacific shares join US gains as investors await key Fed decision
▼ + stars: | 2023-03-21 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Asia Pacific shares opened higher on Wednesday, tracking US gains, as investors awaited the US Federal Reserve’s next monetary policy decision later in the day. Hong Kong’s benchmark Hang Seng (HSI) index was trading 2.3% higher, leading gains in the region. The MSCI Asia Pacific index, which excludes Japanese companies, was broadly higher, rising 0.8%. On Tuesday, US stocks closed higher as shares of regional banks rebounded from record-breaking losses earlier in the month. The SPDR Regional Banking ETF (KRE), which tracks a number of small and mid-sized bank stocks, gained 5.8% for the day.

☆ Gold prices ease as market focus turns to US Fed meeting
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

FUNDAMENTALS* Spot gold was down 0.1% at $1,977.69 per ounce, as of 0044 GMT. * Gold tends to benefit from low interest rates as it reduces the opportunity cost of holding non-yielding bullion. * The dollar edged up 0.1%, making bullion less attractive for buyers holding other currencies. * SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.38% to 924.55 tonnes on Monday from 921.08 tonnes on Friday. * Spot silver edged down 0.1% to $22.49 per ounce, platinum was flat at $988.33 and palladium was listless at $1,413.97.

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