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Banks Pay Savers More to Stay Amid Steep Interest Rates

For America’s biggest banks, deposit costs are exceeding interest income.   That’s the first time that’s happened since the Federal Reserve began increasing rates two years ago, the Financial Times noted in a report Sunday (April 28) on the phenomenon.   Among the lenders in question is Wells Fargo, which paid almost $594 million more [...] READ MORE

BRICS: $260 billion in trade without a single dollar

As the American debt’s wild growth of more than 34,600 billion dollars continues to raise concerns, the BRICS deliver another blow to the greenback. China and Russia, two founding countries of the alliance, plan to conduct 260 billion dollars of trade without resorting to a single American dollar. Only Russian ruble, Chinese yuan, and a [...] READ MORE

29% of households have jobs but struggle to cover basic needs: They are ‘one emergency from poverty,’ one expert says

KEY POINTS The number of households that live above the poverty line but are barely scrapping by is ticking higher. Currently, nearly 40 million families are defined as ALICE, which stands for Asset Limited, Income Constrained, Employed. High inflation and higher interest rates have taken a hefty toll, and there is little relief in sight. [...] READ MORE

A modern gold rush is on, as people cash in on record-high prices

Oil Drops as Progress on Cease-Fire in Gaza Shrinks Risk Premium Whether you have some old jewelry or maybe some coins at home, you could benefit from today's sky-high gold and silver prices.   For instance, just four small, once-ounce gold coins are now worth almost $10,000.   And people are cashing in.   At [...] READ MORE

Oil Drops as Progress on Cease-Fire in Gaza Shrinks Risk Premium

Oil Drops as Progress on Cease-Fire in Gaza Shrinks Risk Premium (Bloomberg) -- Oil fell as signs of progress toward a cease-fire between Israel and Hamas reduced crude’s geopolitical risk premium.   West Texas Intermediate fell 1.5% to settle below $83 a barrel after the New York Times reported that Israel is open to a [...] READ MORE

Inflation-wary US rate options market cautiously prices for 2024 Fed hike

FILE PHOTO: Federal Reserve Board Building in Washington NEW YORK (Reuters) - Options on Secured Overnight Financing Rate (SOFR) futures are showing a higher probability that the Federal Reserve could hike interest rates a quarter percentage point this year and next as U.S. inflation and the labor market remain resilient.   Bond investors look to [...] READ MORE

Gold Fluctuates as Investors Turn Focus to Fed Meeting, US Data

No policy change expected at Federal Reserve meeting this week The precious metal near a record high touched this month Gold has climbed more than 13% this year, hitting a record earlier this month.Photographer: Chalinee Thirasupa/Bloomberg Gold wavered as traders looked ahead to a week with a Federal Reserve rate decision meeting and key US [...] READ MORE

Why the Fed looks likely to scramble back to a hawkish stance

Federal Reserve Chair Jerome Powell departs his news conference in March Flash back to August 2022, when Fed Chair Jerome Powell gave a nine-minute speech at Jackson Hole, Wyo., warning investors to expect “some pain” in the economy in order to lower inflation.   His blunt, hawkish remarks now seem like a distant memory. Over [...] READ MORE

Key Fed inflation measure rose 2.8% in March from a year ago, more than expected

KEY POINTS The core personal consumption expenditures price index excluding food and energy increased 2.8% from a year ago in March, unchanged from February and slightly higher than expected. Personal spending rose 0.8% on the month, more than the personal income increase of 0.5%. The personal saving rate fell to 3.2%, down 0.4 percentage points [...] READ MORE