The word of billionaire Warren Buffett is rare. The Oracle of Omaha, as he is nicknamed on the financial markets, is a kind of medium or prophet whose every prophecy is likely to change the fate of a company on the stock market, rock the markets or make them forget the problems of the moment. At 92, the billionaire has never been so aware of his influence.
‘It really disturbs me to say this, but I think I agree with Larry.’ Paul Krugman is with his frenemy Larry Summers on the inflation fight.
Both economists think the U.S. Federal Reserve is just as likely to overestimate inflation as underestimate it.
On Jan. 19, the U.S. officially hit its debt ceiling, having spent all of the $31.4 trillion available for expenditures as allocated by the Treasury. In the days since, conversations have become...
(Bloomberg) -- President Joe Biden and congressional Democrats will ultimately retreat from their insistence on a “clean” increase in the federal debt ceiling, the majority of economists in a Bloomberg survey said — predicting an end to the partisan standoff with little risk of default and a limited effect on the US economy and financial markets.Most Read from Bloomberg8,000 Layoffs Don’t Exactly Scream Family ValuesPutin’s War in Ukraine Pushes Ex-Soviet States Toward New AlliesSony Slashes Pla
- Business Insider
Nobel economist Paul Krugman slams Brazil and Argentina's joint currency plan, saying 'it's a terrible idea'
A shared currency would work best for countries that are each other's biggest trading partners, Krugman said.
S&P 500’s closing low of 676.53 after the onset of the housing bubble-fueled recession was in March 2009---a little after industrial companies announced about 60,000 job cuts.
The first glimpses of spending data during the Chinese Lunar New Year should give China bulls some comfort. China Beige Book’s January data showed a sharp bounce in economic activity as millions were able to travel to see family for the first time in three years as the country dropped Covid restrictions. Chinese stocks have soared 50% since late October in anticipation that policy makers’ U-turn on policies that had stifled economic activity, including harsh Covid restrictions, would spark a consumer-led recovery. The iShares MSCI China exchange-traded fund (MCHI) is up 18% so far this year while the more domestically oriented iShares MSCI China A-Shares ETF ( CNYA ) is up 11.6%.
India's government on Wednesday unveiled one of its biggest jumps in capital spending in the past decade in its budget for the coming year and said the fiscal deficit would fall, as it tries to create jobs while maintaining financial discipline. Prime Minister Narendra Modi's party, which faces elections in key states this year and a national vote in 2024, has been under pressure to create jobs in the country of 1.4 billion where many have struggled to gain employment despite it remaining one of the world's fastest-growing major economies. "After a subdued period of the pandemic, private investments are growing again," Finance Minister Nirmala Sitharaman said as she presented the 2023/24 budget in parliament.
- Business Insider
Paul Krugman says he agrees with Larry Summers that the Fed has to walk a fine line in order to prevent widespread US economic damage
"We're trying to operate the controls on some fairly sensitive machinery, in the dark, wearing mittens," Krugman told Bloomberg TV.
It's no secret that certain lawmakers want to cut federal spending as part of the current debt-ceiling negotiations -- and some have their eyes on entitlement programs such as Social Security,...
- Fox News
The chair of the House Small Business committee slammed Vice President Kamala Harris’ speech Monday on the administration's investments in small business in North Carolina as a "PR stunt."
Wheat prices in India, the world's biggest consumer of the grain after China, have dropped nearly 13% from record highs since the government offer last week of 3 million tonnes to bulk consumers such as flour millers. Prime Minister Narendra Modi's government on Wednesday allowed flour millers to buy up to 3 million tonnes of wheat from state reserves. On Monday, wheat prices in New Delhi dropped to 28,290 rupees ($347.11) a tonne, down 13% from their record high hit last week because stocks are low.
- The Topeka Capital-Journal
A proposed 5% flat income tax plan from the Kansas Chamber would cost more than the failed tax cut experiment of Gov. Sam Brownback.
- Business Insider
The US economy is doing better than markets are pricing in so it could well avoid a recession, top strategists say
Yardeni Research's Ed Yardeni and Apollo Global Management chief economist's Torsten Slok both believe the US could well avoid a widely expected recession.
The U.S. employment cost index rise slowed at the end of 2022 for the third quarter in a row, but worker compensation still rose a sharp 1% and didn't offer much comfort to the Federal Reserve as it fights to tame inflation.
(Bloomberg) -- China’s manufacturing and services expanded for the first time in four months in January as the reopening from Covid Zero continued and the Lunar New Year holiday spurred travel and spending.Most Read from BloombergWall Street Is Losing Out to Amateur Buyers in the Housing SlumpSony Slashes PlayStation VR2 Headset Output After Pre-Orders DisappointTrump Sues Journalist Bob Woodward for Releasing Interview RecordingsThe 'Big Shift' That's Finally Causing Rents to FallAdani Rout Hit
BEIJING (Reuters) -China's economic activity swung back to growth in January, after a wave of COVID-19 infections passed through the country faster than expected following abandonment of pandemic controls. Domestic orders and consumption drove output higher, according to the first broad data to show how quickly China is recovering from its COVID reopening wave, but analysts warned that the economy faced persistent weakness in external demand. The official purchasing managers' index (PMI), which measures manufacturing activity, rose to 50.1 in January from 47.0 in December, the National Bureau of Statistics (NBS) said on Tuesday.
The market’s expectations clash with projections from the central bank. The wording of the policy statement after Fed Open Market Committee gathering could indicate how many hikes really are ahead this year.
- Fox News
Rand Paul, Ernst investigate 'disturbing' $5.4B in pandemic fraud as Biden moves to end COVID emergency
Senators Rand Paul and Joni Ernst are demanding answers on how the government could have allowed $5.4 billion in small business loans to be dispensed to "fraudsters" during the pandemic.
The money exchange shop in Lebanon's Bekaa Valley was buzzing with business. Cellphones pinged endlessly and employees shouted out various rates as customers flocked in carrying plastic bags of the crashing local currency to buy U.S. dollars. "Welcome to the Wall Street of Lebanon," grinned the storefront's owner, a machine gun leaning on a rack behind him in case of a robbery.
From inflation allowances to the reskilling of workers, firms in Japan are stepping up efforts to help employees fight rising prices and a labour crunch, even though some cannot afford pay hikes that do more than offset cost-push inflation. As annual "shunto" labour talks get into full swing, momentum from both labour and management is growing for firms to offer such hikes to cushion, even if not beat, consumer inflation, which hit a 41-year high of 4% in December. At the spring session of the labour talks, set to wrap in mid-March, major firms, such as Toyota Motor Corp, negotiate with in-house unions to set wages for the coming fiscal year from April.