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...According to the CBO, the US’s federal debt pile amounted to $26.2tn, or 97 per cent of gross domestic product, at the end of last year....
...But the highly concentrated portfolio lost 23 per cent of its value in 2021 and a further 67 per cent in 2022, hit hard when the US Federal Reserve raised interest rates to a 40-year high to curb soaring...
...China’s onshore renminbi was largely flat, edging down 0.01 per cent to Rmb7.23 ahead of the daily rate fixing announcement from the People’s Bank of China....
...The won and the yen each strengthened 0.4 per cent to trade at Won1,288.23 and ¥148.97 a dollar, respectively....
...Yields on US government debt pushed higher as prices fell. Yields on rate-sensitive two-year Treasuries added 0.04 percentage points to 4.97 per cent....
...Yields on rate-sensitive two-year Treasuries briefly rose above 5 per cent before falling back to 4.97 per cent in mid-afternoon trading....
...Hong Kong statistics show a net inflow of 152,300 residents to the city in 2022-23, compared to a net outflow of 97,200 in 2020-21....
...The US succeeded in reducing the debt-to-GDP ratio from 106 per cent in 1946 to 23 per cent by 1974. But the debt was mainly domestic, whereas today nearly a quarter is in foreign hands....
...Escalating tensions in the Middle East following Iran’s attacks on Israel and growing expectations that the Federal Reserve will delay rate cuts have boosted the US currency....
...Treasuries had rallied earlier in the session, pushing yields lower, and were little moved after the Fed’s decision....
...In prepared remarks to lawmakers on the topic of the economy, Powell acknowledged “considerable progress” and said interest rates, currently at a 23-year high in a range of 5.25 to 5.5 per cent, were unlikely...
...from the US Securities and Exchange Commission....
...However, net inflows of $57bn disappointed, as investors remain cautious about leaving cash to go back into equity and debt markets while the US Federal Reserve keeps interest rates at a 23-year high....
...Expectations of fewer US rate cuts have also sparked a slump in emerging market currencies against the dollar, prompting interventions by Asian central banks, including Indonesia and South Korea....
...The two-year Treasury yield, which moves with interest rate expectations, jumped sharply to stand at 4.97 per cent in late afternoon trade, just off an earlier four-month peak at 4.98 per cent....
...The surge in demand, which followed the launch of the first “physical” spot bitcoin ETFs in the US, has coincided with sharp selling of gold ETFs, which bled $7.7bn over the same period, even as the gold...
...The San Francisco-based group, which trades on the Nasdaq, reported $905mn in net revenue, up 23 per cent since the start of 2023....
...Now it is the fifth-largest stablecoin, which in market terms, is far behind. This week it fell off its peg to the US dollar, trading as low as 97 cents....
...Argentina’s provinces have dabbled in quasi-currencies before....
...Its annual revenue has been zero or negligible in 21 of the 23 years since its foundation....
...In the first three months of the year, the company reported a 23.7 per cent drop in revenues as a result of the devaluation of the naira....
...The US economy is expected to have expanded in the first three months of this year, albeit at a slower rate than the previous two quarters, as growth remains resilient even with interest rates at a 23-year...
...There is also some limited trade denominated in local currencies to avoid Ukraine-related US trade and financial sanctions....
...That makes up 23 per cent of the total of £1.4tn. In the US that figure is half of all mutual funds. Liontrust and its ilk trade cheaply at or below 10 times forward earnings....
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