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...US Federal Reserve chair Jay Powell this month hinted that the central bank would move slowly. US bond yields, anticipating problems, have risen this year....
...As you can see at right, bank credit is still restricted, but spreads don’t care....
...Slok: In some cases triple C, even single B credit looks more vulnerable, because those are the firms that are more vulnerable to higher interest rates....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...That’s five or six rate cuts, assuming the bank goes 25 basis points at a time. Is the market too giddy?...
...There will also be monetary policy meeting minutes from the European Central Bank and the US Federal Reserve, as well as plenty more central bank speakers....
...Chart of the day The S&P 500 rose 3.1 per cent in July after closing up 0.2 per cent yesterday at 4,588.96....
...Many companies on the benchmark earn revenues in dollars but report earnings in sterling. The UK central bank had lagged behind peers in the US and Europe in its efforts to cool stubborn inflation....
...One more thing: We are launching a new central banks newsletter for premium subscribers....
...He adds that the US Federal Reserve has had success in taming wage inflation, which is proving to be a new tailwind for profit margins....
...Weakest links pertain to companies rated “B minus” and lower with negative outlooks....
...The European Central Bank raised its own benchmark rates to an all-time high this month....
...The S&P 500 on Thursday hit its lowest level since June and the tech-heavy Nasdaq Composite fell to its lowest since August. Kate Duguid Will sterling keep falling?...
...Themos Fiotakis, head of FX research at Barclays, said sterling had rallied “too much” ahead of the most recent central bank meeting and was “susceptible to a bit of a sell-off”....
...(Bank of America also lent them money for the planes, but as you’d expect from a bank, it demanded interest payments and security over the jets.) Well, we have an update....
...Investors have also been contemplating comments on Monday from central bank officials, including Atlanta Federal Reserve president Raphael Bostic suggesting that inflation could return to target without...
...Department of Justice “to attend to the interests of the United States” by “argu[ing] any case in a court of the United States in which the United States is interested.” 28 U.S.C. §§ 517, 518....
...Consumer price inflation hit a high of more than 9 per cent last summer, and the Federal Reserve has been aggressively raising rates to bring it back towards the central bank’s 2 per cent target....
...Also, investors might want to think carefully before owning small-cap banks right now, and they make up 7 per cent of the Russell but only 3 per cent of the S&P....
...The S&P 500 and the Nasdaq Composite both fell about 1.5 per cent. Investors are worried about higher for longer interest rates. But sterling got the strongest punch to the gut....
...Under PAC 1, launched by Lula in 2007, only a quarter of projects were effectively delivered, according to analysis by consultancy Inter B....
...The S&P 500 closed 0.8 per cent lower and the tech-focused Nasdaq Composite dropped 1.2 per cent....
...Sterling rose 0.7 per cent against the dollar....
...Sterling was up 0.2 per cent against the dollar to $1.27....
...Russia said its 300,000 b/d export reduction would also stay in place until December....
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