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U.S. job openings and hires dipped in October, a sign of a cooling economy

U.S. job openings dropped in October but remained high, a sign that businesses became slightly less needy for workers as the Federal Reserve ramps up interest rates in an effort to cool the economy. Employers posted 10.3 million job vacancies in October, down from 10.7 million in September, the Labor...
Picture for U.S. job openings and hires dipped in October, a sign of a cooling economy

Stocks diverge ahead of next Fed rate signal

Stock markets fluctuated on Wednesday as eurozone inflation slowed for the first time in 17 months and investors awaited fresh signals about the US central bank's interest rate plans. Eurozone inflation eased to 10 percent in November, the first drop in 17 months, according to official data.
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Job openings and hires dipped in October as economy cooled

U.S. job openings dropped in October but remained high, a sign that businesses became slightly less needy for workers as the Federal Reserve ramps up interest rates in an effort to cool the economy. Employers posted 10.3 million job vacancies in October, down from 10.7 million in September, the Labor Department said Wednesday. Even with the drop, openings were slightly lower in August, when they dipped below 10.3 million before rebounding the following month. There are now about 4.3 million more job openings than unemployed people, even though the level of unemployment has been rising. The number of people quitting their...
Picture for Job openings and hires dipped in October as economy cooled

US job openings fell in October to still-high level

WASHINGTON (AP) — U.S. job openings dropped in October but remained high, a sign that businesses became slightly less needy for workers as the Federal Reserve ramps up interest rates in an effort to cool the economy. Employers posted 10.3 million job vacancies in October, down from 10.7 million in September, the Labor Department said Wednesday. Even with the drop, openings were slightly lower in August, when they dipped below 10.3 million before rebounding the following month. The number of people quitting their jobs also slipped in October, to 4 million from 4.1 million. The Federal Reserve is closely monitoring the figures on job openings and quits for signals about the strength of the job market. The Fed is seeking to pull off a delicate task by slowing hiring and the broader economy to cool inflation, but not so much as to cause a recession.
WASHINGTON STATE

Treasury Secretary Janet Yellen dismisses speculation she’s leaving

Treasury Secretary Janet Yellen on Wednesday said she “certainly” planned to stay on in her job for the duration of President Joe Biden’s term, dismissing speculation she was considering leaving after this month’s midterm elections. Yellen told an event hosted by the New York Times Dealbook she had no plans to leave Treasury. “I’m committed to staying,” Yellen said. “I’m excited about the agenda. I’m excited about what President Biden has accomplished so far, and I think there’s more to come.” Speculation about whether Yellen, 76, will remain in the job has increased in recent months, and the Republican takeover of the House is likely to stall the Biden administration’s legislative agenda, including...
Seekingalpha.com

Cboe named top pick at Morgan Stanley, LPL Financial cut to Equal Weight

Morgan Stanley analyst Michael Cyprys said Wednesday he favors brokers and exchanges, with Cboe Global (BATS:CBOE) his top pick, as "it's too early to abandon a defensive stance" as the firm's U.S. equity strategists continue to expect volatility. The "key debate into 2023 is whether, when, and how to pivot...
Time

Discover Bank Savings and CD Rates: How Do They Compare?

While you may know Discover for its popular cash back credit cards, the digital bank also offers an array of banking products including savings accounts, money market accounts, and certificates of deposit (CDs). These accounts from Discover Bank carry great interest rates that are competitive with the best online banks...

Playing A Huge Gold Bull Case With Dirt Cheap Kinross Gold

I believe that gold is at the start of a long-term bull case, triggered by increasing pressure on the Fed to prioritize financial stability over its fight against inflation. Kinross Gold is a fantastic play to benefit from higher (expected) gold prices, thanks to top-tier assets, high margins, and a focus on shareholder distributions.

Pending home sales fall for fifth straight month

The number of homes under contract fell again last month as high mortgage rates and home prices weakened buyer demand. Pending home sales, a forward-looking market indicator, declined for the fifth consecutive month in October, falling by 4.6 percent, according to the National Association of Realtors’ (NAR) Pending Home Sales Index. The number of pending transactions decreased year-over-year by 37 percent.

'2022 Was The Year The Fed Created The Biggest Renter Boom In America's History': Grant Cardone Shares How Investors Can Make The Most Of This Market

According to Grant Cardone, “with the Fed raising interest rates it has sidelined home buyers, which means prices are going to pull back. If you are an end user, looking to finally enter the housing market now is a great time to buy a house 15%-20% cheaper than it would have been at the beginning of the year.”

Fed Chair Jerome Powell Could Move Markets With His Speech On Inflation Wednesday Afternoon: What You Need To Know

Investors will be looking for clues about the Federal Reserve's next moves in its fight against inflation when Fed Chair Jerome Powell speaks Wednesday afternoon. What To Know: Powell is set to give a speech on the economic outlook, inflation and the labor market at the Brookings Institution in Washington, D.C. Wednesday at 1:30 p.m. ET.
WASHINGTON, DC

Corporate profits hit record high in third quarter amid 40-year-high inflation

Corporate profits in the nonfinancial sector hit a record high of $2.08 trillion in the third quarter even as 40-year-high inflation continues to squeeze American consumers. Profits adjusted for inventories and capital consumption rose $6.1 trillion from the second to third fiscal quarters, the Commerce Department reported Wednesday, continuing a red-hot recovery from the flash recession caused by pandemic shutdowns.

Global stocks will be in a rut for another 3 months, but inflation concerns and central bank tightening mean 2023 gains won't be enough to erase this year's losses, survey says

Inflation woes mean 2023 gains won't be enough to erase this this year's stock market losses, per a Reuter's poll. Analysts predict top global stock indexes will have single-digit gains by the end of 2023. The S&P 500 and Dow Jones Industrial Average are down 17.7% and 8% year-to-date, respectively.

FTSE 100 finishes at five-month high as rally continues

The FTSE 100 has finished the month at its highest closing price for five months as its recent purple patch continued.Strong commodity and energy stocks were once again the driving force for a positive session for London traders.The City’s top index finished the day up 61.05 points, or 0.81%, at 7,573.05.Chris Beauchamp, chief market analyst at IG, said: “The FTSE 100 continues to outperform its peers and is now up 1% for the year.“Stronger commodity prices have played a big part in helping the index to best its rivals as indices gird themselves for the final run to year-end, and...
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