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It’s a message now echoing in every corner of Wall Street: Consumers have finally run out of steam
It’s also an eventuality Bank of America has predicted since March, when analysts warned that the Fed would push consumers to the “point of pain” in order to tame inflation.
And now, according to Bank of America’s CEO, Brian Moynihan, that time has come.
Speaking to CNBC’s Squawk on the Street, Moynihan said the way consumers are acting is consistent with a “low growth, low inflation economy,” which the U.S. saw from 2016 to 2019.
Federal Reserve Chairman Jerome Powell acknowledged recent signs of cooling inflation, but said Thursday that the central bank would be “resolute” in its commitment to its 2% mandate.
Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal,” Powell said in prepared remarks. “We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters.”
A system “incident” halted trading in hundreds of shares on the London Stock Exchange for the final 80 minutes of Thursday’s session.
originally posted by: RelSciHistItSufi
Re my post about angel numbers last night; I'm seeing 222 appearing in various posts today.
Here's a Chuck Grassley example:
Here's DC Draino on Truth Social:
Ross Vandermeer tweet (an XRP riddler)
twitter.com...
Chinese investors offloaded the most US bonds and stocks in four years in August, fueling speculation the authorities may have moved to beef up their war chest to defend a weakening yuan.
The bulk of the $21.2 billion of sales were in Treasuries and US equities, with funds in the Asian nation also cutting holdings of agency debt, according to data from the US Department of the Treasury released on Wednesday. In August, the onshore yuan tumbled to its lowest against the dollar since November, prompting Beijing to tell state-owned banks to step up intervention in the currency market.
Chinese property giant Country Garden denied Thursday its founder and chairwoman had fled the country, as the debt-saddled builder flirts with a default that could send shockwaves through the industry.
One of China's biggest developers, Country Garden has racked up debts estimated at 1.43 trillion yuan ($196 billion) as of the end of 2022.
Unverified reports this week claimed founder Yang Guoqiang and his daughter Yang Huiyan -- the company's chairwoman -- had left China.
But the firm quashed the speculation Thursday, saying "the founder... and the group's chair of the board of directors are currently working normally inside the country".
The chairman of China Evergrande Group (3333.HK) has been placed under police surveillance, Bloomberg News reported on Wednesday, raising more doubts about the embattled developer's future as it grapples with the mounting threat of liquidation.
Citing people with knowledge of the matter, the report said Hui Ka Yan, who founded Evergrande in 1996 in the southern city of Guangzhou, was taken away by police earlier this month and is being monitored at a designated location.
Evergrande is the world's most indebted developer with more than $300 billion in total liabilities and has been at the centre of an unprecedented liquidity crisis in China's property sector, which accounts for roughly a quarter of the economy.
Can you login to your old account?