According to Jamie Dimon, the U.S. economy could enter a recession next year due to inflation. While consumers and companies are in good shape, that may not last much longer, Dimon said Tuesday on CNBC’s “Squawk Box.” He said that consumers have $1.5 trillion in excess savings from Covid pandemic stimulus programs and are spending...
The stock market and U.S. stock funds rose for the second consecutive month. However, It is understandable if fund investors do not feel giddy about the market. The numbers remain ugly for investors so far this year. The average U.S.-stock fund rose 5.3% in November, according to Refinitiv Lipper data, but is still sitting on...
On Wednesday, the Credit Suisse shareholders approved a capital raise of 4 billion Swiss francs ($4.2 billion) for financing the embattled lender’s extensive strategic program. The first, which received 92% support from shareholders, grants shares to new investors, including the Saudi National Bank, through a private placement. SNB will acquire a 9.9% stake in Credit...
Binance CEO Changpeng Zhao said the cryptocurrency exchange has seen only a slight uptick in withdrawals and is operating normally despite a fall in digital asset prices after the collapse of FTX. Speaking on a live “ask me anything” session on Twitter Monday, Zhao said there had been “no news about significant withdrawals” from several...
According to CNBC’s Jim Cramer on Thursday, the freight industry’s pandemic boom could finally be winding down. “We caught a real break today with a much lower-than-expected consumer price index number, and a huge part of that came down to how much it costs to get goods to the consumer,” he said. “Why would the...
A cryptocurrency whale moved over 74,105 Bitcoin worth over $1.58 billion from a wallet shared on Blockchain.com. The BTCs were moved to wallets of unknown origin. There were two transactions in which the whale moved 50,562 BTC, valued at nearly $1.08 billion; another transaction involved 23,542 BTC, valued at about $505 million. In a series...
President James Bullard of the St. Louis Federal Reserve said Tuesday that he believes the economy can avoid a recession. However, he expects the central bank to maintain its rate hikes to keep inflation in check. “I think that inflation has come in hotter than what I would have expected during the second quarter,” the...
According to Goldman Sachs CEO David Solomon, the U.S. economy may be heading for a downturn that could make investment and business decisions more difficult. “I think it’s a time to be cautious, and I think that if you’re running a risk-based business, it’s a time to think more cautiously about your risk box, your...
According to Chicago Federal Reserve President Charles Evans, the central bank remains committed to reducing inflation even if it means cutting jobs. Three weeks before the Fed is expected to approve its fourth consecutive 0.75 percentage point interest rate increase, the central bank official told CNBC he hopes to minimize economic damage. “Ultimately, inflation is...
On Tuesday, cryptocurrency lender Nexo announced that it had acquired a stake in a federally regulated U.S. bank, paving the way for the company to offer banking services to Americans. Based in Zug, Switzerland, Nexo announced it has agreed to purchase an undisclosed stake in Hulett Bancorp, which owns Summit National Bank, a little-known institution....
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