The United States is embarking on a new chapter in its economy with the Federal Reserve raising its benchmark interest rate. In July 2023, the federal funds effective rate surpassed 5%, marking a significant shift after four decades. Economists predict that as interest rates continue to rise, financial conditions will return to a more normal …
Kayricka Wortham, a former operations manager at an Amazon warehouse in Atlanta, has been handed a 16-year prison sentence for orchestrating a $10 million fraud scheme. Wortham, along with six other co-conspirators, defrauded the e-commerce giant out of $9.4 million, using the stolen money to indulge in a lavish lifestyle. She purchased luxury cars, including …
Hong Kong observation wheel, and the Hong Kong and Shanghai Bank, HSBC building, Victoria harbor, Hong Kong, China. Ucg | Universal Images Group | Getty Images According to HSBC Asset Management, the U.S. is expected to enter a downturn in the fourth quarter, followed by a “year of contraction and a European recession in 2024.” …
A major financial services CEO cautions that the economy has not yet fully absorbed the impact of higher interest rates. Thomas Michaud, CEO of Stifel company KBW, points out that there is a delayed reaction in the market following the last rate hike. He emphasizes that a 25 basis point increase at a 5% rate …
The stock market hit new all-time highs on Monday with the Dow, S&P 500, Nasdaq, and Russell 2000 all soaring in value. Despite some speculation that this is due to President Donald Trump’s proposed stimulus plans and deregulation proposals, it is possible that this is actually the continuation of a rally begun under President Barack …
Bob Michele, Managing Director and Chief Investment Officer at JPMorgan’s Global Fixed Income, Currency & Commodities (GFICC) group, has warned that the stock market’s current resurgence after interest rate hikes and bank failures may not be a good sign, comparing it to a deceptive lull during the 2008 financial crisis. Michele noted that during both …