Archive February 2024

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Week InAdvance: February 26, 2024

Mon Feb 26 WTO ministerial conference in Abu Dhabi. APEC meeting in Peru. | Tue Feb 27 BRICS finance ministers meet before G20 meetings. | Wed Feb 28 G20 finance ministers meet in Brazil. | Thu Feb 29 Leap Day. European CPI readings. | Fri Mar 1 US House funding bill deadline. First day of meteorological spring.


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Week InReview: February 23, 2024

Fed warnings.

The advances in equities came even in the face of warnings from Federal Reserve policymakers about the risks of cutting interest rates too soon. Vice Chair Philip Jefferson underscored that the Fed needs to be on guard against cutting rates too far in response to falling inflation lest it undermine the achievement of its ultimate goal of price stability. Philadelphia Fed President Patrick Harker emphasized the risks of easing policy too soon while saying it will likely be appropriate to cut this year. And Governor Lisa Cook said she would like to see more progress on inflation before beginning to cut interest rates. Yields on shorter-dated Treasury notes moved higher on the day.


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Week InAdvance: February 19, 2024

For Gensler, financial risks lie where banks and non-banks meet

Gary Gensler. Photo: Christopher Goodney | Bloomberg

(Feb 17) — In a Feb. 14 interview, the former Goldman Sachs Group Inc. executive and three-time financial regulator commented on financial stability, private credit, and why he’s wary of mixing banks and crypto. Some hefty and contentious rules, notably on corporate climate disclosures and reworking the trading structure of equities, are still pending. Gary Gensler says he’s looking to lower the cut taken by intermediaries in dealings between investors and issuers to make markets more competitive and efficient.


Gensler is midway through his tenure leading the US Securities and Exchange Commission through a shakeup of financial markets and middlemen, and amid historic changes in the players and what’s being traded. The SEC Chair has completed just over half of his agenda.


Here’s what Gensler has in mind for the rest.


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Week InAdvance: February 12, 2024

Mon Feb 12 Lunar New Year celebrations. Brazil Carnival holiday. World Governments Summit in Dubai. | Tue Feb 13 Mardi Gras (Fat Tuesday). Pancake Day in the UK. CFTC's EEMAC meets. US CPI. | Wed Feb 14 Ash Wednesday. Valentine's Day. | Thu Feb 15 CFTC considers proposed rules. NATO defense ministers meet in Brussels. | Fri Feb 16 London Fashion Week. Munich Security Conference.


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Week InReview: February 9, 2024

Flirting with 5,000.

US equities fluctuated on Thursday, with the S&P 500 briefly hitting 5,000 before closing just below the level in a rally driven by a narrow group. Walt Disney’s gains propelled it to its best performance since December 2020, while Arm Holdings added $38 billion in value on an upbeat outlook. “AI is not in any way, shape or form a hype cycle,” Arm CEO Rene Haas said. AI hopes have sustained gains in tech companies, which have brought in more cash than ever before. Apple, Microsoft, Alphabet, Amazon and Meta have generated a record $139.5 billion of cash combined, data compiled by Bloomberg show. Meanwhile, US Treasuries struggled to gain traction despite a strong $25 billion sale of long-term bonds.


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Week InAdvance: February 5, 2024

Mon Feb 5 G20 sustainable finance working group meets. OECD interim econ outlook. | Tue Feb 6 Yellen FSOC testimony in the House. FINRA cyber forum. Australia sets rates. | Thu Feb 8 Yellen Senate FSOC testimony. India rate decision. | Fri Feb 9 Financial markets closed in China. Lunar New Year’s Eve celebrations start, ushering in the Year of the Dragon in China, South Korea, Taiwan, Vietnam. New York Fashion Week opens. | Sun Feb 11 Super Bowl Sunday.


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Week InReview: February 2, 2024

Happy Groundhog Day.

The head of the International Monetary Fund said the Federal Reserve and other major central banks face more risks by easing monetary policy too early rather than too late, but stressed that the Fed shouldn’t hesitate to cut interest rates. “Central banks need to be guided by data, not by exuberant expectations of markets,” IMF’s Kristalina Georgieva said. On Wall Street, economists at Goldman Sachs, Bank of America, and Barclays — among the last holdouts for the Fed to start lowering its benchmark rate as soon as March — have pushed back their forecasts for cuts and are now shifting their expectations to a second-quarter move.


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