Welcoming remarks by Chair Powell at the 2022 Community Banking Research Conference

September 28, 2022 Welcoming Remarks Chair Jerome H. Powell At the 2022 Community Banking Research Conference, sponsored by the Federal Reserve, the Conference of State Bank Supervisors, and the Federal Deposit Insurance Corporation, St. Louis, Missouri (via pre-recorded video) Watch Live Link to video of Chair Powell’s pre-recorded remarks: https://youtu.be/s-cKJhfLo2Y Good morning, and welcome to … Read more

U.K. bond yields plunge after Bank of England steps in to buy at ‘whatever scale is necessary’

U.K. gilt yields fell back from their highest in 14 years after the Bank of England said it would buy bonds at “whatever scale is necessary” to restore orderly market conditions. The 10-year benchmark gilt yield TMBMKGB-10Y, 4.002%, which moves in the opposite direction to prices, fell 49 basis points to 4.03%, having at one … Read more

Biogen Stock Explodes Higher After Alzheimer’s Drug Succeeds In Final-Phase Test

Biogen stock exploded higher Wednesday — bringing shares of other Alzheimer’s plays with it — after its experimental treatment succeeded in a final-phase test. X The results are sorely needed for Biogen (BIIB), which has long struggled to target the neurological disease. In the Phase 3 study, the drug called lecanemab removed built-up plaque in … Read more

Stanley Druckenmiller sees ‘hard landing’ in 2023 with a possible deeper recession than many expect

Billionaire investor Stanley Druckenmiller believes the Federal Reserve’s attempt to quickly unwind the excesses it helped build up for a decade with easy monetary policy will not end well for the U.S. economy. “Our central case is a hard landing by the end of ’23,” Druckenmiller said at CNBC’s Delivering Alpha Investor Summit in New York City … Read more

Ford to spend $700 million on Kentucky Truck Plant, add 500 jobs | News

LOUISVILLE, Ky. (WDRB) — Even as it invests billions in electric vehicles, Ford Motor Co. is also ensuring its gas-guzzling cash cows keep rolling off the line at Louisville’s Kentucky Truck Plant for many years to come. The Detroit automaker on Tuesday said it would spend $700 million on equipment upgrades and add 500 full-time … Read more

5 things to know before the stock market opens Wednesday, September 28

Traders on the floor of the NYSE, Sept. 27, 2022. Source: NYSE Here are the most important news items that investors need to start their trading day: 1. Looking for a bottom For a while it looked hopeful U.S. stock markets had fallen as far as they could this year. Since June, stocks had been … Read more

Mortgage refinancing drops to a 22-year low

Mortgage rates drove even higher last week after the Federal Reserve signaled it would continue its aggressive action to cool inflation. That, and rising uncertainty in the overall housing market, caused mortgage application volume to drop 3.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. After a … Read more

Bank of England delays bond sales, launches temporary purchase program

LONDON — The Bank of England will suspend the planned start of its gilt selling next week and begin temporarily buying long-dated bonds in order to calm the market chaos unleashed by the new government’s so-called “mini-budget.” U.K. gilt yields were on course for their sharpest monthly rise since at least 1957 as investors fled … Read more

Dow Jones Futures Rise On Bank Of England Reversal; Apple Falls On iPhone Report, Biogen Soars On Alzheimer’s Drug

Dow Jones futures turned slightly higher Wednesday morning, while S&P 500 futures and Nasdaq futures slashed losses after the Bank of England abruptly announced plans to buy long-term British bonds, supporting the plunging pound X The 10-year Treasury yield, which had briefly topped 4%, fell solidly. Meanwhile, Apple (AAPL) reportedly is reining in iPhone production. That iPhone … Read more