Author: Press Room

By Yasin Ebrahim Investing.com – The pound held its gains against the dollar Monday after Bank of England Governor Andrew Bailey said inflation remained the main driver of monetary policy decisions in the wake of concerns about the turmoil in banking. rose 0.45% to remain close to its highs of the day at $1.2285. The Bank of England, or BoE, governor said the Financial Policy Committee — set up after the great financial crisis to ensure the stability of the UK Financial system – was “on the case of securing financial stability,” allowing the central bank to focus on its…

By Geoffrey Smith  Investing.com — The world economy is facing its worst five years for growth in more than three decades, the International Monetary Fund warned on Thursday. Speaking ahead of the IMF’s spring meeting, managing director Kristalina Georgieva said that world gross domestic product growth is likely to average only 3.0% over the next five years. That’s the lowest since 1990, and well below the average of around 3.8% seen over the last two decades. In a briefing in Washington, D.C., Georgieva warned that the twin threats of deglobalization and geopolitical instability would act as a brake on growth…

Topline A small grouping of mega-cap stocks are behind almost all of the S&P 500’s 2023 rally, as investors pile back into the stocks battered last year and shun smaller-cap stocks amid macroeconomic and banking uncertainty, though one analyst cautioned about what the concentrated rally means for the market’s broader health. Key Facts Silicon Valley titans Alphabet, Apple, Meta and Nvidia, Seattle’s Amazon and Microsoft and electric vehicle giant Tesla gained more than $2.1 trillion in market capitalization year-to-date through Thursday’s market close cumulatively, according to FactSet data. Incredibly, those seven stocks account for 88% of the S&P’s 2023 gains,…

It’s that time of the year when most of us are pumped to travel. But it’s a real bummer when you fall prey to a travel scam. Travel swindles are multiplying because more people are getting out post-COVID. They take many forms, but this is how you can protect yourself, according to Proxyrack. 1. Verify the security of the website in your browser. Fake travel companies can look highly professional and be hard to spot, but consumers can check whether or not a site is legitimate by clicking on the padlock icon icon to the left of the URL. This…

On August 15, 1971, President Nixon unveiled a package of economic policies to jump-start a sluggish economy. His message featured a range of proposals, some rather tepid and conventional, others quite dramatic and controversial. It was the latter that gave rise to the name later used to describe the speech: the Nixon Shock. After the heady days of the mid-1960s, growth had slowed during the second half of the decade, eventually turning negative in 1970. Unemployment had risen from 3.5 percent in November 1969 to 6.1 percent on the eve of Nixon’s speech. But consumer prices had continued their steady…

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. Borrowers with good credit seeking personal loans during the past seven days prequalified for rates that were lower for 3- year loans and higher for 5-year loans compared to the previous seven days. For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender…

Americans are bracing for higher inflation over the next few years even as they worry about a potential credit crunch following a spate of bank failures, according to a key Federal Reserve Bank of New York survey published Monday.  The median expectation is that the inflation rate will be up 4.7% one year from now, according to the New York Federal Reserve’s Survey of Consumer Expectations, up from 4.2% in February. That marks the first series increase since October and adds a perplexing twist to the Fed’s campaign to crush price pressures with a series of aggressive rate hikes. Consumers anticipate…

The Biden administration’s sweeping plan to cancel up to $20,000 in student debt for tens of millions of Americans may have an unintended, though hopefully temporary, consequence for some people, experts say.”For many borrowers, it will cause their credit scores to drop,” said higher education expert Mark Kantrowitz.Here’s why: Throughout the three-year pause on federal student loan payments, borrowers’ accounts have been reported to the credit bureaus as current, Kantrowitz said. (Payments are currently scheduled to restart by September.)More from Personal Finance:Here are the 2 Supreme Court student loan forgiveness casesFederal student loan payments could restart in roughly 2 months,…

The U.S. Department of Justice on Monday asked a federal appeals court to keep the abortion pill mifepristone on the U.S. market as litigation plays out, and indicated that it may ask the Supreme Court to intervene in the case, days after a federal judge suspended the Food and Drug Administration’s approval of the medication nationwide.The DOJ asked the U.S. 5th Circuit Court of Appeals to block U.S. Judge Matthew Kacsmaryk’s unprecedented decision by noon Thursday “to enable the government to seek relief in the Supreme Court if necessary.” Kacsmaryk’s suspension of the FDA’s approval of mifepristone is set to…

Democratic lawmakers sent letters to 14 of the largest depositors at Silicon Valley Bank, seeking details about the lender’s “unusually cozy” relationships with its well-heeled clients. Senator Elizabeth Warren of Massachusetts and Representative Alexandria Ocasio-Cortez of New York sent the letters Sunday to executives at Roku, Roblox, Circle and BlockFi, among others, raising questions about their “white glove” treatment by SVB. Silicon Valley Bank was known to cater to the tech startup world. But Warren and Ocasio-Cortez, citing media reports, raised concerns about whether the bank’s relationships went beyond industry standards and potentially hastened its collapse last month. SVB reportedly…