Senate confirms Lael Brainard as Fed vice chair

US Federal Reserve board member Lael Brainard speaks after she was nominated by US President Joe Biden to serve as vice chair of the Federal Reserve, in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in Washington, US, November 22, 2021. Kevin Lamarque | Reuters The US Senate on Tuesday confirmed … Read more

Durable goods orders snap back in March and so does US business investment

The numbers: Orders at US factories for long-lasting goods such as computers and cars rose 0.8% in March and business investment rebounded after the first decline in a year, signaling the economy is still growing at a steady pace. The increase matched the estimate of economists polled by the Wall Street Journal. Orders for US … Read more

Inflation, supply issues threaten 2022 profits

The General Motors world headquarters office is seen at Detroit’s Renaissance Center. Paul Hennessey | LightRocket | Getty Images DETROIT — There’s growing concern among Wall Street analysts that higher costs and supply chain disruptions will put pressure on 2022 earnings for General Motors and Ford Motor — even more than initially expected. Ahead of … Read more

HSBC’s first-quarter profit slides as Ukraine conflict, inflation bite

Pedestrians walk past a HSBC Bank branch in Hong Kong. HSBC reported a 27% fall in quarterly profit on Tuesday, as the Asia-focused bank suffered from decreased revenues and slowing growth in Hong Kong. Budrul Chukrut/SOPA Pictures | light rocket | Getty Images HSBC reported a 27% fall in quarterly profit on Tuesday, as the … Read more

Investment banks slash China growth outlook — one puts GDP below 4%

Prolonged lockdowns in Shanghai have snarled supply chains and prompted banks to cut China GDP forecasts. Here, a truck leaves a port on April 13, 2022, with healthcare supplies for Shanghai. Tang Ke | Visual China Group | Getty Images BEIJING — In just about a week, several investment banks have cut their China growth … Read more

Beats expectations, reduces Russia exposure

FABRICE COFFRINI | AFP | Getty Images UBS has beat expectations for the first quarter of 2022 and said it has further reduced its exposure to Russia. The Swiss bank on Tuesday reported net profit attributable to shareholders of $2.136 billion, above forecasts compiled by the bank of $1.79 billion. It marks a 17% rise … Read more

Santa Barbara County’s Shortage of Psychiatric Acute Care Beds Leads to Long Waits, ER Holds | Mental Health Care in Crisis

[Noozhawk’s note: This article — part of a Noozhawk special project in partnership with the USC Annenberg Center for Health Journalism — is the first in a series investigating the shortage of acute care psychiatric beds for people experiencing a mental health crisis in Santa Barbara County. Noozhawk recognizes that mental illness and the challenges … Read more

Opinion: A soft landing is highly unlikely for global economy trying to fly without its main engine of growth

NEW HAVEN, Conn. (Project Syndicate)—The predictable downward revision cycle for the global economic outlook has officially begun. That’s the message from the semiannual World Economic Outlook just released by the International Monetary Fund, which reinforces earlier revisions from several prominent private forecasting teams. The revision, largely in response to the war in Ukraine, is a … Read more

Can the Fed Communicate Clearly About Inflation and a Potential Recession?

About the author: Larry Hatheway is the co-founder of Jackson Hole Economics and the former chief economist of UBS. Stock and bond markets took it on the chin last week. Fears that the Federal Reserve Open Market Committee may rates by a half percentage point at each of its coming meetings resulted in sharp jumps … Read more

Central banks to put rates in pain zone to fight inflation

LONDON — Overcoming doggedly high inflation requires interest rates to be pushed into the “pain zone.” But whether any central bank has the nerve to do it is the question, according to investment manager Man Group. “To actually fight inflation will require a central bank to show that they’re willing to put rates into the … Read more