The Fed approved a 0.25 percentage point rate hike, the first increase since December 2018.
Officials indicated an aggressive path ahead, with rate rises coming at each of the remaining six meetings in 2022.
Members also pared expectations for economic growth this year and sharply raised their outlook for inflation.
Two Chinese carriers have been shipping more empty export containers than loaded exports out of the two biggest U.S. ports.
The top two carriers that transported more empty containers than loaded U.S. exports out of the Port of Los Angeles were OOCL and its Shanghai-based parent company, COSCO.
The risk that the Federal Reserve accidentally tips the U.S. economy into recession as it combats inflation is rising, according to JPMorgan Chase CEO Jamie Dimon.
“I’m simply pointing out that those are storm clouds on the horizon that may disappear, they may not,” Dimon said.
In the event that a recession does develop, the bank would “have to put up a lot more” for loan loss reserves, Dimon told reporters.
The average rate on the popular 30-year fixed mortgage had risen close to a full percentage point from the start of this year up until last Friday, when it hit 4.18%, according to Mortgage News Daily.
It hit 3.9% on Tuesday.
This will give homebuyers more purchasing power as the historically busy spring season kicks off. It will also keep record high home prices continuing on their run higher.
Amazon on Tuesday announced what it claims is the biggest rocket deal in the commercial space industry’s history, signing on with three companies for up to 83 launches of its Project Kuiper internet satellites.
The tech giant signed contracts for launches with United Launch Alliance (ULA), Arianespace and Jeff Bezos’ Blue Origin.
Project Kuiper is Amazon’s plan to build a network of 3,236 satellites in low Earth orbit, to provide high-speed internet to anywhere in the world.
Imposing sanctions on the Russian energy sector has been a challenge for the European Union given the high level of dependency that some member states have on the country’s energy supplies.
According to data from the European statistics office, the EU imported 19.3% of its coal from Russia in 2020.
It imported 36.5% of its oil from the country in the same year, and 41.1% of its natural gas.
More than three weeks ago, a popular Twitter account named “Anonymous” declared that the shadowy activist group was waging a “cyber war” against Russia.
Since then, the account has claimed responsibility for disabling prominent Russian government, news and corporate websites and leaking data from entities such as Roskomnadzor, the federal agency responsible for censoring Russian media.
Chinese electric vehicle start-ups Nio, Xpeng and Li Auto delivered more cars in March than February even as they faced a number of challenges in the last few weeks.
Chinese electric carmakers are grappling with a rise in Covid cases in China, which threatens to disrupt production and deliveries, while raw material costs continue to increase.
Nio, Xpeng and Li Auto shares were higher in U.S. pre-market trade.
U.K. Finance Minister Rishi Sunak has asked the Royal Mint to create and issue the NFT “by the summer,” a government minister said Monday.
City Minister John Glen announced a number of steps the U.K. will take to bring digital assets under more regulatory scrutiny.
He says the government wants Britain to “lead the way” in crypto.
That’s weighing heavily on people’s minds, with 48% thinking about rising prices all the time, according to a CNBC + Acorns Invest in You survey, conducted by Momentive. The online poll was conducted March 23-24 among a national sample of 3,953 adults.
Read MoreDemand for single-family rental homes is soaring, pushing prices to record highs, as Americans continue to want larger homes with outdoor spaces.
Single-family rents gained a record 12.6% year over year in January, according to a new report from CoreLogic. That compares to an increase of 3.9% in January 2021.
Single-family rents soared 38.6% in Miami, up from just 2% the previous January.
Crypto investor Katie Haun has raised $1.5 billion for her new firm after a surprise departure from Andreessen Horowitz last year.
It’s the largest initial fund ever raised by a solo female founding partner, Pitchbook says.
“It feels, honestly, like a lot of pressure. But I think that motivates everyone on the team,” Haun says. “Web3 is the new era of the internet and it deserves a new era of investors.”
Manhattan real-estate sales topped $7 billion in the first quarter, marking the strongest-ever start to a year as the market shows no signs of slowing, according to new data.
The average price of a Manhattan apartment jumped 19% over the previous year’s period, to $2,042,113.
Rising interest rates also have less impact on wealthy buyers, who dominate the Manhattan market. As rates go up, they simply pay more cash.
Biotech company Vertex Pharmaceuticals recently began a clinical trial where it plans to treat 17 participants who have Type 1 diabetes with new insulin-making cells derived from stem cells. The first patient in the trial, Brian Shelton, has had positive results. After 150 days, Shelton was able to reduce the amount of insulin he injects by 92%.
Read MoreThe gains came as traders continued to eye the latest with ceasefire negotiations in Ukraine and China Covid lockdowns that could wreak havoc on tech supply chains. Investors are anticipating a big Federal Reserve monetary decision Wednesday, in which the central bank is expected to hike rates for the first time since 2018.
Read MoreRetirement savers invested a net $55 billion in Vanguard Group’s Target Retirement Funds in 2021, the most of any asset manager.
Fidelity Investments and BlackRock ranked No. 2 and No. 3, respectively.
The three firms offer among the industry’s lowest-cost TDFs. Investors have been shifting to low-fee funds for several years.
Turkey has been in the spotlight this week with its coastal waters seeing the arrival of two multimillion-dollar superyachts, reportedly belonging to Russian oligarch Roman Abramovich.
With each one worth an estimated $600 million or more, Abramovich is seen stationing $1.2 billion in the non-EU country.
He is seeking to shield his assets from U.S., U.K. and EU governments targeting Russia’s wealthy elite.
Turkey says it’s a legitimate move — so long as the yachts remain outside the territorial waters of sanctioning countries, which extend 12 nautical miles out from the coastline.
The SEC on Monday unveiled a proposal to expand the climate-related disclosures that companies make. Officials think it will help investors make more informed decisions.
Commissioner Allison Herren Lee called climate risk “one of the most momentous risks to face capital markets since the inception of this agency.”
If adopted, the rule could directly impact individuals who buy company stock and corporate bonds. It may indirectly affect investors in mutual funds and ETFs, pensioners and society more broadly.
All three major averages notched second consecutive winning weeks. The Dow ticked up 0.3%. The S&P 500 gained 1.8%, and the Nasdaq rallied nearly 2% week to date.
The S&P 500 is now up about 3.9% higher in March, more than erasing its losses since Russia invaded Ukraine late last month.
The rebound has come even as the war in Ukraine continues and interest rates shoot higher, with the Federal Reserve is set to hike rates several more times this year.
Read MoreExxonMobil has been working with Denver-based Crusoe Energy Systems to mine bitcoin in North Dakota for over a year, according to people with knowledge of the project.
The pilot program, which is operating in the Bakken region, launched in late January 2021 and had begun expanding by July.
ConocoPhillips is pursuing similar work in the same area.
