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  • Aug 02, 2024

Factbox-Wall Street sees bigger 2024 Fed easing after soft jobs report

A surprisingly weak U.S. employment report for June has turned Wall Street confidence on a soft landing into near panic that a recession is looming, prompting major firms to change forecasts for Federal Reserve easing this year to more aggressive interest rate cutting. Employers added just 114,000 jobs in July, the U.S. Labor Department reportedon Friday, and the unemployment rate rose to 4.3%, from 4.1% in June, marking an unexpected deterioration in a labor market that had held up surprisingly well during the Federal Reserve's aggressive rate-hike campaign in 2022 and 2023.

  • Aug 02, 2024

JPMorgan, Citi See Fed Dealing Two Supersized Cuts This Year

(Bloomberg) -- Wall Street banks are calling for aggressive interest-rate cuts by the Federal Reserve based on the latest evidence that the labor market is cooling. Most Read from BloombergSinger Akon’s Multibillion-Dollar Futuristic City in Africa Gets Final NoticeValencia Follows Barcelona in Crackdown on Short-Term RentalsWhat a Beautiful Bus Stop Can DoA Vast Wetland Park Seeks to Slake a Thirsty MegacityUber and Lyft Strike NYC Deal to Scale Back Driver LockoutsEconomists at Bank of America

  • Aug 02, 2024

As Trump Suggests Crypto as a Fix to U.S. Debt, Harris Camp Highlights His Remarks

Former President Donald Trump heaped more praise on the "very, very smart people" of the crypto industry in an interview broadcast on Friday, suggesting that the U.S. embracing Bitcoin {{BTC}} could aid in addressing the $35 trillion U.S. national debt. Though Vice President Kamala Harris, his presumptive Democratic opponent in the presidential race, hasn't yet made any policy statements about her own view on cryptocurrency, one of her campaign accounts on X – the "rapid response" campaign effor

  • Aug 02, 2024

Oil Falls to Seven-Month Low as Demand Fears Overwhelm War Risks

(Bloomberg) -- Oil slumped to the lowest in almost seven months as concerns about demand in the world’s two biggest economies overshadowed heightened geopolitical risk.Most Read from BloombergSinger Akon’s Multibillion-Dollar Futuristic City in Africa Gets Final NoticeValencia Follows Barcelona in Crackdown on Short-Term RentalsWhat a Beautiful Bus Stop Can DoA Vast Wetland Park Seeks to Slake a Thirsty MegacityUber and Lyft Strike NYC Deal to Scale Back Driver LockoutsBrent crude slid 3.4% to s

  • Aug 02, 2024

Four reasons to take a breath after the U.S. jobs report

The disappointing U.S. employment report for July unleashed a "Freakout Friday" moment in financial markets and triggered a wholesale resetting of expectations for how much the Federal Reserve might cut interest rates next month. There was much to grimace about in the Bureau of Labor Statistics report card on the job market, including a jump in the unemployment rate to a post-pandemic high and the weakest pace of private-sector hiring in 16 months. The BLS added a big footnote to the first page of Friday's release to say Hurricane Beryl - which slammed into Texas during the employment report survey week and left some 2.7 million homes and businesses in the Houston area without power for days - "had no discernible effect" on the month's data.

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