Initial data indicates that the 19-member Eurozone’s economy expanded in this year’s first quarter, skirting the recession that many analysts had predicted.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
This is week 36 of our reporting the long trend-line of layoffs that signal recession in a country near you. And now, with The Street betting that the Federal Reserve will raise interest rates 25 basis points on May 3rd, the economy will slow down and the job cuts will increase. Here are the latest list of job cuts:
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OBSCURE FEDERAL HOME LOAN BANKS WERE LIFELINE IN BANKING CRISIS
The 11 federal home loan banks (FHLBs), an obscure corner of the government’s financial apparatus, played a key role in saving banks from possible failure during the March banking crisis triggered when Signature and Silicon Valley banks failed at the same time.
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CONGRESS: THE INSIDE DEAL. MEMBERS SOLD BANK STOCKS AHEAD OF CRISIS
At least eight members of Congress or their close family members dumped or cashed in on bank shares in March as the industry’s crisis was unfolding, according to data compiled by data firm 2iQ’s “Capital Trades” watchdog project and reported by The New York Times.
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BANKS PAY HIGHER INTEREST IN ATTEMPT TO HOLD ONTO CUSTOMERS
Small and regional banks are finding they have to pay higher interest rates on deposits to keep their customers.
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LOAN AVAILABILITY HAS TIGHTENED IN KEY MARKETS, FED REPORT SHOWS
The U.S. Federal Reserve’s “Beige Book,” a periodic summary of business conditions across the country, shows that it is now harder for businesses to secure loans in California, New York, and Texas, Wall Street on Parade reported.
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M&A SLUMP HITS BANK REVENUES
Goldman Sachs, JPMorgan Chase, and Morgan Stanley were among the major banks reporting a slump in revenues from their investment banking divisions, which structure and consult on mergers and acquisitions.
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WEAK TRANSPORT STOCKS POINT TO ECONOMIC SLOWDOWN
The Dow Jones Transportation Index, made up of 20 transport-related stocks from airlines to trucking companies, has lagged behind the overall Dow Jones Industrial Average by about 6.9 points since February, The Wall Street Journal reported.
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U.S. IN RECESSION, 46 PERCENT OF AMERICANS SAY
The U.S. is not in a recession, economists say, but nearly half of Americans disagree.
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YELLEN: BIDEN WILLING TO DAMAGE U.S. ECONOMY TO CONTAIN CHINA
The Biden administration is so bent on containing China’s rise that it is willing to jeopardize the U.S. and global economy to see that Beijing does not overtake the U.S., Treasury Secretary Janet Yellen said during a speech in Washington last week.