NEWSLETTER
Thursday / September 29Sep 29
Tuesday / September 8
Fed comments
US Federal Reserve officials on Wednesday said they still aren't convinced the worst of the U.S. inflation scare has passed.
"We are in this for as long as it takes to get inflation down," Fed Vice Chair Lael Brainard said in an address to a banking conference.
In her first policy remarks since taking over as president of the Boston Fed, Susan Collins said "we've not yet seen significant declines in prices." "We need to do more," Collins said in a podcast interview with staff from the regional bank.
Cleveland Fed President Loretta Mester said she was concerned higher inflation may already be in train as the full effect of things like rising prices for services and rents is felt.
Fed Chair Jerome Powell is set to speak on Thursday.
Beige book
US firms reported economic activity was unchanged in July through late August, a Federal Reserve report showed on Wednesday.
"Overall labor market conditions remained tight, although nearly all Districts highlighted some improvement in labor availability," the Fed said in its survey, known as the "Beige Book," which was conducted across its 12 districts through August 29. "Price levels remained highly elevated, but nine Districts reported some degree of moderation in their rate of increase."
Apple's fresh release
Apple CEO Tim Cook announced the iPhone 14 pro and other models on Wednesday.
The smaller model with a 6.1-inch screen is called the iPhone 14 Pro. The bigger model will be called the iPhone 14 Max.
The iPhone 14 Pro will start at $999, and the bigger model starts at $1099. That’s the same price as last year’s models. The new iPhones will be available to order Friday.
Pound - hammered
The British pound on Wednesday plummeted to its lowest level against the US dollar since 1985. Sterling fell to $1.1407 in afternoon trade in London — a level not seen in 37 years.
Prime Minister Liz Truss was officially appointed Tuesday after succeeding Boris Johnson in a Tory party leadership contest.
The pound dropped to $1.1444 in the hours following her victory Monday, but it has since slipped lower. The last time sterling fell to $1.14 was briefly in March 2020 and the Brexit result in 2016. The level of $1.1407 has not been seen since 1985, under Margaret Thatcher’s government.
EU vs Putin
The European Union proposed a price cap on Russian gas on Wednesday after President Vladimir Putin threatened to cut off all energy supplies if such a step is taken.
The escalating standoff could drive up sky-high European gas prices further.
The EU plans to press ahead with a price cap on Russian gas and also a ceiling on the price paid for electricity from generators that do not run on gas.
EU energy ministers are due to hold an emergency meeting on Friday.
"We will propose a price cap on Russian gas... We must cut Russia's revenues which Putin uses to finance this atrocious war in Ukraine," European Commission President Ursula von der Leyen told reporters.
The Netherlands, which has consistently opposed a gas price cap, would support one that targets Russian gas. However, a Czech minister said earlier it should be taken off the agenda for Friday's meeting. The Czechs hold the EU's rotating presidency.
Putin had anticipated the move and said Russia would hit back.
"We will not supply anything at all if it contradicts our interests," Putin said at an economic forum in Vladivostok. "We will not supply gas, oil, coal, heating oil - we will not supply anything," Putin said.
US Stocks
Wall Street stocks rose Wednesday as oil prices eased.
The Dow Jones Industrial Average gained 435.98 points, or 1.40%, to end the day at 31,581.28. The S&P 500 rose 1.83% to 3,979. and the Nasdaq Composite ticked up 2.14% to 11,791.90, breaking a seven-day losing streak.
US Federal Reserve officials on Wednesday said they still aren't convinced the worst of the U.S. inflation scare has passed.
"We are in this for as long as it takes to get inflation down," Fed Vice Chair Lael Brainard said in an address to a banking conference.
In her first policy remarks since taking over as president of the Boston Fed, Susan Collins said "we've not yet seen significant declines in prices." "We need to do more," Collins said in a podcast interview with staff from the regional bank.
Cleveland Fed President Loretta Mester said she was concerned higher inflation may already be in train as the full effect of things like rising prices for services and rents is felt.
Fed Chair Jerome Powell is set to speak on Thursday.
Beige book
US firms reported economic activity was unchanged in July through late August, a Federal Reserve report showed on Wednesday.
"Overall labor market conditions remained tight, although nearly all Districts highlighted some improvement in labor availability," the Fed said in its survey, known as the "Beige Book," which was conducted across its 12 districts through August 29. "Price levels remained highly elevated, but nine Districts reported some degree of moderation in their rate of increase."
Apple's fresh release
Apple CEO Tim Cook announced the iPhone 14 pro and other models on Wednesday.
The smaller model with a 6.1-inch screen is called the iPhone 14 Pro. The bigger model will be called the iPhone 14 Max.
The iPhone 14 Pro will start at $999, and the bigger model starts at $1099. That’s the same price as last year’s models. The new iPhones will be available to order Friday.
Pound - hammered
The British pound on Wednesday plummeted to its lowest level against the US dollar since 1985. Sterling fell to $1.1407 in afternoon trade in London — a level not seen in 37 years.
Prime Minister Liz Truss was officially appointed Tuesday after succeeding Boris Johnson in a Tory party leadership contest.
The pound dropped to $1.1444 in the hours following her victory Monday, but it has since slipped lower. The last time sterling fell to $1.14 was briefly in March 2020 and the Brexit result in 2016. The level of $1.1407 has not been seen since 1985, under Margaret Thatcher’s government.
EU vs Putin
The European Union proposed a price cap on Russian gas on Wednesday after President Vladimir Putin threatened to cut off all energy supplies if such a step is taken.
The escalating standoff could drive up sky-high European gas prices further.
The EU plans to press ahead with a price cap on Russian gas and also a ceiling on the price paid for electricity from generators that do not run on gas.
EU energy ministers are due to hold an emergency meeting on Friday.
"We will propose a price cap on Russian gas... We must cut Russia's revenues which Putin uses to finance this atrocious war in Ukraine," European Commission President Ursula von der Leyen told reporters.
The Netherlands, which has consistently opposed a gas price cap, would support one that targets Russian gas. However, a Czech minister said earlier it should be taken off the agenda for Friday's meeting. The Czechs hold the EU's rotating presidency.
Putin had anticipated the move and said Russia would hit back.
"We will not supply anything at all if it contradicts our interests," Putin said at an economic forum in Vladivostok. "We will not supply gas, oil, coal, heating oil - we will not supply anything," Putin said.
US Stocks
Wall Street stocks rose Wednesday as oil prices eased.
The Dow Jones Industrial Average gained 435.98 points, or 1.40%, to end the day at 31,581.28. The S&P 500 rose 1.83% to 3,979. and the Nasdaq Composite ticked up 2.14% to 11,791.90, breaking a seven-day losing streak.
