WASHINGTON (AP) — The Federal Reserve on Thursday released a highly anticipated report on central bank digital currencies that suggested it is leaning toward having banks and other financial firms, rather than the Fed itself, manage digital accounts for customers. A central bank digital currency would differ in some key ways from the online and…
By Lewis Krauskopf, Bansari Mayur Kamdar and Shreyashi Sanyal (Reuters) – Wall Street’s main indexes rebounded on Thursday with solid gains for technology and growth shares as Treasury yields steadied and investors sought bargains a day after the Nasdaq fell into correction territory. All 11 major S&P 500 sectors were higher. Megacap stocks gave the…
By Abhijith Ganapavaram and Nathan Gomes (Reuters) – Union Pacific Corp said COVID-19 cases among its staff and paid time off for people getting inoculated may hurt its ability to move freight in the current quarter, but that impact should still be less than the 4% slump in volume in the previous quarter. The company’s…
WASHINGTON (AP) — Average long-term U.S. mortgage rates continued to rise this week. The rate on the benchmark 30-year loan breached 3.5%. Home loan rates have been running in recent weeks at levels not seen since early 2020, when the coronavirus pandemic was breaking in the U.S. They remain at historically low levels, however. Mortgage…
SEATTLE (AP) — The Washington Supreme Court has narrowly upheld an $18 million fine levied against an association of large food brands that funneled dark money into a state political campaign. The 5-4 decision Thursday found that the penalty against the Grocery Manufacturers Association — now known as the Consumer Brands Association — did not…
WASHINGTON (Reuters) -The U.S. Senate Judiciary Committee on Thursday approved a bill that would bar tech giants like Amazon.com Inc and Alphabet Inc’s Google from giving preference to their own businesses on their websites. The biggest technology companies, including Meta Platforms Inc’s Facebook and Apple Inc , have been under pressure in Congress because of…
BERLIN (AP) — U.S. Secretary of State Antony Blinken said Thursday that talks with Iran over its nuclear program are at a “decisive moment,” and warned that Washington and its allies may change tactics if a deal isn’t reached in the coming weeks. Blinken said that the longer Iran fails to comply with the 2015…
By Clare Jim and Marc Jones HONG KONG/LONDON (Reuters) – A key group of China Evergrande’s international creditors said on Thursday they were ready to take “all necessary actions” to defend their rights if the property developer did not show more urgency to resolve a default. Evergrande is the world’s most indebted property company, with…
It has been a volatile start to 2022. The pivot by the Federal Reserve from an easing to tightening policy has been a key reason behind the market gyrations. Investors are changing their game plan, moving from high-growth tech names into cyclicals that can perform better in a rising rate environment. This rotation is creating…
(Reuters) – U.S. Trade Representative Katherine Tai said on Thursday that global trade policy makers should not try to recreate the pre-pandemic trading system but should build one that is more resilient, sustainable and supportive of higher living standards. Speaking in a virtual panel of the World Economic Forum, Tai cautioned against a backward-looking “return…
