US consumer price inflation surprises to downside in July

US consumer price inflation surprises to downside in July

The numbers: The US consumer price index was unchanged in July, the Labor Department said Wednesday, compared with the 1.3% gain in the prior month. Economists polled by The Wall Street Journal had estimated a 0.2% advance in July. The rate of inflation in the 12 months ended in July retired to 8.5% from a … Read more

Beleaguered crypto lender Celsius files for Chapter 11 bankruptcy

Beleaguered crypto lender Celsius files for Chapter 11 bankruptcy

Calling it a “a defining moment,” embattled crypto lender Celsius Networks has filed for Chapter 11 bankruptcy protection. In a statement late Wednesday, Celsius co-founder and Chief Executive Alex Mashinsky said the filing in US Bankruptcy Court for the Southern District of New York “is the right decision for our community and company.” “I am … Read more

Powell says no guarantee of soft landing for US economy

Powell says no guarantee of soft landing for US economy

Fed Chairman Jerome Powell on Wednesday said there was no guarantee that the central bank can engineer a soft landing for the US economy. “We think that there are pathways for us to achieve the path back to 2% inflation while still retaining a strong labor market. We believe we can do that,” Powell said, … Read more

Stocks are still too expensive and rising rates may shock financial system, Seth Klarman warns

Stocks are still too expensive and rising rates may shock financial system, Seth Klarman warns

Investment legend Seth Klarman went back to his roots at the Harvard Business School to declare that the stock market is still too pricey even with its slide this year. “You’ve got a stock market that’s one of the most expensive ever,” said the chief executive of the value-focused Baupost Group, in an interview posted … Read more

Fed chief Powell backs moving more quickly on interest-rate hikes

Fed chief Powell backs moving more quickly on interest-rate hikes

Federal Reserve Chairman Jerome Powell on Thursday joined the chorus of US central bankers who want to move faster on raising interest rates. “It is appropriate in my view to be moving a little more quickly,” Powell said during a discussion hosted by the International Monetary Fund in Washington. “I also think there’s something in … Read more

BOJ will be ‘alarmed’ if yen crosses 130 per dollar, says ex-vice minister

BOJ will be ‘alarmed’ if yen crosses 130 per dollar, says ex-vice minister

The Bank of Japan will be “alarmed” if the yen weakens beyond 130 per dollar, according to Japan’s former vice minister of finance for international affairs, Eisuke Sakakibara. The yen was trading at 123.77 per US dollar on Wednesday morning Asia. The Japanese currency fell more than 5% against the greenback in March, despite the … Read more