interest rates

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Goldman Sachs CEO Forecasts No Fed Rate Cuts This Year

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David Solomon, CEO of Goldman Sachs, expressed doubts about the Federal Reserve cutting interest rates this year due to the resilient economy, bolstered by government spending and investments in AI infrastructure. Despite these factors, Solomon highlighted the impact of rising prices on consumer behavior, referencing recent reports from McDonald’s and Autozone indicating reduced spending. He … Read more

Nigerian Currency Slides 5% After Central Bank Injects More Than $80 Million Into Forex Market

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The Nigerian naira continued with a downward which recently saw it being named the worst-performing currency when it slid by just over five per cent to erase the previous day’s gains. The naira’s depreciation is said to have occurred just a day after the central bank intervened by injecting between $80 million and $100 million. … Read more

China’s $53.3B Divestment in US Treasuries Signals Massive Shift From Dollar Assets

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According to records, China has divested $53.3 billion in U.S. Treasury notes and agency bonds during the first quarter. Some analysts suggest this reduction in foreign exchange reserves might be China’s strategic move to leverage its holdings against the United States. China’s Treasury Holdings Drop Dramatically, Raising Red Flags for U.S. Markets China has significantly … Read more

Robinhood’s Crypto Revenue Surges 232% Despite Looming SEC Battle

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Retail trading platform Robinhood has announced that its crypto revenue grew by 232% in the first quarter. Despite this success, Robinhood faces potential enforcement action by the U.S. Securities and Exchange Commission (SEC), alleging that some of the cryptocurrencies offered on its platform are securities. Crypto Drives Robinhood’s Profitable Q1 Retail trading platform Robinhood Markets … Read more

Federal Reserve Holds Rates Steady Amid Inflation Concerns; Outlook Remains ‘Uncertain’

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On Wednesday, May 1, 2024, the U.S. Federal Reserve chose to maintain the benchmark interest rates at their highest in 23 years. The Federal Open Market Committee (FOMC) members noted that although inflation has subsided, it still “remains elevated.” No Change in Federal Funds Rate; Fed Continues Watchful Eye on Inflation Risks On Wednesday, the … Read more

Zimbabwe’s Central Bank Launches Gold-and Forex-Backed ‘Structured Currency’

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The Reserve Bank of Zimbabwe has introduced a foreign exchange and gold-backed “structured currency” to replace the struggling local currency. The structured currency banknotes will be “fully convertible into the reserve currency on demand.” The central bank has also reduced the annual interest rate from 130% to 20%. Structured Currency Supported by Solid Fundamentals The … Read more

Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement

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Authorities in Egypt recently allowed the local currency’s exchange rate versus the U.S. dollar to decrease by more than 60%. Additionally, the central bank raised interest rates by 600 basis points. Both steps were key conditions set by the IMF which Egypt had to meet before the approval of a new financial aid package. IMF … Read more