OPEC+ Keeps Oil Curbs Despite Russia Price Cap

OPEC+ Keeps Oil Curbs Despite Russia Price Cap

OPEC+ said Sunday it would keep output steady ahead of a momentous week in global energy markets, as wealthy nations impose a price cap on Moscow’s petroleum exports, the European Union launches a ban on Russian oil and Chinese leader Xi Jinping visits Saudi Arabia. The decision on Sunday allows the Organization of the Petroleum … Read more

November jobs report is most important data for inflation this year- and not in a good way

November jobs report is most important data for inflation this year- and not in a good way

The November U.S. jobs report on Friday showed the U.S. economy gained 261,000 jobs last month, with the unemployment rate holding steady at 3.7%. Economists polled by the Wall Street Journal had expected an addition of 200,000 jobs. Wages jumped 0.6% in November, double the expected pace. Below are some initial reactions from economists and … Read more

Fed’s shrinking of balance sheet via quantitative tightening is ‘a complete mistake,’ says Mizuho

Fed’s shrinking of balance sheet via quantitative tightening is ‘a complete mistake,’ says Mizuho

The Federal Reserve’s attempt at shrinking its balance sheet through so-called quantitative tightening, or QT,  is “a complete mistake,” according to Mizuho’s chief economist for the U.S. “There is a nontrivial probability that market liquidity will be adversely affected well before the targeted $2 trillion has been rolled off, preventing the Fed from accomplishing its … Read more

Dow Drops Nearly 500 Points on China Protests, Fed Comments

Dow Drops Nearly 500 Points on China Protests, Fed Comments

U.S. stocks pulled back Monday, pushed down by widespread protests across China and hawkish comments from Federal Reserve officials about the path of interest-rate increases.  The S&P 500 fell 62.18 points, or 1.5%, to 3963.94. The Dow Jones Industrial Average lost 497.57 points, or 1.4%, at 33849.46. The Nasdaq Composite declined 176.86 points, or 1.6%, … Read more

U.S. stock futures fall as Chinese protests rattle markets, oil hits 2022 low

U.S. stock futures fall as Chinese protests rattle markets, oil hits 2022 low

U.S. stock-index futures sank Sunday night, indicating possible losses on Wall Street on Monday, as Asian markets fell following widespread public demonstrations in China and as oil prices hit a 2022 low. Dow Jones Industrial Average futures YM00, -0.47% were down more than 150 points, or 0.5%, as of 11:30 p.m. Eastern, above their session … Read more

Central banks must buy bitcoin to hedge against sanctions: Harvard Ph.D. candidate

Central banks must buy bitcoin to hedge against sanctions: Harvard Ph.D. candidate

A research paper published at Harvard University is advocating that central banks should buy bitcoin BTCUSD, +2.56% as a hedge against sanctions by other countries. The paper, titled “Hedging Sanctions Risk: Cryptocurrency in Central Bank Reserves,” was authored by Ph.D. candidate Matthew Ferranti from Harvard’s economics department, and likens central banks’ gold reserves to potential … Read more

Michael Lewis to write new book on Sam Bankman-Fried, FTX collapse: report

Michael Lewis to write new book on Sam Bankman-Fried, FTX collapse: report

Author Michael Lewis has been following former FTX CEO Sam Bankman-Fried around for the past six months and will write a book about the crypto maven known as “SBF,” a new report says. News that the author who wrote “The Big Short” and “Moneyball” was writing about FTX and Sam Bankman-Fried was first reported by … Read more

‘What. H.’ — Sam Bankman-Fried’s latest tweets spark scorn as well as concern

‘What. H.’ — Sam Bankman-Fried’s latest tweets spark scorn as well as concern

The latest message from former FTX chief executive Sam Bankman-Fried left onlookers puzzled and alarmed after the swift decline into bankruptcy for the cryptocurrency exchange he founded. In successive tweets, Bankman-Fried merely stated, “What,” followed by the capital letter H. Bankman-Fried has been an active tweeter throughout FTX’s demise, earlier having written that he was … Read more

Crypto.com Withdrawals Rise After CEO Admits Transaction Problem

Crypto.com Withdrawals Rise After CEO Admits Transaction Problem

Customers pulled funds from Crypto.com over the weekend after the company’s chief executive said the cryptocurrency exchange mishandled a roughly $400 million transaction.  Crypto.com Chief Executive Kris Marszalek said on Twitter that the transfer was sent to the wrong type of account on another exchange. The transfer of a large chunk of ether, a popular … Read more

FTX bankruptcy is ‘somebody running a company that’s just dumb-as-f___ing greedy,’ says Mark Cuban

FTX bankruptcy is ‘somebody running a company that’s just dumb-as-f___ing greedy,’ says Mark Cuban

Billionaire Dallas Maverick’s owner Mark Cuban recently offered his perspective on the implosion of crypto platform FTX late this week. “‘That’s somebody running a company that’s just dumb-as-fucking greedy.’” — Mark Cuban Cuban, speaking on Friday at a conference in Washington, D.C. hosted by Sports Business Journal, shared the view that avarice was at the … Read more