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Quarter-point Bank of England rate hike seen as virtual lock after surprise acceleration in inflation
What was an uncertain Bank of England decision became almost a lock after U.K. inflation data came in unexpectedly hot. The odds of a quarter-point hike, to 4.25% from 4%, moved to 97% after the data from the Office for National Statistics on Wednesday showing inflation accelerating to 10.4% year-over-year in February. The yield on…
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2-year Treasury yield dives to one of lowest levels of year after Fed decision
Most Treasury yields dived on Wednesday after Federal Reserve policy makers signaled just one additional interest rate hike will be appropriate this year and Chairman Jerome Powell addressed banking-system concerns during his press conference. Meanwhile, Treasury Secretary Janet Yellen weighed in separately, by saying her agency hasn’t looked at expanding FDIC deposit insurance. What happened…
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Why won’t Medicare cover the new Alzheimer’s drug?
The Center for Medicaid and Medicare Services and its chief administrator, Chiquita Brooks-LaSure, look increasingly isolated over Alzheimer’s drug lecanemab after their counterparts at the Veterans Health Administration just publicly approved the drug for patients. “VA has added lecanemab (also known as Leqembi), which recently received accelerated approval from the FDA, to its list of…
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Lagarde sees no evidence that underlying inflation is moving down
President of the European Central Bank Christine Lagarde says inflation is still too high. “Since July last year we have raised interest rates by 350 basis points. However, inflation is still high, and uncertainty around its path ahead has increased. This makes a robust strategy going forward essential,” she said a speech made on Wednesday…
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FleetCor stock rises after announcement of strategic review
Shares of FleetCor Technologies Inc. FLT, -1.39% were headed more than 1% higher in premarket trading Monday after the business-payments company said it would conduct a strategic review. Fleetcor will engage in “a review of its portfolio and business configuration, with the goal of driving enhanced shareholder value,” according to a Monday morning press release.…
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Insured losses from natural catastrophes topped $100 billion for second year in a row, reinsurer says
Insured losses from natural catastrophes topped $100 billion for the second year in a row, reinsurer Swiss Re said on Wednesday. Swiss Re SREN, +0.75% said insurance covered $132 billion worth of the $284 billion in economic damage caused by catastrophes including Hurricane Ian, hailstorms in France and floods in Australia and South Africa. That’s…
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Dick Van Dyke, 97, crashes car into gate in Malibu
Legendary TV star Dick Van Dyke has reportedly been injured after crashing his Lexus in Malibu when he lost control of the wheel. The 97-year-old actor’s car skidded in wet weather conditions before smashing into a gate on Wednesday morning, TMZ reports. The ordeal left him with a bloody nose and mouth, as well as…
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FDIC extends bidding for Silicon Valley Private Bank, Silicon Valley Bridge Bank
The Federal Deposit Insurance Corp. said Monday it’s extending the bidding for former units and assets of Silicon Valley Bank, which has been renamed Silicon Valley Bridge Bank since the government took it over on March 10. “There has been substantial interest from multiple parties, and the FDIC and the bidders need more time to…
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Apple’s drop shows price of popularity
CHAPEL HILL, N.C. (MarketWatch) — What investment lesson are you drawing from Apple’s breathtaking plunge over the last couple of months? The one I think is most important is a contrarian one: To find your prince, you need to be willing to kiss a frog. For years now, this contrarian lesson was dismissed by Apple…