Economy
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Why First Republic’s rescue isn’t arresting a selloff in U.S. regional bank stocks
Stock-market investors didn’t get much time to enjoy a brief period of relief for stocks following JPMorgan Chase & Co.’s takeover of First Republic Bank. The seizure on Monday of troubled First Republic FRC and the subsequent takeover by JPMorgan Chase JPM failed to arrest a slide in U.S. regional bank stocks on Tuesday, as…
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This JPMorgan investment strategist’s side hustle is a profitable plantain business and the global labor market will lose 14 million jobs over the next five years
Hi, MarketWatchers. Don’t miss these top stories. Hotel-housekeeping jobs have fallen by 102,000 during the pandemic. What happened? “Before the pandemic, I never had a problem with getting hours,” one housekeeper told MarketWatch. Read More This JPMorgan investment strategist’s side hustle is a profitable plantain business Rachel… Source
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The number of gig workers murdered on the job hits highest level since 2017, report says
At least 31 app-based gig workers in the United States were murdered on the job last year, the highest annual total since a workers’ group started tracking the number in 2017, according to a new report published Monday on International Workers’ Day. Of that number, 77% were people of color and 26% were immigrants, said…
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IBM expects to pause hiring for thousands of jobs that can be done by AI: report
The CEO of International Business Machines Corp. expects to pause the hiring of thousands of people for positions that could be replaced by artificial intelligence in the coming years, according to a new report. Bloomberg News reported Monday that Chief Executive Arvind Krishna said in an interview that hiring will be slowed or suspended for…
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Fed in part blames Trump-era bank deregulation for Silicon Valley Bank failure
The Federal Reserve on Friday issued its analysis of last month’s failure of Silicon Valley Bank, identifying managerial and regulatory incompetence as well as “a shift in the stance of supervisory policy” following the passage of a 2018 law that eased regulations on midsize banks as the main culprits for SVB’s demise. “SVB failed because…
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4 steps to reduce economic anxiety
The last three years have been extremely difficult for Americans on a personal and financial level. As the pandemic finally gave way in 2022, Americans were squeezed by the worst inflation in more than 40 years as turbulent financial markets experienced one of their worst performances in history. They contended with the rising costs of…
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Don’t get fooled by magical thinking when it comes to your money
Of all investors, retirees need to avoid the rookie investment mistake known as “money illusion.” Yet recent evidence suggests that they remain as guilty of it as everyone else. Which is to say they’re very guilty. Money illusion is the term economists use for confusing nominal investment returns with inflation-adjusted, or real, returns…. Source
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My brother-in-law has menial jobs, borrows money and lives with his parents. Will I be his ‘keeper’ after his parents are gone?
Dear Quentin, I am looking for your advice about a tricky family situation. I have a brother in law, “Mark,” who is not financially competent and who still lives at home with his parents, despite being in his mid-40s. Mark has in the past lived on his own with a partner, but that relationship ended…
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Gold futures end just below $2,000, with modest gains for the week and month
Gold futures ended just below the $2,000 an ounce mark on Friday, gaining a few cents for the session to end higher for the week and the month of April. Investors continued to assess the outlook for the economy, the Federal Reserve’s next moves in interest rates, and developments in the banking sector. Price action…
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Fed expected to raise rates again, perhaps for the last time this cycle
The Federal Reserve is expected to raise its benchmark interest rate by another quarter of one percentage point on Wednesday, in what could very well be the last rate hike of this cycle, economists said. The 25 basis point move would push the Fed’s benchmark interest rate to a range of 5%-5.25%. That is seen…