US EditionStock futures fall after Powell confirms criminal probe into Fed
Powell said subpoenas threaten criminal indictment tied to Fed HQ renovations, highlighting political pressure on the Fed's independence, with markets reacting to increased uncertainty.
- On Tuesday, U.S. stock indexes edged back from record highs as JPMorgan Chase and Delta Air Lines kicked off the reporting season with mixed results.
- Tuesday's inflation report showed consumer prices were 2.7% higher year-over-year, slightly worse than economists expected and above the Federal Reserve's 2% target, while an underlying trend wasn't as bad.
- JPMorgan Chase reported a one-time earnings hit tied to its Apple Card credit card portfolio purchase, and JPMorgan's stock fell 3.1% while Delta Air Lines lost 3.2% despite stronger profit.
- Yields eased as the 10-year Treasury fell to 4.16% from 4.19% late Monday and the two-year Treasury yield inched down to 3.52% from 3.54%, while traders saw little chance of a Fed move this month.
- Lower rates could make borrowing cheaper for U.S. households and boost investment prices, while also giving the Fed more leeway to lower rates later as companies face pressure to grow profits.
265 Articles
265 Articles
Pittsburgh Post-Gazette
Wall Street hangs near its records as JPMorgan Chase and Delta Air Lines kick off earnings season
NEW YORK — U.S. stock indexes are holding near their records on Tuesday following the latest update on inflation, one that could keep the door...
Trump in a 'self-defeating fiasco' — and should fire aides responsible: WSJ
The Wall Street Journal on Tuesday issued a scathing rebuke of Donald Trump's new criminal investigation into Federal Reserve Chair Jerome Powell, calling the move a "self-defeating fiasco" and advising the president to "do himself and the country a big favor by firing those responsible for this fiasco."On Sunday, reports emerged that the Department of Justice had launched a criminal investigation into Powell, purportedly over allegations that h…
Another attack has been launched against Jerome Powell, which Trump claims he was unaware of. Republican lawmakers also strongly protested the proceedings, which is likely why the case did not cause any major market turmoil, but it is not at all certain that this will remain the case.
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