Tag Archives: feds

Feds may throw struggling First Republic Bank a lifeline by expanding emergency lending program – Fox Business

  1. Feds may throw struggling First Republic Bank a lifeline by expanding emergency lending program Fox Business
  2. First Republic Bank Stock: Why I Am Sticking To My Investment (NYSE:FRC) Seeking Alpha
  3. U.S. Authorities Consider Giving More Time To First Republic, Which Had Given Its Founder And Family Members A Whopping Payday Before Suffering A Crisis – First Republic Bank (NYSE:FRC) Benzinga
  4. U.S. reportedly considers more support for banks while giving First Republic time to shore up balance sheet CNBC
  5. US explores additional bank support, favoring First Republic: Report Cointelegraph
  6. View Full Coverage on Google News

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What’s next for stocks after Fed’s Powell triggers market-rattling rate jolt – MarketWatch

  1. What’s next for stocks after Fed’s Powell triggers market-rattling rate jolt MarketWatch
  2. Dow Falls More Than 550 Points as Powell Warns of Faster Rate Increases The Wall Street Journal
  3. Stock Market Skids On Powell’s Hawkish Tone; Key Yield Hits Nearly 16-Year High Investor’s Business Daily
  4. A bet on short-term Treasury futures may be your best play on interest rates and inflation, inventor of bond-volatility gauge says MarketWatch
  5. Analysis: Investors revive inflation trades as 6% Fed rate risk grips Wall Street Reuters
  6. View Full Coverage on Google News

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First Mover Asia: Bitcoin Flirts With $23.4K as Fed’s Powell Repeats Comment About Waning Inflation; Market Weighs DCG-Genesis Deal With Creditors – CoinDesk

  1. First Mover Asia: Bitcoin Flirts With $23.4K as Fed’s Powell Repeats Comment About Waning Inflation; Market Weighs DCG-Genesis Deal With Creditors CoinDesk
  2. ‘Year Of Opportunity’—Fed Chair Suddenly Sets Crypto Markets Alight After $250 Billion Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon And Solana Price Surge Forbes
  3. Bitcoin, Ethereum, Dogecoin Soar On Hopes Of Fed Dovishness Benzinga
  4. Bitcoin bulls stumble at $23.4K as Fed’s ‘disinflation’ sparks BTC price rally Cointelegraph
  5. Bitcoin Rollercoaster on Powell Speech, SAND and ROSE Rally Over 25% (Market Watch) CryptoPotato
  6. View Full Coverage on Google News

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Feds announce massive takedown of fraudulent nursing diploma scheme; 2 Burlington County, NJ residents charged

PHILADELPHIA (WPVI) — A massive, coordinated scheme to sell false and fraudulent nursing degree credentials has been brought down by a joint federal law enforcement operation, Justice Department officials said Wednesday.

As first reported by ABC News, officials said the scheme involved peddling more than $100 million worth of bogus nursing diplomas and transcripts over the course of several years — fake credentials that were sold to help “thousands of people” take “shortcuts” toward becoming licensed, practicing nurses.

Officials said the forged diplomas and transcripts were sold from what had been accredited schools to aspiring nurses, in order to help candidates bypass the qualifying requirements necessary to sit for the national nursing board exam. Although they still had to take the exam, the bogus credentials allowed them to skip vital steps of the competency and licensure process, officials said — and once licensed, those individuals were able to find a job in the health care field.

Overall, the conspiracy involved the distribution of over 7,600 fake nursing diplomas and certificates issued by Florida-based nursing programs, according to officials.

“This is probably one of the most brazen schemes that I’ve seen. And it does shock the mind,” Omar Perez Aybar, Special Agent in Charge, U.S. Department of Health and Human Services – Office of Inspector General (HHS-OIG), told ABC News in an exclusive interview.

The sweeping enforcement action spanned five states: Florida, New York, New Jersey, Texas and Delaware, and resulted in more than two dozen criminal wire fraud and wire fraud conspiracy charges against 25 individuals.

Among those charged include Stanton Witherspoon and Alfred Sellu of Burlington County, NJ. Officials said Witherspoon was the founder of the Nursing Education Resource Center (NERC), a Delaware limited liability company located in Newport. Sellu was employed by the NERC.

“The indictment alleges that Witherspoon, Sellu, and (another defendant) solicited and recruited individuals who sought nursing credentials to gain employment as an RN or LPN/VN. It is alleged that these defendants arranged with (Eugene) Sanon, who managed Siena College and is charged by information with wire fraud conspiracy, to create and distribute false and fraudulent diplomas and transcripts. These fake documents represented that the aspiring RN and LPN/VN candidates had attended Siena College’s nursing program in Broward County and completed the necessary courses and clinicals to obtain RN or LPN/VN diplomas. In fact, the aspiring nurses never completed the necessary courses and clinical,” federal officials said.

We “expect our health care professionals to be who they claim they are. Specifically when we talk about a nurse’s education, and credentials – shortcut is not a word we want to use,” said U.S. Attorney for the Southern District of Florida Markenzy Lapointe. “When we take an injured son or daughter to a hospital emergency room, we don’t expect — really cannot imagine — that the licensed practical nurse or registered nurse training our child took a shortcut.”

HHS-OIG, the FBI and Justice Department worked jointly on the operation, dubbed “Operation Nightingale,” in honor of Florence Nightingale, the founder of modern nursing.

Investigating agents spent weeks combing through upwards of 10,000 records from nursing schools to move the investigation forward. “As we started to poke through them we noticed there were no real courses the individuals took — it was simply a cash mill,” Aybar said.

Nursing candidates who allegedly participated in the scheme would pay as much as $15,000 for the fraudulent diplomas, officials said.

The defendants include “owners, operators and employees” of the schools who “prepared and sold fake nursing school diplomas and transcripts to nursing candidates, knowing that the candidates would use those false documents to one, sit for nursing board examinations, secure nursing licenses, and three ultimately obtain nursing jobs in medical facilities — not only in Florida, but elsewhere across the country,” Lapointe said. All three schools have since closed, according to officials. Additional defendants charged include “recruiters” to bring in would-be buyers.

The alleged scheme enabled these nursing candidates allegedly buying the fake diplomas “to avoid hundreds, if not thousands, of hours of clinical training — countless hours getting that experience,” Lapointe said. “These people didn’t go through that. That part was completely skipped.”

“For them, it was worth the investment, or the risk,” Aybar told ABC News.

For those involved — “the owners of the nursing schools, certainly the recruiters and, without doubt, the recipients of the transcripts and the nursing diplomas” — Aybar said, “It was definitely all motivated by greed.”

Federal law enforcement officials underscored the high stakes of the scheme, saying that it potentially jeopardized patients’ health and safety — and that standards for safe nursing care cannot be purchased — only learned.

“What is disturbing about the scheme is the possibility of harm coming to patients under the dubious care of one of these allegedly fraudulent nurses,” acting Special Agent in Charge Chad Yarbrough, FBI Miami, said.

In the indictments, federal law enforcement officials alleged that the defendants — some in leadership roles at nursing schools — “solicited and recruited individuals who sought nursing credentials to gain employment as Registered Nurses (RN) or Licensed Practical/Vocational Nurses (LPN/VN),” then arranged with co-conspirators “to create and distribute false and fraudulent diplomas and transcripts” to falsely represent that the aspiring nurses had attended the program and had completed the necessary courses to receive a diploma, when “in fact, the aspiring nurses had never actually completed the necessary courses and clinical.”

Aybar said one of the ways officials were alerted to the alleged scheme was when the Florida state auditing process discovered poor passing rates at three nursing schools.

Alleged participants in the scheme backdated the diplomas and transcripts they were selling, to make them appear legitimate, authorities said. Applicants would use those forged diplomas, transcripts and additional records to obtain licensure in various states — then, once licensed, applicants could then use those fraudulent documents to get nursing jobs “with unwitting health care providers throughout the country,” according to officials.

Officials said they had “not learned of, nor uncovered any evidence of patient harm stemming from these individuals potentially providing services to patients” — but it was the potential for that harm to patients that was precisely the concern.

Aybar said that is why, from the onset of the investigation, authorities have been working with state licensing boards to share as much information as they could, as fast as they could, so the respective boards “can assess what actions to take to prevent these individuals from rendering care.”

The action by federal law enforcement comes at a crucial moment in the health care industry, where an existing nurse shortage, exacerbated by the COVID-19 pandemic, has left many nursing staffs spread thin and burnt out.

“I’m confident that there will be a level of accountability that all of these individuals will face,” Aybar said.

Defendants in the alleged scheme, if convicted, face a statutory maximum of 20 years in jail for the charges of wire fraud and wire fraud conspiracy, the DOJ said.

Aybar pointed to the pledge of ethics and principles that nurses take, called the “Nightingale Pledge.”

“They pledge that they’re going to abstain from any deleterious act. They will do all in their power to enhance and honor the profession. Clearly, these individuals did not do that here,” he said.

“We understand that this conduct has no reflection on the hard work and dedication that [nurses] put into making this profession honorable, and so thank you for that,” Aybar added. “I encourage those of you — if you’re in a setting and you happen to have someone that may not be practicing up to the standards as you understand it, maybe if you see something, say something.”

Officials said that at this point it is up to the state licensing boards to push forward with action against those individuals under their purview — some of whom have been practicing nursing “somewhere in the United States, perhaps currently,” Lapointe said.

“We know who they are,” Lapointe said.

“Not only is this a public safety issue, but it also tarnishes the reputation of nurses who actually did the hard clinical and coursework required to get licenses and jobs,” Lapointe said. “And of course, erodes the centuries-old trust we have built with our country’s nurses.”

ABC News’ Luke Barr contributed to this report.

Copyright © 2023 WPVI-TV. All Rights Reserved.

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Feds seize more than $600 million in assets from FTX founder Sam Bankman-Fried: Court filing

The federal government has seized more than $600 million in assets from disgraced cryptocurrency executive Sam-Bankman Fried this month, according to a new court filing.

The seizures are part of the criminal case against Bankman-Fried, 30, who has pleaded not guilty to fraud and conspiracy charges linked to the alleged theft of billions of dollars from customers of and investors in FTX, the now-bankrupt crypto exchange he founded.

Federal prosecutors provided on Friday a list of assets subject to forfeiture as a result of the criminal charges, including cash held in various banks and accounts along with more than 55 million Robinhood shares.

The most recent seizure came on Thursday, when the government took $94,570,490.63 in U.S. currency held at Silvergate Bank, according to the filing. Several Binance accounts have also been seized, the filing shows, though their values were not included.

Former FTX CEO Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, arrives on the day of a hearing at Manhattan federal court in New York City, Jan. 3, 2023.

David Dee Delgado/Reuters, FILE

Bankman-Fried has been charged with eight counts of fraud and conspiracy. Federal prosecutors have alleged Bankman-Fried orchestrated one of the “biggest financial frauds in American history” by steering billions in FTX customer and investor money and funneling it to his privately controlled hedge fund Alameda Research.

Other funds were used to buy lavish real estate and to make tens of millions in political donations, court records stated.

He is tentatively scheduled to stand trial in October.

Bankman-Fried was extradited from the Bahamas, where he lived in a multimillion-dollar mansion, on Dec. 21.

Before his arrest last month, Bankman-Fried insisted in numerous interviews, including one with ABC News, that he did not know about any improper use of funds from FTX customers.

In the ABC News interview, Bankman-Fried told George Stephanopoulos that he has just one ATM card and “$100,000 left in my bank account.”

“That’s honestly, to my knowledge, that’s what I have,” he said.

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Feds seized nearly $700 million from FTX founder Bankman-Fried

Jan 20 (Reuters) – Federal prosecutors have seized nearly $700 million in assets from FTX founder Sam Bankman-Fried in January, largely in the form of Robinhood stock, according to a Friday court filing.

Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, has pleaded not guilty to fraud charges. He is scheduled to face trial in October.

The Department of Justice revealed the seizure of Robinhood shares earlier this month, but it provided a more complete list of seized assets Friday, including cash held at various banks and assets deposited at crypto exchange Binance.

The ownership of the seized Robinhood shares, valued at about $525 million, has been the subject of disputes between Bankman-Fried, FTX, and bankrupt crypto lender BlockFi.

The most recent asset seizure reported by the DOJ took place on Thursday, when prosecutors seized $94.5 million in cash from an account at Silvergate Bank which was associated with FTX Digital Markets, FTX’s subsidiary in the Bahamas. The DOJ seized more than $7 million from other Silvergate accounts associated with Bankman-Fried and FTX.

The DOJ previously seized nearly $50 million from an FTX Digital Markets account at Moonstone Bank, a small bank in Washington state.

DOJ also said that assets in three Binance accounts associated with Bankman-Fried were subject to criminal forfeiture, but did not provide an estimate of the value in those accounts.

Reporting by Dietrich Knauth; Editing by Noeleen Walder and Daniel Wallis

Our Standards: The Thomson Reuters Trust Principles.

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Powell stresses need for Fed’s political independence while tackling inflation

U.S. Federal Reserve Chair Jerome Powell attends a press conference in Washington, D.C., on Dec. 14, 2022.

Liu Jie | Xinhua News Agency | Getty Images

Federal Reserve Chairman Jerome Powell on Tuesday stressed the need for the central bank to be free of political influence while it tackles persistently high inflation.

In a speech delivered to Sweden’s Riksbank, Powell noted that stabilizing prices requires making tough decisions that can be unpopular politically.

“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy,” the chair said in prepared remarks.

“The absence of direct political control over our decisions allows us to take these necessary measures without considering short-term political factors,” he added.

Powell’s remarks came at a forum to discuss central bank independence, and were to be followed by a question-and-answer session.

The speech did not contain any direct clues about where policy is ahead for a Fed that raised interest rates seven times in 2022, for a total of 4.25 percentage points, and has indicated that more increases likely are on the way this year.

While criticism of Fed actions by elected leaders is often done in quieter tones, the Powell Fed has faced vocal opposition from both sides of the political aisle.

Former President Donald Trump ripped the central bank when it was raising rates during his administration, while progressive leaders such as Sen. Elizabeth Warren (D-Mass.) have criticized the current round of hikes. President Joe Biden has largely resisted commenting on Fed moves while noting that it is primarily the central bank’s responsibility to tackle inflation.

Powell has repeatedly stressed that political factors have not weighed on his actions.

In another part of Tuesday’s speech, he addressed calls from some lawmakers for the Fed to use its regulatory powers to address climate change. Powell noted that the Fed should “stick to our knitting and not wander off to pursue perceived social benefits that are not tightly linked to our statutory goals and authorities.”

While the Fed has asked big banks to examine their financial readiness in case of major climate-related events such as hurricanes and floods, Powell said that’s as far as it should go.

“Decisions about policies to directly address climate change should be made by the elected branches of government and thus reflect the public’s will as expressed through elections,” he said. “But without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals. We are not, and will not be, a ‘climate policymaker.'”

The Fed this year will, however, launch a pilot program that calls for the nation’s six biggest banks to take part in a “scenario analysis” aimed at testing institutions’ stability in the event of major climate events.

The exercise will take place apart from the so-called stress tests that the Fed uses to test how banks would fare under hypothetical economic downturns. Participating institutions are Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo.

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Feds Request ‘RHOSLC’ Star Get 10 Years In Prison – Deadline

Jen Shah, one of the stars of The Real Housewives of Salt Lake City, might get locked up in prison for a whole decade in the wire fraud case she pled guilty to if the U.S. government gets what it requested.

The Bravolebrity is expected to get sentenced on January 6 for running a telemarketing scheme where she targeted seniors. In a new filing by the feds that NBC News shared, they call Shah “the most culpable person charged in this case” and “an integral leader of a wide-ranging telemarketing fraud scheme that victimized thousands of innocent people.”

According to the docs, Shah’s team requested her sentence to be only three years. Shah had maintained she was innocent of all the charges brought up against her, a storyline that played out as part of the second season of the Bravo reality series. Throughout Season 3 of RHOSLC, Shah continued to claim she was innocent of everything she was being accused of. However, after filming had wrapped she made a court appearance and changed her plea to guilty. Her tagline in the current season says that the only thing she is guilty of is being “Shah-mazing.”

The feds also noted Shah’s behavior after her arrest stating that she “engaged in a yearslong, comprehensive effort to hide her continued role in the scheme,” and tried profiting from the scandal by selling “Justice for Jen” merchandise.

Ahead of her sentencing, Shah opted to skip the RHOSLC Season 3 reunion making a statement on social media alleging “that out of respect for the courts and a standing judicial order, I would not be in a position to discuss anything related to my legal case or sentencing.”

Shah added that she would not be attending the reunion and would “focus on the most important thing in my life — my family.”



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PCE, the Fed’s preferred inflation gauge, shows prices cooling


Minneapolis
CNN
 — 

The trend is clear: Inflation is cooling off in America.

The Federal Reserve’s preferred measurement of inflation showed price increases continued to moderate in November, providing yet another welcome indication that the period of painfully high prices has peaked.

The Personal Consumption Expenditures price index, or PCE, rose 5.5% in November from a year earlier, the Commerce Department reported Friday. That’s lower than in October, when prices rose 6.1% annually.

In November alone, prices rose just 0.1% from October.

Core PCE, which excludes the volatile food and energy categories, was up 4.7% annually and 0.2% on a monthly basis, matching expectations of economists polled by Refinitiv.

The annual increases for both PCE inflation indexes hit their lowest levels since October 2021 and follows continued declines in other inflation gauges, such as the Consumer Price Index and Producer Price Index.

PCE, specifically the core measurement, is the Fed’s favored inflation gauge, since it provides a more complete picture of costs for consumers.

Friday’s report also showed that spending continued to rise in November, but at a much slower pace than in previous months. Spending was up 0.1% in November as compared to 0.8% the month before. Personal income increased by 0.4% in November, down from 0.7% in October.

The November PCE report, the last major inflation gauge released in 2022, provided a snapshot of an economy in transition. Tasked with reining in the highest inflation since the early 1980s, the Fed has undertaken a series of blockbuster interest rate hikes to squelch demand.

In its seven meetings starting in March, the central bank’s policymaking arm raised its benchmark interest rate by a cumulative 4.25 percentage points. The sharp hike in rates has started to filter through the economy, its effects showing up first in areas such as real estate, where mortgage rates were 6.27% this week, more than double the rate seen last year at this time, according to Freddie Mac data.

“The economy is moving in the right direction from the Federal Reserve’s perspective at the end of 2022, but not quickly enough,” Gus Faucher, chief economist for PNC Financial Services, said in a statement. “Higher interest rates are weighing on consumer spending, particularly for durable goods, and inflation is slowing.”

Inflation has moderated in recent months, especially on items like goods as supply chain bottlenecks have eased and consumers focused more spending in areas like leisure and hospitality.

However, inflation within the services sector has been a little “sticky,” and not abating as quickly. Friday’s PCE report showed the services index posted a monthly increase of 0.4% – unchanged from October’s rate – and a year-over-year increase of more than 11%, Faucher noted.

While much of the services inflation is due to housing costs, which are rapidly reversing, the Fed is concerned that strong wage growth could fuel persistent increases in services prices and overall inflation, he added.

“The Federal Open Market Committee will continue to increase the fed funds rate in early 2023 until it becomes more apparent that the job market is cooling, and wage growth and services inflation are slowing to more sustainable paces,” he added.

The Fed’s latest economic projections that were released last week showed that board members were expecting inflation to remain slightly higher for longer than previously forecast. Fed board members now expect PCE inflation to end 2023 at 3.1% and core PCE to finish next year at 3.5%, above the central bank’s target rate of 2%.

A separate Commerce Department report released Friday showed that new orders for manufactured goods tumbled 2.1% in November, the biggest monthly drop since the onset of the pandemic.

Transportation equipment, specifically new orders for non-defense aircraft and parts, drove the decline, according to the report. Excluding transportation, new orders increase 0.2%.

Shipments increased 0.2% in November, which followed a 0.4% increase in October.

“Core durable goods orders slowed but did not contract, reflecting growing unease about the economy,” Diane Swonk, chief economist for KPMG, tweeted Friday after the report’s release. “Manufacturing activity has begun to contract and prelim reading for December suggests it will contract further at year end. A cold winter expected for the manufacturing sector.

Inflation’s slow march downward has been welcome news to consumers as well, helping to perk up their economic sentiments during December, according to new data released Friday by the University of Michigan.

The final December reading for the index of consumer sentiment came in at 59.7 in December, up slightly from a preliminary measurement of 59.1 and November’s final reading of 56.8, according to data from the university’s Surveys of Consumers.

“Consumers clearly welcomed the recent easing of inflation,” Joanne Hsu, director of the Surveys of Consumers, said in a statement. “While sentiment appears to have turned a corner from its all-time low from June, consumers have reserved judgment about whether the trends will continue.”

She added: “Their outlook for the economy may have improved, but it remains relatively weak. The sustainability of robust consumer spending is contingent on continued strength in incomes and labor markets in the quarters ahead.”

The report showed the biggest improvement in sentiment about business conditions, while inflation expectations also improved by falling to 4.4% in December, the lowest reading in 18 months, according to the university. This is a key data point for the Federal Reserve. If consumers believe prices will remain high, that could factor into increased wage demands, which could cause businesses to raise prices.

Earlier this week, the Conference Board’s consumer confidence index – another measure of how consumers are feeling about the economy – landed at its highest measurement since April 2022.



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The Fed’s New Key Inflation Rate Cooled In November; S&P 500 Futures Slip

The core inflation rate most closely watched by the Federal Reserve eased further in November, though a touch less than expected. Yet Fed chief Jerome Powell has recently put the focus on a new “most important” inflation rate to make the case for continued rate hikes: PCE services less housing, which slipped to 4.3% last month. The S&P 500 rose modestly, reversing early losses following the personal consumption expenditures report.




X



The PCE (personal consumption expenditures) price index rose 0.1% on the month. The PCE inflation rate continued to ease from June’s 40-year high of 7%, slipping to 5.5%. Core prices, minus food and energy, rose 0.2% on the month as the annual core inflation rate eased to 4.7%.

Wall Street had expected a 0.2% increase in the PCE price index and a 0.2%, with an overall 5.5% inflation rate and 4.6% core rate.

Powell Shifts Goalposts With New Key Inflation Rate

Powell’s favorite new inflation rate happens to be the most problematic one for the S&P 500. The gauge factors out goods inflation, which is rapidly falling. It also excludes housing inflation, which appears set to fall in 2023 as government data catches up to the stalling growth of market rents.

That leaves only core services other than housing, such as health care, education, hospitality and haircuts. Because price changes for such services are closely linked to wage growth, they provide the best signal of where core inflation is heading, Powell said.

The focus on this statistic is so new that it isn’t provided in Commerce Department’s report or a subject of Wall Street estimates. IBD calculations show that the price index for PCE services minus housing and energy rose 0.3% on the month and 4.3% from a year ago, down from October’s upwardly revised 4.7% annual increase.

The tamer monthly inflation reading for PCE services minus housing and energy came as transportation services prices fell 2.1% from October, but remained 11.8% above year-ago levels. Health care services inflation eased to a 0.2% monthly gain.

The Fed’s new key inflation rate isn’t great for the S&P 500 because it puts the focus on the strongest part of the economy: the ultratight labor market. Until the job market cracks, wage growth is likely to remain stubbornly high, and the Fed may hike its benchmark interest rate higher and for longer than markets anticipate.

S&P 500, Treasury Yields React To PCE Inflation Rate

After the PCE inflation report, the S&P 500 added 0.4% in Friday morning’s stock market action. The Dow Jones industrial average rose 0.3%, while the Nasdaq composite edged up 0.2%, after sliding at the open.

The S&P 500 and broader market have come under pressure since the Fed’s half-point rate hike and projections for further tightening to the 5%-5.25% range in 2023. Worries about the earnings outlook and China’s Covid blow-up are adding to concerns about Fed overtightening. Yet the bond market doesn’t appear to be buying Fed guidance. As of Friday morning, markets were pricing in a peak rate of 4.75%-5%.

Through Thursday’s close, the S&P 500 is off 20.3% from its record closing high on Jan. 4. While the S&P 500 remains 6.9% above its 52-week closing low, the index has fallen back below its 50-day an 200-day moving averages.

The 10-year Treasury yield rose 6 basis points to 3.75%.

Make sure to read IBD’s daily afternoon The Big Picture column to stay on top of underlying market trends and what they mean for your trading decisions.

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