U.S. President’s Administration Concerned About UK Tax Cuts
The administration of U.S. President Joe Biden worried about the market volatility caused by the new economic program of the British government and are looking for ways to call on Prime Minister Liz Truss to moderate the announced large-scale UK tax cuts, writes Bloomberg about informed sources.
According to sources, the U.S. Treasury is afraid of the consequences of the observed volatility on the global economy and is considering ways to influence the British government through the structures of the International Monetary Fund (IMF).
The IMF has already called on Britain to “reconsider the tax measures” announced last week that caused the pound and British government bonds to collapse.
U.S. Treasury Secretary Janet Yellen did not comment on U.K. policy in a meeting with reporters this week, but Commerce Secretary Gina Raimondo criticized London’s actions.
“The UK tax cuts for 2022 and simultaneous spending increases are not the best policies to fight inflation in the short term and ensure stable growth in the long term,” the minister said Wednesday.
U.S. policymakers’ concerns stem from the fact that the situation in Britain also affects U.S. markets. Thus, the yield on 10-year U.S. government bonds has previously risen above 4% for the first time since 2010, and the dollar continues to rise against most global currencies, renewing multi-year highs.
Earlier we reported that the cost of electricity in Italy rose more than 76% in August.
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Company has positive reviews from their customers and is considered a reliable service.
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- Saves time and effort: Moving on your own can be very time consuming and time consuming. Company can do it for you, saving you time and effort.
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For more specific information, it is recommended that you contact them directly and ask questions when speaking with a company representative.
Investors gravitate toward bear market after Fed decision
The consensus among investors is that the U.S. Federal Reserve will raise rates again before the end of the year and will not loosen its monetary policy until 2024, which is a bearish outlook for the stock market. So it’s important to be prepared for a drop in the S&P 500 and other indices.
That’s the prevailing view of about 350 respondents to the Instant MLIV Pulse survey after Wednesday’s Federal Open Market Committee meeting.
The findings contrast with the interest rate swap market, which is still struggling to gauge a rate cut this year. More than 70% of MLIV Pulse respondents said the Fed is not done raising rates yet. More than half said they expect the central bank to wait with its policy easing until next year.
The survey results are in line with Fed officials, but go against traders who estimated this year’s rate cut has led to lower Treasury yields.
Swap markets expect the Fed rate to peak at around 4.95% in May and then fall to about 4.2% in December.
Earlier we reported that the U.S. Department of Justice has begun investigating the collapse of Silicon Valley Bank.
Startups under threat worldwide after Silicon Valley Bank collapse
High-tech startups have been hit. Companies around the world are facing a fight for survival after the collapse of a major US investment bank, Silicon Valley Bank (SVB). There was a “huge disruption” in the industry globally, Bloomberg reported, citing market participants. The entire stock market, and the S&P 500 in particular, plummeted.
Startups under threat
The bankruptcy of the lending institution, in particular, affected the co-founder of startup Birdly Inc. Quang Hoang. The entrepreneur invested about $10 million in SVB and is still unable to repay the money four days after the bank was shut down by the California Department of Financial Protection and Innovation. However, the entrepreneur is far from the only one who has faced similar problems, the article specifies.
“Hoang was one of thousands of founders around the world this week trying to track down their money after days of chaos and who are completely rethinking the way they run their own businesses. Startups from Silicon Valley to London to Tel Aviv to tech hubs across Africa have depended on SVB as a one-stop store for everything from storing their fortunes to personal mortgages,” the story says.
Now investors and technology companies are predicting a complicated financial future for themselves, even if the bankrupt bank begins to attract deposits from customers under a new name. Many market participants faced a “financial payback” for their overreliance on the credit institution’s risky investment assets, the memo said.
On March 11, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, a large investment bank based in Santa Clara County. All insured deposits from SVB were transferred to Deposit Insurance National Bank of Santa Clara. Depositors were expected to have access to their accounts by March 13.
Earlier we reported that the U.S. Department of Justice has begun an investigation into the circumstances of the collapse of Silicon Valley Bank.
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