Global - Ekhbary News Agency
Global markets continue to digest the latest earnings reports from major banks, intensifying concerns about further monetary policy tightening by the Federal Reserve. According to reports monitored by Ekhbary News Agency, bank executives, including the CEO of JPMorgan Chase, are warning investors to prepare for interest rates to remain higher for longer than anticipated. This has led analysts to increase their bets on Fed rate hikes in both May and June. A Federal Reserve Governor emphasized the need to continue tightening monetary policy, further weighing down markets.
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→ Revolutionary Pocket-Sized AI Supercomputer Unveiled: 'Doctorate-Level Intelligence' in Your Palm→ Capcom Among Them: 9 in 10 Studios Use AI Without Player Disclosure→ UN Security Council Backs US-Led Ceasefire Deal for Gaza Amidst Israeli OperationsIn other developments, the Federal Reserve has approved UBS's acquisition of Credit Suisse's US subsidiaries. This move follows UBS stepping in to rescue the embattled Swiss lender to prevent turmoil in the financial sector from spreading after the collapses of Silicon Valley Bank. Meanwhile, BlackRock's Chief Executive Officer saw a 30% pay cut in 2022 amid the firm's decline in profitability. The President of the Federal Reserve Bank of Chicago noted it's "definitely" possible the United States enters a mild recession after last month's banking tumult, a sentiment echoed by declining retail sales suggesting weakening American spending power.
