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24/09/2023

He pointed out that government initiatives like the Chips Act and infrastructure programs will continue to stimulate labor market demand, even as higher interest rates put pressure on the housing market. In an ideal scenario, were Cohn given an opportunity to converse with Powell, he would advise him that enough measures have already been taken by the Federal Reserve.

24/09/2023

Despite the Federal Reserve's recent decision to maintain the federal funds rate between 5.25% to 5.5%, Jerome Powell, chair of the central bank, has indicated a potential rate hike later this year. Cohn expressed concerns over this unprecedented situation where the Federal Reserve is tightening monetary policy to curb inflation while the federal government is simultaneously boosting spending.

24/09/2023

Cohn attributed this year's series of bank failures to the heightened interest rates, which he says have depreciated the value of long-term assets and prompted deposit withdrawals. He fears that these events will push the Federal Reserve to raise capital requirements for America's largest banks, a measure whose efficacy he questions.

24/09/2023

Gary Cohn, former president of Goldman Sachs Group Inc (NYSE:GS). and current vice chairman at International Business Machines Corp. (NYSE:IBM), has expressed concerns about the Federal Reserve's monetary policy. On Friday in an interview on Bloomberg Radio, Cohn criticized the central bank's strategy of increasing interest rates to counter inflation, arguing it might be causing more harm than good.

22/09/2023

Borthwick expects the bank's net interest income (NII) for the third quarter of 2023 to be between $14.2 and $14.3 billion, and around $14 billion in the fourth quarter. For the full year 2023, he projects the NII to exceed $57 billion, marking a growth of more than 8% year-on-year.

22/09/2023

Bank of America's CFO, Alastair Borthwick, recently provided an optimistic financial forecast for the bank and the U.S. economy at large. He presented these estimates during the BofA Securities 28th Annual Financials CEO Conference and previously at the Barclays Global Financial Services Conference

21/09/2023

This adjustment by the FOMC indicates a shift in expectations, as the anticipated rate begins to align more closely with the current rate over time. This reduces the broad divergence that was previously observed between projected and actual rates. The realignment was facilitated by the Federal Reserve's decision to reduce expected cuts in 2024 by 50 basis points

21/09/2023

U.S. stock indices ended Wednesday on a downward trend, signaling market skepticism toward an extended period of elevated rates, following the Federal Open Market Committee's (FOMC) latest forecasts. The FOMC announced an additional rate hike for 2023 and revised their end-of-year 2024 rate projection to 5.1% from the previous estimate of 4.6%.

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