Bill Ackman warns the US economy is heading for a 'train wreck' as the Fed hikes interest rates again
"Trust and confidence are earned over many years, but can be wiped out in a few days. I fear we are heading for another a train wreck. Hopefully, our regulators will get this right," he added.
The central bank lifted its benchmark rate to a 4.75%-5% range Wednesday as part of its continuing fight against inflation. The decision comes after weeks of uncertainty about how the Fed might respond to the recent banking turmoil, which saw the implosions of Silicon Valley Bank and Signature Bank in the US, and the government-backed takeover of Swiss banking giant Credit Suisse by UBS in Switzerland.
Small and mid-sized US banks, including First Republic and PacWest, are also feeling the heat from the spreading banking contagion from SVB's collapse and the Fed's aggressive monetary policy. to safer havens, such as money market funds and big banks, as they grow nervous about how much of their money will be guaranteed by the FDIC, according to JPMorgan.
Market commentators including Ackman have urged for further federal intervention to prevent the crisis from getting worse.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Bill Ackman warns of acceleration in deposit outflows from banks despite Fed's assurancesBillionaire Bill Ackman is having his say, this time in the aftermath of Wednesday's Federal Reserve policy decision as fears about bank stability are easing.
Weiterlesen »
Ackman on banking crisis, Fed hikes, Musk, Dimon, inflation, blockchainBill Ackman warns the banking crisis may engulf the economy, and says Jamie Dimon is his pick for US president. Here are the investor's 10 best quotes from a new interview.
Weiterlesen »
The Pulse With Bill Anderson: New Edition on Apple PodcastsThis week on ThePulseWithBillAnderson! RonDeVoe & 617MikeBiv talked to BillAFox29 about NewEdition's 40-year run filled with both success and drama, how BET's show changed perceptions on the group, & about the bond that connects all 6 members LISTEN:
Weiterlesen »
McCarthy vows end to massive ‘omnibus’ spending bills: ‘Not going to happen’House Speaker Kevin McCarthy said House passage of a giant 'omnibus' spending bill is 'not going to happen' under GOP leadership, after Democrats approved last year's $1.7T bill.
Weiterlesen »
Uganda Passes Heinous Bill With 10 Year Prison Terms for LGBTQ PeopleA draconian anti-LGBTQ bill was passed by Ugandan legislators on Tuesday that may soon make any “same-sex activity” in the country punishable with up to 10 years in prison.
Weiterlesen »
Wadsack: Bill would 'protect children from being sexualized by our public schools'State senators voted Monday to have the Arizona Department of Education come up with a list of books that cannot be used in public schools. The bill, introduced by Sen. Justine Wadsack, will now move to the House. Video courtesy…
Weiterlesen »