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Bank of America CEO Sees U.S. Technical Recession in 3rd Qtr

Bank of America Chief Executive Officer Brian Moynihan said on Tuesday the U.S. economy would reach a technical recession starting in the third quarter. Moynihan told The Financial Review's Business Summit in Sydney a U.S. recession would not be deep and the bank forecast interest rates would start falling in the second quarter of 2024.

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After Steep Climb in Rates, Latam Central Banks Show No Signs of Reversal

Latin American central banks have dashed hopes that they will back off sky-high benchmark interest rates, amid stubbornly high inflation, expected further tightening by the U.S Federal Reserve, and political risks in some cases. Latin American central banks were often in the vanguard of the global battle to quash inflation, with rate hikes totaling over 1,000 basis points...

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A Nation's Heavily Indebted Consumers Face a Painful Margin Call

Canadian consumers suddenly must come up with more money for their abruptly higher monthly payments, either by tightening their belts or liquidating assets. How they fare could offer clues to whether the rapid-fire interest rate hikes by central banks globally have further to go, or if they’ve already gone too far.

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Biden Wants to Tax High-Earners to Save Medicare

U.S. President Joe Biden will propose raising the Medicare tax on high earners to help keep the federal insurance program solvent as part of his budget to be released on Thursday, the White House said. The tax increase is part of a package of proposals aimed at extending the solvency of the Medicare’s Hospital Insurance (HI) Trust Fund by at least 25 years, the White House said.

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