Roberto Schmidt/Getty Images News New Federal Reserve Chair Kevin Warsh may start curtailing the central bank's “forward guidance” as soon as its June 16-17 meeting, part of his intent to revamp the institution, according to a media report on Wednesday. He could withhold his projection for interest rates normally submitted for the "dot plot," which is compiled four times a year, the Financial Time...
Roberto Schmidt/Getty Images News New Federal Reserve Chair Kevin Warsh may start curtailing the central bank's “forward guidance” as soon as its June 16-17 meeting, part of his intent to revamp the institution, according to a media report on Wednesday. He could withhold his projection for interest rates normally submitted for the "dot plot," which is compiled four times a year, the Financial Times reported, citing several former top Fed officials. Warsh has said he disagrees with the concept of signaling what the monetary policymakers' next move might be. At his Senate confirmation hearing, Warsh said he's not a believer in forward guidance. "I don't believe that I should be previewing for you what a future decision might be," he said. He may also urge the Federal Open Market Committee to remove language that signals whether the next rate move will be an increase or a cut. At the last meeting, three FOMC members — regional Fed presidents Beth Hammack, Lorie Logan, and Neel Kashkari — objected to the statement retaining an "easing bias." Since the meeting, two Fed governors — Christopher Waller and Lisa Cook — also said they no longer agree with the easing bias in the statement. According to the minutes in the April meeting, a number of policymakers said it may be necessary to raise the federal funds rate target range in the future if inflation doesn't show any progress in heading toward the Fed's 2% goal. If Warsh succeeds in reducing the Fed's forward guidance, traders will certainly voice their opinion through their interest rate bets. "Whether you love them or hate them, the dots have provided a very important anchoring mechanism," Blake Gwinn, head of US rates strategy at RBC Capital Markets, told the FT . Guy LeBas, head of fixed income and chief fixed-income strategist at Janney Montgomery, told the FT the dots help “keep a lid on interest rate volatility.” More on Interest Rates Inflation woes: Emerging markets lead rate hikes; ECB may be next Monetary polic...
(RTTNews) - After inching higher over the past few sessions, stocks may give back some ground in early trading on Wednesday. The major index futures are currently pointing to a modestly lower open for the markets, with the S&P 500 futures down by 0.2 percent.
(RTTNews) - After inching higher over the past few sessions, stocks may give back some ground in early trading on Wednesday. The major index futures are currently pointing to a modestly lower open for the markets, with the S&P 500 futures down by 0.2 percent.
New Gallup poll finds support for same-sex marriage and relationships in the US has stopped rising after two decades Acceptance of same-sex marriage and relationships in the US has flattened after more than two decades of steadily increasing support, with an ongoing decline among Republicans, according to a new Gallup poll. About 65% of US adults believe same-sex marriage should be legal, down sli...
New Gallup poll finds support for same-sex marriage and relationships in the US has stopped rising after two decades Acceptance of same-sex marriage and relationships in the US has flattened after more than two decades of steadily increasing support, with an ongoing decline among Republicans, according to a new Gallup poll. About 65% of US adults believe same-sex marriage should be legal, down slightly from 71% in 2022 and 2023. Continue reading...
From modern art giants such as Helen Marten to the most exciting up-and-comers, this weekend’s art party showcases the best and brightest the capital has to offer – free of charge With hundreds of world-class galleries, thousands of stunning exhibitions and countless talented artists, London has a serious claim to being the art capital of the world. Sure, it’s also got sky-high rents that make sur...
From modern art giants such as Helen Marten to the most exciting up-and-comers, this weekend’s art party showcases the best and brightest the capital has to offer – free of charge With hundreds of world-class galleries, thousands of stunning exhibitions and countless talented artists, London has a serious claim to being the art capital of the world. Sure, it’s also got sky-high rents that make surviving as an artist nigh on impossible; and yes, perilous economic conditions mean that galleries are closing at an unprecedented rate (the brilliant Tiwani Contemporary announced last week that it would soon be shutting for good). But there’s still plenty to celebrate. And that’s where London Gallery Weekend comes in. Now entering its sixth year, the event brings together London’s biggest, brightest and best galleries for a weekend-long art party. There are talks, walk-throughs, performances, poetry readings and gigs taking place across the weekend, with galleries open late throughout – and admission to everything is free. Continue reading...
Anna Reshetnikova/iStock via Getty Images I have been covering Universal Corp ( UVV ) here on Seeking Alpha since 2022, and ever since I was bullish on the company. In my latest writing in February this year, I highlighted the firm's commitment to dividend payments, which is essentially the main appeal for income-focused investors, but I also warned that temporary headwinds may put pressure on UVV...
Anna Reshetnikova/iStock via Getty Images I have been covering Universal Corp ( UVV ) here on Seeking Alpha since 2022, and ever since I was bullish on the company. In my latest writing in February this year, I highlighted the firm's commitment to dividend payments, which is essentially the main appeal for income-focused investors, but I also warned that temporary headwinds may put pressure on UVV's financial performance. By looking at the latest results , we can see that the top- and bottomline both remain pressured and the margins have also compressed as the tobacco oversupply continues. For this reason, I believe that a hold rating is better justified now than my previously established buy. I would like to see top line growth and improving profitability again, before I could turn bullish. The aim of my article today is to point out the key reasons, why I am becoming more conservative now. Results In fiscal year 2026, UVV's result were not particularly impressive. The company's revenue slightly fell, while the cost of goods sold increased, resulting in a 110 bps gross margin contraction. If we look at the two segments of the firm, tobacco operations and ingredients operations, we can see that in terms of revenue the smaller ingredients segment actually achieved a slight growth, but in terms of operating income the decline was a massive 74%. While the 74% decline sounds bad at first, it was largely impacted by the $8.1 million inventory write-off, which is one-off in nature. The larger tobacco operations segment declined both in terms of revenue and operating income, driven by the softer sales, lower prices, and higher tobacco write-offs. Highlights (Universal Corp) All in all, I am not very happy with these results, as revenue stagnate while profitability deteriorates. The ongoing tobacco oversupply does not help the situation and the secular decline of cigarettes is also a significant factor to consider. While I expect the EPS to recover in fiscal 2027, as the dr...
Team is working to digitise archive of correspondence donated by public, charting relationships, social history and evolution of language After four decades together, Tatiana and Steffen Missbach still write each other love letters. “A good love letter is specific – not only declaring your feelings but also, you know, ‘good luck at music practice, I’ll be thinking of you’,” said Tatiana, 66, a ret...
Team is working to digitise archive of correspondence donated by public, charting relationships, social history and evolution of language After four decades together, Tatiana and Steffen Missbach still write each other love letters. “A good love letter is specific – not only declaring your feelings but also, you know, ‘good luck at music practice, I’ll be thinking of you’,” said Tatiana, 66, a retired personnel manager. “If he’s leaving early on a work trip, I like waking up and finding one at the breakfast table waiting for me.” Steffen, 68, a car appraiser, said it was his way of giving Tatiana “something to hold in her hands for the time that I’m not there, when I can’t be here to speak the words”. Continue reading...