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President Trump revived a campaign promise to cap interest rates, but it is unclear how he would make that a reality.
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Five days after Trump's demand to cap credit card rates, bankers and lobbyists told CNBC they have yet to receive any formal or written guidance on the policy.
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Bank of America, the second-largest U.S. bank by assets, has been a beneficiary of the industry's recent tail winds.
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Trump faces Venezuela war powers vote as Danish official says there's ‘disagreement' over Greenland CNNTrump Live Updates: Denmark and U.S. at Odds Over Greenland, Diplomat Says The New York TimesLive updates: Senate eyes Venezuela war powers resolution; Marco Rubio, JD Vance huddle on Greenland The HillTrump Is Risking a Global Catastrophe The Atlantic
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S&P 500 books back-to-back losses as tech sells off, Bank of America slides after earnings: Live updates CNBCNasdaq leads Wall Street lower as tech and bank shares tumble Honolulu Star-AdvertiserStock market today: Dow, S&P 500, Nasdaq futures slip amid upbeat bank earnings, Iran fears Yahoo FinanceStock Market Today: S&P 500 Slips After Bank Earnings; Gold, Silver Hit Records — Live Updates The Wall Street Journal
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Oil prices fall after Trump signals he could hold off on attacking Iran CNBCAsian Shares Set for Weaker Open, Crude Oil Falls: Markets Wrap Bloomberg.comOil Prices Drop After Trump Cools Iran Tensions The Wall Street JournalOil prices climb as markets weigh Trump's potential Iran strike Axios
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The Chapter 11 filing announced on Wednesday for the iconic, century-plus-old retailer — which oversees Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks Off 5th — could ripple through to other parts of the industry
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After two years of shipping delays and rising delivery costs, relief is in sight. By the end of the year, a marked improvement will be seen compared with a year ago.
The numbers of new drivers and trucks have picked up, easing constraints, though chassis shortages will likely continue into 2023. Spot market rates for trucks, excluding fuel surcharges, have dropped 30% from their peak earlier this year. They should decline a bit more, ending 2023 about 5% above their prepandemic level, according to Avery Vise, Vice President of Trucking at FTR Transportation Intelligence. Contract rates are typically slower to respond, and should ease to 17% above their prepandemic level by the end of 2023. Also, diesel prices are still 65% above prepandemic, so fuel surcharges will continue to be higher than normal. However, if a recession happens next year, then both volumes and rates will tumble.
SEE MORE 5 Stocks Making the Most of Supply-Chain Issues
Congestion at East Coast ports should ease in the next few months as a new labor contract is likely to be signed for West Coast dockworkers, allowing more vessels to return to using West Coast ports. Ship traffic from Asia is easing as 70% of retailers shipped early this year ahead of the holiday season, after getting burned last year, according to Ken Hoexter, a managing director at Bank of America. Ocean freight rates from China to the West Coast have fallen to $3,900 per 40-foot container, though that is still $2,500 more than the prepandemic average.
Rail freight is the problem child, according to Todd Tranausky, vice president of rail & intermodal at FTR. Freight has been moving at slower than normal speeds this year because of crew staffing shortages. Prior to the pandemic, the railroads embarked on a cost-cutting and labor-saving spree, reducing the wor
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