Global News

[ad_1] Editor’s Note: This is excerpted from a story that originally ran on March 22, 2023. New York CNN  —  Banking has been top of mind for many people in the wake of some surprise bank failures and moves by US regulators to boost confidence in the financial system. But the Federal Reserve’s decision on Wednesday to increase its key interest rate for the ninth time since March last year brought welcome news for savers seeking higher yields on their money. “Returns on savings accounts and CDs are the best in 15 years,” said Greg McBride, chief financial analyst for Bankrate.com. Higher rates mean your most liquid savings — those set aside for emergency expenses or short-term goals like a vacation fund or even a down payment that you’ll need in the next 12 months — can finally earn some money for you after years of earning practically nothing. Unless, that is, yo

[ad_1] MSCI’s global index of stocks fell on Thursday, on track for its biggest one-day percentage decline since April, while Treasury yields rose as a surge in U.S. private payrolls fueled concerns that interest rates would stay higher for longer. Payroll company ADP said June private payrolls rose 497,000, far exceeding economists’ expectations for a 228,000 increase and 267,000 in May. The Labor Department said initial claims for state unemployment benefits rose 12,000 to a seasonally adjusted 248,000 for the week ended July 1, but the prior week was revised to show 3,000 fewer applications than reported. Compounding worries that this would lead to a more hawkish central bank, Federal Reserve Bank of Dallas President Lorie Logan said on Thursday that a continued above-target inflation outlook and a stronger-than-expected labor market “calls for more-restrictive monetary policy." U.S. Treasury yields climbed after the labor market data boosted expectations for aggressive Fe