Irish weekend 2022 wildwood

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💎 Previous Mega Threads 💎 F.A.Q. 💎 DD (DUE DILIGENCE) Compilation 💎
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The Dow fell 530.49 points, or 1.63%, to 32030.11; the Nasdaq fell 190.15 points, or 1.60%, to 11669.96; the S&P 500 fell 65.90 points, or 1.65%, to 3936.97.
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After a two-day meeting, the Federal Reserve announced on Wednesday that it would raise interest rates by 25 basis points. The Fed expressed caution over the recent banking crisis and signaled that rate hikes are nearing an end.
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This is the ninth rate hike since March 2022. The Federal Open Market Committee (FOMC), which sets monetary rates, noted that there was no guarantee of future rate hikes and that much would depend on data released thereafter.
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The FOMC statement after the meeting said: "The Committee will closely monitor incoming information and assess the implications for monetary policy. The Committee expects that some Additional policy tightening may be appropriate."
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This wording differs from previous statements. Previous Fed statements have pointed out that "sustained interest rate increases" are appropriate to reduce inflation.
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This softening of the tone comes at a time when the banking crisis has raised concerns about the stability of the system. The FOMC statement pointed to the likely impact of the recent banking crisis events.
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"The U.S. banking system is sound and resilient. Recent developments could lead to tighter credit conditions for households and businesses, with negative impacts on economic activity, hiring and inflation," the committee said. pressure. The magnitude of these effects is uncertain. The Committee remains highly concerned about inflation risks."
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Despite warnings about the potential impact of a banking crisis, the committee unanimously approved the rate hike.
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After this rate hike, the target range of the US federal funds benchmark interest rate has risen to 4.75%-5%. The target range for the federal funds rate, which sets the level at which banks charge each other for overnight loans, passes through to a wide range of consumer debt, including mortgages, auto loans and credit cards.
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Forecasts released alongside the rate decision showed Fed officials expect terminal U.S. interest rates to peak at 5.1%, unchanged from their previous estimate in December, suggesting most expect just one more rate hike ahead.
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The data released together with the statement shows that among the 18 Fed officials who submitted the "dot plot of interest rate hike path", 7 believe that the terminal interest rate will be higher than 5.1%.
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Forecasts for interest rates over the next two years also show wide divergence among Fed members. This is reflected in the wide dispersion of "forecast points" for future interest rates.
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Still, the median forecast by Fed officials points to a 0.8 percentage point cut in the U.S. federal funds benchmark rate in 2024 and a 1.2 percentage point cut in 2025.
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The FOMC statement completely deleted the expression about the conflict between Russia and Ukraine.
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The market has been paying close attention to the decision of the Federal Reserve's March monetary policy meeting, because the uncertainty faced by the Fed at this meeting is higher than that when the institution usually makes interest rate decisions.
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Earlier this month, Fed Chairman Jerome Powell said the central bank may have to take a more aggressive approach to curbing inflation. But a fast-moving banking crisis has dampened any thoughts of a more hawkish move and led to a consensus that the Fed will cut interest rates by the end of the year.
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Uncertainty over the path of policy was underscored by forecasts for Federal Open Market Committee members' views on interest rates, inflation, the unemployment rate and gross domestic product (GDP), released Wednesday.
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Fed officials also adjusted their economic forecasts. They slightly raised their inflation expectations, forecasting inflation to be 3.3% this year, compared with 3.1% in December. Unemployment fell a notch to 4.5%, while GDP growth expectations edged down to 0.4%.
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Officials made little change to their estimates for the next two years, merely lowering their GDP forecast for 2024 to 1.2% from 1.6% in December.
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These forecasts are made against a turbulent backdrop.
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In a subsequent press conference, Fed Chairman Jerome Powell said: "A small number of banks are in serious difficulty. The Fed, Treasury, and FDIC have acted decisively earlier. Depositors' savings are safe. "
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But he warned: "If isolated bank problems are not addressed, the entire banking system could be threatened. Our lending program is effectively meeting the needs of banks. The Fed will continue to monitor the situation closely and is prepared to use all tools available to ensure the safety of the banking system." and stable."
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Powell said that the US labor market is still too tight, inflation is still too high, and the Federal Reserve is still strongly committed to keeping the inflation rate down to 2%.
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He said that higher interest rates and slower growth are dragging down businesses, and almost all FOMC members believe that the risks to economic growth are mainly on the downside.
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Powell said wage growth was showing some signs of easing. Inflation expectations appear to be well under control.
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U.S. Treasury Secretary Yellen emphasized on Wednesday that bank owners and bondholders are not protected by the government. Yellen plans to defend the Biden administration's actions in Congress on Wednesday to boost confidence in the U.S. banking sector, stressing that no bailouts have been offered to owners or investors of any failed banks.
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"It's important to be clear: Shareholders and debt holders of failed banks are not protected by the government," Yellen said in prepared remarks for a hearing before a Senate subcommittee.
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"Losses resulting from the resolution process of these banks are not borne by the taxpayer," she added. "The protection of deposits is provided by the Deposit Insurance Fund, which is funded by the insurance premiums of the insured banks."
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On the budget front, Yellen will respond to the administration's controversial request to send an additional $14 billion to the IRS. And just a year ago, Congress appropriated $80 billion to rebuild the IRS over the next decade.
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"The budget we are requesting will provide steady operating funding that will enable taxpayers to receive the best possible service," Yellen said in her speech. "It will complement the one-time, long-term investment in the IRS."
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U.S. stocks closed higher on Tuesday, with the Dow up nearly 1%, the S&P 500 up 1.3%, and the Nasdaq up 1.58%. "U.S. stocks closed higher on Tuesday as concerns over a banking crisis eased and investors were encouraged by the growing likelihood that the Fed was close to ending tightening," said Brian Levitt, global market strategist at Invesco.
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He added: "The Fed's tightening cycle usually ends with a crisis. And these crises often end with a policy response. This may help explain (Tuesday's) market movements."
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Focus stocks
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Virgin Orbit is said to be in talks with venture capitalist Matthew Brown to raise $200 million in funding. Virgin Orbit was in daily talks with a host of potential investors over the weekend in a bid to avoid bankruptcy.
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Game Station (23.87, 6.22, 35.24%) net sales in the fourth fiscal quarter were US$2.23 billion, a year-on-year decrease of 1.2%, but better than market expectations of US$2.18 billion; net profit was US$48.2 million, the first profit in two years, This compares to a loss of $147.5 million a year earlier; earnings per share were 16 cents, compared to a loss of 49 cents per share in the same period last year.
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Nike (119.5, -6.11, -4.86%) third-quarter sales increased 14% year-on-year to $12.39 billion, higher than the expected $11.47 billion, and earnings per share were 79 cents, higher than the expected 55 cents. Sales in China, Nike's third largest market, fell 8% to US$1.99 billion, and it has not yet recovered from the epidemic, while sales in other markets achieved double-digit growth.
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Greg Abel, head of Berkshire Hathaway's (455660, -4855.03, -1.05%) non-insurance business and Buffett's pick to succeed him, bought value stocks on Friday, according to a regulatory filing Tuesday. $24.6 million in Berkshire stock, bringing the total value of his holdings in the company to about $105 million.
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On Friday, Abel bought 55 Berkshire Class A shares at $447,259 each, bringing his Class A holdings to 228. In addition, he owns 2,263 Berkshire Class B shares.
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Shareholders suing Qualcomm (121.97, -1.83, -1.48%) for allegedly concealing anti-competitive sales and licensing practices can bring claims against the company in a class action, a U.S. federal judge has ruled.
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Oracle (87.9, 0.32, 0.37%) official Weibo reported on March 22 that Oracle officially released Java 20. Java 20 (Oracle JDK 20) offers improvements in performance, stability, and security, including enhancements to further optimize the platform.
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According to reports, Boeing (196.16, -8.54, -4.17%) has received an order worth at least 2.5 billion U.S. dollars, and Japan Airlines has purchased 21 of its 737 MAX aircraft. The deal will be announced on the 23rd.
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Silicon Valley Bank Financial Group, the parent company of Silicon Valley Bank, accused the Federal Deposit Insurance Corporation of the United States of acting improperly at the bankruptcy hearing on Tuesday, and demanded from it the frozen $2 billion previously stored in Silicon Valley Bank.
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In other markets, New York gold futures closed higher on Wednesday. Gold futures continued to rise in electronic trading after the Federal Reserve raised interest rates by 25 basis points, raising the target range for the benchmark federal funds rate to a range of 4.75% to 5%.
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Gold futures for April delivery on the New York Mercantile Exchange rose $8.50, or 0.4%, to settle at $1,949.60 an ounce. Gold futures jumped as high as $1,966.40 an ounce in electronic trading shortly after the Fed announced a rate hike.