New York Financial News

Investing.com — U.S. Treasury yields soar to the highest levels since the financial crisis after a speech by Fed chair Jerome Powell, dragging stocks lower. Crude rises as the U.S. looks to refill its strategic reserves, while U.K. retail sales slumped in September.

Prices for key battery metals required for the clean energy transition – such as lithium and nickel – have collapsed since the start of the year amid a supply glut and Chinese consumers reducing demand for electric vehicles.

In the fraud trial of Sam Bankman-Fried, prosecutors have requested the judge inform the jury that the defendant’s assertion that he is an effective altruist should not serve as a legitimate defense. Bankman-Fried faces allegations of misappropriating billions of dollars from FTX customers for personal purposes, such as political contributions, real estate and investments.

World shares have retreated as the prospect of a 5% yield on the 10-year U.S. Treasury for the first time since 2007 added to pressure on Wall Street

‘Cash for Query’ case: Mahua Moitra responds to Darshan Hiranandani's affidavit. Full text Dubey wrote a letter to Lok Sabha Speaker Om Birla and urger for TMC MP's "immediate suspension' from the House alleging that "bribes were exchanged between her and businessman Darshan Hiranandani to ask questions in Parliament in exchange for cash and gifts". The businessman has acknowledged claims that he used the TMC MP's login credentials to pose questions on the Adani group himself.

Former employees of ConsenSys have filed a lawsuit against the company's founder CEO, Joseph Lubin, alleging that he breached a "no-dilution promise" made in 2015.

By David Randall and Davide Barbuscia

Over two dozen former employees of Ethereum infrastructure firm ConsenSys have filed a fresh lawsuit against the firm’s founder and CEO, Joseph Lubin, over claims he diluted employee equity shares against earlier promises.

Letitia James on Thursday sued cryptocurrency firms Genesis Global, its parent company Digital Currency Group (DCG) and Gemini for allegedly «defrauding» investors of more than $1 billion. The development underscores the challenges the crypto industry continues to face almost a year after the bankruptcy of Sam Bankman-Fried's exchange FTX, which led to a meltdown in the sector that overwhelmed several major firms.

Humanitarian donations to conflict-ravaged Haiti have dramatically declined since the assassination of its President Jovenel Moïse in 2021

Federal Reserve Chair Jerome Powell said inflation remains too high and that bringing it down to the Fed’s target level will likely require a slower-growing economy and job market

Rite Aid plans to close about 7% of its stores initially, as the drugstore chain makes its way through its Chapter 11 bankruptcy process

U.S. stocks ended lower on Thursday, with shares of Tesla down sharply and Treasury yields surging after Federal Reserve Chair Jerome Powell spoke about monetary policy and investors worried whether rates would stay higher for longer. Tesla shares dropped a day after the carmaker missed Wall Street expectations on third-quarter gross margin, profit and revenue, and its CEO Elon Musk said he was concerned about high interest rates affecting demand. Treasury yields rose further and the benchmark 10-year note yield was at a 16-year high of almost 5%. «The 10-year looks like it's establishing a new higher trend, which… is putting pressure on equities, at least in the short term,» said Oliver Pursche, senior vice president, advisor for Wealthspire Advisors in Westport, Connecticut. «Markets were hoping that Jay Powell would indicate that the Fed is going to pause in its interest rate hikes, and he effectively hinted at the idea that they're going to have to raise again if they continue to have elevated concerns over inflation.» Powell said at the Economic Club in New York that U.S.

U.S. economy's strength and continued tight labor markets could require still tougher borrowing conditions to control inflation, Fed Chair Jerome Powell said on Thursday, though rising market interest rates could make action by the central bank itself less necessary. Appearing to align himself with Fed colleagues who have recently said the bond market is now doing some of the central bank's work for it, Powell in remarks to the Economic Club of New York agreed «in principle» that the rise in yields was helping to further tighten financial conditions and «at the margin» might lessen the need for additional Fed rate increases. It was not an explicit endorsement of that view, but financial markets seemed to read it as one.

Federal Reserve Chair Jerome Powell suggested the US central bank is inclined to hold interest rates steady again at its next meeting while leaving open the possibility of a future hike if policymakers see further signs of resilient economic growth. The comments effectively affirm market expectations for the Fed to skip a rate increase for a second straight meeting when officials gather on Oct. 31 and Nov. 1. The Fed chief also said a recent run-up in long-term Treasury yields, if they persist, could lessen the need for further hikes “at the margin,” echoing his colleagues and underscoring the importance of tightening financial conditions to the rate outlook over the coming months. Given the uncertainties and risks, and how far we have come, the committee is proceeding carefully,” Powell said Thursday at the Economic Club of New York. “We will make decisions about the extent of additional policy firming and how long policy will remain restrictive based on the totality of the incoming data, the evolving outlook, and the balance of risks.” Yields on two-year Treasuries declined after Powell spoke, while 10-year yields pared an increase that pushed them near the 5% mark. The dollar fell against a basket of major currencies, and the S&P 500 index of stocks, after multiple twists and turns, fell. “For November, he has clearly sent a signal of pause,” said Laura Rosner, partner at Macropolicy Perspectives LLC. “He expects the economy to cool down in the fourth quarter, and yields are doing some of the work for them.”

Citizens Financial Group Inc. rolled out a private bank as it seeks to capture wealthy clients of regional lenders that were felled by the turmoil earlier this year.

By Rodrigo Campos and Mayela Armas

By Dietrich Knauth

Investing.com — Gold kept its upward charge for a third day in a row Thursday as the dollar tumbled on the lack of any immediate support from Federal Reserve Chair Jerome Powell for a rate in November, despite the continued threat of inflation.

Lawyers representing the United States Securities and Exchange Commission announced they will seek to dismiss all claims against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.

Panelists Ben Levisohn, Al Root and Andrew Bary provide insight on the Federal Reserve's moves on 'Barron's Roundtable.'