Jack Ma’s Ant to Apply for Key License as Soon as This Month

The People’s Bank of China intends to accept Ant’s application to become a financial holding company once it’s submitted and will then start a review process, which could take months, said the people, asking not to be identified discussing a private matter. Officials will examine Ant’s capital strength and business plans, as well as the … Read more

Ray Dalio Says Reducing Inflation Will Come at Great Cost

While tightening leads to less consumer spending, which may reduce inflation, it does not make things better, the billionaire founder of Bridgewater Associates LP said. “It just shifts some of the squeezing of people via inflation to squeezing them via giving them less buying power,” Dalio added.

Biden Says US Recession Avoidable After Call With Ex-Treasury Secretary Summers

(Bloomberg) – President Joe Biden reiterated that a US recession is not “inevitable” following a conversation with former Treasury Secretary Lawrence Summers, who sees a significant chance the country will find itself battling stagflation. “I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession,” Biden told reporters Monday at Rehoboth … Read more

BOE Move to Scrap Mortgage Tests Puts First Time Buyers at Risk

In the worst case scenario, new buyers would be unable to remortgage if prices fall, leaving them able to access only the most expensive loans and trapped in debt. In 2019, the Financial Conduct Authority estimated that there were 250,000 so-called “mortgage prisoners” stuck at high rates in the UK.

UK Is Closing In On Inflation Rate With Double Digits: Eco Week

A slew of officials. including Charles Evans, Patrick Harker, Thomas Barkin and James Bullard, are also scheduled to speak at various events around the country. Their comments, along with Powell’s testimony, may help shape forecasts around the size of an anticipated rate hike at the Federal Open Market Committee’s July meeting.

Volatility Hammerlocks Bonds as Data Seen Setting the Fed’s Path

With the trajectory now far less predictable, they’re left at the mercy of the next reports on inflation, the job market and the economy, all of which have the potential to trigger fresh about-faces in the Treasury market. As a result, gauges of future volatility are hovering near the highest since the havoc sown by … Read more