Bill Ackman suggests the Fed should hold off on rate of interest hikes on Wednesday
Billionaire investor and CEO of Pershing Square, Bill Ackman, said the US Federal Reserve should hold off on rate of interest hikes as the Federal Open Market Committee meets on Tuesday.
Noting that markets have experienced “major shocks” from the US bank closures, Ackman said the banking crisis “stays unresolved” and that higher rates of interest is not going to help the situation.
“It is not an environment where @ Federal Reserve should raise rates of interest and increase pressure on the system as financial stability is the first responsibility of the Fed,” he wrote in his tweet.
– Jihye Lee
Regional bank stocks bounce back from sharp declines
Oil prices fall amid global banking turmoil
A month ahead April WTI Nymex fell 1.45% on Monday to $65.75 a barrel. The extent remains to be above Friday’s low of $65.17, which was the bottom since December 2, 2021, when the WTI price was just $62.43.
Brent Oil prices have also fallen within the red, recently down 0.7% at $72.47 a barrel.
— Pia Singh
Bitcoin surges to a nine-month high as government bond yields hit a six-month low
Bitcoin climbed to $28,551.73 in the beginning of trading, the best level since June 12, 2022, when the bitcoin price was $28,647.91.
Ether hit $1,846.25, the best level since August 19, 2022, when the value of ether was $1,879. Coinbase is on the right track for its sixth consecutive every day gain.
The moves got here as yields on 2- and 10-year Treasury bonds fell to their lowest levels in six months. The two-year US bond yield fell to three.635%, the bottom level since September 13, while the 10-year US bond yield touched 3.291%, the bottom level since September 12.
—Scott Schnipper, Gina Francolla
Stocks making the most important moves at noon
Listed below are a few of the names making the most important moves in midday trading:
- UBS, Credit Suisse US-listed Credit Suisse shares fell nearly 52% after UBS agreed to purchase Credit Suisse for CHF 3 billion, or $3.2 billion. UBS shares gained about 5%.
- U.S. Bancorp — Stocks surged nearly 6% after being upgraded to raised than neutral by Baird. The Wall Street firm said US Bancorp may benefit as the banking crisis forces depositors to shift stakes to larger regional banks.
- Virgin OrbitShares fell greater than 35% as the corporate scrambled to secure financing and avoid bankruptcy, which could occur as early as this week with no deal, in response to people acquainted with the matter.
To see more stocks moving midday trading, read the complete article here.
—Michael Fox