House Minority Leader Kevin McCarthy arrives for a meeting with House Republicans at the Capitol on Tuesday. (Anna Moneymaker/Getty Images) For the first time since 1923, the U.S. House of Representatives failed Tuesday to elect a new speaker on the initial ballot, signaling the start of what could be a fractious, days-long drama to find a Republican successor to former Democratic leader Nancy Pelosi. But for Rep. Kevin McCarthy of Bakersfield, Calif. — the Republican leader who was also… Source link
Read More »How Kevin McCarthy may have doomed his bid for House speaker
House Minority Leader Kevin McCarthy arrives for a meeting with House Republicans at the Capitol on Tuesday. (Anna Moneymaker/Getty Images) For the first time since 1923, the U.S. House of Representatives failed Tuesday to elect a new speaker on the initial ballot, signaling the start of what could be a fractious, days-long drama to find a Republican successor to former Democratic leader Nancy Pelosi. But for Rep. Kevin McCarthy of Bakersfield, Calif. — the Republican leader who was also… Source link
Read More »Doomed Stock Rally Burns Fewer Bulls After $10 Billion ETF Exit —
(Bloomberg) — Stock dip-buyers across the ETF world have vanished after seeing their account balances ravaged too many times in the 2022 meltdown. Most Read from Bloomberg Three times, to be specific. That’s the number of 5% bounces that have failed to endure in the S&P 500 this year — luring billions of dollars to exchange-traded funds in every rebound. Not this time. As the S&P 500 jumped more than 6% through Friday from its 2022 trough, roughly $10 billion was pulled out of equity funds,… Source link
Read More »Here’s why the Fed’s inflation fighting is doomed, per one veteran trader
Investors are warming to the fact the Federal Reserve is about to throw ice cold water on the hot U.S. economy where inflation is surging to four-decade highs. But whether the Fed hikes 50 basis points next week — or even a previously-unfathomable 75 points — Jerome Powell and company are unlikely to achieve the proverbial (and rare) soft landing, according to one veteran trader. Bill Smead, chief investment officer at Smead Capital Management, compared the present bout of persistently… Source link
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