All articles tagged with #resilient economy
JPMorgan Chase reported its sixth consecutive quarter of better-than-expected earnings, driven by a resilient U.S. economy, increased markets revenue, and a reduced provision for credit losses, while also raising its full-year net interest income outlook and approving a $50 billion stock buyback program.
The stock market's resilience in the first half of 2023 has contributed to gains for 401(k) savers, with the average balance increasing by 4% from the first quarter and 8.3% from the second quarter of last year, according to Fidelity Investments. The average balance for individual retirement accounts (IRAs) also rose by 5% from the first quarter. The strong performance of the stock market, along with a savings rate of 13.9%, has helped boost retirement account balances.
The US dollar remained near a two-month high after the Federal Reserve Minutes indicated the possibility of more rate hikes and strong US economic data. The Norwegian crown rose from six-week lows against the dollar and euro after Norges Bank raised interest rates and signaled another hike in September. The Australian dollar sank to a nine-month low following unexpected employment data, raising speculation that the Reserve Bank of Australia may halt interest rate hikes. The yen edged higher due to interest rate differentials between the US and Japan, while the euro and sterling remained relatively flat.