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<ul class="summary-list"><li>The Fed's big rate cut won't stop a recession, economist David Rosenberg says. </li><li> He's concerned about weaknesses in housing, commercial construction, and the industrial sector.</li></ul>Economist David Rosenberg is digging in his heels on his call for a recession to hit the US economy. The economist, who has wrongly predicted that an imminent <a target="_blank" class="" href="https://www.businessinsider.com/how-to-invest-recession-risk-stock-market-strategy-david-rosenberg-2022-3">recession will hit the US economy since 2022,</a> dismissed the rosy scenario of a soft landing and goldilocks growth in a note on Thursday.Rosenberg's bearish call comes one day after <a target="_blank" class="" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">the Federal Reserve delivered a jumbo 50 basis point interest rate cut,</a> the Fed's first rate cut since 2020.The stock market boomed within 24 hours of the Fed's decision, with the broad major market indexes soaring to record highs in Thursday morning trades.But Rosenberg isn't backing down, likening 2024 to 2007, right before the economy slowed and entered a painful recession."The best thing I ever did was to follow my instincts and judgement and not waver or throw the towel in. It feels very much the same to me today," Rosenberg said.Rosenberg's reasoning centers on his belief that there is still "so much weakness in so many parts of the economy," with housing, commercial construction, and the industrial sector "all in recession."The only thing holding everything together, according to Rosenberg, is the consumer, but they can pull back abruptly. "As was the case in 2007 as the cycle was turning, all of a sudden the data underwent significant revisions," Rosenberg explained.The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/economy-added-818000-fewer-jobs-ed-yardeni-says-dont-worry-2024-8">BLS recently revised job growth lower by 818,000 jobs</a> from April 2023 through March 2024, which Rosenberg highlights as a similarity to prior moments right before a slowdown in the economy."When you read what business contacts were telling the Fed district banks in the latest Beige Book, it contained the same language we saw in July 1990, March 2001, and December 2007," Rosenberg said.He added: "Half the country is in recession right now when we apply data science to the commentary."As for the soaring stock market, Rosenberg says investors should heed the warning signs coming out of the bond market."The bond market is actually telling me that our macro call is on track, and it is the bond market that tends to be much more prescient, especially at inflection points in the economic cycle," Rosenberg said.Rosenberg warned earlier this month that <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/recession-indicator-perfect-track-record-flashes-yield-curve-spread-disinversion-2024-9">the de-inversion of the yield curve is a recession signal that should not be ignored.</a>Finally, he noted that despite the big Fed rate cut on Wednesday, the central bank is "now just as much behind the growth curve as it was behind the inflation curve over two years ago.""I will not be duped," Rosenberg said.

The Fed's 50 basis point rate cut won't do anything to stop a recession, economist David Rosenberg says

<ul class="summary-list"><li>Russia's central bank lifted its benchmark to 8.5% from 7.5%, the first hike in over a year.</li><li>"Pro-inflationary risks have increased significantly over the medium-term horizon," the bank said. </li></ul>Russia's central bank lifted its benchmark rate sharply on Friday as Vladimir Putin's war on Ukraine takes a greater toll on the economy.It marked the first increase since the immediate aftermath of Russia's invasion early last year. Rates are now going up 100 basis points to 8.5% from 7.5%, as policymakers cited inflationary pressure from the ruble's recent slide and worker shortages."Pro-inflationary risks have increased significantly over the medium-term horizon," the bank said. The central bank's last hike in February 2022 pushed the rate from <a href="https://www.reuters.com/business/finance/russia-hikes-key-rate-20-tells-companies-sell-fx-2022-02-28/" target="_blank" rel="noopener">9.5% to 20%</a>, an emergency move meant to counteract Western sanctions that followed Russia's invasion, fueling the ruble's plummet to a low of <a href="https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-07/card/ruble-sinks-to-fresh-lows-with-russian-market-shut-HDeRc7VEmBa1aaz90kOB" target="_blank" rel="noopener">137-per-dollar</a>.Since then, Moscow has gradually eased its monetary policy. The last cut was made in September, bringing interest to a 7.5% level. But inflationary concerns have abounded recently, as the mobilization of Russians to the Ukrainian front pulled away from domestic labor supply, further exacerbated by an <a href="https://markets.businessinsider.com/news/currencies/russian-economy-record-worker-shortage-sanction-ukraine-war-labor-exodus-2023-4">exodus of Russians</a> hoping to avoid the war. <a href="https://markets.businessinsider.com/news/commodities/russia-economy-drop-industrial-output-labor-shortage-ukraine-war-mobilization-2023-5">Industrial output</a> has suffered amid strong demand. "The increase in domestic demand surpasses the capacity to expand production, including due to the limited availability of labor resources," the central bank said. Meanwhile, though the ruble has largely recovered from 2022's lows, the currency has weakened sharply against the dollar this year and the Wagner mercenary group's uprising in late June accelerated that further.Although short-lived, the revolt pushed Russians to withdraw <a href="https://finance.yahoo.com/news/panicked-russians-withdrew-100-billion-035059462.html" target="_blank" rel="noopener">$1 billion worth of rubles</a> in a few days, and demand for foreign currencies jumped <a href="https://markets.businessinsider.com/news/currencies/russia-ruble-wagner-mutiny-rebellion-yevgeny-prigozhin-putin-forex-demand-2023-6">70%-80% in some regions</a>. And despite Friday's rate hike, the ruble fell 1.6% against the greenback to 90.80.In addition, the Kremlin's military spending for the war has widened its budget deficit, adding even more inflationary pressure.

Russian central bank hikes rates 100 basis points as Ukraine war sparks ruble crash and labor crisis

<ul><li>The Turkish lira plunged to a record low against the US dollar on Thursday as the country seeks to tame inflation.</li><li>Turkey's central bank hiked interest rates by 650 basis points to 15%, which was less than expected.</li><li>The interest rate hike represents a big policy reversal following the re-election of Erdogan. </li></ul>The Turkish lira plunged to a record low against the <a href="https://markets.businessinsider.com/index/us-dollar-index">US dollar</a> on Thursday after the central bank hiked interest rates less than markets expected.The <a href="https://markets.businessinsider.com/currencies/usd-try">lira fell 4%</a>, and it now takes 24.55 lira to buy a single US dollar. That followed a rate increase of 650 basis points to 15% in an ongoing bid to tame inflation. "The strong course of domestic demand, cost pressures and the stickiness of services inflation have been the main drivers [of inflation]," Turkey's central bank said in a statement, adding that its tightening will help bring down inflation "as soon as possible."The rate hike — Turkey's first in more than two years — represents <a href="https://markets.businessinsider.com/news/currencies/dollar-vs-lira-turkey-rate-cut-inflation-surprise-erdogan-usdtry-2022-8">a sharp policy reversal from last year,</a> when President Recep Erdogan pressured the central bank to cut interest rates despite soaring inflation in a bid to prop up the country's economy.After <a href="https://www.businessinsider.com/turkey-president-erdogan-wins-reelection-after-dissidents-blocked-on-twitter-2023-5">Erdogan's re-election last month,</a> the central bank is taking a more traditional approach to taming inflation: by raising rates.While the increase is a step in the right direction for Turkey, it likely won't move the needle enough in the central bank's bid to tame inflation. Economists had expected an interest rate spike to 20%, while <a href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> predicted it would go to a sky-high 40%.Inflation in Turkey hit a two-decade high of 85.5% in October, and has since dropped to about 40% in May.But there's still plenty of room for inflation to fall in the country, and rate hikes are often viewed as the medicine needed to tame inflation, despite its often negative impact on the broader economy.The central bank hinted that more tightening is likely "until a significant improvement in the inflation outlook is achieved."

The Turkish lira plunges to its lowest level on record after central bank hikes interest rates by 650 basis points in inflation fight

<keyword id="1404739" type="General" weightage="50" keywordseo="housing-development-finance-corp-ltd" source="Orion">Housing Development Finance Corp Ltd</keyword> hiked its benchmark lending rate by 25 basis points, with effect from August 1, the company said in an exchange filing. The hike in rate by the mortgage lender came before the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>'s (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>) monetary policy meeting, which is to be held between August 3 and August 5. "<keyword id="45123" type="General" weightage="80" keywordseo="hdfc" source="Orion">HDFC</keyword> increases its <keyword id="648146" type="General" weightage="50" keywordseo="retail-prime-lending-rate" source="Orion">Retail Prime Lending Rate</keyword> (<keyword id="413108" type="General" weightage="100" keywordseo="rplr" source="Orion">RPLR</keyword>) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 25 basis points, with effect from August 1, 2022," the exchange filing said. The revised rates for new borrowers will range between 7.80 per cent and 8.30 per cent, against the existing range of 7.55 per cent to 8.05 per cent. For existing customers, the rates will rise by 25 bps. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/uneven-rains-could-have-a-detrimental-impact-on-crop-production-and-inflation/articleshow/93228276.cms">Uneven rains could have a detrimental impact on crop production and inflation: Nomura report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/centuries-old-indian-stepwells-may-serve-as-a-solution-to-water-conservation-during-the-scorching-heat/articleshow/93212987.cms?utm_source=social_sticky_non_amp&amp;utm_medium=social_sharing&amp;utm_campaign=Click_through_social_share">Centuries-old Indian stepwells may serve as a solution to water conservation during the scorching heat</a>

HDFC hikes its benchmark lending rate by 25 basis points

<ul class="summary-list"><li>The Silicon Valley Bank crisis may force the Fed to slash rates this year, Larry McDonald said.</li><li>The market guru told CNBC on Friday he expects 100 basis points of easing by December.</li></ul>The <a href="https://markets.businessinsider.com/stocks/sivb-stock">Silicon Valley Bank</a> meltdown may incite the Federal Reserve to cut rates by 100 basis points by December to prevent contagion in the financial system, Larry McDonald said.That would mark a sharp reversal from the central bank's current course of aggressive tightening to rein in inflation.Rate hikes totaling 450 basis points over the past year have made returns on short-term Treasurys more attractive, draining deposits from banks like SVB, the founder of "The Bear Traps Report" <a href="https://www.youtube.com/watch?v=cdSiIYBiGjI" target="_blank" rel="noopener">told CNBC</a> on Friday."In essence, the Fed is causing this bank run," he said.Shares of <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-sale-stock-price-bank-run-peter-thiel-2023-3">Silicon Valley Bank crashed another 68% on Friday</a>, extending its two-day dive to as much as 87%, with several venture capital firms advising their portfolio companies to pull money from the bank.Meanwhile, <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-bank-of-america-biggest-banks-market-cap-value-wipeout-2023-3">shares of Wall Street banking giants are falling</a>, and regional lenders like First Republic, Signature Bank and PacWest are also plunging."Within the next couple of months, as the contagion brews up this channel — up to high yield, leveraged loans, across the entire ecosystem — that's when the Feds gonna have to bring out the other firehose and cut rates, probably within six to nine months," McDonald said.The <a href="https://markets.businessinsider.com/stocks/sivb-stock?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">SVB Financial Group's</a> crisis began after it announced a <a href="https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-silicon-valley-bank-collapse-enron-2023-3">$1.8 billion loss</a> from the sale of its $21 billion bond portfolio, which was hit by the Fed's rate hikes. After failing to raise more capital, SVB is reportedly looking to <a href="https://www.reuters.com/markets/deals/svb-financial-looks-sell-itself-cnbc-2023-03-10/" target="_blank" rel="noopener">sell itself</a>.While bigger banks may have the staff and expertise to manage interest rate risks, McDonald said, regional banks like SVB are unaccustomed to this sort of rate environment. And the Fed is expected to continue raising rates later this month. Earlier this week, Fed Chairman Jerome Powell opened the door to bigger increases as economic data point to sticky inflation.

The Silicon Valley Bank crisis will force the Fed to slash rates by 100 basis points to prevent contagion, market guru says

<keyword id="640142" type="General" weightage="100" keywordseo="housing-finance-company" source="Orion">Housing Finance Company</keyword> HDFC has increased its Retail Prime Lending Rate (<keyword id="413108" type="General" weightage="50" keywordseo="rplr" source="Orion">RPLR</keyword>) on housing loans by 5 basis points. The revision would come into effect from Wednesday itself. The upward revision in rates will essentially lead to an increase in EMIs for borrowers. The hike in rates came close on the heels of central bank <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>'s recent hike in repo rate by 40 basis points, besides giving indications it would raise rates further in the upcoming monetary policy review meets. On Wednesday, <keyword id="62034" type="General" weightage="50" keywordseo="punjab-national-bank" source="Orion">Punjab National Bank</keyword> (<keyword id="47268" type="General" weightage="50" keywordseo="pnb" source="Orion">PNB</keyword>) too raised its marginal cost of funds-based lending rate by 15 basis points with immediate effect. Recently, banks such as <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword> and <keyword id="6358007" type="General" weightage="50" keywordseo="bank-of-baroda" source="Orion">Bank of Baroda</keyword> too have hiked their lending rates across various tenures, as per reports. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/tech/mobile/news/moto-g82-5g-expected-to-launch-in-india-on-june-9-expected-price-specs-and-everything-you-need-to-know/articleshow/91919825.cms">Moto G82 5G expected to launch in India on June 9 – expected price, specs and everything you need to know</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/cryptocurrency/news/an-indian-home-can-live-for-a-year-with-the-energy-it-needs-to-mine-a-single-bitcoin/articleshow/91916128.cms">An Indian home can live for a year with the energy it needs to mine a single Bitcoin</a>

HDFC raises lending rates on housing loans by 5 basis points

<ul><li>US stocks moved higher on Wednesday as investors geared up for a Fed interest rate decision.</li><li>Chairman Jerome Powell is expected to raise rates by 75 basis points to tame inflation.</li><li>Powell's press briefing should give investors more insight as to how much more tightening the Fed may do into year-end.</li></ul>US stocks rose on Wednesday ahead of the Federal Reserve's expected decision to raise interest rates for the fifth time this year.Fed Chairman Jerome Powell is expected to raise rates by 75 basis points, though some argue <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-fed-meeting-interest-rate-hikes-wells-fargo-2022-9">he should raise them by 100 basis points or more</a> in an aggressive bid to tame inflation. <a href="https://www.businessinsider.com/inflation-report-cpi-august-gas-prices-costs-recession-fed-rates-2022-9">August's hot CPI report</a> showing inflation remains sticky means investors will also be focusing on Powell's press briefing at 2:30 p.m. ET, in which he is likely to shed some light on how many more rate increases to expect from the Fed going into the end of the year. <a href="https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html">Current market expectations</a> suggest the Fed will hike by another 75 basis points at its November FOMC meeting, followed by another 50-basis-point increase at its December meeting. That would put the fed funds rate between 4.25% and 4.50%. At the start of the year, it was between 0% and 0.25%. Here's where US indexes stood shortly after the 9:30 a.m. ET open on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">S&amp;P 500</a>: 3,879.91, up 0.62%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Dow Jones Industrial Average</a>: 30,882.24, up 0.57% (176.01 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Nasdaq Composite</a>: 11,472.67, up 0.42%</li></ul>Here's what else is happening this morning:<ul><li>Germany is <a href="https://markets.businessinsider.com/news/commodities/europe-energy-crisis-germany-nationalizes-uniper-russia-winter-8-billion-2022-9">nationalizing Uniper, its leading importer of Russian natural gas,</a> in a deal that underscores Europe's energy crisis. Uniper announced Wednesday the German government will acquire a 99% stake in the utility.</li><li>President Vladimir Putin <a href="https://markets.businessinsider.com/news/commodities/oil-price-commodities-vladimir-putin-russia-ukraine-escalation-nuclear-threat-2022-9">hinted Russia is ready to use nuclear force</a> to hold onto its territory in Ukraine. In a <a href="https://www.youtube.com/watch?v=VVOWpSuFtIc">televised address</a>, Putin also said Moscow is calling up more troops to join the forces in Ukraine.</li><li>Oil rose, <a href="https://markets.businessinsider.com/news/currencies/vladimir-putin-russia-ukraine-war-euro-dollar-market-wrap-analysis-2022-9">the euro tumbled, and the safe-haven dollar rose</a> Wednesday after Putin accused Western allies of "nuclear blackmail" and hinted Russia is ready to use its own nuclear weapons if needed.</li><li>JPMorgan CEO Jamie Dimon <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-jamie-dimon-congress-testimony-inflation-fed-rate-hikes-economy-2022-9">will tout the US economy's strength</a> but warn its challenges could end in disaster, during a hearing in front of the House Financial Services Committee on Wednesday.</li></ul>In commodities, bonds and crypto:<ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> oil jumped 1.62% to $85.30 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Brent crude</a>, oil's international benchmark, rose 1.66% to $92.12.</li><li><a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> rallied 0.63% to $1,681.60 per ounce.</li><li>The yield on the 10-year Treasury fell 1 basis points to 3.55%.</li><li>Bitcoin rose 1.45% to $19,304, while ether climbed 1.38% to 1,355. </li></ul>

US stocks rise ahead of anticipated 75-basis-point rate hike from the Fed

<ul class="summary-list"><li>The Bank of England on Thursday raised interest rates by 75 basis points to 3%.</li><li>The rate hike, the UK central bank's eighth in a row, is its biggest since 1989.</li></ul>The Bank of England raised interest rates by a jumbo-sized 75 basis points for the first time in over three decades on Thursday, as it continues to try to clamp down on red-hot inflation in the British economy.The BoE lifted interest rates to 3%, the highest level since the 2008 financial crisis. Seven members of the Monetary Policy Committee voted for a 75 basis-point hike at the bank's November meeting, while two backed a smaller rise.The 0.75-point increase marks the most aggressive tightening from the UK central bank since 1989. The BoE has now raised rates eight times since February in a bid to tame soaring inflation, which <a href="https://www.theguardian.com/business/2022/oct/19/uk-inflation-rises-energy-bills-food-prices-september-cost-of-living-crisis">hit a 40-year high of 10.1%</a> in September.The move comes after the Federal Reserve on Wednesday <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-fed-rate-hike-powell-dovish-pivot-2022-11">delivered another 75 basis point rate hike</a>, taking the target range for the federal funds rate to between 3.75% and 4% — the highest policy rate since 2008.The BoE estimated that the UK fell into a recession in the third quarter of this year, and it warned that the current downturn will likely last until the middle of 2024."The MPC's latest projections describe a very challenging outlook for the UK economy," it said in its <a href="https://www.bankofengland.co.uk/monetary-policy-report/2022/november-2022">November report</a>. "It is expected to be in recession for a prolonged period.""GDP is expected to decline by around 3/4% during 2022 H2, in part reflecting the squeeze on real incomes from higher global energy and tradable goods prices," it added. The UK economy will continue to shrink throughout 2023 and the first half of 2024, with households reining in spending as it becomes more difficult and expensive to access finance."The Bank of England had little choice but to deliver on the market's expectations of a 75 basis point hike at today's meeting," JPMorgan market strategist Hugh GImber said in a research note. "Such a large hike may appear unwarranted given signs that UK activity is already contracting, but there is scant evidence as yet that the slowdown is sufficient to tame inflation.""A more modest hike today, when inflation is pushing further into double digits and following strong action from both the Federal Reserve and the European Central Bank, would have risked reigniting questions about the Bank's credibility and further volatility in sterling markets," he added.The <a href="https://markets.businessinsider.com/currencies/gbp-usd">British pound</a> fell after the BoE's announcement, down 0.48% to $1.1202 as of 9.03 a.m. ET, having traded at $1.1256 ahead of the release. London's <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> stock index was 0.04% lower.The pound slumped to an all-time low against the dollar at $1.0327 in late September after then Prime Minister Liz Truss's newly instated UK government pledged to cut taxes and step up borrowing. The currency rallied in October for its best month in a year, but many analysts believe it will weaken in coming months given the UK's economic challenges. The mini budget sparked a period of <a href="https://markets.businessinsider.com/news/currencies/charts-liz-truss-resignation-uk-markets-gilts-pound-dollar-treasurys-2022-10">political and economic turmoil</a> that forced the BoE to step in to make <a href="https://markets.businessinsider.com/news/bonds/bank-of-england-bond-buying-pound-yields-qe-markets-economy-2022-9">emergency government bond purchases</a> temporarily to stabilize markets and avert a pension fund collapse. A new government led by Prime Minister Rishi Sunak made a series of U-turns on the tax plans, meaning the BoE was no longer called upon to counter the extra inflationary pressures from the proposed tax plan. New finance minister Jeremy Hunt is scheduled to publish his first budget on November 17. "With fiscal policy now set to be a lot tighter despite warnings about raising tax rates into a slowdown, the scope for the Bank of England to be more aggressive is expected to be more limited in the longer term, due to concerns about the impact on demand," Hewson said.This story has been amended to add detail on the BoE's view of the economy and to reflect that two BoE officials voted for a smaller rise.Read more: <a href="https://markets.businessinsider.com/news/currencies/charts-liz-truss-resignation-uk-markets-gilts-pound-dollar-treasurys-2022-10">These 3 charts show the chaos that ran through markets during the 45 days that Liz Truss was UK prime minister</a>

Bank of England hikes interest rates by an outsized 75 basis points for the first time in over 30 years

<ul><li>US stocks fell on Monday as investors gear up for another Fed interest rate hike later this week.</li><li>Fed chair Jerome Powell is expected to hike rates by another 75 basis points at its FOMC meeting on Wednesday.</li><li>Investors also continue to focus on third-quarter earnings results.</li></ul>US stocks moved lower on Monday as investors get ready for another outsized interest rate hike from the Federal Reserve on Wednesday.Fed chairman Jerome Powell is expected to announced that the US central bank will raise rates by 75 basis points at its upcoming FOMC meeting in its bid to tame inflation that has been driven by higher wages, higher services prices, and higher commodity prices. After this Wednesday's meeting, the Fed is expected to hike interest rates by at least 50 basis points in December.Aside from more rate hikes, investors continue to focus on third-quarter earnings results, which have been mostly beating expectations. So far, 52% of S&amp;P 500 companies have reported results, and of those companies, 72% are beating profit estimates by a median of 5%, according to data from Fundstrat.Here's where US indexes stood shortly after the 9:30 a.m. ET open on Monday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">S&amp;P 500</a>: 3,877.54, down 0.6%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Dow Jones Industrial Average</a>: 32,738.39, down 0.38% (123.41 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Nasdaq Composite</a>: 11,018.18, down 0.75% </li></ul>Here's what else is happening this morning:<ul><li>Investors <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-federal-reserve-pivot-interest-rates-inflation-barclays-2022-10">shouldn't expect the Fed to pivot</a> away from interest rate hikes before the start of 2023, according to a note from Barclays. </li><li>But <a href="https://markets.businessinsider.com/news/stocks/mike-wilson-morgan-stanley-federal-reserve-pivot-stock-market-outlook-2022-10">Morgan Stanley's Mike Wilson disagrees with Barclays' assessment,</a> arguing in a note on Monday that the Fed could pivot sooner than expected, which would help boost the S&amp;P 500 another 6% to 4,150. </li><li>Despite the strong rally in stocks this month, GMO's <a href="https://markets.businessinsider.com/news/stocks/jeremy-grantham-stock-market-outlook-crash-cash-superbubble-fed-2022-10">Jeremy Grantham is not convinced and still expects big downside</a> ahead. The investor told the Wall Street Journal that holding cash remains a good idea.</li><li><a href="https://markets.businessinsider.com/news/commodities/food-price-outlook-wheat-corn-soybean-oil-russia-ukraine-deal-2022-10">Wheat futures jumped as much as 8% on Monday</a> after Russia's withdrawal from a deal to export Ukrainian grain via the Black Sea threatened global food supplies.</li></ul>In commodities, bonds and crypto:<ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> oil fell 1.54% to $86.55 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Brent crude</a>, oil's international benchmark, fell 3.37% to $92.54.</li><li><a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> fell 0.42% to $1,637.90 per ounce.</li><li>The yield on the 10-year Treasury rose 3 basis points to 4.05%.</li><li>Bitcoin rose 0.85% to $20.702, while ether jumped 2.20% to $1,619. </li></ul>

US stocks fall as investors anticipate another 75 basis point rate hike from the Fed this week

<ul class="summary-list"><li>Investors on Thursday were pricing in 1.25 percentage points in additional rate hikes through the rest of the year</li><li>The pricing suggests the fed funds target rate will hit a range of 4.25%-4.5% by the end of 2022. </li></ul>Investors on Thursday were pricing in 1.25 percentage points in additional interest rate hikes by the Federal Reserve over its last meetings of 2022, the moves coming after policy makers delivered a third consecutive rate increase of 75 basis points to fight inflation. The probability of a rate hike of 75 basis points at the November 1-2 meeting was 68.5%, according to the <a href="https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html">CME FedWatch</a> tool. That's up from 60% on Tuesday before the Fed's September meeting and higher than 56.2% a week ago.For the December 13-14 meeting, the odds of a rate increase of 50 basis points climbed to 66.7% from 43.8% on Tuesday and 46.3% a week earlier. Such rate increases would leave the fed funds target rate at a range between 4.25%-4.5% when the December meeting ends. The Federal Open Market Committee <a href="https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20220921.htm">foresees a peak rate of 4.6%</a> in 2023, according to its Summary of Economic Projections. The FOMC so far this year has kicked up its benchmark rate to a range of 3%-3.25% from zero percent as it tries to pull down inflation from around four-decade highs. <a href="https://www.businessinsider.com/inflation-report-cpi-august-gas-prices-costs-recession-fed-rates-2022-9">August headline inflation</a> cooled to 8.3% but exceeded expectations of 8.1%. "We want to act aggressively now, and get this job done, and keep at it until it's done," Federal Reserve Chairman Jerome Powell said at Wednesday's press conference. Policy makers slashed their growth expectations for 2022 to 0.2% from the 1.7% projection in June. They also expect core PCE inflation - its preferred gauge - to fall in 2023 to 2.8% from 5.4% this year, and the unemployment rate to rise to 4.4% next year from 3.8%."On our forecasts, inflation may be low enough for the Fed to pause the rate hiking cycle after the December meeting. However, if inflation does not come down as quickly as we expect and the Fed raises rates closer to 5%, it will be difficult to avoid a recession," Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote in a note Thursday.

You Searched For "Basis Point" and got 10 results

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US stocks rise ahead of anticipated 75-basis-point rate hike from the Fed

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Bank of England hikes interest rates by an outsized 75 basis points for the first time in over 30 years

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US stocks fall as investors anticipate another 75 basis point rate hike from the Fed this week

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