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Costco Execs Warn of Looming Recession Because of One Change Shoppers Are Making to Their Buying Habits

jetcityimage / iStock.comIn times of economic struggles, Americans tend to change their shopping habits. The “lipstick effect,” where people will continue splurging on smaller items such as candles and cosmetics, but delay larger purchases, is one example. Costco executives have also spotted other consumer spending changes in their warehouse clubs’ sales lately.Costco’s Best Deals? Employee Reveals 10 Standout Buys for Your MoneyFind: 7 Luxury Goods That Are Cheaper at CostcoIn a call with investors reported by Business Insider, Costco Chief Financial Officer Richard Galanti said he’s seen some customers switching from purchases of beef products to less expensive choices, like…

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Binance.US to Halt Dollar Deposits After SEC Crackdown

June 8 (Reuters) - Crypto exchange Binance.US said on Thursday it is stopping U.S. dollar deposits and users will soon not be able to withdraw dollars from the exchange, after U.S. financial regulators said they supported freezing Binance's assets.The purportedly independent U.S. affiliate of Binance, the world's largest crypto exchange, said in a tweetlate on Thursday that its banking partners are preparing to stop dollar withdrawal channels as early as June 13.Binance.US said in the customer notice that it would no longer accept dollar deposits as part of plans to change to a "crypto-only exchange". It did not give details…

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A New Crypto Banking System Arises Under the Shadow of a Regulatory Crackdown

(Bloomberg) -- Two months after the collapse of Silvergate Capital Corp. and Signature Bank, a new banking landscape for crypto companies is taking shape amid an expanding crackdown on the industry in the US.Most Read from BloombergIn the US, crypto firms are turning to a handful of smaller regional lenders to open bank accounts. Customers Bancorp Inc., a Pennsylvania lender, has become a popular destination. Swiss and Asian banks are also playing a bigger role, though they still remain selective about their crypto clients. In the UK, where access to banking has also worsened, companies are instead turning to payment-service…

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Bitcoin Liquidity Worsens on Crypto Exchange Binance.US After SEC Suit

(Bloomberg) -- Liquidity on one of the most prominent crypto exchanges has worsened in the wake of head-turning regulatory actions by US officials.Most Read from BloombergBitcoin bid-and-ask depth on Binance.US — the exchange owned by Binance Holding Ltd.’s Changpeng Zhao to serve US clients — has fallen off dramatically, according to researcher Kaiko. That happened after the US Securities and Exchange Commission accused Binance and its chief executive of mishandling customer funds, misleading investors and regulators, and breaking securities rules. Binance has disputed the allegations.“Market-makers are obviously pulling liquidity from the exchange,” said Conor Ryder, research analyst at Kaiko. “Worsening…

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IMF Urges Fed, Central Banks to Keep Tightening to Reduce Inflation

WASHINGTON (Reuters) - The International Monetary Fund on Thursday urged the U.S. Federal Reserve and other global central banks to "stay the course" on monetary policy and remain vigilant in combating inflation.IMF spokesperson Julie Kozack said inflation momentum has slowed in the United States, but remained a pressing concern."If inflation does prove to be more persistent than expected, then the Fed may need to push interest rates higher for longer," she told reporters at a regular briefing.She said the IMF would release an updated World Economic Outlook on July 25.The IMF warned in April that lurking financial system vulnerabilities could…

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AI Frenzy Stalls as Tech Stocks See First Outflows in Two Months

(Bloomberg) -- The AI frenzy that has driven massive inflows into tech stocks is marking a pause, Bank of America Corp. says.Most Read from BloombergTech funds sustained $1.2 billion of outflows in the week through June 7, their first in eight weeks, according to the bank, citing EPFR Global data. The move occurred after the group had record inflows last week.“Central banks are pivoting back to hikes,” strategists led by Michael Hartnett wrote in a note on Thursday, pointing to recent surprise increases in Canada and Australia. The “Fed ain’t done with hikes,” they added, given low unemployment and high…

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Fed Seen Ending Its 15-Month Hiking Campaign in Economist Survey

(Bloomberg) -- Most economists expect the Federal Reserve to pause interest-rate increases next week for the first time in 15 months and leave policy on hold through December, even as it confronts a resilient US economy and persistent inflation.Most Read from BloombergThe Federal Open Market Committee will keep rates steady at its June 13-14 meeting at the 5%-5.25% range, though officials face a closer call in July on what to do, according to economists surveyed by Bloomberg.Chair Jerome Powell had hinted at a suspension of the tightening campaign last month, suggesting that he favored waiting to evaluate the lagged effects…

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China’s Factory Deflation Steepens as Demand Wanes

By Joe CashBEIJING (Reuters) - China's factory gate prices fell at the fastest pace in seven years in May and quicker than forecasts, as faltering demand weighed on a slowing manufacturing sector and cast a cloud over the fragile economic recovery.As rising interests rates and inflation squeeze demand in the United States and Europe, China is in contrast battling a sharp decline in prices with factories receiving less for their products from key overseas markets.The producer price index (PPI) for May fell for an eighth consecutive month, down 4.6%, the National Bureau of Statistics (NBS) said on Friday. That was…

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Ex-First Republic Executive to Head Turkey’s Central Bank

ISTANBUL—Turkey’s President Recep Tayyip Erdogan appointed a former First Republic Bank executive to lead the central bank, a likely shift away from the unorthodox economic policies that have sown economic instability and driven away foreign investors. The new central-bank governor is Hafize Gaye Erkan, who until late 2021 was the co-CEO of First Republic Bank, which collapsed and was sold to JPMorgan Chase last month. Erkan is Turkey’s first woman central-bank governor and replaces Sahap Kavcioglu, an Erdogan loyalist who was installed in March 2021 as the Turkish president took greater command over the economy.

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China Deflation Risk Prompts PBOC Governor to Downplay Fears

(Bloomberg) -- China’s inflation remained close to zero in May, sparking concerns on a falling spiral in prices and prompting the central bank to come out to downplay worries on the economic outlook.Most Read from BloombergThe consumer price index rose 0.2% from a year earlier, the National Bureau of Statistics said Friday, in line with forecasts and up from 0.1% in April. Producer prices declined 4.6% on the back of lower commodity prices and weak domestic and foreign demand. Economists had expected a 4.3% decrease.The inflation data provide fresh evidence that the world’s second-largest economy cooled further in May, coming…

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T. Rowe Sees BOJ Policy ‘San Andreas Fault’ of Global Finance Is at Hand

(Bloomberg) -- Policy tightening by the Bank of Japan, the last bastion of ultra-low interest rates, may send shock waves through the financial world. Lift-off could be at hand, according to T. Rowe Price.Most Read from Bloomberg“Japanese monetary policy could be the San Andreas fault of global finance,” Arif Husain, head of international fixed income and chief investment officer at the $1.3 trillion fund, wrote in a report. “I know the BOJ is conscious of the effect it could have on global markets, but it’s a real and present danger, in my view. I certainly think it’s something that should…

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Stocks Drop 20% If Bonds Have Inflation Right in JPMorgan Model

(Bloomberg) -- The widening disconnect between stocks and bonds suggests a 20% downside risk for equities if bonds are proved correct in pricing inflation volatility, according to modeling by JPMorgan Chase & Co. strategists.Most Read from Bloomberg“Bond markets are still pricing in a sustained period of elevated macroeconomic uncertainty, even if there has been some modest decline over the past three months,” strategists including Nikolaos Panigirtzoglou and Mika Inkinen wrote in a note. “By contrast, equity markets look ‘priced for perfection’ with the S&P now above a fair value estimate looking through the rise in macroeconomic volatility since the pandemic.”JPMorgan’s…

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