Morning Bid: Firefighting cash burn
Erik Svenson is a passionate arts journalist with over five years of experience in cultural reporting. He graduated from Minnesota State University and has worked for various arts publications in the region, highlighting local artists and events.
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By Mike Dolan Oct 29 (Reuters) There were few fireworks from the Federal Reserve on Wednesday, with two dissenters to the decision to keep rates unchanged, but there were indications of more hikes to come down the line. Fed Chair Kevin Warsh said financial conditions were tightening but by no means tight, and he also flagged a reduction in the number of Fed policymaking meetings beginning next year. In the backdrop, the Bank of Canada hiked rates for the first time in three years, as expected. The European Central Bank is expected to stay on hold today. Interest rate markets seemed to take a dovish tilt from the Fed meeting, paring back some Fed tightening from the futures horizon even as the yield curve steepened. But that may owe as much to what s going on in the wider markets. Alphabet s stock plunged 10% overnight as its incoming earnings disappointed and markets fretted about the scale of its cash burn and spending. South Korea s Samsung also disappointed and, in contrast