Pro Take: Federal Home Loan Bank Dividends Hit $1.4 Billion in 2022 as Review Examines Its Mission
Banks flocked to the Federal Home Loan Bank system for low-cost loans last year as the Federal Reserve boosted interest rates, leading to soaring profit at the 11-bank organization as well as $1.4 billion in dividends paid to its shareholder financial institutions.
The payouts came as the FHLB faces a federal review of its mission and operations, and as some critics say more of its profit-as well as the government-sponsored entity's overall focus-should be directed toward its historic mission of boosting homeownership.
The 60-40 Investment Strategy Is Back After Tanking Last Year
The classic 60-40 investment strategy is working again after a disastrous 2022.
Americans planning for retirement have been advised for decades to diversify their holdings between stocks and bonds. It was a dependable way of investing that worked for millions of people.
Fed Official: 'We Need to Be Cautious' on Raising Rates After Bank Failures
Potential fault lines surfaced on Tuesday over whether the Federal Reserve should proceed with interest rate increases next month as it studies the fallout from banking-sector stresses triggered by the collapse of two midsize banks last month.
Chicago Fed President Austan Goolsbee said the central bank should proceed cautiously with any additional rate rises as it assesses after-effects of the bank failures during a speech Tuesday. "At moments like this of financial stress, the right monetary approach calls for prudence and patience," he said in a speech at the Economic Club of Chicago.
China Seeks to Write Its Own History of Battle With Covid-19
Two months after declaring victory over Covid-19, Beijing is trying to shape the way the pandemic is remembered in China by withholding data on its impact and censoring people who contradict the government line that its handling of the virus was a triumph.
One of the biggest questions-how many people died-remains unanswered, with the government restricting access to records that could help shed light on the issue. Official reports on the number of bodies cremated, normally released quarterly, disappeared or haven't been updated on schedule in more than 30 provinces, cities or districts, a Wall Street Journal review found.
Biden Marks Anniversary of Good Friday Agreement in U.K. After Push to Preserve It
President Biden's trip to Belfast to mark the 25th anniversary of the Good Friday Agreement comes after a U.S. pressure campaign to preserve the peace deal that helped speed a recent compromise aimed at resolving post-Brexit trading issues in the region.
Mr. Biden is kicking off a four-day tour that also will include stops in Ireland and will emphasize the importance of the so-called Windsor Framework negotiated by British Prime Minister Rishi Sunak. The pact is seen on both sides of the Atlantic as a crucial step forward in addressing political tensions in Northern Ireland sparked by Brexit.
U.S. Officials in Moscow Haven't Been Allowed to Visit WSJ Reporter Evan Gershkovich
Nearly two weeks after Russian security agents picked up Evan Gershkovich at a restaurant during a reporting trip, Moscow still hasn't granted U.S. Embassy officials permission to visit The Wall Street Journal reporter in detention-a pattern that follows other cases of American citizens jailed in Russia.
Consular access has been a regular point of contention between Washington and Moscow for years. The U.S. has frequently accused Russia of ignoring international law in depriving Americans of proper diplomatic representation, and its language is becoming increasingly blunt.
Russia Stole Land and Grain. Now It's Taking Timber, Ukraine Says.
KYIV, Ukraine-Since invading Ukraine, Russia and some of those working with it have been widely accused of stealing grain and farmland. Now Ukrainian officials say they are taking timber too.
Acres of forests have been cut down for commercial gain or to fortify defensive positions without paying compensation, according to Ukrainian government agencies and forestry experts. Satellite images show swaths of former woodland left barren since the invasion.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
MTY Food 1Q
TheraTech 1Q
Economic Calendar (ET):
1000 Bank of Canada interest rate announcement
Stocks to Watch:
Manulife US REIT unit to Sell U.S. Property to John Hancock Life Insurance; U.S. Property to Be Sold for $33.5M; Divestment to Provide Additional Liquidity
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Nouveau Monde Graphite Secures $22M Financing From Underwriters Led by BMO Capital Markets, Cormark Securities; Underwriters to Buy 4.85M of Co's Common Shrs at $4.55 Each; NMG Has Granted Underwriters Overallotment Option for Additional 15% of Shrs; NMG May Also Offer 2,938,753 Shrs in Private Placement on Same Terms; NMG to Use Proceeds for Matawinie Mine, Becancour Battery Material Plant Projects; Also Use Proceeds for Uatnan Mining Project, General Needs; Offering Expected to Close on or About April 17
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OrganiGram Holdings 2Q Loss C$7.49M; 2Q Net Revenue C$39.5M
Expected Major Events for Wednesday
11:00/US: 04/07 MBA Weekly Mortgage Applications Survey
12:30/US: Mar CPI
12:30/US: Mar Real Earnings
14:00/US: Mar Online Help Wanted Index
14:00/CAN: Bank of Canada interest rate announcement
14:30/US: 04/07 EIA Weekly Petroleum Status Report
18:00/US: Mar Monthly Treasury Statement of Receipts and Outlays of the U.S. Government
23:01/UK: Mar RICS Residential Market Survey
23:50/JPN: Mar Money Stock, Broadly-defined Liquidity
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Wednesday
Apogee Enterprises Inc (APOG) is expected to report $0.83 for 4Q.
Argan Inc (AGX) is expected to report $0.71 for 4Q.
Bed Bath & Beyond Inc (BBBY) is expected to report $-2.26 for 4Q.
Cogeco Communications Inc (CCA.T,CGEAF) is expected to report $2.07 for 2Q.
DXI Capital Corp (DXI.H.V) is expected to report for 4Q.
DXP Enterprises (DXPE) is expected to report $0.40 for 4Q.
Dakota Gold Corp (DC) is expected to report for 3Q.
Drive Shack Inc (DSHK) is expected to report $-0.06 for 4Q.
FRMO Corp (FRMO) is expected to report for 3Q.
Firan Technology Group is expected to report for 1Q.
Genius Brands International Inc (GNUS) is expected to report for 4Q.
Hingham Institution for Savings (HIFS) is expected to report for 1Q.
Jewett-Cameron (JCT-T,JCTCF) is expected to report for 2Q.
Liquid Media Group Ltd (YVR) is expected to report for 4Q.
MTY Food Group is expected to report $0.96 for 1Q.
Madison Pacific Properties Inc - B Share (MPC.T) is expected to report for 2Q.
Mandalay Resources is expected to report for 1Q.
Nurix Therapeutics Inc (NRIX) is expected to report for 1Q.
Omnitek Engineering (OMTK) is expected to report for 4Q.
Oragenics Inc (OGEN) is expected to report for 4Q.
PhaseBio Pharmaceuticals Inc (PHASQ) is expected to report $-0.29 for 4Q.
Platinum Group Metals Ltd (PLG,PTM.T) is expected to report for 2Q.
Pure Cycle Corp (PCYO) is expected to report for 2Q.
Rent the Runway Inc (RENT) is expected to report for 4Q.
Ryvyl Inc (RVYL) is expected to report for 4Q.
Sportsman's Warehouse Holdings Inc (SPWH) is expected to report $0.29 for 4Q.
System1 Inc (SST) is expected to report for 4Q.
TRX Gold Corp (TNX.T,TRX) is expected to report for 2Q.
Tattooed Chef Inc (TTCF) is expected to report for 4Q.
Theratechnologies (TH.T,THTX) is expected to report $-0.05 for 1Q.
Unico American (UNAM) is expected to report for 4Q.
Unique Fabricating Inc (UFAB) is expected to report $0.11 for 4Q.
United States Antimony Corp (UAMY) is expected to report for 4Q.
Wall Financial is expected to report for 4Q.
Winmark (WINA) is expected to report for 1Q.
iMedia Brands Inc (IMBI) is expected to report for 4Q.
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ANALYST RATINGS ACTIONS
Akamai Technologies Raised to Overweight From Neutral by Piper Sandler
Antero Resources Cut to Equal-Weight From Overweight by Wells Fargo
EQT Corp Cut to Hold From Buy by Truist Securities
Federated Hermes Raised to Overweight From Underweight by JP Morgan
Leggett & Platt Cut to Neutral From Buy by Goldman Sachs
Manhattan Associates Cut to Neutral From Buy by Rosenblatt
Meta Platforms Raised to Positive From Mixed by OTR Global
MGIC Invest Raised to Buy From Neutral by Compass Point
Mohawk Raised to Buy From Hold by Loop Capital
Murphy Oil Raised to Buy From Hold by Truist Securities
Nasdaq Cut to Equal-Weight From Overweight by Morgan Stanley
Radian Group Raised to Buy From Neutral by Compass Point
Range Resources Raised to Overweight From Equal-Weight by Wells Fargo
Shift4 Payments Raised to Outperform From Neutral by SMBC Nikko
SW Energy Cut to Underweight From Equal-Weight by Wells Fargo
Virtu Financial Raised to Equal-Weight From Underweight by Morgan Stanley
Welltower Raised to Outperform From In-Line by Evercore ISI Group
West Pharma Raised to Overweight From Equal-Weight by Stephens & Co.
Whirlpool Raised to Buy From Neutral by Goldman Sachs
WW International Raised to Buy From Neutral by Goldman Sachs
Zimmer Biomet Holdings Raised to Outperform From In-Line by Evercore ISI Group
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
04-12-23 0613ET
