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The dollar hit a 20-year high, interest rate height expected as fed meets, J.P. Morgan CEO says US needs to invest in oil and gas, Mark Zuckerberg loses $70 billion, Australians world’s richest people, and more financial news
The US dollar reached a new high on Wednesday, climbing 0.4% against a number of major currencies. The increase saw the dollar arriving at its strongest level in 20 years, since 2002, CNN Business reported. The dollar climbed after Russia announced it was mobilizing 300,000 military reserves as it escalates the war in Ukraine.
Oil prices also made a gain, as Brent crude futures, the global benchmark, gained 2.5%, coming in slightly below $93 per barrel.
On Tuesday, the Federal Reserve began a two-day meeting, and economists largely expect that the central bank will announce a third consecutive interest rate hike of three-quarters of a point, CNBC reported.
However, what economists may be even more eager to hear about than interest rate hikes is the fed’s quarterly forecast projections on inflation and the economy at large.
Jamie Dimon, the CEO of JPMorgan Chase & Co., told Congress on Wednesday that the United States needs to invest in oil and gas to reduce greenhouse-gas emissions in the long term and protect economic growth, Bloomberg reported.
“We aren’t getting this one right,” Dimon told Congress. “Investing in the oil and gas complex is good for reducing C02.”
Mark Zuckerberg, 38, CEO of Meta (parent company of Facebook and Instagram, WhatsApp, and Oculus), saw his wealth plummet this year by roughly $70 billion, which knocked him down to the 20th richest person in the world. He lost over 55% of his wealth since January, which started at $125 billion, and now has dropped to $53.3 billion, the Washington Examiner reported.
The decline also comes as the company rebranded and put its focus on transforming the parent company into a “metaverse” company.
The typical net worth of an Australian jumped to $247,000 (USD) in 2021, topping Belgium, New Zealand, and Hong Kong for the median wealth of a country’s citizens. The designation comes as soaring property prices boosted the median wealth per Australian adult by $28,450 (USD) in 2021, according to Credit Suisse’s annual global wealth report, which tracks wealth in 20 countries, SMH.com.au reported.
