SAN FRANCISCO (KRON) – On today’s edition of Rob Black’s Winners and Losers, our financial expert Rob Black and KRON 4’s Mark Danon talk about the US economy slowing, Chevron, and the Bank of Japan.
US economy slowed to scant 0.7 pct. growth rate last quarter. The slowdown could renew doubts about the durability of the 6½-year-old economic expansion, though most economists expect growth to rebound in the current January-March quarter.
Chevron swung to an unexpected loss in the fourth quarter as the intensifying drop in the price of crude oil swallowed the energy giant’s bottom line. Shares in the company, down 21% over the past 12 months. Chevron reported a loss of $588 million, down from a profit of $3.47 billion.
The Bank of Japan just stunned global markets by announcing negative interest rates. The basic idea behind taking interest rates into negative territory is to encourage lending from banks who are now charged a small amount to keep cash at the Bank of Japan, which in theory will increase economic activity.
Rob Black answers Luke’s question: My 401(k) is going lower and lower. Should I go to cash?