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☆ Three takeaways from the Columbia University president’s testimony on antisemitism
▼ + stars: | 2024-04-17 | by ( Matt Egan | Ramishah Maruf | ) edition.cnn.com time to read: +4 min

Columbia University President Minouche Shafik tried to avoid the firestorm of controversy that pushed out two of the three university presidents who testified on Capitol Hill in December. While the other university presidents provided lawyerly answers that went viral, Shafik and her three Columbia colleagues all unequivocally stated that such calls would violate the code of conduct at Columbia. For instance, the Columbia president was asked by Rep. Lisa McClain whether mobs shouting “from the river to the sea” or “long live the intifada” qualify as antisemitic comments. Some people don’t.”Only after David Schizer, the co-chair of Columbia’s task force on antisemitism, indicated it would qualify as antisemitism did Shafik agree. Davidai called Shafik a “coward” in a fiery speech last year criticizing the university president for failing to quiet “pro-terror” voices at the school.

Persons: Minouche Shafik, Shafik, Shafik waffled, Lisa McClain, McClain, “, David Schizer, ” Shafik, Joseph Massad, Tim Walberg, Massad, Mohamed Abdou, Shai Davidai, Davidai, ”, Abdou, Eden Yadegar, CNN’s Elisabeth Buchwald Organizations: New, New York CNN, Ivy League, Columbia University, Harvard, Massachusetts Institute of Technology, University of Pennsylvania, Columbia, ”, CNN, Columbia Business School Locations: New York, Columbia

☆ Truth Social owner Trump Media will begin trading Tuesday as the merger closes
▼ + stars: | 2024-03-25 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Truth Social owner Trump Media & Technology Group announced Monday its merger with a publicly traded shell company has closed and trading will begin on the stock market on Tuesday. Trading of the new company under the ticker symbol “DJT” on the Nasdaq Stock Market is set to begin on Tuesday, the companies said. Shares of Digital World Acquisition Corp (DWAC), the shell company that now owns Truth Social, surged more than 20% on Monday. Experts warn that the market is overvaluing Trump Media given the company’s fundamentals. Trump Media generated just $3.4 million of revenue through the first nine months of last year, according to SEC filings.

Persons: Donald Trump, Devin Nunes, ”, ” Nunes, CNN’s Elisabeth Buchwald, Krystal Hur Organizations: New, New York CNN, Truth, Trump Media & Technology Group, Trump Media, Corp, Nasdaq, Digital, Trump, Big Tech, overvaluing Trump Media, SEC, Twitter, CNN, AMC Entertainment, GameStop Locations: New York

☆ Markets tried to fight the Fed on rate cuts. It didn’t work
▼ + stars: | 2024-01-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Now there’s roughly a 50/50 chance that the Fed could either cut rates or hold them steady in March, according to futures. A few developments this past week tempered investors’ optimism, and now the possibility of a rate cut in March could be completely thrown out the window, according to economists. He echoed other Fed officials who’ve recently said that beginning to cut rates in March is just not realistic. In addition to officials’ comments, recent economic data also doesn’t bode well for a March rate cut. Markets are expecting twice as many rate cuts this year than what Fed officials themselves estimated in their latest economic projections released in December.

Persons: ’, Christopher Waller, ”, who’ve, Loretta Mester, “, Mary Daly, it’s, Daly, bode, Waller, ” Bill Adams, ” Daniel Altman, Jerome Powell’s, Donald Trump, Christine Lagarde, couldn’t, Jamie Dimon, Trump, Joe Biden, Bank of America’s Brian Moynihan, OpenAI’s Sam Altman, Johnson, Lockheed Martin, Levi Strauss, Booz Allen Hamilton, CNN’s Elisabeth Buchwald Organizations: CNN Business, Bell, DC CNN — Federal Reserve, Fed, Brookings Institution, ” Cleveland Fed, Bloomberg, ” San Francisco Fed, Fox Business, Commerce Department, Labor Department, Employers, Comerica Bank, CNN, Biden, Trump, Economic, European Central Bank, ”, JPMorgan, Bank of America’s, United Airlines, The Bank of Japan, Netflix, General Electric, Procter, Gamble, Johnson, Verizon, Lockheed, Haliburton, Tesla, IBM, Bank of Canada, Global, American Airlines, Southwest Airlines, Alaska Airlines, Co, Visa, Intel, Mobile, Comcast, Capital, US Commerce Department, Chicago Fed, US Labor Department, American Express, Colgate, Palmolive, Booz, National Association of Realtors Locations: Washington, ” San, East, Iran, Davos, Switzerland, Iowa, Swiss, United States

☆ Walmart CEO says food deflation may come soon
▼ + stars: | 2023-11-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Lower grocery prices may soon be coming for shoppers. Food prices have increased 25% since the pandemic started. The pace of food inflation has slowed in recent months, but food prices are mostly still going up. Food prices rose 3.3% annually in October from a year ago, according to the latest reading from the Labor Department. If you think prices will go down in the future, you may delay making a lot of purchases today.

Persons: Doug McMillon, ” McMillon, CNN’s Elisabeth Buchwald Organizations: New, New York CNN, Walmart, Labor Department, Federal Reserve Locations: New York, United States, Japan

☆ The Fed is at odds with itself. That’s a feature, not a bug
▼ + stars: | 2023-10-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

So, Fed officials are divided, but it doesn’t really matter. Fed officials are still people, and as the saying goes, opinions are like bellybuttons in that everyone’s got one. Fed officials in that committee with voting power have the option to dissent, but it’s only happened twice this cycle. This year’s voters, which are Dallas Fed President Lorie Logan, Chicago Fed President Austan Goolsbee, Philadelphia Fed President Patrick Harker, and Minneapolis Fed President Neel Kashkari, will be rotated out next year. Up NextMonday: Fed officials Lorie Logan, Michael Barr and Phillip Jefferson deliver remarks.

Persons: Mary Daly, Michelle Bowman, ”, Biden, That’s, Michael Feroli, everyone’s, “ It’s, ” Feroli, Esther George, Ed Al, Hussainy, JPMorgan’s Feroli, It’s, Jerome Powell, John Williams, Lorie Logan, Austan Goolsbee, Patrick Harker, Neel Kashkari, Logan, Kashkari, Raphael Bostic, San Francisco Fed’s Daly, – CNN’s Elisabeth Buchwald, Michael Barr, Phillip Jefferson, Christopher Waller Organizations: CNN Business, Bell, CNN, Federal, San Francisco Fed, JPMorgan, Fed, Market Committee, Kansas City, Columbia Threadneedle Investments, Governors, New York Fed, Dallas Fed, Chicago Fed, Philadelphia Fed, Minneapolis Fed, San Francisco, Treasury, PepsiCo, The National Federation of Independent Business, US Labor Department, Federal Reserve, Delta, China’s National Bureau of Statistics, The University of Michigan Locations: San, Kansas, Columbia, Cleveland, Richmond, Atlanta, San Francisco, Walgreens

☆ CPI: Consumer prices rose by 3.2% annually in July, picking up for the first time in 13 months
▼ + stars: | 2023-08-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Minneapolis CNN —For the first time in more than 12 months, the pace of consumer price hikes accelerated on an annual basis. The Consumer Price Index rose 3.2% for the year through July, up from June’s 3% annual increase, according to data released Thursday by the Bureau of Labor Statistics. Core CPI, which excludes the more volatile food and energy prices, increased 0.2% from June and was up 4.7% from the year-ago period. July is the the fourth consecutive month that annual core CPI has eased, and the 4.7% rate landed 0.1 percentage points below consensus expectations. Shelter prices rose 0.4% month on month and were up 7.7% for the year ending in July.

Persons: “ Don’t, ”, Julia Pollak, Joe Biden, ” Biden, “ We’ve, Kurt Rankin, Dow, “, Joe Brusuelas, Brusuelas, Tamara Charm, Brandon Bell, Danielle DiMartino Booth, DiMartino Booth, — CNN’s Elisabeth Buchwald Organizations: Minneapolis CNN —, Bureau of Labor Statistics, BLS, CPI, Federal Reserve, PNC, Nasdaq, RSM US, CNN, San, Services, “, McKinsey, Quill Intelligence, Federal Reserve Bank of Dallas Locations: Minneapolis, June’s, San Francisco, Austin , Texas

☆ Billionaire investor Leon Black is accused of raping teen in Jeffrey Epstein’s NY townhouse
▼ + stars: | 2023-07-27 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —A woman is suing the billionaire investor Leon Black, accusing him of raping her at Jeffrey Epstein’s Manhattan townhouse when she was 16 years old. The lawsuit describes in gruesome detail the woman’s account of a sexual assault that left her bleeding and sobbing. A spokesman for Black, Whit Clay, echoed Estrich’s denial, saying the law firm “has an agenda” and that its credibility has been impugned by the dismissal of the previous suit. An internal Apollo investigation that documented his $158 million payment to Epstein found no wrongdoing. The latest suit is the third to publicly accuse Black of rape.

Persons: New York CNN —, Leon Black, Jeffrey, Jane Doe, ”, Black, Susan Estrich, ” Estrich, Whit Clay, “, Jeanne M, Christensen, ” Black, Epstein, Cheri Pierson, ” Epstein, Jeffrey Epstein, Ghislaine Maxwell, Sen, Ron Wyden, ” Black’s, Doe, — CNN’s Elisabeth Buchwald, Ramishah Maruf Organizations: New, New York CNN, Apollo Global Management, New York Times, Street, CNN, Finance Locations: New York, Manhattan, New York City

☆ San Francisco Fed president: Silicon Valley Bank’s failure wasn’t our fault
▼ + stars: | 2023-07-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —Silicon Valley Bank failed because regulators were far too slow to take action, San Francisco Federal Reserve Bank President Mary Daly said Monday in her first extended remarks about the collapse. SVB operated in Daly’s district before the regional bank’s stunningly rapid failure in March, but she noted she doesn’t have a supervising role. Daly said the supervisors at the San Francisco Fed simply report issues to the Fed’s Board of Governors, which is ultimately responsible for fixing any regulatory issues. “My job is to support the supervision that the vice chair of supervision has set out, so how do I do that? The possibility of a rate hike in September remains unclear, though Powell said he wouldn’t take consecutive rate hikes off the table.

Persons: Mary Daly, SVB, ” Daly, Michael Barr, Democratic Sen, Elizabeth Warren, Daly, Jerome Powell, Warren, ”, Barr, it’s, It’s, Powell, Loretta Mester, Mester, “, Raphael Bostic, ” Bostic, ” — CNN’s Elisabeth Buchwald Organizations: DC CNN, Valley Bank, San Francisco Federal Reserve Bank, Brookings Institution, Signature Bank, First Republic Bank, Democratic, San Francisco Fed, Fed’s, of Governors, Fed, San Francisco, Cleveland Fed, University of California, Atlanta Fed, trickling, Cobb County Chamber of Commerce Locations: Washington, Daly’s district, Washington ,, San Francisco Fed, San Diego, Cobb County, Atlanta

☆ How to protect your investments in the debt ceiling standoff
▼ + stars: | 2023-05-17 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

But even if that’s the case, between now and then bond investors should expect volatility. Bond investors are all about pricing in the risk that they may not be paid back on debt they buy — either on time or at all. But the lack of a deal to raise lawmakers’ self-imposed debt ceiling so close to the X-date is introducing unwanted risk into each investor’s calculus. “We’ve already seen some pricing stress around short-term bills, Treasury bills, and a little bit of change in the… sovereign credit default swap spreads,” said Gary Gensler, chair of the Securities and Exchange Commission, at an event on Monday. Right now, yields on one-month T bills are well above the yields for 10-year and 30-year Treasury bonds.

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