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☆ CNBC Daily Open: Wall Street hits record highs as rate cut bets rise on soft inflation data
▼ + stars: | 2024-05-16 | by ( Abid Ali | ) www.cnbc.com time to read: +2 min

A trader works during the closing bell at the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street hits record highThe S&P 500 and the Nasdaq rose to record highs after inflation data came in lower than expected. The Dow Jones Industrial Average jumped 350 points as investors bet the Federal Reserve may cut rates in September. Inflation easesApril's consumer price index rose 0.3%, slightly less than expected, while on a 12-month basis, inflation increased 3.4% in line with economists' forecasts.

Persons: JPMorgan Chase Jamie Dimon, Dimon, Anton Peraire, James Peraire, Biden, Morgan Stanley Organizations: New York Stock Exchange, Wall, CNBC, Nasdaq, Dow Jones Industrial, Federal, Tech, Nvidia, Apple, Microsoft, JPMorgan, Sky News, U.S . Treasury Department, GameStop, AMC, Justice, MIT, U.S Locations: New York City, America, cryptocurrency, China

☆ Dollar sags as slower U.S. inflation boosts rate cut expectations
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +3 min

The dollar skidded to multi-month lows on Thursday after U.S. core inflation hit its slowest in three years and retail sales turned flat, which pulled forward expectations for rate cuts in the world's biggest economy. The dollar skidded to multi-month lows on Thursday after U.S. core inflation hit its slowest in three years and retail sales turned flat, which pulled forward expectations for rate cuts in the world's biggest economy. Stocks and other risk-sensitive assets such as the Australian dollar led gains in the wake of the data release. The New Zealand dollar hit a two-month high at $0.6131. Softer-than-expected retail sales figures, which were flat last month instead of the 0.4% gain that economists had forecast, reinforced the newfound confidence in rate cuts.

Persons: Sterling, Bart Wakabayashi, China's, Bitcoin Organizations: Australian, New Zealand, U.S, State, European Central Bank Locations: Asia, Tokyo, Treasuries

☆ Gold drifts higher as rising Fed rate cut expectations boost appeal
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +2 min

Gold prices inched up on Thursday following a sharp rise in the last session as the dollar and bond yields weakened on the increasing likelihood of rate cuts by the U.S. Federal Reserve as early as September. Spot gold rose 0.1% at $2,388.10 per ounce, as of 0255 GMT, after gaining more than 1% to its highest since April 19 on Wednesday. "Following the April consumer price index data, the odds for a potential September rate cut have firmed, which suits the gold price from a yield perspective," said Tim Waterer, chief market analyst at KCM Trade. However, a potential bounce in the dollar or treasury yields could be the biggest hurdle for gold price in the remainder of the week." Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.

Persons: Tim Waterer, Austan Goolsbee, Jerome Powell's Organizations: U.S . Federal Reserve, Treasury, KCM, Chicago Federal Reserve Bank Locations: .

☆ CNBC Daily Open: Wall Street hits record, 'Thee rate cuts'
▼ + stars: | 2024-05-16 | by ( Abid Ali | ) www.cnbc.com time to read: +2 min

The Charging Bull is seen on an empty Wall Street on April 20, 2020 in New York City. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street hits record highThe S&P 500 and the Nasdaq rose to record highs after inflation data came in lower than expected. All three major indexes closed at record highs. Asia up, Japan's GDP shrinksAsia-Pacific markets rose on Thursday after Wall Street hit record highs.

Persons: Buffett, Chubb, Warren, Berkshire Hathaway, Seng, Biden, Morgan Stanley Organizations: CNBC, Nasdaq, Dow Jones Industrial, Federal, Tech, Nvidia, Apple, Microsoft, GameStop, AMC, Berkshire, Wall, Nikkei, U.S Locations: New York City, Zurich, Asia, Pacific, China

☆ A former Bridgewater executive shares his 2 highest-conviction trades right now — and breaks down why the US labor market remains exceptionally strong despite apparent signs of weakness
▼ + stars: | 2024-05-15 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Another common worry among investors is the risk that elevated interest rates pose to the labor market and overall economy. AdvertisementThat difference is that prior cycles have been driven by lending, Elliott said. Lending growth fueled economic expansions and drops in lending led to economic contractions. He said it can act as a hedge against the Fed cutting rates too early with the economy still strong. AdvertisementInvestors can gain exposure to gold through funds like the SPDR Gold Shares (GLD) and the iShares Gold Trust (IAU).

Persons: St, Louis, Bob Elliott, Elliott, Louis Fed, It's Organizations: Service, Unlimited Funds, Bridgewater Associates, Federal Reserve, Treasury, Trust

☆ Fed could cut twice this year if inflation keeps grinding lower, says Wells Fargo's Michael Pugliese
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed could cut twice this year if inflation keeps grinding lower, says Wells Fargo's Michael PuglieseMichael Pugliese, Wells Fargo Corporate & Investment Banking executive director & senior economist, joins 'Fast Money' to talk today's inflation read and what it signals for the Fed and economy moving forward.

Persons: Wells Fargo's Michael Pugliese Michael Pugliese Organizations: Wells Fargo Corporate, Investment Banking, Fed Locations: Wells Fargo

☆ Today's CPI report took a Fed rate hike off the table, says NewEdge’s Cameron Dawson
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailToday's CPI report took a Fed rate hike off the table, says NewEdge’s Cameron DawsonRitholtz’s Josh Brown and NewEdge’s Cameron Dawson, join 'Closing Bell' to discuss market trends, consumer spending and today's CPI report.

Persons: NewEdge’s Cameron Dawson, Josh Brown Organizations: CPI

☆ Former Fed Governor Randy Kroszner reacts to April's CPI report
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Fed Governor Randy Kroszner reacts to April's CPI reportFormer Fed Governor Randy Kroszner joins 'Money Movers' to discuss what would give the FOMC confidence to cut rates, if the Federal Reserve is looking at recent microeconomic data, and more.

Persons: Randy Kroszner Organizations: Former, Federal

☆ Wilmington Trust's Meghan Shue: Expect three rate cuts this year
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWilmington Trust's Meghan Shue: Expect three rate cuts this yearMeghan Shue, head of investment strategy at Wilmington Trust, joins 'Money Movers' to discuss where Shue's most bullish towards equities, expectations from the Fed, and more.

Persons: Meghan Shue Organizations: Wilmington Trust Locations: Wilmington

☆ Think corporate greed is the leading cause of inflation? Think again
▼ + stars: | 2024-05-15 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —Some progressives have frequently blamed corporate greed for fueling the high cost of living that Americans are fed up with. That’s corporate greed. That’s corporate greed. Although the paper did not directly mention corporate greed, shrinkflation or Biden, the research undercuts the argument that greedflation drove the early inflation. That report found corporate profits were to blame for 34% of inflation since the start of Covid-19.

Persons: Sen, Elizabeth Warren, ” Warren, “ That’s, It’s, —, ”, Joe Biden, ” Biden, CNN’s Erin Burnett, Biden, – we’re, shrinkflation, greedflation, Jeremy Edwards, ” Edwards, “, –, Greg Valliere, ” Valliere, Jerome Powell, Caroline Ciccone, profiteer Organizations: New, New York CNN, Federal Reserve Bank of San Francisco, Fed, SF Fed, ”, CNN, White, AGF Investments, Federal Reserve, Federal, Federal Reserve Bank of Kansas City Locations: New York, America, Kansas

☆ Former Dallas Fed President Richard Fisher reacts to April’s CPI report
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Dallas Fed President Richard Fisher reacts to April’s CPI reportFormer Dallas Fed President Richard Fisher joins ‘Squawk Box’ to discuss April's CPI data, his expectations from the Fed, and more.

Persons: Richard Fisher Organizations: Former Dallas Fed, Dallas Fed

☆ Live Updates: Inflation Cooled Slightly, Offering Some Relief for Consumers and the Fed
▼ + stars: | 2024-05-15 | by ( Ben Casselman | ) www.nytimes.com time to read: +6 min

But economists cautioned that one month of encouraging data was far from enough to set those worries to rest. Both overall and core prices rose 0.3 percent from the previous month, down from 0.4 percent in February and March. The encouraging inflation report on Wednesday is unlikely to change those expectations. The report is also likely to be met with relief at the White House after what has been a rough recent run of inflation data for President Biden. Gasoline prices rose a seasonally adjusted 2.8 percent in April from March.

Persons: “, ”, Stephen Stanley, there’s, Sarah House, Biden, Jerome H, Powell, we’re, Blerina Uruci, Rowe Price, Jeanna Smialek, Jim Tankersley Organizations: Labor Department, Federal Reserve, Santander, White, Federal Reserve Bank of New, Fed Locations: Wells Fargo, Amsterdam, Federal Reserve Bank of New York

☆ Fed isn't going to reach inflation target due to shelter costs, says 3Fourteen's Warren Pies
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed isn't going to reach inflation target due to shelter costs, says 3Fourteen's Warren PiesWarren Pies, 3Fourteen Research, joins 'Closing Bell' to discuss shelter disinflation and takeaways from the CPI report.

Persons: Warren

See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThis week's average 30-year fixed mortgage rate was 7.09%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched up to 6.38% this week, according to Freddie Mac data. Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.

Persons: Fannie Mae, you'll, Freddie Mac, it's Organizations: Zillow, Federal Reserve Locations: Chevron

☆ European markets set for higher open ahead of key U.S. inflation data
▼ + stars: | 2024-05-15 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are heading for a higher open Wednesday as global investors look ahead to the latest U.S. inflation print. Traders are hoping that a return to Federal Reserve rate hikes is largely off the table despite a recent slew of hotter-than-expected inflation prints. On Tuesday, April's producer price index came in higher than economists' expectations, dampening expectations that the Fed would begin cutting rates later this year. Fed Chair Jerome Powell reiterated Tuesday that inflation is falling more slowly than expected, likely keeping interest rates elevated for an extended period. Asia-Pacific markets were mostly higher overnight, tracking Wall Street gains on Tuesday that saw the Nasdaq Composite index hit a fresh record closing high despite the strong inflation data.

Persons: Jerome Powell Organizations: Traders, Federal, Fed, Nasdaq Locations: Asia, Pacific

☆ Fed Chair Powell is 'running a risk' of inflation rising again, economist says
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell is 'running a risk' of inflation rising again, economist saysSteven Blitz, chief U.S. economist at TS Lombard, discusses the outlook for U.S. inflation and Federal Reserve monetary policy.

Persons: Powell, Steven Blitz Organizations: TS Lombard, Federal Reserve

☆ The pandemic has changed when Americans expect to retire
▼ + stars: | 2024-05-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Most non-retired adults have some type of retirement savings, but only 36% think their savings are on track. New research from economists at the Federal Reserve Bank of New York finds that this retirement savings deficit hasn’t made a dent in when Americans plan to exit, or partially exit, the workforce. “The pandemic-induced change in retirement expectations may continue to affect the labor market in years to come,” they wrote. Yes, but: This is a survey of expectations, researchers at the New York Fed are quick to point out. Just because Americans say they plan to shift to part-time work or retire early, it doesn’t mean that they’ll be able to.

Persons: Felix Aidala, Gizem Kosar, Wilbert van der, ”, They’re, Alicia Wallace, delinquencies, Joelle, CNN’s Parija, Donna Morris, Morris, ” Morris Organizations: CNN Business, Bell, New York CNN, Census, Federal Reserve Bank of New York, Social Security, New, Survey, SCE, triannual, Social, Social Security Agency, Lawmakers, New York Fed, Federal Reserve Bank of New, “, Public Policy Research, Credit, Walmart, CNN, San Francisco Bay Area Locations: New York, United States, York, Federal Reserve Bank of New York, Bentonville , Arkansas, Walmart’s Dallas, Atlanta, Toronto, Bentonville, San Francisco Bay, Hoboken , New Jersey

☆ Mortgage rates will 'lead the way' lower ahead of Fed rate cut, says Matt Graham
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMortgage rates will 'lead the way' lower ahead of Fed rate cut, says Matt GrahamMatt Graham, chief operating officer at Mortgage News Daily, joins CNBC's 'The Exchange' to discuss the housing market outlooks, mortgage rates, and more.

Persons: Matt Graham Matt Graham Organizations: Mortgage News

☆ Inflation data keeps rate cut likelihood alive, says Nationwide Mutual’s Kathy Bostjancic
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation data keeps rate cut likelihood alive, says Nationwide Mutual’s Kathy BostjancicMain Street’s James Demmert and Nationwide Mutual’s Kathy Bostjancic join 'Power Lunch' to discuss what today's CPI report and what it means for the market and Fed's next move.

Persons: Kathy Bostjancic, James Demmert Organizations: Nationwide

☆ Dollar droops to one-month low vs euro before key CPI test
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +4 min

In this photo illustration, the new £10 note is seen alongside euro notes and U.S. dollar bills on Oct. 13, 2017 in Bath, England. The euro edged up 0.03% to $1.0823 in Asian trading hours, and earlier rose to $1.0828 for the first time since April 10. The dollar edged back 0.12% to 156.245 yen on Wednesday, but had pushed as high as 156.80 overnight. The dollar dropped 0.24% to 7.2232 yuan in offshore trading, after reaching the highest since May 1 at 7.2460 overnight. The New Zealand dollar climbed 0.37% to $0.6062, and earlier touched $0.6064 for the first time since April 10.

Persons: Alan Ruskin, Jerome Powell, Tony Sycamore, Joe Biden's Organizations: Reserve, U.S, Treasury, Deutsche Bank, Bank of Japan, CPI, IG, Australian, New Zealand Locations: Bath, England, U.S, China

☆ Breastfeeding in public used to fill me with anxiety. A kind stranger changed my perspective
▼ + stars: | 2024-05-15 | by ( Catherine E. Shoichet | ) edition.cnn.com time to read: +7 min

I was proud to be a mom and loved feeding my daughter, so why was I acting so ashamed? I hadn’t brought my nursing cover, the tasteful shawl I made a point of wearing while feeding her in public. And besides, I was proud to be a mom and loved feeding my daughter, so why was I acting so ashamed? And once I started breastfeeding in public myself, most people didn’t really notice — or at least, they acted like they didn’t. But once she reached our stretch of the sidewalk, this stranger didn’t ask any of those questions.

Persons: Read, CNN —, I’d, you’d, hadn’t, Long, who’d, Catherine Shoichet, —, “, ”, It’s, we’d Organizations: CNN Locations: Virginia

☆ The U.S. Fed has 'very limited space for action,' CIO says
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe U.S. Fed has 'very limited space for action,' CIO saysMaurice Gravier, group chief investment officer, wealth management at Emirates NBD, discusses the outlook for U.S. inflation and interest rates.

Persons: Maurice Gravier Organizations: U.S, Fed, Emirates NBD

☆ Stock market today: Stocks jump on cooler April inflation report
▼ + stars: | 2024-05-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks rose as traders took in slightly cooler inflation figures. Consumer prices rose 3.4% year-per-year in April, down from the prior month's 3.5% increase. Still, investors have muted expectations for Fed rate cuts by the end of the year. AdvertisementUS stocks jumped on Wednesday as traders took in the latest inflation report, which showed prices cooled slightly in April. Falling inflation has fueled some hope the Fed is set to issue several interest rate cuts this year, which is bullish for stocks.

Persons: —, Seema Shah, Sonu Varghese Organizations: Service, Treasury, Asset Management, Traders, Carson Group

☆ Why mortgages and credit card rates could stay high through 2025
▼ + stars: | 2024-05-15 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

If you were holding out for lower interest rates on credits cards or mortgages, expect to only see modest relief for the remainder of the year and much of 2025. That's because the Federal Reserve is keeping its benchmark interest rate steady to discourage borrowing, which it will do until there's more evidence that inflation is under control. While the annual inflation rate has fallen from a peak of 9.1% in June 2022, it's been hovering closer to 3% for the past 10 months. The year-over-year inflation rate is now 3.4% — down slightly from 3.5% in March. For that reason, the central bank is expected to keep interest rates relatively high well into 2025.

Persons: it's, That's, there's Organizations: Federal Reserve

☆ Watch CNBC’s full interview with Main Street’s James Demmert and Nationwide Mutual’s Kathy Bostjancic
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Main Street’s James Demmert and Nationwide Mutual’s Kathy BostjancicMain Street’s James Demmert and Nationwide Mutual’s Kathy Bostjancic join 'Power Lunch' to discuss what today's CPI report and what it means for the market and Fed's next move.

Persons: James Demmert, Kathy Bostjancic Organizations: Nationwide

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