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☆ US regional banks are still under pressure. That’s likely to continue
▼ + stars: | 2024-04-18 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Despite overcoming a crisis in 2023, the pain isn’t over for America’s regional banks. Shares of New York Community Bank have tumbled 71%, Bank OZK shares have slid 16% and Webster Financial shares have lost 11%. Regional banks reported wide losses on their profits during the first quarter. PNC projects that its net interest income will fall between 4% to 5% in 2024 from last year. “I’m worried about a handful of [regional banks],” Bair told CNBC on Tuesday.

Persons: that’s, Jerome Powell, “, ” Powell, Sheila Bair, “ I’m, ” Bair, ” Tesla, Tesla, Elon Musk, Chris Isidore, Musk, Chancellor Kathaleen McCormick, Read, Samantha Delouya, —, Maximilian Kotz, Leonie Wenz, Noah Diffenbaugh Organizations: CNN Business, Bell, New York CNN, Regional Banking, New York Community Bank, Bank OZK, Webster Financial, PNC Financial, T Bank, US Bancorp, Citizens, PNC, Valley Bank, Signature Bank, First Republic Bank, Federal Reserve, Wilson Center, Federal Deposit Insurance Corporation, CNBC, Tesla, Securities and Exchange Commission, United Nations, Potsdam, Climate, CNN, Stanford University Locations: New York, Delaware, ” Delaware

☆ Here’s what would happen to the US economy if there are no rate cuts this year
▼ + stars: | 2024-04-16 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

That’s why Fed Chair Powell conveyed on Tuesday the central bank won’t be cutting interest rates any time soon. How would the US economy handle more months of painstakingly high interest rates? Investors are banking on cutsWhen Fed officials initially penciled in three rate cuts at the end of last year, markets hit new highs. But the longer the Fed leaves interest rates higher means more pain could be inflicted on households and businesses, said Goldstein. But not everyone thinks cracks in the economy will widen if the Fed doesn’t cut rates this year.

Persons: Powell, ” Powell, paring, Itay Goldstein, Tesla, Goldstein, ”, Brian Rose, David Mericle, Goldman Sachs Organizations: New, New York CNN — Federal Reserve, Bank of Canada, Tiff, Investors, Dow, Nasdaq, University of Pennsylvania’s Wharton School of Business, CNN, Fed, Treasury, UBS Global Wealth Management Locations: New York

☆ One of the largest FTX creditors is trying to recoup millions for victims
▼ + stars: | 2024-04-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Bruch is one of the largest individual FTX creditors and has been tapped by the US Department of Justice to serve as one of nine on the FTX Creditors’ Committee, where he is working to recoup the funds lost by customers. DOJ-appointed creditor committees ordinarily consist of people and companies who hold the seven largest unsecured claims against the debtor (in this case, FTX), according to the agency. Before the Bell spoke with Bruch about Sam Bankman-Fried, FTX, MyPrize and the future of crypto. I feel for all of the creditors and am doing everything I can to help recoup what was taken from us. I’ve worked at some of the largest crypto trading desks in the world and then also started trading my own book of capital and grew to become one of the largest individual crypto traders.

Persons: Sam Bankman, Fried, Zach Bruch, Bruch, MyPrize, Bell, Sam Bankman Fried, —, ”, Sam Bankman Fried’s, Bitcoin, I’ve, Elisabeth Buchwald, Jerome Powell wasn’t, ” Powell, Powell, Christopher Waller, Evan Gershkovich, Evan Gershkovich’s, Radina Gigova, Anna Chernova, Antonina Favorskaya, Alexey Navalny, Favorskaya, Gershkovich Organizations: CNN Business, Bell, New York CNN, US Department of Justice, ’, DOJ, Arrington Capital, Department of Justice, Federal, Commerce Department, San Francisco Fed, ” Fed, CNN, Wall Street Locations: New York, Russia, Yekaterinburg

☆ Chair Powell says the Fed isn’t more tolerant of higher inflation. Some economists disagree
▼ + stars: | 2024-03-31 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Some economists interpreted that as a sign that the Fed is now more tolerant of higher inflation. Powell pushed back on the perception that the central bank has grown more comfortable with inflation being higher for longer than expected in his post-meeting news conference. and my sense coming out of this month’s meeting was that Fed Chair Powell wants to get this easing cycle going sooner rather than later. What’s allowing the Fed to be patient or more tolerant of higher inflation? They’re willing to essentially look through some of the bumpiness in the inflation data at the beginning of the year.

Persons: Jerome Powell, That’s, Powell, “, ” Powell, “ We’re, Mohamed El, Erian, ”, Bell, Lydia Boussour, they’re, What’s, we’ve, Nathaniel Meyersohn, Read, Levi Strauss, Tupperware Organizations: Washington CNN, Federal Reserve, Financial Times, Fed, Home Depot, Home, P Global, Institute for Supply Management, Maine Foods, Dave, Buster’s Entertainment, US Labor Department, US Commerce Department, Stanford University Locations: EY, Cal

☆ Fed Chair Jerome Powell signals rate cuts aren’t imminent
▼ + stars: | 2024-03-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

But the Fed is prepared to ignore Wall Street’s hope for a rate cut in June if it feels the economy isn’t ready yet. That’s the message Fed Chair Jerome Powell delivered on Friday. Powell wasn’t fretting about it though, saying that it was “pretty much in line with our expectations.”Why wait to cut then? “This is an economy that doesn’t feel like it’s suffering from the current level of rates,” Powell said. Like Powell, several Fed officials have conveyed they’re more concerned about cutting too soon than prolonging the status quo.

Persons: Jerome Powell, “, ”, Powell, Powell wasn’t, there’s, ” Powell, Raphael Bostic, Powell’s, Donald Trump, he’s, Joe Biden —, Powell — Organizations: New, New York CNN, Federal Reserve, San Francisco Fed, Atlanta Fed, Republican Locations: New York

☆ Here’s why high interest rates haven’t caused a US recession
▼ + stars: | 2024-03-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

America’s economy remains remarkably solid, despite the high interest rates. The Fed dramatically cut interest rates in the early days of the Covid-19 pandemic to help shore up an economy dealing with high unemployment, prompting mortgage rates to also drop in tandem. Those homeowners who locked in an affordable 3% mortgage rate, for instance, aren’t likely to trade it for anything higher. Fed officials reflected in their latest economic projections from December that they expect to cut interest rates three times this year, which would also lower mortgage rates. That all means that Americans have been well equipped to deal with the effects of high interest rates.

Persons: Jerome Powell, ” Powell, ” Dan North, Freddie Mac, ” Karen Manna, Federated Hermes, “, ”, Powell Organizations: DC CNN, Federal Reserve, Reserve, CBS, Allianz Trade, CNN, Fed, Employers, Consumer Finances, Federated Locations: Washington

☆ Presidential election or not, economists say, the Fed will cut interest rates in the fall if it must
▼ + stars: | 2024-03-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Fed officials have said they will begin to cut rates whenever they have “gained enough confidence” that inflation is under control. The Bank of Japan announces its latest interest rate decision. The Reserve Bank of Australia announces its latest interest rate decision. The Federal Reserve announces its latest interest rate decision and releases a fresh set of economic projections, followed by a news conference featuring Chair Jerome Powell. The Bank of England announces its latest interest rate decision.

Persons: Wall Street’s, “, ” Kathy Bostjancic, ”, Jerome Powell, ” Powell, Fed hasn’t, Nathaniel Beck, Elizabeth Warren of, Powell, lambasting, Donald Trump, reappoint Powell, ” Kayla Bruun, David Goldman, Anna Bahney, Cowen, Lennar, Mills Organizations: CNN Business, Bell, Washington CNN, Federal Reserve, Fed, Nationwide, CNN, Elizabeth Warren of Massachusetts, Democratic, Republican, Morning, National Association of Realtors, NAR, Realtors, Toll Brothers, National Association of Home Builders, Bank of Japan, Reserve Bank of Australia, US Commerce Department, Micron Technology, Prudential, Accenture, Nike, FedEx, lululemon, Darden, Academy Sports, Bank of England, US Labor Department, Global Locations: Washington, Wells Fargo

☆ Premarket stocks: Why another unexpectedly hot jobs report could derail markets
▼ + stars: | 2024-03-08 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —Wall Street was taken aback by the US labor market’s resilience in January. Another unexpectedly hot report could shake things up again. The January jobs report showed that the US economy added a stunning 353,000 jobs that month and the unemployment rate stayed at 3.7%. The new EU regulations force sweeping changes on some of the world’s most widely used tech products, including Apple’s app store, Google search and messaging platforms, including Meta’s WhatsApp. The broad obligations apply only to the EU, which could leave tech users in the United States and other markets looking longingly at some of the features Big Tech is rolling out in response to the European directive.

Persons: Jerome Powell, he’s, “, ” Powell, Bonnie Cash, —, ’ ”, BeiChen Lin, It’s, Loretta Mester, ”, José Torres, Meta’s, Brian Fung, Apple, Bing, Read, Elisabeth Buchwald, NYCB, Steven Mnuchin’s, Alessandro DiNello, ” Read Organizations: CNN Business, Bell, New York CNN, Federal, Financial, Capitol, Reuters, Traders, Russell Investments, ” Cleveland Federal, CNBC, Market, Interactive Brokers, Apple, Google, Union citizens, Big Tech, New York Community Bank, Silicon Valley Bank, Liberty Strategic Capital Locations: New York, Washington ,, United States, NYCB, Silicon

☆ Biden says he can fix America’s housing affordability crisis. Will it work?
▼ + stars: | 2024-03-08 | by ( Bryan Mena | Anna Bahney | ) edition.cnn.com time to read: +7 min

Washington CNN —Americans are in the throes of the worst housing affordability crisis in decades. If inflation keeps coming down, mortgage rates will come down as well. The first is a $10,000 refundable credit for middle-class homebuyers – essentially an interest rate buy-down. So, when inflation is too high, the only thing the Fed can do is jack up interest rates to slow demand. “We’ll still have the underlying housing shortage and and it’s going to be causing upward pressure on housing prices,” he said.

Persons: Joe Biden, I’m, ”, Biden’s, Biden, David Dworkin, ” Dworkin, “, Ed DeMarco, Jerome Powell, Freddie Mac, Powell, ” Powell, “ We’ll Organizations: Washington CNN, National Housing Conference, Council, Federal, Senate, Fed Locations: Thursday’s State, America

TOKYO (AP) — Asian shares were trading mixed Thursday, after Wall Street recovered some losses from the day before. Japan's benchmark Nikkei 225 momentarily reached a record high in early trading but slipped later to finish at 39,598.71, down 1.2%. “The positive handover from Wall Street, alongside lower Treasury yields and a weaker U.S. dollar, may offer some relief as Fed Chair’s testimony failed to drive much hawkish deviation from his usual script,” said Yeap Jun Rong, market analyst at IG. As always, Wall Street scrutinized each of Powell's words for hints about when the Federal Reserve could begin cutting its main interest rate, which is at its highest level since 2001. “We want to see a little more data so we can become more confident.”Traders have already shelved earlier expectations for a cut in March, and they’re now eyeing June as the likeliest beginning.

Persons: Australia's, ”, Yeap Jun Rong, Jerome Powell, CrowdStrike, Steven Mnuchin, Donald Trump, Powell, ” Powell, Rubeela Farooqi, Locker, Brent, Stan Choe Organizations: TOKYO, Wall, Nikkei, IG, Federal, Dow Jones, Nasdaq, Nvidia, Big Tech, New York Community Bancorp, U.S, Treasury, Federal Reserve, Fed, Traders, AP Locations: Hong, Shanghai

☆ South China Sea: On board an outnumbered Philippine ship facing down Chinese aggression
▼ + stars: | 2024-03-06 | by ( Rebecca Wright | Ivan Watson | ) edition.cnn.com time to read: +15 min

Near Second Thomas Shoal, South China Sea CNN —As dawn slowly broke on the horizon, a large fleet of Chinese vessels came into view from the deck of a Philippine Coast Guard ship as it entered the contested waters of the South China Sea. Filipino soldiers on the dilapidated Sierra Madre ship, anchored near the Second Thomas Shoal in the South China Sea, on May 11, 2015. The US military also maintains a regular presence in the South China Sea, with aircraft overflights, so-called “freedom of navigation” operations, and patrols and exercises with allies and partners to assert that the South China Sea is an international waterway. The Philippine Coast Guard said it counted five China Coast Guard vessels and 18 boats belonging to Beijing’s “maritime militia." Rebecca Wright/CNNTarriela, the Coast Guard spokesperson, said a China Coast Guard vessel had come within 20 yards (60 feet) of the Cabra.

Persons: David, Goliath, “, ”, Thomas Shoal, Rebecca Wright, Sabina, Ritchie, Jiao, –, Jay Tarriela, Mao Ning, China Coast Guard “, Thomas, Ferdinand “ Bongbong ” Marcos Jr, Rodrigo Duterte, Marcos Jr, Jose Manuel Romualdez, CNN Tarriela, Tomas Etzler, Erik de Castro, month’s, ” Tarriela, ‘, Collin Koh, ” Koh, Ray Powell, SeaLight, “ Will, ” Powell, we’ve Organizations: South China, CNN, Philippine Coast Guard, Philippine, Armed Forces, China Coast Guard, ” CNN, Philippine Navy, Coast Guard, Foreign Ministry, Sierra Madre, Center for Strategic, Studies, China Power, Ministry, Washington, Philippine News Agency . Diplomacy, Coast Guardians, Guard, Madre, Reuters, USS, China, Rajaratnam, of International Studies, National Security, Stanford University Locations: South, South China, Philippines, United States, Philippine, China, Bulilyan, Palawan, Sierra Madre, Sierra, The Philippines, Vietnam, Malaysia, Brunei, Taiwan, Madre, Hague, Beijing, China’s, Manila, Shanghai, Singapore

Federal Reserve Chairman Jerome Powell stuck to his script that it is not yet time to begin cutting interest rates on Wednesday in the first of two appearances this week on Capitol Hill. The Fed has taken interest levels to their highest in decades in a battle to bring inflation down to the central bank’s 2% annual target. “The labor market remains relatively tight, but supply and demand conditions have continued to come into better balance,” Powell said. Job vacancies have declined, and nominal wage growth has been easing.”Powell and other Fed officials have repeatedly said they will judge whether to begin lowering interest rates on the state of incoming economic data. In his testimony, Powell did acknowledge that interest rates are “likely” at their peak for this economic cycle.

Persons: Jerome Powell, ” Powell, Powell, ”, Lydia Boussour, EY Organizations: Capitol, Financial Services, Labor Department, ADP, Federal Reserve Bank, Atlanta’s

(AP) — A divided Missouri Supreme Court upheld voting districts drawn for the state Senate on Wednesday, rejecting a legal challenge that claimed mapmakers should have placed a greater emphasis on keeping communities intact. The high court's 5-2 decision means the districts, first used in the 2022 elections, will remain in place both for this year's elections and ensuing ones. While a Republican Senate committee supported the Senate map enacted in 2022 by a panel of appeals court judges, a GOP House committee sided with Democratic-aligned voters suing for the districts to be overturned. The third prioritizes “contiguous” and “compact” districts, and the fourth requires communities to be kept whole in districts if possible under the equal population guidelines. The Supreme Court said a trial judge correctly decided that the constitution makes “compact” districts a higher priority than keeping communities intact.

Persons: Judge Kelly Broniec, Mike Parson's, Judge W, Brent Powell, Judge Paul Wilson, ” Powell, Chuck Hatfield, ” Hatfield, I’m, Pro Tem Caleb Rowden, ” Organizations: JEFFERSON CITY, Republicans, Republican, GOP, Democratic, Republican Gov, Pro Locations: Mo, Missouri, Buchanan, Louis, Hazelwood, ”

And while the economy usually comes out on top as the issue for most voters, there are doubts over whether even a good economy is enough for Joe Biden to win a second term. Certainly, the improving economy – and most importantly an inflation rate that is trending back to the Federal Reserve’s desired 2% annual target – should be an asset for Biden. “Obviously perceptions of Biden and Trump are largely baked in and have been for a long time” says Lee Miringoff, director of the Marist Institute for Public Opinion. “We’re playing at the margins at best.”For Democrats, running on a good economy will present its own challenges. The wing nuts have disproportionate power.”Ramamurti still believes that Biden should emphasize the economy, saying, “I’m of the view that good news is good news.

Persons: Joe Biden, ”, Jose Torres, ” Powell, “, Biden, Al Capone, Alejandro Mayorkas, Bharat Ramamurti, Trump, Lee Miringoff, David Walker, Walker, “ There’s, ” Ramamurti, Ramamurti, Gregory Daco, Pollsters, Mark Zandi Organizations: Federal, Biden, Fed, Interactive, Republicans, Democrats, CBS, Trump, GOP, Homeland, National Economic Council, Marist, ”, Marist Institute, Public, Biden Administration, Republican, Democratic Party, Democrat, Dow Jones, Moody's Locations: Pennsylvania

WASHINGTON (AP) — From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers. Why, with inflation nearly conquered and interest rates at a 22-year high, isn't now the time to cut? High rates could also compound the struggles of banks that are saddled with bad commercial real estate loans, which would be harder to refinance at higher rates. “We need the government to address the interest rates ... and understand that they’ve accomplished their goal of lowering inflation," Kelleher said. If so, that might not just delay the Fed's rate cuts, but result in fewer of them.

Persons: isn't, ”, Steven Blitz, “ They’re, ” Loretta Mester, Mester, “, David Kelleher's Chrysler, Kelleher, ” Kelleher, Powell, ” Powell, we’re, Andrea Kugler, Eric Swanson Organizations: WASHINGTON, Federal Reserve, GlobalData, Lombard, Federal Reserve Bank of Cleveland, Jeep, Fed, University of California Locations: Wall, Philadelphia, Irvine

☆ Janet Yellen: Some banks may be ‘quite stressed’ by empty office building trouble
▼ + stars: | 2024-02-06 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

“I will never forget it,” Yellen told lawmakers during a hearing before the House Financial Services Committee, referring to the weekend after Silicon Valley Bank failed. Although the bank crisis subsided after federal regulators launched emergency programs, some regional banks have come under renewed pressure in recent days. Yellen said bank regulators are “quite focused” on this problem, including by working with banks to manage risks, build up reserves to cover losses, adjust dividend policies and maintain liquidity. “It’s critically important that the US be on a fiscally sustainable path,” Yellen told lawmakers during the hearing. “We are doing better” than the rest of the world, Yellen told lawmakers Tuesday.

Persons: Janet Yellen, ” Yellen, “, Yellen, Maxine Waters, “ I’m, Larry Kudlow, It’s, Joe Biden, Jerome Powell, “ It’s, ” Powell Organizations: New, New York CNN, Valley Bank, Financial Services, Bank, New York Community Bancorp, Financial, Trump, Federal Locations: New York, Valley, United States, Japan

☆ Premarket stocks: Main Street is still investing like it’s 2023
▼ + stars: | 2024-02-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Before the Bell spoke to Joe Mazola, director of Schwab Trader Education, about the growing importance of retail investors in markets, where Main Street is investing and why people are still enamored with Elon Musk. Why is it so important to single out retail investors and track where they’re putting their money? Is there a big difference between what retail investors and institutional investors are doing right now? That means the Fed is due to cut rates in 2024, which officials themselves projected in December. We just want some more confidence before we take that very important step of beginning to cut interest rates,” he told “60 Minutes” correspondent Scott Pelley.

Persons: Elon Musk’s, Tesla, Charles Schwab, Schwab, Bell, Joe Mazola, Elon Musk, Joe Mazzola, it’s, they’re, there’s, They’ve, Powell, Jerome Powell, “ We’ve, ” Powell, ”, Price, “, Scott Pelley, Read, 23andMe, Anne Wojcicki, ” Wojcicki, they’ve, Wojcicki Organizations: CNN Business, Bell, New York CNN, Tesla, Big Tech, Nvidia, Amazon, Microsoft, Devices, Schwab Trader Education, Elon, Treasury, Federal Reserve, Investors, CBS, Fed, Nasdaq, CNN Locations: New York, Street, Silicon Valley

Where does the economy go from here? Consumers are feeling better, expecting that the economy will do well and inflation will subside in the coming 12 months. While the economy ended last year on a strong note, the expectation was that it would cool down as the calendar turned to 2024. Last week, the International Monetary Fund boosted its projection for global growth to 3.1% from its October estimate of 2.9%, citing “greater-than-expected resilience” in the U.S. economy. The Federal Reserve Bank of Atlanta’s GDPNow forecast has the U.S economy growing at a 4.2% clip in the first quarter.

Persons: ”, Jerome Powell, Powell, ” Powell, Lightcast, Rachel Sederberg, “, That’s Organizations: Federal, Labor Department, ” Comerica Bank, Fed, CBS, International Monetary Fund, Federal Reserve Bank, Atlanta’s, Santander Bank, ” Locations: U.S, ” Santander

☆ US sends top Treasury officials to China to discuss economy
▼ + stars: | 2024-02-05 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —A team of five US Treasury Department officials is traveling to Beijing this week for a series of meetings on the economy with their counterparts in China, a Treasury official told CNN on Monday. The trip by senior officials comes ahead of a planned return to China by Treasury secretary Janet Yellen later in 2024. Specifically, the Treasury delegation plans to raise China’s use of non-market economic practices and industrial overcapacity, the official said. The visit marks the first time that the economic working group is meeting in Beijing since it was launched last September after Treasury Secretary Janet Yellen’s trip to China. However, there is nothing to suggest the latest US-China meeting is in direct response to the renewed concerns about China’s economy and financial markets.

Persons: New York CNN —, Janet Yellen, Jay Shambaugh, Donald Trump, Yellen, Janet Yellen’s, ” Yellen, “, Jerome Powell, ”, Powell, ” Powell Organizations: New, New York CNN, US Treasury Department, Treasury, CNN, Shanghai, Weibo, The New York Times, China Business Council’s, Federal, United Locations: New York, Beijing, China, Treasury’s, Washington, Hong Kong, Evergrande, United States

☆ Fed Chair Powell: The ‘time is coming’ for a rate cut
▼ + stars: | 2024-02-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Federal Reserve Chair Jerome Powell said the time is coming for interest rate cuts, but asked Americans for a bit more patience in the central bank’s fight against inflation. That means the Fed is due to cut rates in 2024, which officials themselves projected in December. But the central bank’s January policy statement pushed back on expectations of the first rate cut coming at their next meeting in March. Still, financial markets see a 20% chance the Fed will cut rates in March and a 71.3% chance they cut in May, according to the CME FedWatch Tool. But that hasn’t stopped Congress from pressuring Powell to cut rates.

Persons: Jerome Powell, “ We’ve, ” Powell, ”, Price, Powell, “, Scott Pelley, can’t, hasn’t, Democratic Sen, Sherrod Brown, ” Brown, Brown, Elizabeth Warren, we’re Organizations: New, New York CNN — Federal, CBS, Fed, Federal Reserve, Governors, Democratic, Banking, New York Community Bancorp, New York Community Locations: New York, Street, Ukraine, Asia, ”

The Fed chair also reiterated that the central bank's next meeting in March was likely too soon for a rate cut. Most economists think the first cut is likely to come in May or June. As gauged by the Fed’s preferred measure, inflation fell to just 2.6% in December compared with 12 months earlier. At the same time, Powell acknowledged in the interview, the Fed misjudged the duration of the resulting inflation, which it repeatedly suggested would prove short-lived. “We’ve got six months of good inflation data and an expectation that there’s more to come,” Powell said Wednesday.

Persons: —, Jerome Powell, Powell, ”, “, COVID, would’ve, ” Powell, “ It’s, we’ve, “ We’ve, Michelle Bowman Organizations: WASHINGTON, Federal, CBS, Fed, year's, Fed’s, of Governors Locations: U.S

☆ Opinion | As Kids, They Thought They Were Trans. They No Longer Do.
▼ + stars: | 2024-02-02 | by ( Pamela Paul | ) www.nytimes.com time to read: +1 min

Growing up in a relatively conservative community in Grand Rapids, Mich., Powell, like many teenagers, didn’t feel comfortable in her own skin. “I felt so detached from my body, and the way it was developing felt hostile to me,” Powell told me. Reading about transgender people online, Powell believed that the reason she didn’t feel comfortable in her body was that she was in the wrong body. She had a double mastectomy the summer before college, then went off as a transgender man named Grayson to Sarah Lawrence College, where she was paired with a male roommate on a men’s floor. At 5-foot-3, she felt she came across as a very effeminate gay man.

Persons: Grace Powell, Powell, didn’t, “, ” Powell, Grayson, Sarah Organizations: Reading, Sarah Lawrence College Locations: Grand Rapids, Mich

The year opened with a bang as employers added 353,000 jobs in January, far exceeding the most optimistic of forecasts. Revisions also raised the November job number to 182,000 and also added 117,000 more jobs to December. “The labor market is certainly cooling,” Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management, said ahead of the report. “I think the labor market by many measures is at or nearing normal, but not totally back to normal,” Powell told reporters. But it is hard to contain the enthusiasm that a strong jobs report along with moderating inflation is good for most Americans.

Persons: “, ”, Becky Frankiewicz, isn’t, ” “ We’re, December’s downwardly, ” Brent Schutte, seasonality, Amy Glaser, Glaser, Chris Todd, ” Todd, Jerome Powell, ” Powell, “ It’s, Julia Pollak, ” Schutte Organizations: ADP, Northwestern Mutual Wealth Management, Adecco, BLS, Federal Reserve, Federal

☆ Trump says he would not reappoint Fed Chair Jerome Powell
▼ + stars: | 2024-02-02 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —Former President Donald Trump said that if he is reelected, he would not reappoint Federal Reserve Chair Jerome Powell, accusing Powell of considering rate cuts to give Democrats an advantage in the 2024 elections. The former president said he has “a couple of choices” for the next Fed chair but declined to name them. Powell reiterated Wednesday the Fed is considering rate cuts to bring rates down from multi-decade highs designed to combat high inflation. Trump accused Powell of being “political,” adding to years of verbal attacks since Trump nominated him for Fed chair in 2017. Trump sparred with Powell almost immediately after he was appointed to the Fed, accusing Powell of hiking interest rates to harm the economy.

Persons: Donald Trump, Jerome Powell, Powell, ” Trump, Maria Bartiromo, Trump, Joe Biden, it’s, ” Stocks, Biden’s, he’s, ” Powell, “, ” Organizations: New, New York CNN, Fox News Business, Bureau of Labor Statistics, Trump, Fed, Duke University, London Business School Locations: New York

☆ Here’s why some bond traders care so much about the US government’s budget deficit nowadays
▼ + stars: | 2023-12-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

And as the mountain of debt keeps piling up, and the government’s budget deficit remains massive, some bond traders are now joining politicians in decrying the government’s ever-growing financial obligation. Those bond traders are seemingly up in arms over the government’s gaping budget deficit — something that occurs when the government’s spending outstrips revenues — which currently stands at roughly $67 billion so far for the current fiscal year. For the full 2023 budget year, the Congressional Budget Office estimated that the deficit stood at a staggering $1.5 trillion. How do we manage the budget deficit? Our interest rate team is looking at the 10-year (US Treasury) yield to be closer to 4% than 5% next year.

Persons: ”, Jerome Powell, Bell, Joe Quinlan, It’s, it’s, what’s, You’d, Powell, ” Powell, they’re Organizations: CNN Business, Bell, DC CNN, Treasury Department, Congressional, Office, Federal, Merrill, Bank of America Private Bank, Treasury, Spelman College, US Labor Department, Institute for Supply Management, US Commerce Department, University of Michigan Locations: Washington, Atlanta

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