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☆ Biden’s manufacturing industry is expanding, but that could be bad for inflation
▼ + stars: | 2024-04-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

But a resurgence in the industry could complicate the Federal Reserve’s ongoing inflation fight, either delaying the first interest rate cut or resulting in fewer cuts this year, some economists say. Interest rates have been at a two-decade high since July, after the Fed raised rates aggressively over the prior year and a half. The economy picking up further strength would spook Wall Street because of what it means for interest rates — and some manufacturers say they’re optimistic about the future. The Bank of Canada announces its latest interest rate decision. China’s National Bureau of Statistics releases March inflation data.

Persons: Joe Biden, ”, Tom Barkin, “, Mary Daly, ” Daly, Jerome Powell, Neel Kashkari, ” Kashkari, ” Richard de Chazal, Blair, they’re “, Amazon’s, It’s, Ramishah Maruf, Amazon, haven’t, Read Organizations: Washington CNN, Institute for Supply Management, Congress, Fed, ” Richmond Fed, ” San Francisco Fed, Minneapolis, Dow, Blair Equity Research, Amazon, Fresh, Delta Air Lines, US Labor Department, Index, Bank of Canada, Federal Reserve, National Bureau of Statistics, Constellation Brands, European Central Bank, JPMorgan Chase, Citigroup, State, National Statistics, The University of Michigan Locations: Richmond , Virginia, ” San, Las Vegas, India, Wells Fargo, Progressive, BlackRock

Hockey is coming back to the New Jersey Meadowlands in a big way this weekend with MetLife Stadium serving as the venue for the NHL's Stadium Series. These games will influence the playoff hopes for all the teams with less than two months left in the regular season. Photos You Should See View All 22 ImagesNHL Deputy Commissioner Bill Daly wasn't sure if any of the 39 previous outdoor games had as much playoff implication. Brodeur, who started for the Devils in an outdoor game at Yankee Stadium against the Rangers in 2014, said the organization wants the players to embrace the game. You gotta block those noises.”It's the first time the league scheduled outdoor games on consecutive days with fans.

Persons: Bill Daly wasn't, ” Daly, Hall, Martin Brodeur, Brodeur, “, ” Brodeur, Travis Konecny, Lindy Ruff, ” Ruff, Jon Ledecky, ”, Keegan Kolesar, Jonas Brothers, Steve Mayer, Stephen Whyno, Allan Kreda, Willie Ramirez Organizations: Four Metropolitan Division, Hockey, New Jersey Meadowlands, MetLife, New, New Jersey Devils, Philadelphia Flyers, Rangers, Islanders, Flyers, Devils, Eastern, NHL, Hall of Famer, Meadowlands, Rockies, Newark, Yankee, Stanley, ” Islanders, Parc Ferland, Vegas Golden Knights, Seattle, Vegas Locations: RUTHERFORD, N.J, New York, Philadelphia, New Jersey, Colorado, Lake Tahoe , Nevada, Alberta, Canada, New York City, Montreal

Five players from Canada's 2018 world junior team have taken a leave of absence from their current clubs in recent days amid a report that five members of that team have been asked to surrender to police to face sexual assault charges. The NHL Players' Association declined to comment. In the meantime, members of the organization, including Flyers players, will not be commenting any further. Hockey Canada has made wholesale changes after a scathing independent report and lost major sponsors in the nearly two years since this and other scandals emerged. Nike last year permanently ended its partnership with the organization after earlier pausing it, along with other sponsors, given the heavy criticism of Hockey Canada leadership.

Persons: Michael McLeod, Cal Foote, Carter Hart, Dillon Dube, Alex Formenton, Formenton, McLeod, Foote, Sandasha Bough, Daniel Briere, “, Bill Daly, Daly, ” Daly, Hart's, Briere, ” Briere, “ We’re, ”, Lindy Ruff, Dube, Dillon, ” Formenton, Scott Smith, Dan Gelston, John Wawrow, ___ Organizations: NHL, New Jersey Devils, Philadelphia Flyers, Calgary Flames, Flyers, Swiss, HC Ambri, Devils, NHL Players, Association, Hockey Canada, Globe &, London Police, The Associated Press, Associated Press, London police, Flames, Ottawa Senators, Switzerland's National, Hockey, Nike, AP, AP Hockey Locations: Europe, Swiss, Canada, London , Ontario, Toronto, Detroit, Colorado, Newark , New Jersey, Hockey Canada, Voorhees , New Jersey, Buffalo , New York

☆ Sagittarius A*, our galaxy’s black hole, spins fast and drags space-time with it
▼ + stars: | 2023-11-28 | by ( Taylor Nicioli | ) edition.cnn.com time to read: +5 min

The researchers confirmed that the black hole is spinning, which causes what is known as the Lense-Thirring effect. “But if you have a rapidly rotating black hole, the space-time around it is not symmetric — the spinning black hole is dragging all of the space-time around with it … it squishes down the space-time, and it sort of looks like a football,” she said. Black holes and galactic historyKnowing the mass and the spin of a black hole helps astronomers understand how the black hole might have formed and evolved, Daly said. However, a black hole that was made with accretion of surrounding gas would see a high spin value. “The question of whether our central galactic black hole rotates or not, or how fast it rotates, is quite important,” Stojkovic said in an email.

Persons: NASA’s Chandra, Ruth Daly, Daly, ” Daly, “ We’re, ”, “, Dejan Stojkovic, ” Stojkovic Organizations: CNN, Royal Astronomical Society, Penn State University, University, Buffalo

The September jobs report that the Labor Department will issue Friday will show just how much of that durability remains. A growing body of evidence, though, suggests that the job market is cooling — something Fed officials would like to see. Businesses often raise their prices to cover their higher labor costs. Fewer Americans are quitting their jobs after a surge in resignations in the aftermath of the pandemic. Most people quit to take other jobs with higher pay, so the decline in quitting indicates that workers now see fewer available opportunities elsewhere.

Persons: Jerome Powell, Mary Daly, ” Daly, Goldman Sachs Organizations: WASHINGTON, Federal Reserve, Labor Department, Institute for Supply Management, Federal Reserve Bank of San, Economic, of New Locations: United States, Federal Reserve Bank of San Francisco, of New York

☆ San Francisco Fed president: ‘It’s really too early to declare victory on inflation’
▼ + stars: | 2023-07-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —Despite promising signs that inflation is abating, San Francisco Federal Reserve Bank President Mary Daly said the fight against price increases isn’t over. But she cautioned, “It’s really too early to declare victory on inflation.”The latest Consumer Price Index report published on Wednesday showed that annual inflation slowed from 4% to 3% in June, the lowest level since March 2021. However, the Fed’s preferred gauge of inflation, the Personal Consumption Expenditures index, showed that inflation was double its 2% target in May. Daly acknowledged there’s a risk the Fed will raise rates higher than what’s ultimately needed to get inflation down to 2%. Daly, who will be voting on interest rates at the Fed’s meetings next year, said she wouldn’t necessarily consider cutting rates once inflation hits 2%.

Persons: Mary Daly, ” Daly, “ It’s, Daly, there’s, “ can’t, ”, Daly’s, James Bullard Organizations: New, New York CNN, San Francisco Federal Reserve Bank, CNBC, Louis Federal Reserve Bank Locations: New York, San, St

☆ 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

☆ Former Fed Chair Bernanke argues economy must slow further to bring down inflation
▼ + stars: | 2023-05-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Inflation has cooled in the past several months, according to the Fed’s preferred inflation gauge and the Consumer Price Index, though some Fed officials have said that it’s not cooling fast enough. Indeed, the labor market remains on strong footing. “Overheating in the labor market has played a minor role but an increasing one over time. Overall inflation crept up throughout that year, then the Fed began to raise interest rates in March 2022 from near zero. Despite the failures of three regional banks since March, the Fed still raised interest rates two more times during that period.

Persons: Ben Bernanke, ” Bernanke, Olivier Blanchard, Blanchard, they’re, Mary Daly, ” Daly, isn’t Organizations: DC CNN, Former Federal, Fed, International Monetary Fund, Brookings Institution, Federal Reserve Bank of San Locations: Washington, Washington ,, Federal Reserve Bank of San Francisco

☆ More rate hikes are needed, says Fed’s Mary Daly
▼ + stars: | 2023-03-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —Federal Reserve policymakers will need to raise interest rates higher and keep them there longer to tackle the higher prices caused by sticky inflation, San Francisco Fed President Mary Daly said Saturday. Daly does not currently vote on Fed policy decisions but is a member of the Federal Open Market Committee and participates in policy meetings. Her speech followed a week of similar warnings from the Federal Reserve. Atlanta Fed President Raphael Bostic also said Wednesday that he believes the Fed needs to raise its policy rate by half a percentage point at the next meeting. On Thursday, Fed Governor Christopher Waller warned that painful interest rates could go higher than expected, citing a slew of recent stronger-than-expected economic data.

☆ Fed could hike rates by 25 or 50 basis points on Feb. 1, Daly tells WSJ
▼ + stars: | 2023-01-09 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

Slideshow ( 2 images )(Reuters) - San Francisco Federal Reserve President Mary Daly on Monday said a half-percentage-point interest rate hike, or a quarter-percentage-point increase, are both possibilities for the U.S. central bank’s Jan. 31-Feb. 1 meeting. “I can give you arguments for either side,” Daly said in a webcast interview with the Wall Street Journal. The Fed should try to bring inflation down “as gently as we can,” but it also “absolutely” needs to make sure high inflation does not become embedded. Daly said she thinks the policy rate, now in a 4.25%-4.50% range, will ultimately need to go to 5.00%-5.25% and stay there to bring inflation back down to the Fed’s 2% target, but exactly how far it will need to rise will depend on the data. Getting inflation down faster than that would require “enormous” labor market pain that Daly said she is not willing to inflict.

☆ Where did Earth’s water come from? This meteorite might hold the answer
▼ + stars: | 2022-11-17 | by ( Hafsa Khalil | ) edition.cnn.com time to read: +3 min

London CNN —If you’ve ever wondered where water on Earth comes from, new research on a meteorite which landed in a family’s front yard in England last year may have just the answer. Researchers from London’s Natural History Museum and the University of Glasgow, in Scotland, studied a meteorite found in the town of Winchcombe, Gloucestershire, to discover it contained water similar to that found on Earth. Approximately 71% of the Earth’s surface is covered in water, with oceans holding about 96.5% of all water, according to the US Geological Survey. The team, which measured the ratio of hydrogen isotopes in the water, found that it closely resembled the composition of water on Earth, according to a press release from the Natural History Museum. Samples of the Winchcombe meteorite are currently on public display at the Natural History Museum in London, the Winchcombe Museum, and The Wilson (Art Gallery) in Gloucestshire.

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