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The US economy is headed for an economic hard landing driven by a deteriorating labor market, Citigroup's chief US economist told CNBC. That tends to snowball," Andrew Hollenhorst said about the job market. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA deteriorating labor market will be what causes the US economy to quickly turn sour, according to Andrew Hollenhorst, Citigroup's chief US economist. That tends to snowball and end up in something that looks more like a hard landing."
Persons: Andrew Hollenhorst, Organizations: CNBC, Service, Business
Citigroups' Andrew Hollenhorst: Expect a hard landing for U.S.
  + stars: | 2024-05-21 | 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 EmailCitigroups' Andrew Hollenhorst: Expect a hard landing for U.S.Andrew Hollenhorst, Citigroup US chief economist, joins CNBC’s ‘Money Movers’ to discuss his predictions on the Fed's next moves, economic outlook, employment, government fiscal spending, and more.
Persons: Andrew Hollenhorst, Organizations: Citigroup Locations: U.S
People stand in front of a Reserve Bank of India logo at the Global Fintech Fest in Mumbai, India, 5 September, 2023. Instead, there's been a flurry of activity this month at a number of regulators across India's financial system. That frightened bank investors and immediately knocked off more than 3% from the India Nifty PSU Bank index. "RBI has been tightening the screws," Rajeev Agrawal, hedge fund manager and managing partner at DoorDarshi India Fund, told CNBC's Inside India. We also had hedge fund manager Andrew Holland, who spoke on India's infrastructure projects and the outlook for the country's economy.
Persons: Niharika Kulkarni, there's, Nirmala Sitharaman, SEBI, Rajeev Agrawal, Agrawal, Shailendra Singh, India's, they've, Dinesh Kumar Khara, Andrew Holland, Sri Jegarajah Organizations: Reserve Bank of, Global, Securities and Exchange Board of India, Reserve Bank of India, Futures Industry Association, Bombay Stock Exchange, Reuters, India Nifty, DoorDarshi India Fund, Peak XV Partners, Sequoia Capital, CNBC, CNBC Pro, U.S ., State Bank of India, U.S . Federal Reserve, Center Locations: Reserve Bank of India, Mumbai, India, Sequoia, Sequoia Capital India, Southeast Asia, Maldives, Sri Lanka, Sri, Japan, Indian, Chennai
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's infrastructure spending will have a multiplier effect across industries: Hedge fund managerAndrew Holland of Avendus Capital Public Markets Alternate Strategies discusses India's infrastructure projects and the outlook for the country's economy.
Persons: Andrew Holland Organizations: Avendus Capital
"The Fed is the central bank most able to chart its own course," Citi economist Andrew Hollenhorst said in a client note Wednesday. It was the first time the Riksbank had cut since 2016 and takes its main policy rate down to 3.75%. The Riksbank's move was the second central bank cut of the year, as the Swiss National Bank reduced its key rate a quarter point in March in what was seen as a surprise action. Reductions from the Bank of England and European Central Bank are expected to come next, possibly within a month. "With the exception of Japan, developed markets are embarking on a program of rate cuts," Hollenhorst said.
Persons: Andrew Hollenhorst, BOE, Mark, Bailey, Citi's Hollenhorst, Christine Lagarde, CNBC's Sara Eisen, Lagarde, Hollenhorst Organizations: U.S . Federal, Citigroup, Citi, Sweden's, Swiss National Bank, Bank of England, European Central Bank, Bank of America Locations: U.S, Japan
Wall Street reacted Thursday to this week's Fed meeting, with forecasts scattered across a range of outcomes for where monetary policy heads next. Most economists for the biggest forecasting firms expect the central bank to lower benchmark interest rates sometime later this year. Goldman left in place its call for two rate cuts this year of a quarter percentage point each, with one in July and the other in November. "If inflation comes in stronger than in our baseline, we would expect the first rate cut to be postponed to December," he wrote. For 2025, we continue to expect four rate cuts."
Persons: Goldman Sachs, David Mericle, Powell, Goldman, Andrew Hollenhorst, Morgan Stanley, Ellen Zentner, Marc Giannoni, Michael Gapen, Michael Bloom Organizations: Fed, Futures, Group, Citigroup, Barclays, Bank of America
Agrawal, a 45-year-old serial entrepreneur who founded the period-underwear company Thinx and the bidet startup Tushy, has always poured herself into her businesses. That July, Agrawal gave birth to her son, Hiro Happy Horn Agrawal. AdvertisementAfter leaving Thinx, Agrawal, pictured here in her Texas home, poured her energy into her bidet startup Tushy. Before Thinx, before Tushy, Agrawal was an analyst at Deutsche Bank, working in an office near the World Trade Center. In 2011, she cofounded period-underwear company Thinx with her twin sister, Radha, and a friend, Antonia Saint Dunbar.
Persons: Miki Agrawal, Agrawal, she's, We're, missteps she'd, Miki Agrawal Agrawal, Andrew Horn, Agrawal's, Horn, Instagram, she'd, Hiro Happy Horn Agrawal, Forbes, Tushy, they'd, Thinx, Ilana Panich, , hadn't, they're, Richard Wolf, Radha, Antonia Saint Dunbar, Nicholas Hunt, undressed, wasn't, Shama Amalean Skinner, Amalean Skinner, Maria Molland Selby, welling, Miki, who's, Justin Allen, She'd, Hiro, Jason Ojalvo, Ojalvo, Horn —, Melissa Pruett, Pruett, Jessica Fern's, I've, exes, it's, wifedom, hummus —, Happie Hoffman, Austin, Tesla, Elon Musk, Musk's, Kimbal, Argawal Organizations: New York, Commission, Human Rights, Washington Post, CNBC, Business, Deutsche Bank, World Trade, New York Magic, Food Network, New York Magazine, Antonia Saint Dunbar ., Nike, Outfront Media, New, MTA, New York Times, Glamour, Amazon Locations: New, playa, Texas, Tribeca, West, Williamsburg, Park, America, Canada, Orlando, Thinx, Costa Rica, Horn, Oregon, Austin
A strong jobs outlook raises the potential of greater inflation pressures, meaning the central bank might be less eager to ease policy. Indeed, there are some signs that the labor market's strength may not be as robust as the headline nonfarm payrolls numbers indicate. Economists both on Wall Street and at the Fed suspect swelling immigration numbers are playing a role in boosting employment and keeping the labor market so tight. With political clamoring intensifying for the U.S. to tighten its border controls, the resilience of the labor market then could be jeopardized depending on how large a role immigration is playing. "Another strong report raises the potential that the deterioration in labor markets we have been expecting will be avoided.
Persons: nonfarm, Seema Shah, Shah, Mohamed El, There's, Goldman Sachs, Michelle Bowman, Bowman, Andrew Hollenhorst Organizations: Federal Reserve, Labor, Asset Management, Allianz, Fed, CNBC, Wall, Congressional, Citigroup, Citi Locations: it's, Italy, U.S, South America, Central America, Mexico
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect first Fed rate cut to come in June, says Citi's HollenhorstAndrew Hollenhorst, Citi chief U.S. economist, joins 'Money Movers' to discuss the lack of data showing the weakening labor market, the trend on wages, and what could be keeping the economy from recession.
Persons: Citi's Hollenhorst Andrew Hollenhorst Organizations: Citi
Jamie Dimon and Ray Dalio told WSJ that the US economy's performance has surprised them. AdvertisementChase CEO Jamie Dimon and billionaire hedge-fund founder Ray Dalio appear to be hedging on their doom-and-gloom predictions for the US economy after warning for some time that a recession was imminent. In September 2022, Dalio told MarketWatch that, as stocks and bonds suffer, the US will likely slide into a recession in 2023 or 2024. Advertisement"I was bearish on the economy," Dalio told The Wall Street Journal. Dimon told the newspaper that he "would have thought some of the fiscal stimulus would have worn off by now."
Persons: Jamie Dimon, Ray Dalio, , Dalio, Dimon, Andrew Hollenhorst, David Rosenberg, CNBC's Organizations: Service, CNBC, Wall Street, Citi's, Rosenberg Research Locations: Ukraine
The Conference Board's Leading Economic Index fell to its lowest level since April 2020. It marks the first time since July 2022 that the gauge is not signaling a recession ahead. The Conference Board's Leading Economic Index– a gauge of future economic activity — dropped 0.4% to 102.7 in January, signaling the lowest level since April 2020 when the US economy was struck by the COVID-19 pandemic-spurred lockdowns. "The U.S. LEI fell further in January, as weekly hours worked in manufacturing continued to decline and the yield spread remained negative," the Conference Board's Justyna Zabinska-La Monica said on Tuesday. As a result, the leading index currently does not signal recession ahead."
Persons: , LEI, Monica, Andrew Hollenhorst, David Rosenberg Organizations: Service, Conference Board, Federal Reserve Locations: U.S
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking at why side hustles are all the rage these days . Call it “overemployed light,” but working side jobs for some extra income is en vogue, especially for young people. For as much energy as they put into eliciting change, they also view their job as… just a job.
Persons: , I've, Andrew Hollenhorst, we’re, hasn’t, Gen Zer, Jackie Mitchell, Mitchell, Business Insider’s Madison Hoff, Michell isn’t, Zers, don’t, Z, Eve Upton, Clark, Keida Dervishi, Jeremy Grantham, ” Grantham, Riley Wealth's Paul Dietrich, Bryan Erickson, Craig Hastings, Isabel Fernandez Pujol, Oppenheimer, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Business, Service, Citi, Boston Globe, Labor, Getty, Netflix, Walmart Locations: California, TikTok, New York, London
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJust not seeing the soft landing thesis in the data, says Citi's HollenhorstAndrew Hollenhorst, Citi chief U.S. economist, joins 'Money Movers' to discuss Hollenhorst's expectations for a recession this year, whether the data has pointed to better economic growth, and if any rate cut path would be more dramatic than initially thought.
Persons: Citi's Hollenhorst Andrew Hollenhorst Organizations: Citi
The US economy is headed for a recession in the middle of 2024, Citi's chief economist said. The economic data, while strong on the surface, is actually hinting at signs of a decline, as seen in the latest jobs report. AdvertisementThe soft landing dream is over. Instead, the US economy is headed for a recession in the middle of 2024. "There's this very powerful and seductive narrative around a soft landing and we're just not seeing it in the data," Citi chief economist Andrew Hollenhorst said in a CNBC interview.
Persons: , Andrew Hollenhorst Organizations: Service, Citi, CNBC, Business
EMPIRE, Mich. (AP) — A man accused of diverting a national park river to ease boat access to Lake Michigan has been convicted of two misdemeanors. Andrew Howard of Frankfort was found guilty of tampering and vandalism Wednesday during a brief trial in front of U.S. Magistrate Judge Ray Kent. In August 2022, a National Park Service ranger witnessed Howard digging with a shovel so the Platte River in the Sleeping Bear Dunes National Lakeshore would be diverted into one of the Great Lakes, prosecutors said in a court filing. U.S. Attorney Mark Totten said Howard had a policy dispute with the National Park Service and “took matters into his own hands.”The Park Service no longer dredges the Platte River. As a result, sediment and sand build up, reducing the ability to get boats to Lake Michigan.
Persons: Andrew Howard of Frankfort, Judge Ray Kent, Howard, Lauren Biksacky, Attorney Mark Totten, Organizations: U.S, National Park Service, Associated Press, Attorney, Service Locations: Mich, Lake Michigan, Platte
CNBC Daily Open: U.S. economy's state of play
  + stars: | 2024-01-25 | by ( Sumathi Bala | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Jonathan Ernst | ReutersWhat you need to know todayThe bottom lineAll eyes will be on the state of the U.S. economy as the first official reading of fourth-quarter GDP data drops Thursday morning. "Data released [Thursday] may in retrospect turn out to document the one quarter of true 'Goldilocks' conditions," Citi economist Andrew Hollenhorst wrote. Since 2016, a slew of government data was published the day before the GDP report — namely, information on business inventories and trade, which are part of the GDP calculation.
Persons: Joe Biden, Jonathan Ernst, Andrew Hollenhorst, Ian Shepherdson, Shepherdson, , Jeff Cox Organizations: CNBC, Flex, Reuters, Citi, Pantheon Locations: U.S, West Columbia, South Carolina
The United States will work with other governments to speed up efforts to make nuclear fusion a new source of carbon-free energy, U.S. Kerry spoke at the Atlantic Council Global Energy Forum. In southern France, 35 nations are collaborating on an experimental machine to harness fusion energy, the International Thermonuclear Experimental Reactor, to prove the feasibility of fusion as a large-scale, carbon-free source of energy. The global nuclear industry launched an initiative at COP28 for nations to pledge to triple this kind of nuclear energy by 2050. Commonwealth Fusion was founded in 2018 by researchers and students from the Massachusetts Institute of Technology Plasma Science and Fusion Center.
Persons: John Kerry, ” Kerry, Kerry, Andrew Holland, Dennis Whyte, Whyte, Edwin Lyman, Lyman, Bob Mumgaard, Mumgaard, it's Organizations: Climate, Atlantic Council Global Energy Forum, United Kingdom, United States, International, Reactor, Fusion Industry Association, Dubai, Commonwealth Fusion Systems, United, United Arab Emirates, Fusion, Lawrence Livermore National Laboratory, Commonwealth Fusion, Massachusetts Institute of Technology Plasma Science, MIT, Commonwealth, Plasma Science, Fusion Center, Union of, Scientists, Washington, ARC, SPARC, AP Locations: States, U.S, Dubai, U.N, United States, France, Japan, Europe, China, Russia, Devens , Massachusetts, COP28, United Arab, Commonwealth, California
Mortgage rates could decline if the Federal Reserve cuts interest rates next year. Here are 10 projections from experts on when the Fed's first rate cut will come. While these factors serve as deterrents for prospective buyers, interest rates may not stay this high forever. AdvertisementWhile declining interest rates wouldn't directly cause mortgage rates to fall, the two tend to move in the same direction. FebruaryIn August, Preston Caldwell, a Morningstar senior US economist, wrote in a note that he expected the Fed to start cutting interest rates in February.
Persons: , Preston Caldwell, Arend Kapteyn, Bhanu Baweja, David Einhorn, Diane Swonk, Andrew Hollenhorst, Goldman Sachs, David Mericle, we'll, Simona Mocuta, Jeff Morton Organizations: Federal Reserve, Service, Federal, Morningstar, UBS, KPMG, Citi, Reuters, State Street Global Advisors, DWS Locations: North America's
More than 300 AI founders and investors gathered earlier this week in San Francisco's Hayes Valley neighborhood for the 2nd Cerebral Valley AI Summit, co-hosted by the independent journalist Eric Newcomer and AI gaming startup Volley. Some called it an " extinction event for other AI startups ." "OpenAI can bully everyone, they can bully the talent, they can bully the competition, they can bully the term sheets. "When you step on the court with Jordan, you don't try to beat him at his game. During his panel, Warner was asked about those who took to social network X, formerly Twitter, to proclaim the death of nascent AI startups.
Persons: Eric Newcomer, , OpenAI, Alex Pall, That's, they're, Andrew Hoh, Reid Hoffman, Hoffman, Vinod Khosla, Khosla, Jason Warner, Warner, it's, He's, he's, Poolside, Jordan Organizations: Summit, Business, Mantis Venture Capital, Microsoft Locations: San Francisco's Hayes, Paris
AdvertisementAdvertisementThere's no reason to cancel your travel plans to Iceland, despite the country warning of potentially dangerous volcanic activity happening within the next few hours or days, experts told Insider. Iceland declared a state of emergency after an unexpected acceleration of activity at Iceland's Fagradalsfjall volcano near the town of Grindavik. It is always difficult to know exactly how a volcanic eruption will develop, but the latest developments in the peninsula took volcanologists by surprise, McGarvie said. While the Reykjanes peninsula was known to have volcanic activity, and its volcano had had fairly mild eruptions over the past decade, this activity accelerated drastically since mid-October. "It is not something that's ever been observed in Iceland, certainly monitored in Iceland, in the last few decades," he said.
Persons: , Dave McGarvie, Raul Moreno, Andrew Hooper, Lionel Wilson, Hooper, McGarvie Organizations: Service, University of Lancaster, Emergency Management, , Getty, Geophysics, Leeds, University of Leeds, Planetary Sciences, Lancaster University, UK's Science Media, Icelandic, Iceland Google Locations: Grindavik, Iceland, Eyjafjallajökull, Reykjavik, tktktk
But that shouldn't affect your travel plans, though the Blue Lagoon may be off-limits, experts said. AdvertisementAdvertisementThere's no reason to cancel your travel plans to Iceland, despite the country warning of potentially dangerous volcanic activity happening within the next few hours or days, experts told Insider. Iceland declared a state of emergency after an unexpected acceleration of activity at Iceland's Fagradalsfjall volcano near the town of Grindavik. It is always difficult to know exactly how a volcanic eruption will develop, but the latest developments in the peninsula took volcanologists by surprise, McGarvie said. "It is not something that's ever been observed in Iceland, certainly monitored in Iceland, in the last few decades," he said.
Persons: , Dave McGarvie, Raul Moreno, Andrew Hooper, Lionel Wilson, Hooper, McGarvie Organizations: Service, University of Lancaster, Emergency Management, , Getty, Geophysics, Leeds, University of Leeds, Planetary Sciences, Lancaster University, UK's Science Media, Icelandic, Iceland Google Locations: Grindavik, Iceland, Eyjafjallajökull, Reykjavik, tktktk
Prosecutors contended Officer Nathan Woodyard's actions including the neck hold contributed to McClain's death. Here’s what you need to know about the criminal trials:WHY WERE THE OFFICERS AND PARAMEDICS CHARGED? Local prosecutors initially decided not to bring charges in McClain’s death largely because an initial autopsy didn’t determine exactly how he died. Defense attorneys for the officers repeatedly said it was the ketamine injection — not their clients — that caused McClain’s death. In Woodyard’s case, the defense brought in a paid expert witness who has also worked for the prosecution in the paramedic’s case.
Persons: , Elijah McClain, George Floyd, Nathan Woodyard's, wasn't, Woodyard wasn't, McClain, Sheneen McClain, Jeremy Cooper, Peter Cichuniec, Jared Polis, Dr, Stephen Cina, McCLAIN, Woodyard, Randy Roedema, Joyce, McClain didn’t, Megan Downing, Roedema, Rosenblatt, Cooper, Cichuniec, Nadia Iovettz, Andrew Ho, , , Ed Obayashi, ___ Brown Organizations: BRIGHTON, Prosecutors, Local, Democratic Locations: Colo, Denver, Aurora, Billings , Montana
... Acquire Licensing Rights Read moreLONGMONT, Colorado, Nov 6 (Reuters) - A Colorado jury found police officer Nathan Woodyard not guilty of manslaughter in the 2019 killing of Elijah McClain, a young Black man who died after police placed him in a chokehold during an arrest and medics injected him with a sedative. Two paramedics face separate trials this month for their role in giving McClain ketamine, a powerful sedative at times used on highly agitated patients. The death of McClain, 23, inspired sweeping police reforms in Colorado in 2020, including the banning of chokeholds like the one he was put in. "Nathan Woodyard did not kill Elijah McClain, he's not responsible for what other people did," defense attorney Andrew Ho said in his closing argument. "Ketamine is what killed Elijah McClain."
Persons: Elijah McClain, Jared Polis, Nathan Woodyard, Randy Roedema, Jason Rosenblatt, McClain, George Floyd, Woodyard, Jason Slothouber, Slothouber, he's, Andrew Ho, Brad Brooks, Paul Thomasch, Rod Nickel Organizations: Aurora Police Department, Minneapolis police, Colorado Gov, Adams, Prosecutors, Thomson Locations: Denver , Colorado, U.S, Colorado, McClain, Minneapolis, Denver, Aurora, chokeholds, Broomfield Counties, Longmont , Colorado
"Live events are having a moment as consumers want to get out and about," said John Harrison, Americas Media & Entertainment lead at EY. But over the past few years, established and upstart investors have seized the opportunity to capitalize on live events spending, which is outpacing media and entertainment spending overall. PWC projects live events revenue hitting $68.7 billion in 2024, up from $66.6 billion in 2019.Insider identified nine firms, listed alphabetically, that are making significant investments in live entertainment-related companies. It most recently led a $65 million round in Dice, an events discovery and ticketing platform for live events like comedy and drag cabaret. Courtesy of Shamrock CapitalThe Los Angeles-based investment firm has a long history of backing media, entertainment, and communications businesses.
Persons: Taylor Swift, hasn't, Tait, Scott Marimow, John Harrison, there's, Harrison, Coldplay, PEHub, Bluestone Equity Partners Bobby Sharma, Michael Weschler, Bobby Sharma, Bluestone, Juggernaut, Eric Kuhn, Tre, Scott, Matt Pincus, Pincus, Marimow, Shamrock Capital Andrew Howard, Marc Geiger, Alan Waxman's Organizations: Providence Equity Partners, Yankee, Wembley, Bluestone Equity Partners, Providence, Americas Media, Entertainment, Fourier, NBA, PMY, SoFi, New York's Citi, RWS, Apple, Holland America, Capital Partners, Street Journal, Folk Media Group, CBS, Microsoft, Folk Productions, Quest Entertainment, MUSIC, Liontree, JS Capital Management, Investments, Providence Equity Partners Providence Equity Partners, Theatre Group, Shamrock Capital, Sixth, Spain's, San Antonio Spurs, New York Yankees, Dallas Cowboys, Sixth Street Locations: Americas, Paris, Europe, Asia, Vegas, Fiume, Wilmington , Mass, Devon , Pennsylvania, Miami , Florida, North America, Providence, US, Germany, Los Angeles, SaveLive, Spain's Real Madrid, Real Madrid's
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're still calling for S&P 500 to be back at all-time highs by mid-2024: JPMorgan’s AusenbaughAndrew Hollenhorst, Citi chief economist, and Elyse Ausenbaugh, JPMorgan Global Wealth Management global investment strategist, join 'Squawk Box' to preview September's CPI inflation data, the Fed's inflation fight, the impact of high Treasury yields on rate hikes, latest market trends, and more.
Persons: JPMorgan’s, Andrew Hollenhorst, Elyse Ausenbaugh Organizations: Citi, JPMorgan Global Wealth Management
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