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Overdose deaths in the United States declined slightly last year, the first decrease in five years, according to preliminary federal data released Wednesday. Even as opioid deaths fell, deaths from stimulants such as cocaine and methamphetamine rose. And some states, including Oregon and Washington, continued to experience sharp rises in overall overdose fatalities. Drug overdoses overall in 2023 were estimated at 107,543, down from 111,029 in 2022, a 3 percent drop. Opioid deaths fell 3.7 percent while deaths from cocaine rose 5 percent and deaths from meth rose 2 percent.
Organizations: National Center for Health Statistics Locations: United States, Oregon, Washington
He sees California Forever. And if he can't undo the damage, there may never be a California Forever. California Forever may be a subdivision, but it's precisely the kind of subdivision America needs right now. But here's the thing: California Forever may be a subdivision, but it's precisely the kind of subdivision America needs right now. Places like California Forever aren't being opposed by the people who are desperate for a place to live.
Persons: Jan Sramek's, Goldman Sachs, Sramek, Reid Hoffman, Laurene Powell Jobs, Marc Andreessen —, They've, Christie Hemm, Peter Thiel, Jan Sramek, Jan, Thiel, Goldman, CheatSheet, Sramek's, hadn't, Jonas Rave, who's, , Guy Saidenberg, Evernote, Marc Andreessen, Jane Jacobs, He's, he'd, Robert Moses, growth.y Christie Hemm, Flannery, Bronson Johnson, David George, Andreessen Horowitz, Marilyn Farley, Farley, Solano County's, Kathleen Threlfall, Bill Mortimore, California Forever's, Jessica Christian, he's, Lyle Lanley, Solano, Sam Houston, weren't, Gabriel Metcalf, You've, John Garamendi, Garamendi, isn't, they'll, latte, Christie, Travis, I've, aren't, They're Organizations: Silicon, California, BI Development, University of Cambridge, London School of Economics, Party, Rising Star, Facebook, York, Sramek's, BI Sramek, Google, American, Planners, Sacramento -, Travis Air Force Base, Area, titans, Farmers, councilwoman, California Forever, Sacramento Municipal Utility District, Air Force, Flannery Associates, Disney, San Francisco, Vallejo Naval, Historical Museum, Rep, BI, Solano, Sierra, Goldman Locations: San Francisco, It's, Sramek, California, Rio Vista, Solano County, Napa, Sacramento, Silicon Valley, America, London, Zurich, England, Czech Republic, Dřevohostice, York, British, Eastern Europe, Cambridge, Bay Area, Hayes Valley, America's cutest, Atlanta, Phoenix, Copenhagen, Barcelona, New York, Sacramento - San Joaquin, San Francisco Bay, Lake Tahoe, Toledo , Ohio, Silicon, Google's, Toronto, Big Tech, China, Calif, Springfield, Vallejo, He's, Atherton, Foreverville, Fairfield, Austin, Solano, Valley, Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrend on wage data is clearly downward and very encouraging, says Goldman's HatziusJan Hatzius, Goldman Sachs chief economist, joins 'Squawk on the Street' to discuss the economist's confidence in the trend on wage data, expectations for the Federal Reserve, and more.
Persons: Goldman's Hatzius Jan Hatzius, Goldman Sachs Organizations: Federal Reserve
Washington CNN —Americans haven’t felt any better about the economy these past few months, but they haven’t felt any worse either. The Federal Reserve cares whether or not Americans have faith that inflation will eventually return to levels they’re used to. Consumer prices were 3.5% higher in March from a year earlier, a much bigger increase than February’s 3.2% and above what economists were forecasting. On a monthly basis, consumer prices rose 0.4%, also above expectations. The economy is coming into focusEveryday Americans, on the other hand, haven’t fretted about progress on inflation potentially stalling.
Persons: haven’t, , Joanne Hsu, ” Oren Klachkin, Stocks, Goldman Sachs, , ” Goldman Sachs’s, Jan Hatzius, they’re, Joe Biden, Biden, Donald Trump Organizations: Washington CNN, University of Michigan’s, Consumers, Nationwide, CPI, Bank of America, CNN Locations: Pennsylvania, Scranton , Pennsylvania
Trump has floated a 10% across-the-board tariff on imports, a 60% tariff on imports from China and a 100% tariff on foreign cars – including from Mexico. Trump’s proposals, if enacted, could easily set off a new trade war with China and potentially other nations, too. Some economists are warning Trump’s trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors. It’s hard to say exactly because there is a lot of uncertainty over how much of Trump’s proposed agenda would actually be enacted. That’s because tariffs tax imports when they come ashore, adding costs for US distributors, retailers and, ultimately consumers.
Persons: he’s, Donald Trump, Trump, ” Alex Durante, Trump’s, , Mark Zandi, Goldman Sachs, ” Goldman Sachs, Jan Hatzius, ” Goldman, Janet Yellen, Joe Biden’s, Karoline Leavitt, ” “, ” Leavitt, , Biden, “ Donald Trump, ” Biden, James Singer, Biden’s, That’s, Durante, Joe Brusuelas, don’t, ” Brusuelas, Brusuelas, Liz, Maury Obstfeld, Obstfeld, Obama, ” Durante Organizations: New, New York CNN —, Tax Foundation, CNN, Trump, China, Bureau of Labor Statistics, Federal Reserve, RSM, Target, Walmart, Peterson Institute for International Economics, International Monetary Fund, US International Trade Commission, , Obama Locations: New York, China, Mexico, Beijing, United States
Stock futures dipped as Wall Street looked ahead to a second key inflation report. Futures tied to the Dow Jones Industrial Average slid 60 points, or about 0.2%, while S&P 500 futures also lost 0.2%. The Dow Jones Industrial Average led Wednesday's losses, tumbling 1.09%, while the S&P 500 dropped 0.95%. Ten of the 11 S&P 500 sectors finished the session in negative territory, with real estate bearing the brunt of the selling pressure and posting decline of more than 4%. Economists polled by Dow Jones expect wholesale prices to have grown by 0.3% in March, and 0.2% when excluding food and energy.
Persons: Stocks, , Goldman Sachs, Jan Hatzius, CNBC's, Dow Jones, Wells Organizations: Dow Jones, Nasdaq, Constellation Brands, JPMorgan, Citigroup Locations: Wells Fargo
The Fed is going to cut interest rates just two times in 2024, according to Goldman Sachs. The bank lowered its rate cut forecast from three to two following a hot March inflation report. "We are pushing back our forecast of the first rate cut from June to July," Goldman Sachs said. Still, following the hot CPI report, Hatzius bumped his expectations for the March PCE report. AdvertisementPart of Goldman's confidence in just two interest rate cuts this year stems from the fact that the Federal Reserve's most recent dot plot showed a central bank that was almost evenly split between two or three interest rate cuts this year.
Persons: Goldman Sachs, Jan Hatzius, Hatzius Organizations: Dow Jones, Investors, Federal
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJune rate cut seems less likely after hot CPI print, says Goldman's HatziusJan Hatzius, Goldman Sachs chief economist, joins 'Closing Bell' to discuss whether Hatzius was surprised by Wednesday's CPI print, what makes the economist confident that the Federal Reserve will still cut rates twice this year, and more.
Persons: Goldman's Hatzius Jan Hatzius, Goldman Sachs, Hatzius Organizations: CPI, Federal Reserve
Goldman Sachs Chief Economist Jan Hatzius on Friday said he still expects the Federal Reserve to implement three interest rate cuts, adding that he would be "very surprised" if the U.S. central bank ultimately decided no trims at all were necessary. His comments come shortly after Minneapolis Fed President Neel Kashkari became the latest high-profile official to float the possibility of zero rate cuts before the year's end, if inflation remained sticky. "If we continue to see inflation moving sideways, then that would make me question whether we need to do those rate cuts at all," Kashkari said on Thursday during an interview with Pensions & Investments. Separately, Fed Chair Jerome Powell said earlier in the week that it would take a while for policymakers to evaluate the current state of inflation, leaving the timing of potential interest rate cuts uncertain. Speaking to CNBC's Steve Sedgwick on the sidelines of the Ambrosetti Forum on Friday, Goldman Sachs' Hatzius said he was bullish on the outlook for the U.S. economy.
Persons: Goldman, Jan Hatzius, Neel Kashkari, Kashkari, Jerome Powell, Steve Sedgwick, Goldman Sachs, Hatzius, I'm, we've Organizations: Reserve, Minneapolis, Pensions, Investments Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs' Hatzius: Next week's CPI report will be more important than the payroll numberJan Hatzius, Goldman Sachs chief economist, joins 'Squawk on the Street' to react to the latest job reports, why next week's CPI report matters, and more.
Persons: Goldman Sachs, Jan Hatzius Organizations: CPI
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs chief economist: Strong case for consecutive ECB rate cuts from JuneJan Hatzius, chief economist at Goldman Sachs, discusses the outlook for European Central Bank interest rate cuts.
Persons: Goldman Sachs, Jan Hatzius Organizations: European Central Bank
AI chatbots can help workers brainstorm ideas, do research, write reports, build presentations, learn about new topics and identify patterns in vast troves of data. AI will ‘destroy’ some jobs, boost othersThere is also the very real risk that AI will replace some workers. AI might be able to help slow the rate of decay in the labor force,” Sangani said. “These workers will be supplemented, not replaced, by AI,” Sangani said, though he added there are also places where AI will replace workers. IMF warns AI could deepen inequalityEven if AI accelerates economic growth, there is no guarantee that everyone will benefit.
Persons: New York CNN — Jan Hatzius, Goldman Sachs, Hatzius, ” Hatzius, that’s, you’ll, , ” Satyen, ” Sangani, Jeremy Grantham Organizations: New, New York CNN, CNN, Treasury Department, IRS, Hatzius, International Monetary Fund Locations: New York, United States
By Jan Strupczewski and Kate AbnettBRUSSELS (Reuters) - European Union country leaders will urge the EU to work quickly on more measures to support farmers in response to months of protests by angry agriculture workers, draft conclusions for an EU leaders' summit showed. The EU has already watered down some environmental policies in response to the sometimes violent protests, but with farmers still taking to the streets this week in Belgium and France, Brussels is under pressure to do more. Draft conclusions for an EU summit on 21-22 March, seen by Reuters, showed EU country leaders plan to ask the European Commission to work without delay on "all possible short-term measures, including those to reduce the administrative burden and achieve simplification for farmers". The EU should also take action to strengthen the position of farmers in the food supply chain, and ensure they can earn a fair income, the draft said. The EU Environment Agency this week said current EU food policies are failing to address climate change risks.
Persons: Jan Strupczewski, Kate Abnett BRUSSELS, Kate Abnett, Jan Harvey Organizations: Union, EU, Reuters, Commission, EU Environment Agency Locations: Belgium, France, Brussels, Europe, Poland, Germany, Slovenia, EU
The death certificate for Ryan Bagwell, a 19-year-old from Mission, Texas, states that he died from a fentanyl overdose. A federal law enforcement lab found that none of the pills from the bottle tested positive for Percocet. But they all tested positive for lethal quantities of fentanyl. As millions of fentanyl-tainted pills inundate the United States masquerading as common medications, grief-scarred families have been pressing for a change in the language used to describe drug deaths. They want public health leaders, prosecutors and politicians to use “poisoning” instead of “overdose.” In their view, “overdose” suggests that their loved ones were addicted and responsible for their own deaths, whereas “poisoning” shows they were victims.
Persons: Ryan Bagwell, Sandra Bagwell, “ Ryan, ” Mrs . Bagwell, Locations: Mission , Texas, United States
Despite Trump facing legal issues on multiple fronts, including a federal indictment that alleges he illegally conspired to discount votes in the 2020 election, he appears to be cruising to the Republican nomination once again. Raymond James was listed by Goldman and in Barclays' Trump stock basket, according to the Jan. 30 note. A Trump term could benefit energy giants such as Chevron , but also smaller players such as Devon Energy or coal companies such as Peabody Energy , according to Goldman. Another group of industrial companies could get a piece of government spending from expansion of the Mexico border wall under a second Trump administration. Caterpillar was one of the companies involved previously, according to Goldman.
Persons: Donald Trump, Nikki Haley, Trump, Goldman Sachs, Jan Hatzius, Venu Krishna, Goldman, Wells, Piper Sandler, Raymond James Organizations: Trump, Republican, Barclays, Federal Trade Commission, Boston, Vertex Pharmaceuticals, Energy, Republicans, Chevron, Devon Energy, Peabody Energy, Steel Dynamics, Broadcom, Caterpillar Locations: China, Cleveland, Mexico
Read previewInvestors couldn't get enough of grocery delivery startups during the pandemic. Rohlik is on a pathway to profitability and has broken even in several key cities, CEO Tomas Cupr told Business Insider. Advertisement"The online grocery industry didn't have the best year in 2023, but we're still growing, which is super positive," Cupr told BI. At least 19 grocery delivery startups were operating across Europe at the height of the market. "The grocery delivery market remains a challenging area in Europe.
Persons: , Tomas Cupr, Cupr, we've, Turkey's, Germany's, Nalin Patel, Jan Hammer Organizations: Service, Venture, Business, Ventures Locations: Europe, Prague, Czechia, Hungary, Munich, London, Paris, Budapest, Vienna, Istanbul, New York
The Alabama legislature on Wednesday is expected to pass legislation that will make it possible for fertility clinics in the state to reopen without the specter of crippling lawsuits. But the measure, hastily written and expected to pass by a huge bipartisan margin, does not address the legal question that led to clinic closings and set off a stormy, politically fraught national debate: Whether embryos that have been frozen and stored for possible future implantation have the legal status of human beings. The Alabama Supreme Court made such a finding last month, in the context of a claim against a Mobile clinic brought by three couples whose frozen embryos were inadvertently destroyed. The court ruled that, under Alabama law, those embryos should be regarded as people, and that the couples were entitled to punitive damages for the wrongful death of a child. Legal experts said the bill, which Governor Kay Ivey has signaled she will sign, would be the first in the country to create a legal moat around embryos, blocking lawsuits or prosecutions if they are damaged or destroyed.
Persons: Kay Ivey Organizations: Alabama Supreme Locations: Alabama
The Latest NewsAlcohol-related deaths surged in the United States by nearly 30 percent in recent years, with roughly 500 Americans dying each day in 2021, according to a new study published by the Centers for Disease Control and Prevention. The study chronicled a sustained spike in drinking during the Covid pandemic that continued to rise after the shock of the lockdowns of 2020. The incidence of alcohol-related deaths was higher in men, but among women the death rate shot up at a quicker pace. “I think the results of this research are really alarming,” said Dr. Michael Siegel, who is a professor of public health at Tufts University School of Medicine and was not involved in the study. “It shows that there’s been a truly substantial increase in alcohol-related deaths over the last six years.”
Persons: , Michael Siegel, there’s Organizations: Centers for Disease Control, Tufts University School of Medicine Locations: United States
The US housing market faces an inventory shortage, but empty offices don't offer a solution. Goldman Sachs strategists say that offices can't be cheaply or easily converted into residential units. Goldman Sachs Investment Research, CoStar dataIn the same stretch, a combination of high mortgage rates and home prices with limited housing inventory has frozen the US housing market. Residential housing affordability has declined for the last 15 years and hit a historical low in 2022. "Our analysis implies that only 0.8% of US office inventory is currently priced at a level that makes conversion to multifamily housing financially feasible," the bank maintained.
Persons: Goldman Sachs, , it's, Goldman, Jan Hatzius Organizations: Service, Goldman Sachs Investment Research, Goldman, San Locations: San Francisco, Los Angeles, Seattle
Supporters of the state laws say they foster free speech, giving the public access to all points of view. One contrarian brief, from liberal professors, urged the justices to uphold the key provision of the Texas law despite the harm they said it would cause. “Social media platforms exercise editorial judgment that is inherently expressive,” Judge Kevin C. Newsom wrote for the panel. To the surprise of many, some prominent liberal professors filed a brief urging the justices to uphold a key provision of the Texas law. In the second case, Miami Herald v. Tornillo, the Supreme Court in 1974 struck down a Florida law that would have allowed politicians a “right to reply” to newspaper articles critical of them.
Persons: Samuel A, Alito Jr, , Scott Wilkens, Ron DeSantis, John Tully, Donald J, Trump, Greg Abbott of, , Ken Paxton, , Andrew S, Oldham, Kevin C, Newsom, Lawrence Lessig, Tim Wu of, Teachout, Mandel Ngan, Richard L, “ Florida’s, Moody, Paxton, Robins, William H, Rehnquist, Pat L, Tornillo, Warren E, Burger Organizations: Facebook, YouTube, Columbia University, Big Tech, The New York Times, Gov, Republican, Computer & Communications Industry, New York Times, Fox News, U.S ., Appeals, Fifth Circuit, ISIS, Harvard, Tim Wu of Columbia, Zephyr, Fordham, Twitter, Manchester Union, Citizens United, Agence France, University of California, Miami Herald, Florida, Representatives, Constitution Locations: Florida, Texas, Greg Abbott of Texas, Ukraine, Los Angeles, Campbell , Calif
The US economy will see a surge in growth as more people start to take GLP-1 weight loss drugs. "The main reason we see economic upside from healthcare innovation is that poor health imposes significant economic costs," Goldman Sachs said. The more people that take GLP-1 weight loss drugs, the faster the US economy will grow, according to estimates from Goldman Sachs. The bank said in a note on Thursday that US GDP would grow by an extra 1% if 60 million Americans took GLP-1 drugs by 2028. There are several channels through which poor health weighs on economic activity that could diminish if health outcomes improve," Hatzius said.
Persons: Goldman Sachs, , Jan Hatzius, Hatzius, Eli Lilly, Goldman Organizations: Service, Goldman, Novo Nordisk
By Humeyra PamukMUNICH (Reuters) -There is "an extraordinary opportunity" in the coming months for Israel to normalise ties with its Arab neighbors, U.S. Secretary of State Antony Blinken said on Saturday, while also emphasizing the need for the creation of a Palestinian state. The top U.S. diplomat said there were genuine efforts led by Arab countries to revitalize the Palestinian Authority so it can be more effecting in representing the Palestinians. "And there's also, I think the imperative, that's more urgent than ever, to proceed to a Palestinian state that also ensures the security of Israel," he added. Photos You Should See View All 33 ImagesThe Biden administration has been working to secure a mega-deal that will see ties between Saudi Arabia and Israel normalize. The Kingdom and other Arab countries are seeking the creation of a Palestinian state as part of the deal.
Persons: Humeyra Pamuk, Antony Blinken, Blinken, Biden, Jan Harvey Organizations: Palestinian Authority, Security, West Bank Locations: Humeyra Pamuk MUNICH, Israel, Palestinian, Gaza, Saudi Arabia, Kingdom, Washington
Trump sparked fierce criticism from top Western officials for saying that, as U.S. president, he had told an unnamed leader he would not protect countries that failed to meet NATO defence spending targets, and would even encourage Russia to attack them. "Many presidents have been saying for many years that in Europe, we - being a generally wealthy society - should invest more in our own defence," Karins said as he walked between events at the annual Munich Security Conference on Friday. Karins said part of Europe's response should be to continue to spend more on defence - a trend fuelled by Russia's seizure of Crimea in 2014 and full-scale invasion of Ukraine in 2022. Karins said Europe would still need the structures and coordination provided by the U.S.-led North Atlantic Treaty Organization for its forces to operate effectively together, as Europe was not a country with a single army. "We will still need NATO to help coordinate us."
Persons: Andrew Gray MUNICH, Donald Trump's, Krisjanis Karins, Trump, Karins, Andrew Gray, Jan Harvey Organizations: NATO, Latvian, Baltic, Reuters, Security, Treaty Organization Locations: Russia, U.S, Europe, Crimea, Ukraine
Read previewAt the start of 2023, most US economists were bracing for a recession. An economics professor at St Mary’s University, a tiny Roman Catholic college in San Antonio, Texas, bucked the trend. Last January, Belinda Román told surveyors from The Wall Street Journal that she was expecting the economy to have a strong 2023. No recession, low unemploymentIn January 2023, Román locked in her forecast for the year, telling the WSJ that she was expecting the US’s Gross Domestic Product (GDP) to expand by 2.8%. 2024 predictionsMany forecasters are now bullish on the US economy off the back of a stellar 2023 — and Román is no exception.
Persons: , Belinda Román, Román, That's, Taylor Swift, , , who’s, St Mary’s, we’ve, ” Román, Goldman Sachs ’ Jan Hatzius, London —, I’d, there’s Organizations: Service, St Mary’s University, Roman Catholic, Wall Street Journal, Business, Bank of America, JPMorgan, The Commerce Department, St, American Chamber of Commerce Locations: San Antonio , Texas, London
(Reuters) - Iran unveiled new weaponry on Saturday including what it said was the locally made Arman anti-ballistic missile system and the Azarakhsh low-altitude air defense system, the official IRNA news agency reported. Gaza has been under military assault by Israel since Hamas's attacks on Israel's south on Oct. 7. Israel has also struck Iranian targets in Syria. "With the entry of new systems into the country's defense network, the air defense capability of the Islamic Republic of Iran will increase significantly," IRNA said. In June Iran presented what officials described as its first domestically made hypersonic ballistic missile, named Fattah, with a range of 1,400 km.
Persons: Arman, General Mohammad Reza Ashtiani, IRNA, Jan Harvey Organizations: Reuters, Yemen’s, Israel, Iranian Defense Locations: Iran, Yemen’s Iran, U.S, Red, Gaza, Israel, Yemen, Iraq, Syria, Islamic Republic of Iran
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