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☆ ECB hawk Schnabel scraps more rate hikes after 'remarkable' inflation drop
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +4 min

Euro zone inflation tumbled to 2.4% last month from above 10% a year earlier after a record string of rate hikes. Schnabel, who had insisted just a month ago that rate hikes must remain an option because the "last mile" of the inflation fight may be the toughest, said she had shifted stance after three unexpectedly benign inflation readings in a row. "The most recent inflation number has made a further rate increase rather unlikely." "The recent inflation print has given me more confidence that we will be able to come back to 2% no later than 2025." Schnabel said weak growth as a result of the ECB's rate hikes is helping the inflation fight but that a deep or prolonged recession is unlikely, with recent survey data supporting expectations for a recovery.

Persons: Isabel Schnabel, Jim Urquhart, Schnabel, John Maynard Keynes, Christine Lagarde, Francois Villeroy de, Yannis Stournaras, Joachim Nagel, Balazs Koranyi, Catherine Evans Organizations: European Central Bank, Teton, Jackson, REUTERS, Rights, ECB, Reuters, Bank of Greece, Thomson Locations: Jackson , Wyoming, U.S, French, Francois Villeroy de Galhau

☆ Greenland glaciers melt five times faster than 20 years ago
▼ + stars: | 2023-11-10 | by ( Johannes Birkebaek | ) www.reuters.com time to read: +2 min

Valleys cut by glaciers of the Greenland Ice Sheet along the mountains of Greenland, August 3, 2022. Greenland's ice melt is of particular concern, as the ancient ice sheet holds enough water to raise sea levels by at least 20 feet (6 meters) if it were to melt away entirely. "I believe we can prepare for those glaciers to continue to melt at increasing speeds," Olesen said. Glaciers in Greenland are often used to anticipate the effects of climate change on Greenland's ice sheet. The Greenland ice sheet contributed 17.3% of the observed rise in sea level between 2006 and 2018 and glaciers have contributed 21%.

Persons: Jim Urquhart, Anders Anker Bjork, Bjork, Jørgen Eivind Olesen, Olesen, William Colgan, Johannes Birkebaek, Barbara Lewis Organizations: REUTERS, Rights, University of Copenhagen, geosciences, Reuters, European Union, Climate Institute, Aarhus University, Geological Survey, Thomson Locations: Greenland, Denmark

☆ Fed's Mester: Strong jobs data do not change underlying view on hiring
▼ + stars: | 2023-10-06 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

"With this one report, [the data] continues to say it's a strong labor market, but it is getting a little bit less tight than we saw before," Mester said in an interview on CNN International. Mester spoke to the television channel following the release of the September jobs report, which showed the U.S. added a bigger-than-expected 336,000 jobs last month and upwardly revised the prior month's job gain, with a steady 3.8% unemployment rate. The strength of the jobs data renewed bond market worries about additional Fed rate hikes which had receded among many investors. Several economists noted the softening earnings data in the report, evidence that inflation pressures continued to ebb, reducing pressure on the Fed to hike rates further. "What we've seen in the economy so far is that it's been a very resilient economy," Mester said, adding "economic growth has been strikingly strong and yet we're still making progress on inflation."

Persons: Loretta J, Mester, Jim Urquhart, Loretta Mester, it's, Michael S, Diane Craft, David Gregorio Our Organizations: Federal Reserve Bank of Cleveland, Jackson, REUTERS, Federal Reserve Bank, Cleveland, CNN International, Fed, Derby, Thomson Locations: Jackson , Wyoming, U.S

☆ Maker of MDMA-assisted PTSD treatment to seek US regulatory nod
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

A woman retrieves items from the rubble of her destroyed home after a wildfire came through the area in Talent, Oregon, Oregon, U.S. September 21, 2020. PTSD is a disorder caused by very stressful events and can significantly disrupt patients' lives. While PTSD is commonly associated with combat, civilians are not immune to it. Psychoactive ingredients, whether derived from cannabis, LSD or magic mushrooms, have long captivated mental health researchers in their quest for treatments. MAPS, founded in 1986, said it hopes the MDMA-assisted therapy will be approved next year and inspire other researchers studying therapeutic psychedelics.

Persons: Jim Urquhart, Manas Mishra, Pooja Desai Organizations: REUTERS, Multidisciplinary Association for Psychedelic Studies, U.S . Food, Drug Administration, Thomson Locations: Talent , Oregon , Oregon, U.S, United States, Bengaluru

☆ Former Proud Boys leaders could face longest sentences yet for US Capitol attack
▼ + stars: | 2023-08-31 | by ( Sarah N. Lynch | Thomson Reuters | Sarah N. Lynch Is The Lead Reporter For Reuters Covering The U.S. Justice Department Out Of Washington | ) www.reuters.com time to read: +4 min

Proud Boys member Joe Biggs speaks during a rally in Portland, Oregon, September 26, 2020, before he was later arrested for his involvement in the storming of the U.S. Capitol building in Washington. Federal prosecutors have asked a judge to sentence Joseph Biggs to 33 years in prison and they are seeking a 30-year sentence for co-defendant Zachary Rehl. They are due to become the first Proud Boys convicted of seditious conspiracy to be sentenced for their roles in the Jan. 6, 2021, attack. Former Proud Boys Chair Enrique Tarrio and another former leader, Ethan Nordean, were scheduled for sentencing on Wednesday but their hearings were postponed after the judge called out sick. Rehl, meanwhile, "spent his time as president of the Philadelphia Proud Boys trying to present a legitimate-looking front while behind the scenes amassing an army that was ready and willing to fight," they added.

Persons: Joe Biggs, Jim Urquhart, Donald Trump's, Joseph Biggs, Zachary Rehl, Stewart Rhodes, Enrique Tarrio, Ethan Nordean, Joe Biden's, Trump, Biden, Timothy Kelly, Biggs, Rehl, Jack Smith, Norm Pattis, Kelly, Dominic Pezzola, Pezzola, Sarah N, Lynch, Scott Malone, Mark Porter Organizations: U.S . Capitol, Washington . D.C, REUTERS, Rights, Boys, Democratic, Republican, U.S, Philadelphia Proud, Capitol, Prosecutors, Thomson Locations: Portland , Oregon, Washington ., U.S, American

☆ Powell signals no retreat, no surrender
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +4 min

Federal Reserve Chair Jerome Powell walks in Teton National Park where financial leaders from around the world gathered for the Jackson Hole economic symposium outside Jackson, Wyoming, U.S., August 26, 2022. There's no doubt that the U.S. central bank is nearing the end of its mission to wrestle down inflation. Headline consumer price pressures are rapidly abating, thanks to a wholesale retreat in food and energy prices. "It is the Fed's job to bring inflation down to our 2% goal, and we will do so," he said. This week, investors get a dose of top-tier data to help shape their view on the Fed's next move.

Persons: Jerome Powell, Jackson, Jim Urquhart, Amanda Cooper, it's, Mohammed El, Erian, payrolls, Kirsten Donovan Organizations: REUTERS, Federal Reserve, Futures Trading, Reuters Graphics Reuters, Reuters, Dallas Fed, Thomson Locations: Teton, Jackson , Wyoming, U.S

The U.S. economy has avoided a threatened banking crisis and financial markets have not only aligned with the Federal Reserve's tight-credit policies but of late even helped the process by bidding up market interest rates. "I think Powell’s main effort is going to be explaining to what degree you want to hold (interest rates) higher for longer in the current outlook." Investors in contracts tied to the Fed's benchmark interest rate currently expect the Fed to begin reducing the policy rate next year from the current level set between 5.25% and 5.5%. Fed officials in fact have begun discussing the possibility of rate cuts down the road, at least in the context of steadily falling inflation. If inflation does decline as expected, Fed officials including Powell have suggested rate reductions might be appropriate to maintain a roughly constant inflation-adjusted "real rate."

Persons: Jerome Powell, Jackson, Jim Urquhart, JACKSON, Antulio Bomfim, Powell, who've, isn't, Adam Posen, William English, Donald Kohn, Howard Schneider, Andrea Ricci Organizations: REUTERS, Federal, Kansas, Fed, Northern Trust, Bank of England's, Committee, Peterson Institute for International Economics, Yale School of Management, Brookings Institution, Thomson Locations: Teton, Jackson , Wyoming, U.S, , Wyoming, Washington

☆ US stocks may not be ready for hawkish Powell at Jackson Hole, options data show
▼ + stars: | 2023-08-24 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

[1/2] Federal Reserve Chair Jerome Powell walks in Teton National Park where financial leaders from around the world gathered for the Jackson Hole economic symposium outside Jackson, Wyoming, U.S., August 26, 2022. REUTERS/Jim Urquhart/File Photo Acquire Licensing RightsWASHINGTON, Aug 24 (Reuters) - Investors may be underestimating the degree of potential market turbulence stemming from the Federal Reserve's economic symposium at Jackson Hole, Wyoming, potentially leaving them more vulnerable to a hawkish surprise, options strategists said. This year's symposium also comes at a time when various asset classes have become more vulnerable to outsized moves following the Jackson Hole event, according to an analysis by derivatives strategists at Barclays. Across asset classes, the average volatility-adjusted move around Jackson Hole has almost doubled in the 2017-2022 period, compared with 2010-2016, the bank's strategists wrote in a note on Tuesday. Reporting by Saqib Iqbal Ahmed; Editing by Ira Iosebashvili and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Jackson, Jim Urquhart, Powell, Steve Sosnick, Sosnick, Chris Murphy, Saqib Iqbal Ahmed, Ira Iosebashvili, Andrea Ricci Organizations: REUTERS, Rights, Federal, Interactive, Reuters Graphics, Bank of America, Barclays, Treasury, Susquehanna Financial Group, Thomson Locations: Teton, Jackson , Wyoming, U.S, , Wyoming

Stocks: The S&P 500 index rose 0.6% to 2874.69. In fact, the Fed had begun cutting its policy rate just weeks before his 2019 Jackson Hole appearance to offset headwinds to growth from then-President Donald Trump's trade war with China. Powell's "Challenges for Monetary Policy" speech signaled more rate cuts were likely coming. Stocks: The S&P 500 index rose 0.2% to 3484.55. Stocks: The S&P 500 index rose 0.9% to 4509.37.

Persons: Jerome Powell, Jackson, Jim Urquhart, he's, Graphics Powell, Janet Yellen, hawkish Powell, Lean, Powell, Donald Trump's, Trump, Joe Biden, Biden, reappoint, Stocks, Ann Saphir, Dan Burns, Paul Simao Organizations: REUTERS, Kansas City Fed, Graphics, Trump, Reuters, Fed, Democratic, Thomson Locations: Teton, Jackson , Wyoming, U.S, , Wyoming, Jackson Hole , Wyoming, China, United States

If approved, a bitcoin ETF from the world's biggest asset manager could attract investors reluctant to buy the high-risk cryptocurrency directly. Digital asset manager Grayscale had its proposal for a spot bitcoin ETF rejected last year. LESS CAPITAL OVERALLAfter surprise rate hikes in Australia and Canada, and as the Federal Reserve forecasts two more hikes, investors are now betting that interest rates will remain higher for longer. Bitcoin had benefited from ultra-low interest rates, which incentivised investors to take riskier bets in search of returns. "Albeit - there are likely to be further challenges with interest rates continuing to increase," he said.

Persons: Mike Caldwell's, Jim Urquhart, Bitcoin, Charles Schwab, Youwei Yang, BTCM, Wes Hansen, Gordon Grant, Grant, Strijers, he'd, Riyad Carey, Genesis Trading's Gordon Grant, There's, bitcoin, Usman Ahmad, Elizabeth Howcroft, Tom Wilson, Louise Heavens Organizations: REUTERS, BlackRock, U.S . Securities, Exchange Commission, Citadel Securities, Fidelity Investments, Reuters Graphics, Silicon Valley Bank, SEC, Fidelity, Cboe, Kaiko, Federal Reserve, Blackrock, Zodia, Chartered, Technology, Thomson Locations: Sandy , Utah, Silicon, United States, Australia, Canada, Hong Kong

☆ From bears to sharks to orcas, here's what to do if you find yourself up against these apex predators
▼ + stars: | 2023-05-22 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +9 min

Here's what to do if you run into a bear, a shark, an orca, or other potentially dangerous mammals. Here's what you should do if you encounter any of these apex predators and how you can avoid an attack. REUTERS/Jim UrquhartThere are two kinds of bears you're likely to run into while outdoors in North America, depending on where you are: grizzly bears and black bears. The park service says you should try to find a safe place like a car or building. Bison have injured more people in Yellowstone, one of the country's most visited national parks, than any other animal, according to the National Park Service.

The effort comes as the United States seeks to sustain its liquefied natural gas, or LNG, exports to Europe to displace Russian fuel, while also promoting efforts to fight global warming. A credible market for certified natural gas could help it tackle both goals at once. Crabtree said he hosted a workshop in October with gas industry representatives, including a new industry group called the Differentiated Gas Coordinating Council (DGCC), to discuss standards for certified gas. While gas burns cleaner than other fossil fuels, its main component is the powerful greenhouse gas methane, which can leak into the atmosphere from drilling, processing, shipping and distribution. Palti-Guzman said certified gas could also be key to securing a longterm role for U.S. LNG in Europe where carbon prices last month hit a record 100 euros per tonne.

☆ Analysis: With record diversity on their boards, Fed bank chiefs see lower chances of policy error
▼ + stars: | 2023-02-24 | by ( Ann Saphir | ) www.reuters.com time to read: +8 min

Fed bank directors generally stay out of the limelight, but many U.S. central bankers view them as a critical resource. "I think the probabilities are far higher of achieving that gentle transition, that smoother transition," San Francisco Fed President Mary Daly told Reuters in an interview. This year, of the 108 spots on the 12 Fed bank boards, 44% are filled by women, and 41% by people of color, a review of the data shows. Still, a majority of the Fed's economists are white men, as are its top two monetary policymakers: Powell and New York Fed President John Williams. Hispanics and Latinos, Menendez notes, are a fast-growing segment of the population but are underrepresented at the Fed at all levels, including on Fed bank boards.

☆ Arizona judge rejects governor-elect's request to sanction election denier Lake
▼ + stars: | 2022-12-27 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

REUTERS/Jim UrquhartDec 27 (Reuters) - An Arizona judge on Tuesday rejected Democratic Governor-elect Katie Hobbs's request to sanction defeated Republican gubernatorial candidate Kari Lake over her failed effort to overturn the state's election results. The suit was rejected by the Superior Court in Maricopa County on Saturday. On Monday, Hobbs and Maricopa County deputy attorney asked the court to sanction Lake and her attorneys, alleging that Lake had filed a "groundless" lawsuit for a "frivolous pursuit." Hobbs had asked the court to award her over $600,000 to compensate for fees and expenses accrued in defending against Lake's lawsuit. Maricopa County Superior Court Judge Peter Thompson said in Tuesday's ruling that Lake's claims in the lawsuit were not groundless.

[1/3] Oath Keepers militia founder Stewart Rhodes holds a radio as he departs with volunteers from a rally held by U.S. President Donald Trump in Minneapolis, Minnesota, U.S. October 10, 2019. Rhodes in 2009 founded the Oath Keepers, a militia group whose members include current and retired U.S. military personnel, law enforcement officers and first responders. Prosecutors during the trial said Rhodes and his co-defendants planned to use force to prevent Congress from formally certifying Biden's election victory. Caldwell, who like Rhodes did not enter the Capitol building and never formally joined the Oath Keepers, tried to downplay some of the inflammatory texts he sent in connection with the attack. Four other Oath Keepers members charged with seditious conspiracy are due to go to trial in December.

☆ Republicans in one Arizona county refuse to certify election results
▼ + stars: | 2022-11-28 | by ( Ned Parker | Linda So | ) www.reuters.com time to read: +4 min

-Republican officials who have embraced voter fraud theories resisted certifying the midterm election results in one Arizona county on Monday, defying a state deadline and setting the stage for a legal battle. REUTERS/Jim UrquhartoIn Cochise County, a conservative stronghold in southeastern Arizona, the two Republican members of the three-person board of supervisors voted to postpone certifying the county’s election results. On Monday, the Mohave board ultimately certified its election results but also criticized Maricopa’s performance. Arizona law requires counties to certify election results by Nov. 28, ahead of the state’s certification on Dec. 5. “In the last year, it’s become an unprecedented dereliction of duty for county officials to violate their oaths of office and refuse to certify election results, citing ‘gut feelings’ or alleged problems in jurisdictions other than their own,” Becker said.

☆ In Arizona, election deniers refuse to back down
▼ + stars: | 2022-11-28 | by ( Ned Parker | ) www.reuters.com time to read: +5 min

FILE PHOTO: Supporters of Republican candidate for Arizona Governor Kari Lake and Republican U.S. Senate candidate Blake Masters protest outside the Maricopa County Tabulation and Election Center as vote counting continues inside, in Phoenix, Arizona, U.S., November 12, 2022. The defeat of Lake and other election deniers was seen as a powerful rebuke of candidates who echoed Trump’s myths of a stolen election. Republican activists urged voters not to use the secure box on Election Day, according to Maricopa County officials. Maricopa County on Sunday released a report detailing voter numbers by location on Election Day and was scheduled to certify election results on Monday. DELAYS IN CERTIFICATIONElsewhere in Arizona, two conservative counties, Mohave and Cochise, do not plan to certify election results until Monday, the final day to formally do so, following pressure by election deniers.

☆ U.S. House control hinges on tight races after Democrats take Senate
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Jim UrquhartWASHINGTON, Nov 14 (Reuters) - Control of the U.S. House of Representatives hinged on Monday on several tight races that could secure a majority for Republicans following midterm elections that saw President Joe Biden's Democrats beat expectations and retain the Senate. Republicans were closer to winning the House, having secured 211 seats compared to Democrats' 206, with 218 needed for a majority. "That has to be a focal point of every single committee in the Congress, especially in the House under Republican control," Banks told Fox News on Sunday. The Nevada win put Democrats in charge of a 50-50 Senate, with Vice President Kamala Harris holding the tie-breaking vote. Lindsey Graham, a veteran Republican senator, said planned Senate Republican leadership elections should be postponed until after the Georgia race.

Control of the Senate - and the shape of President Joe Biden's next two years in office - will now hinge on contests in Nevada and Georgia. Democrats needed one more seat for control, since Vice President Kamala Harris can cast the tie-breaking vote. Political analysts anticipate a rush of campaign funds into Georgia as Republicans and Democrats gear up for the final battle of the 2022 midterm elections. In the fight for control of the House of Representatives, Republicans were inching closer to becoming the majority and ending four years of rule by Democrats. The Republican House leader, Kevin McCarthy, has already announced his intention to run for speaker if Republicans take over, an outcome he has described as inevitable.

☆ Republicans close in on U.S. House majority, Senate still up for grabs
▼ + stars: | 2022-11-10 | by ( Joseph Ax | ) www.reuters.com time to read: +4 min

A split would mean the Senate majority would come down to a runoff election in Georgia for the second time in two years. Even a slim House majority would allow Republicans to shape the rest of Biden's term, blocking priorities such as abortion rights and launching investigations into his administration and family. A White House official said Biden spoke by phone with Republican House leader Kevin McCarthy, who announced earlier in the day his intention to run for speaker of the House if Republicans control the chamber. Control of the Senate, meanwhile, would give Republicans the power to block Biden's nominees for judicial and administrative posts. MIXED RESULTSThe party in power historically suffers heavy casualties in a president's first midterm election, and Biden has struggled with low approval ratings.

☆ ECB could start shrinking bond portfolio from start of 2023, Nagel says
▼ + stars: | 2022-11-01 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: Bundesbank president Joachim Nagel attends a dinner program at Grand Teton National Park where financial leaders from around the world are gathering for the Jackson Hole Economic Symposium outside Jackson, Wyoming, U.S., August 25, 2022. REUTERS/Jim UrquhartFRANKFURT (Reuters) - The European Central Bank has a long way to go before it is done with interest rate hikes and it should also start reducing its oversized holding of government debt at the start of next year, Bundesbank President Joachim Nagel told a German newspaper. “We should start shrinking our bond portfolio at the beginning of next year, for example by allowing existing bonds to expire in a market friendly way,” Frankfurter Allgemeine Zeitung quoted Nagel as saying on Tuesday in an interview. Nagel, asked about future rate hikes, also said: “There’s still a long way to go. “I am convinced that this is not the end of the rate hikes.”

Oath Keepers militia founder Stewart Rhodes uses a radio as he departs with volunteers from a rally held by U.S. President Donald Trump in Minneapolis, Minnesota, U.S. October 10, 2019. In addition, the defendants who physically entered the Capitol building - Watkins, Meggs and Harrelson - are charged with property destruction. The Oath Keepers is an anti-government militia whose membership includes current and former U.S. military and law enforcement personnel. Dozens of members or associates of the Oath Keepers have been charged in connection with the Jan. 6 attack. Another four Oath Keeper defendants accused of seditious conspiracy will go to trial on Nov. 29.

☆ Fed's Mester: with inflation high, better to act "aggressively"
▼ + stars: | 2022-09-26 | by ( Ann Saphir | ) www.reuters.com time to read: +2 min

Mester said she would be "very cautious" about assessing inflation, and would need to see several months of declines in month-to-month readings to be convinced it had peaked. Similarly, she said she will "guard against being complacent" on long-term inflation expectations that have recently dropped a bit but may not, she said, be as well-anchored as hoped and could rise again. Register now for FREE unlimited access to Reuters.com RegisterPolicymakers faced with uncertainty over inflation expectations should risk setting policy too tight rather than too loose, she said. The Fed last week increased its policy rate to 3%-3.25% in its third 75 basis point hike in so many meetings. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ann Saphir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ ECB must keep raising rates despite downturn, Schnabel says
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

European Central Bank board member Isabel Schnabel attends a dinner program at Grand Teton National Park where financial leaders from around the world are gathering for the Jackson Hole Economic Symposium outside Jackson, Wyoming, U.S., August 25, 2022. REUTERS/Jim Urquhart/File PhotoFRANKFURT, Sept 22 (Reuters) - The euro zone is facing an economic downturn but inflation is still far too high, so interest rates need to keep going up, European Central Bank board member Isabel Schnabel said. "A looming downturn would have a dampening effect on inflation," Schnabel told German news website t-online in an interview. "However, the starting point of interest rates is very low, so it is clear that we need to continue raising rates." Schnabel did not hint which way she was leaning but merely said the ECB would do whatever is needed to get inflation under control.

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