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☆ The Fed could make a big change today. We’re not talking about interest rates
  + stars: | 2024-05-01 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +6 min
New York CNN —Wednesday’s Federal Reserve policy decision will likely be pretty boring for investors — officials are widely expected to keep interest rates the same, just as they have since July 2023. They think that the Fed may curtail its quantitative tightening (QT) program — that’s the selling off of its assets to decrease money supply and increase interest rates — by as much as half. Those purchases ended up pushing down interest rates in certain parts of the economy, like housing and auto sales. That led to a “repo crisis”, where the interest rates for overnight loans between banks spiked unusually high. That’s because a taper should send bond prices higher, and interest rates lower.
Persons: there’s, Jamie Dimon, Jerome Powell doesn’t, Krishna Guha, Marco Casiraghi, ”, Bill Adams, Biden, reclassify, General Merrick Garland, Xochitl Hinojosa, “, Nancy Mace, Earl Blumenauer, ” Read, Zhao, Allison Morrow, ” Binance Organizations: CNN Business, Bell, New York CNN, Fed, JPMorgan Chase, Comerica Bank, Bank of America, CNN, US Department of Justice, Federal Register, Congress, Associated Press, Republican, CZ, Binance, Bloomberg Locations: New York, South Carolina, Oregon, Seattle
☆ Glen Powell at Sundance: ‘I’m Buzzing Right Now, Man!’
  + stars: | 2024-01-25 | by ( Kyle Buchanan | ) www.nytimes.com   time to read: +1 min
It has to do with “Hit Man,” a comedy Powell co-wrote with the director Richard Linklater that casts him as a hapless teacher who must pose as an assassin for hire. I first saw it at the Venice Film Festival in September, where it proved so crowd-pleasing that the audience broke into applause midway through the movie. A week later at the Toronto International Film Festival, the response was also through the roof. But for months, Powell had only heard about all that secondhand. Since the Screen Actors Guild strike was still going strong during the fall tests, Powell wasn’t able to attend a premiere of “Hit Man” until it played Monday night at the Sundance Film Festival.
Persons: Glen Powell doesn’t, ”, Powell, Richard Linklater, Powell wasn’t Organizations: Venice Film, Toronto, Actors, Sundance Film Locations: Venice
☆ Three takeaways from Fed Chair Powell following July hike decision
  + stars: | 2023-07-26 | by ( Elisabeth Buchwald | ) edition.cnn.com   time to read: +3 min
New York CNN —Roughly every six weeks Federal Reserve Chair Jerome Powell delivers a report card that rates the economy’s future performance. This comes along with each decision the central bank makes on interest rates. The latest move — to raise interest rates by a quarter point — came on Wednesday. That’s generally been difficult because the higher interest rates go, the higher the unemployment rate goes, which increases the likelihood of a recession. Powell often gets asked questions that aim to get some clarity on what Fed officials would need to see to start cutting interest rates.
Persons: New York CNN —, Jerome Powell, —, Powell, “, Powell doesn’t, ”, ” Powell, he’d Organizations: New, New York CNN, Fed, Bank Locations: New York, Silicon
☆ Phoenix homeless camp to be cleared after neighbors sued. What happens to vulnerable residents remains unclear
  + stars: | 2023-05-08 | by ( Gabe Cohen | ) edition.cnn.com   time to read: +8 min
Rayann Denny lives in a tent in a homeless encampment in Phoenix. So for now, the crew of helpers has stepped up its years-old effort to try to get residents off the streets. Katie Hobbs this year vetoed one such bill, saying it only served to make homelessness “less visible.”Debbie and Joe Faillace own the Old Station Sub Shop near where a homeless encampment developed. A person walks through a homeless encampment on April 18 in Phoenix. “I think we have a lot of work to do.”Stefanie Powell, right, lives in a tent at a homeless encampment in Phoenix.
☆ Premarket stocks: Here's what keeps Jerome Powell up at night and interest rates high
  + stars: | 2023-02-08 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
Structural changes in the labor market: The US economy added an astonishing 517,000 jobs in January, blowing economists’ expectations out of the water. “The labor market is extraordinarily strong,” he said. Core services inflation: Powell noted that he’s seeing disinflation in the goods sector and expects to soon see declining inflation in housing. Service-sector inflation, which is more sensitive to a strong labor market, is up 7.5% from the year prior through the end of 2022, and has not abated, he said. Tech layoffs, Big Oil and soft landings: What investors are watching▸ The labor market is strong, but tech layoffs keep coming.
☆ Powell Doesn’t Have to Go Full Volcker for Stocks to Drop
  + stars: | 2022-09-21 | by ( Aaron Back | ) www.wsj.com   time to read: 1 min
Rhetoric emanating from the Federal Reserve hasn’t been so hawkish in decades. Investors, especially in stocks, are probably too complacent. The Fed on Wednesday raised the benchmark federal-funds rate by three quarters of a percentage point, to a range of 3% to 3.25%, as expected. Fed policy makers’ projections for rates at the end of this year also rose: Their median forecast is now that the federal-funds rate will reach 4.4% by then.
☆ Jay Powell just went full Volcker
  + stars: | 2022-09-21 | by ( Allison Morrow | ) edition.cnn.com   time to read: +10 min
But in just a few months, that sizable jump has become the norm, and it’s almost certainly sealed Jay Powell’s status as the Paul Volcker of the 2020s. “Chair Powell just announced another extreme interest rate hike while forecasting higher unemployment,” Warren tweeted. Bottom line: Powell continues to draw from the Volcker playbook, which means he’s unlikely to waver on the Fed’s target rate of 2% inflation, lest the central bank’s credibility take another blow. Only time will tell whether that 40-plus-year-old playbook still applies in an economy that’s fundamentally different from the one Volcker confronted. Trump also lied about the square footage of his Trump Tower triplex apartment to inflate the value at over $300 million, James alleges.
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