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☆ TD Bank pleads guilty in money laundering case, will pay $3 billion in penalties
▼ + stars: | 2024-10-10 | by ( Dan Mangan | Dan Mangan Is A Reporter Covering Politics For Cnbc.Com. | ) www.nbcnews.com time to read: +6 min

The total assets of TD Bank’s two U.S. banking subsidiaries will be barred from exceeding $434 billion under that restriction. “Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering,” Garland said. “TD Bank chose profits over compliance with the law — a decision that is now costing the bank billions of dollars in penalties. “In August 2021, a TD Bank store manager emailed another store manager and remarked, quote, ‘You guys really need to shut this down. “This settlement lets bad bank executives off the hook for allowing TD Bank to be used as a criminal slush fund.

Persons: ”, General Merrick Garland, ” Garland, “, Garland, David, Lol, ’ ” Garland, ‘, FinCEN, Wally Adeyemo, ” Adeymo, ” Sen, Elizabeth Warren, ” Warren, Bharat Masrani, ” Masrani Organizations: Bank, Department of Justice, TD Bank, Currency, Federal Reserve, “, Washington , D.C, DOJ, Treasury, Enforcement Network, FinCEN, Street, CNBC, of Justice, Consumer Financial, Bureau Locations: U.S, Wells Fargo, Washington ,, Newark , New Jersey, United States, Canada, “

☆ Mortgage rates surged for the second-straight week after hitting two-year lows
▼ + stars: | 2024-10-10 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —Prospective homebuyers waiting on the sidelines for a further drop in mortgage rates received unwelcome news on Thursday. The average rate on a standard, 30-year fixed mortgage was 6.32% in the week ending October 10, mortgage financing provider Freddie Mac said Thursday. It was the largest one-week increase in mortgage rates since April and the second straight week rates jumped higher after falling to a two-year low last month. Soon after, the average rate on a 30-year fixed mortgage fell to its lowest since September 2022 at 6.08%. The recent bounce in mortgage rates underscores the uneven path toward greater home affordability.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s Organizations: CNN, Fed

☆ Russia's ruble hits the lowest level in a year against the dollar and the yuan
▼ + stars: | 2024-10-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia's ruble continued to sag against the dollar and the yuan, hitting its lowest level in a year. That drop comes ahead of a key US Treasury license expiring this month. AdvertisementRussia's ruble sank to its lowest level in a year against the US dollar and China's yuan this week. The ruble fell to around 97 against the dollar on Thursday, its lowest level against the greenback since October of 2023. The ruble traded around 13.72 against the yuan, also the lowest level against China's currency in a year.

Persons: — Organizations: Treasury, Reuters, Service, Moscow Exchange, National Clearing Center, US Treasury Locations: Moscow, Russia, Ukraine

☆ Gold ticks up, U.S. inflation data in focus
▼ + stars: | 2024-10-10 | by ( ) www.cnbc.com time to read: +2 min

Gold prices nudged higher on Thursday, while traders await a key U.S. inflation data due later in the day to gauge the Federal Reserve's future monetary policy stance. Spot gold rose 0.2% to $2,614.00 per ounce by 0246 GMT, after easing for the previous six sessions. The U.S. Consumer Price Index for September is due at 1230 GMT and Producer Price Index data on Friday. Markets see an 80% chance of a 25-basis-point Fed rate cut in November. Dallas Fed Bank President Lorie Logan called for gradual cuts and said that the U.S. central bank should not rush.

Persons: Price, Ilya Spivak, Spivak, Mary Daly, Lorie Logan, Israel's Organizations: U.S, Consumer, Treasury, Fed, San Francisco Fed Bank, Dallas Fed Bank Locations: U.S, Iran

☆ CNBC Daily Open: Don't ignore the risks as a dovish Fed drives markets
▼ + stars: | 2024-10-10 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

Valerie Plesch | Picture Alliance | Getty ImagesThis 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. Sentiment in markets, it seems, was buoyed by encouraging comments from the Fed. The Fed, in other words, is keeping a close eye on the economy and wants to make sure it maintains its smooth landing. It's as if Stephen Sondheim's musical "Into the woods to get the money," markets are merrily singing.

Persons: Valerie Plesch, Gregory Daco, Goldman Sachs, Stephen Suttmeier, Philip Jefferson reemphasized, we're, Mike Bailey, Stephen Sondheim's, Jeff Cox, Samantha Subin, Sarah Min Organizations: Federal Reserve, Getty, CNBC, Brent, Bank of America, Dow Jones Industrial, Nasdaq, Apple, Micro Computer, Fed, FBB Capital Partners Locations: USA, Washington, Florida, U.S, Israel

☆ Treasury yields slightly higher as investors await inflation data
▼ + stars: | 2024-10-10 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

The 10-year Treasury yield was almost a basis point higher at 4.072%, while the 2-year Treasury was virtually flat at 4.013%. U.S. Treasury yields were mixed Thursday as investors continued to digest meeting minutes from the Federal Reserve and awaited fresh inflation data. 10-year Treasury yields have been climbing steadily over recent days, jumping to 4% on Monday after last week's stronger labor market readings, and following the Fed's cut. In recent days, it has hit its highest level in more than two months. Investors are looking ahead on Thursday morning to fresh consumer price index data to get a handle on the current course for inflation.

Organizations: Treasury, U.S, Federal Reserve, Federal

☆ TD Bank hit with record $3 billion fine over drug cartel money laundering, source says
▼ + stars: | 2024-10-10 | by ( Jordan Valinsky | Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —TD Bank will pay $3 billion to settle charges that it failed to properly monitor money laundering by drug cartels, regulators announced Thursday. TD also intends to pay $1.8 billion to the US Justice Department and plead guilty to resolve the US government’s investigation that the bank violated of the Bank Secrecy Act and allowed money laundering. The US Department of Justice said in a statement that TD Bank had “long-term, pervasive, and systemic deficiencies” in its procedures of monitoring transactions. TD Bank declined to comment on the fine, but the bank plans to hold a call with investors later on Thursday. TD Bank’s (TD) US-listed shares slumped 5% as investors brace for higher legal expenses and weaker growth.

Persons: FinCEN, TD Bank’s, ” John Aiken, “, Allen Stanford Organizations: New, New York CNN —, Bank, US Treasury Department’s, US Justice Department, US Department of Justice, Street Journal, TD Bank, Jefferies, ”, Justice, Treasury, CNN Locations: New York

Propagandists seeking to influence elections around the globe have tried to use ChatGPT in their operations, according to a report released Wednesday by the technology’s creator, OpenAI. OpenAI said in its report that this year it has stopped people who tried to use ChatGPT to generate content about elections in the U.S., Rwanda, India, and the European Union. They also used ChatGPT to create social media posts in support of those sites, according to the report. They were part of a larger campaign that repeatedly spammed pro-party posts on X, a documented propaganda campaign that posted messages — often the same few messages — more than 650,000 times. According to OpenAI’s report, they also tried to get ChatGPT to tell them the default login credentials for other companies that provide industrial control systems software.

Persons: OpenAI, It’s, it’s, Donald Trump’s, ChatGPT, —, Washington didn’t, Ben Nimmo, ” Nimmo Organizations: European Union, U.S, Patriotic, United Nations, Treasury Department, Embassy Locations: U.S, Rwanda, India, Iran, Russia, China, Israel, Israeli, Jordan, cybersecurity, Washington

☆ A Trump victory raises the risk of a US economic situation worse than recession, 'Dr. Doom' Nouriel Roubini says
▼ + stars: | 2024-10-09 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Nouriel Roubini says stagflation risk will rise if Donald Trump wins the election. AdvertisementThe US economy might confront a fate more challenging than a recession if Donald Trump retakes the White House, famed economist Nouriel Roubini said. According to Roubini, Trump's proposals would fuel these two key ingredients: lower growth and higher inflation. In July, JPMorgan's chief global strategist David Kelly called Trump's tariff and immigration policy mix an "elixir for stagflation." AdvertisementRoubini said tensions in the Middle East make the threat of stagflation under Trump worse.

Persons: Nouriel Roubini, Donald Trump, Doom, —, Donald Trump retakes, Trump, Kamala Harris, stagflation, Roubini, Larry Summers, David Kelly Organizations: Greenwich Economic, Treasury, Service, Bloomberg, Barclays, Republican, Peterson Institute, Trump Locations: Greenwich, Israel, Iran

☆ Stock market today: US stocks close at all-time highs ahead of key inflation update
▼ + stars: | 2024-10-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Indexes hit fresh all-time highs ahead of the key inflation report for September due Thursday. AdvertisementUS stocks jumped on Wednesday as traders looked ahead to coming inflation data and took in the minutes of the Federal Reserve's last meeting. The stakes of the next inflation reading have risen after the big September jobs number, and Wall Street could be in for some volatility in the event of an upside surprise, Bank of America said this week. Central bankers predicted inflation would fall to 2% by 2026, while risks to economic strength were "tilted to the downside." According to the CME FedWatch tool, the odds for another jumbo-sized rate cut in 2024 have fallen to zero.

Persons: —, Josh Hirt, Oliver Allen Organizations: Service, Dow Jones Industrial, Investors, Nasdaq, Justice, Treasury, Here's, Fed, Bank of America, Vanguard, Pantheon

☆ Why $3 billion Crestline Summit believes it's different from the 'indentured servitude model' of its multimanager rivals
▼ + stars: | 2024-10-09 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +6 min

For others, such as the $3 billion hedge-fund platform Crestline Summit, it is a part of their expansion plans. One such manager is former Citadel PM Josh White, who started trading at his London-based Regents Gate earlier this year with capital from Crestline. Advertisement"Some of our competitors are kind of an indentured servitude model," said Scott Nelson, who runs the client partnership group. The brand the firm is trying to push externally is that they are "capital partners, not capital providers," Nelson said. AdvertisementA person familiar with the manager's flagship strategy said Crestline was up nearly 12% in 2023, besting funds such as Point72 and Millennium.

Persons: —, Caroline Cooley, Crestline, we're, ExodusPoint, Michael Gelband, Neilson Arbour, multimanagers, Arbour, Cooley, Josh White, Scott Nelson, Nelson Organizations: Service, of, Crestline Summit, Texas, Citadel Locations: Texas, The Texas, of Texas, New York, London, Crestline

☆ Amazon has a great future, says Treasury Partners' Rich Saperstein
▼ + stars: | 2024-10-09 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmazon has a great future, says Treasury Partners' Rich SapersteinRich Saperstein, Treasury Partners founding principal, joins 'Closing Bell' to discuss the equity market, the tech and utilities trade.

Persons: Rich Saperstein Rich Saperstein Organizations: Partners, Treasury Partners

☆ 10-year Treasury yield shifts lower but hovers above 4%
▼ + stars: | 2024-10-09 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

U.S. Treasury yields shifted slightly lower Wednesday, days after the rate on the 10-year note hit its highest level in more than two months. The 10-year Treasury yield's jump to 4% on Monday came after last week's stronger labor market readings, and follows on from the Federal Reserve's rate cut last month. The 10-year Treasury yield was 2 basis points lower at 4.013% Wednesday morning. The 2-year Treasury slipped over 2 basis points to 3.952%. One basis point equals 0.01%.

Persons: yield's Organizations: Treasury

☆ Why the interest-rate cut isn't delivering the relief consumers were hoping for
▼ + stars: | 2024-10-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we got our first interest-rate cut, but it doesn't feel like it for many consumers . We finally got an interest-rate cut, but borrowing costs are still high. First off, last month's interest-rate cut wasn't going to provide immediate relief. Yes, the average 30-year fixed mortgage rate has gone up 47 basis points since the Fed cut rates , writes BI's Matthew Fox. So the Fed cut rates but borrowing costs went up?

Persons: —, Milton, Alyssa Powell, isn't materializing, Jennifer Sor, Let's, BI's Matthew Fox, I'm, It's, BI's James Rodriguez, who's, Warren Faidley, Hurricane Milton, Hindenburg, Chelsea Jia Feng, Vinod Khosla, OpenAI, Mark Zuckerbergs, Gen Zers, haven't, Rebecca Zisser, Elon Musk's, Tesla, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Business, Service, Gas, Hindenburg, Tech, DOJ, Google, Walt Disney World, Hurricane Milton, Federal Reserve, Fed, Treasury, Hurricane, Energy, Futures, Bank of America, Disney Locations: Florida, Warren, Tampa, Chelsea, Robotaxi, Hurricane, New York, London

☆ Fed officials were divided on whether to cut rates by half a point in September, minutes show
▼ + stars: | 2024-10-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

"A few participants also added that a 25 basis point move could signal a more predictable path of policy normalization." Since the meeting, economic indicators have showed that the labor market is perhaps stronger than officials favoring the 50 basis point move had expected. The minutes noted that the vote to approve the 50 basis point cut came "in light of the progress on inflation and the balance of risks" against the labor market. Though the document was more detailed about the debate over whether to approve the 25 basis point cut, there was not as much information about why voters supported the larger move. Since the Fed meeting, both the 10- and 2-year Treasury yields have surged about 40 basis points.

Persons: Michelle Bowman, nonfarm, Jerome Powell, Powell Organizations: Federal, Market, Treasury Locations: WASHINGTON

☆ These dividend growers are also on Goldman Sachs' buy list
▼ + stars: | 2024-10-09 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Goldman Sachs recently screened for stocks that offer solid dividend yield as well as dividend growth, both of which can be covered by the company's earnings or free cash flow. All the names had to also be rated a buy at Goldman and have an estimated dividend yield of 2% or more in 2025. It has an estimated 2025 dividend yield of 4.6%, analyst Deep Mehta said. Its estimated CAGR in dividend-per-share between 2024 and 2026 stands at 19% and its estimated dividend yield in 2025 is 2.9%. In the oil patch, integrated producer Chevron is expected to nab a dividend yield of 4.9% next year.

Persons: Goldman Sachs, Deep Mehta, Corie Barry, Mehta, Prologis, Hess, John Hess Organizations: Federal Reserve, Goldman, Citigroup, Rent, Chevron, nab, Canadian Natural Resources, Federal Trade Commission, Exxon, Hess Locations: Guyana

☆ A warm or in-line CPI print may slow the cutting cycle, says Damped Spring's Andy Constan
▼ + stars: | 2024-10-09 | 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 EmailA warm or in-line CPI print may slow the cutting cycle, says Damped Spring's Andy ConstanAndy Constan, Damped Spring Investors, joins 'Fast Money' to talk Treasury yields climbing, the markets reaction to the latest FOMC minutes, and more.

Persons: Andy Constan Andy Constan

☆ Billionaire 'Bond King' Bill Gross recommends 4 defensive investments for a bull market he sees losing steam
▼ + stars: | 2024-10-09 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Billionaire investor Bill Gross says the stock market's record-breaking run is set to slow. His favorite investments at the moment include MLP pipelines and municipal income funds. "No bear market, but it's not the same bull market anymore," Gross said, adding that equities are set for "low buy positive" returns going forward. He also sees municipal income funds as a worthwhile investment, as many have offered over 7% tax-free yields. Gross named the DWS Municipal Income Trust as one example but noted that there are between 20 and 30 others to choose from.

Persons: Bill Gross, —, it's, Gross, MLPs, Kamala Harris, Warren Buffett Organizations: Service, Annaly Capital Management, Trust Locations: DWS

☆ Dollar holds on to 7-week highs as traders consider U.S. rates outlook
▼ + stars: | 2024-10-08 | by ( ) www.cnbc.com time to read: +3 min

The dollar clung to seven-week highs against major currencies on Tuesday as investors ponder the outlook for U.S. rates after a strong jobs report last week dashed bets for large rate cuts, while escalating tensions in Middle East dented risk sentiment. Traders have drastically shifted their monetary easing expectations from the Federal Reserve this year. That has kept the dollar on the front foot and surging to a multi-week high against the euro, sterling and the yen. The New Zealand dollar was 0.3% higher at $0.6144 ahead of the monetary policy decision on Wednesday. A majority of economists in a Reuters poll last week said the Reserve Bank of New Zealand will cut interest rate by 50 basis points.

Persons: Kieran Williams, Louis, Alberto Musalem, Shigeru Ishiba Organizations: Federal Reserve, Asia FX, InTouch, Reserve Bank of St, Treasury, Bank of, New Zealand, Reserve Bank of New Locations: Middle East, Asia, China, Bank of Japan, Reserve Bank of New Zealand

☆ Rate cuts were supposed to push mortgage rates lower. The opposite has happened.
▼ + stars: | 2024-10-08 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Fed easing hasn't led to lower mortgage rates, with the 30-year fixed rate actually rising since the first rate cut. Mortgage rates are closely linked to the 10-year US Treasury yield, which have also risen over the period. AdvertisementThe Federal Reserve's jumbo interest-rate cut in mid-September was welcome news to prospective homebuyers, with the expectation that a lower fed funds rate would help push mortgage rates lower. According to data from Mortgage News Daily, the average 30-year fixed mortgage rate has jumped about 47 basis points since the Fed rate cut, to 6.62% from 6.15%. Whether that will manifest itself in lower mortgage rates is up in the air.

Persons: —, Jerome Powell, Sonu Varghese, it's Organizations: Treasury, Service, Mortgage News, Carson, CME

☆ Stock futures are little changed after major averages post winning session Live updates
▼ + stars: | 2024-10-08 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

U.S. stock futures hovered near the flatline Tuesday night following a winning session for the major averages. Dow Jones Industrial Average futures rose 11 points, or 0.03%. S&P 500 futures and Nasdaq 100 futures dipped 0.01% and 0.01%, respectively. Wall Street is coming off a strong session for the major averages as tech stocks outperformed, and oil prices eased off their highs. The S&P 500 rose nearly 1%, while the Nasdaq Composite rallied about 1.5%.

Persons: Dow, Keith Lerner, Lerner, Wells Organizations: New York Stock Exchange, Dow Jones Industrial, Nasdaq, Nvidia, Broadcom, Truist, U.S, Treasury, Fed, JPMorgan Chase Locations: what's, Wells Fargo

☆ 10-year Treasury yields shifts lower after crossing 4% in previous session
▼ + stars: | 2024-10-08 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The 10-year Treasury yield was down by over two basis points at 3.998%, while the yield on the 2-year Treasury was 5 basis points lower at 3.949%. U.S. Treasury yields were slightly lower early Tuesday, reversing course after the 10-year hit it highest level in more than two months during the previous session. The 10-year jumped above 4% on Monday amid stronger labor market readings and despite the start of a Federal Reserve rate-cutting campaign last month. The 10-year yield was up more than 4 basis points to 4.024%, its highest since early August and a big turnaround from its 2024 low of around 3.58%, reached a little more than a month ago. The yield on the 2-year Treasury was up nearly 6 basis points to 3.989%.

Persons: policymaker Adriana Kugler, —, John Melloy, Lisa Kailai Han Organizations: Treasury, U.S, Federal

☆ We're exiting a slowdown stock that no longer looks right for this market
▼ + stars: | 2024-10-08 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Following the trade, Jim Cramer's Charitable Trust will no longer own a position in Procter & Gamble. Shares of P & G have had a good run this year, rallying 14% on top of three dividend payments collected along the way. As we pointed out in a recent trim , P & G rose to new highs at the start of September when the market rotated into defensive stocks. Against that backdrop, we see less need to hold onto traditional slowdown stocks like P & G that don't have enough growth to satisfy their valuations. Due to this premium, we don't think P & G has the potential upside we seek in the portfolio.

Persons: Jim Cramer's, —, Jim Cramer, Jim Organizations: Procter, Procter & Gamble, Federal Reserve, Jim Cramer's Charitable, CNBC Locations: Procter &

☆ China state planner lays out further actions to boost economy but no new plans for major stimulus
▼ + stars: | 2024-10-08 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

Two women sit on the sidewalk of Qiansimen Jialing River Bridge, decorated with Chinese national flags, on October 3, 2024 in Chongqing, China. National Day Golden Week is a holiday in China commemorates the founding of the People's Republic of China in 1949. But he stopped short of announcing any new major stimulus plans, underwhelming investors and weakening the rally in the mainland Chinese markets. China will speed up special purpose bond issuance to local governments to support regional economic growth, the senior NDRC official said. Zheng said ultra-long special sovereign bonds, totaling 1 trillion yuan, have been fully deployed to fund local projects, and he vowed that China will continue to issue ultra-long special treasury bonds next year.

Persons: Zheng Shanjie, Zheng Organizations: National, Reform, Golden, CSI Locations: Chongqing, China, People's Republic of China, Shanghai

☆ Federal Debt and the Election
▼ + stars: | 2024-10-08 | by ( David Leonhardt | More About David Leonhardt | ) www.nytimes.com time to read: +2 min

Likewise, the federal government will eventually face consequences for spending more money than it raises in taxes. Already, the costs of high federal debt are evident. About one-seventh of all federal spending this year will cover interest payments on debt the government previously accumulated. (Social Security remains almost twice as expensive as Medicare, the military or debt interest.) Over time, interest payments will account for an even larger share of the federal budget, leaving less money for everything else.

Persons: —, doesn’t Organizations: Treasury, Social Security

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