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Oaktree Capital on US Fed and rate hikes and balance sheet cuts
  + stars: | 2022-01-27 | 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 EmailU.S. Fed doesn't want to be 'confined to a box' by being too specific: Investment management firmHoward Marks of Oaktree Capital Management discusses the U.S. Federal Reserve's plan to hike interest rates and cut its balance sheet. He says the "only thing" that matters is the "general direction" the central bank will take, rather than the rate or timing of its changes.
Persons: Howard Marks Organizations: U.S, Fed, Investment, Oaktree Capital Management Locations: U.S . Federal
Randall Kroszner on US Federal Reserve and balance sheet cuts
  + stars: | 2022-01-27 | 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 EmailU.S. Fed's 'tap dance' around balance sheet cut probably due to lack of consensus: Ex-Fed governorRandall Kroszner, deputy dean at the University of Chicago Booth School of Business and former U.S. Federal Reserve governor, says there are probably many different views on "how quickly and in what form" the balance sheet should be reduced.
Persons: Randall Kroszner Organizations: U.S, University of Chicago Booth School of Business, U.S . Federal Reserve
The U.S. Department of Energy has announced $25 million in funding for eight projects focused on wave energy technologies. The DOE said the projects will be based on three things: the testing of wave energy converter tech; wave energy research and development; and the advancement of wave energy converter designs. The projects will make up the first round of open-water testing at PacWave South, a facility that will be located in waters off the coast of Oregon, the DOE said in a statement earlier this week. Construction of PacWave South began in June 2021 and is expected to be operational by next year, with grid-connected testing starting in 2024. Companies to receive funding include CalWave Power Technologies, which has been awarded $7.5 million; Portland State University, set to receive a little over $4.5 million; and Columbia Power Technologies, which will get just under $4.2 million.
Persons: Jennifer M, Granholm Organizations: U.S . Department of Energy, DOE, PacWave, Companies, CalWave Power Technologies, Portland State University, Columbia Power Technologies Locations: Oregon, U.S
US gross domestic product grew at an annualized rate of 6.9% in the fourth quarter of 2021. The final months of 2021 saw the Delta wave subside before Omicron fueled an even worse virus surge. The country's gross domestic product grew at an annualized rate of 6.9% through the fourth quarter of last year, the Commerce Department said Thursday. The fourth quarter saw virus cases rip higher as Omicron's spread intensified, yet the period doesn't capture the worst of the latest wave. Historically high inflation swung even higher in the fourth quarter as supply woes and overwhelming demand continued to drive prices higher.
Organizations: Omicron, Service, Commerce Department, Bloomberg, JPMorgan, Imports
The final three months of 2021 got a much better scorecard than economists had predicted: GDP grew at an annualized rate of 6.9% in the fourth quarter. It was a substantial uptick from the Delta-ridden third quarter, GDP grew at an annualized pace of only 2.3% . In fact, it was the best quarterly performance since the third quarter of 2020 when the initial reopening boom buoyed economic growth. High growth, high inflationBut it wasn't just the growth rate that jumped last year. In the fourth quarter, PCE inflation was 6.5%, the biggest jump since the third quarter of 1981.
Persons: Ronald Reagan Organizations: CNN, Economic Locations: York
Crypto taxes startup CoinTracker has raised $100 million in a round that values it at $1.3 billion. Investing giant Accel led the round, with Coinbase Ventures and Kraken Ventures also contributing. The company has excelled during a period where interest in cryptocurrencies has exploded with around 300 million crypto users globally. Investing giant Accel led the Series A round, with Coinbase Ventures and Kraken Ventures, two of the world's biggest exchanges, both contributing to the raise. The new funding round values CoinTracker at $1.3 billion but Lerner said the company is predominantly focused on using the capital to further grow its headcount.
Persons: Jon Lerner, CoinTracker's, Lerner, We've Organizations: Accel, Coinbase Ventures, Kraken Ventures, US, Catalyst, Ventures Locations: cryptocurrencies, Australia
The S&P 500 was on course to rise Thursday after two sessions of losses. Stocks moved higher after data showed the US economy grew by 6.9% in the fourth quarter. Equities also rose after data showed weekly jobless claims fell by 30,000. The data also showed growth accelerating from the 2.3% rate in the third quarter. Around markets, legendary investor Jeremy Grantham warns of a "superbubble" and predicts stocks will crash.
Persons: Stocks, Jerome Powell, Jeremy Grantham, Brent Organizations: Federal, Omicron, Commerce Department, Bloomberg, Dow Jones, Nasdaq, West Texas Intermediate
Former UN Ambassador Nikki Haley called on President Biden and VP Harris to resign. In a Fox News radio interview, Haley said Biden should " step down and take Kamala with him." Haley also said she's worried the US will look "weak" on foreign policy at the Beijing Olympics. Unlike Haley, Trump has not called for a boycott either. "They know that they've never had a weak president like this before.
Persons: Nikki Haley, Biden, Harris, Haley, Kamala, she's, Joe Biden, Kamala Harris, Guy Benson, Nancy Pelosi, Donald Trump, Trump, Putin, Xi, Kim Jong Un, they've, emboldening strongmen, Vladimir Putin Organizations: UN, Fox News, Beijing, Service, Republican, Games Locations: Beijing, Afghanistan, North Korea, Iran, Ukraine
led 2021 fintech deal count and funding. US: Fintech funding climbed 171% to $62.9B for the year as investors shrugged off pandemic-related market uncertainty. Asia: Record fintech deal activity occurred during Q421, with 352 deals—its strongest quarter in almost four years. Latin America: Fintech funding more than tripled in 2021 to hit $12.9B, driven by mega-rounds, which made up almost 70% of the funding in 2021 , per Dealroom. Latin America: Fintech funding here will hit a new peak in 2022, eclipsing the $13 billion mark.
Persons: What's, fintech, NYDIG Organizations: Latin America, Intelligence, Q421, fintechs, Bank, South, Republica Locations: Asia, Latin, Europe, America, New York, South Korean, CRED, India
What happens when social media does its job connecting just the right people but then brings in the wrong people, as well? The strange case of the “West Elm Caleb” moment on TikTok highlights this complicated, powerful dynamic well. The early spread of the story of West Elm Caleb looked much like a whisper network — without the secrecy, but still intended as a warning. The degree of disagreement over the fate of West Elm Caleb demonstrates exactly why these are hard problems to solve. They also involve, like most issues that implicate both the good and the bad of social media, a tangle of human flaws and technological flaws.
Persons: , Caleb ”, Caleb, Elm Caleb, aren’t, ’ Kalhan Rosenblatt, , Couch Guy, Robert, Monica Lewinsky, Sabrina Prater, Justine Sacco, Caleb —, Merrill Lynch, TikTok, Ina, Elm Organizations: Google, Facebook, Twitter, West Elm, NBC Locations: New York,
Dominion Voting Systems says there's no "realistic possibility" of settling their defamation lawsuit with Rudy Giuliani, Sidney Powell, and Mike Lindell. MyPillow CEO Mike Lindell told Insider on Tuesday that he will "never settle" with Dominion either. In August, Nichols denied attempts from Powell, Giuliani, and Lindell to dismiss Dominion's lawsuits against them. Lindell told Insider, claiming that "many new charges and lawsuits" will be brought against Dominion in the "next two to three weeks." Since Dominion filed its lawsuits against them in early 2021, Giuliani and Lindell have continued to double down on their baseless claims of voter fraud.
Persons: Rudy Giuliani, Sidney Powell, Mike Lindell, Powell, Giuliani, Carl J, Nichols, Lindell, Trump, Smartmatic Organizations: Systems, Dominion, Service, Voting Systems, Trump, US, FBI, Supreme Locations: Manhattan
The cybersecurity startup PQShield just raised $20 million for post-quantum cryptography. New cryptography standards are being set by the US National Institute of Standards and Technology this year. The UK-based startup is developing post-quantum cryptography with the goal of protecting our most personal data — finances, healthcare, and private conversations — from hackers. PQShield says it is developing technology for credit cards that uses post-quantum cryptography to authenticate its user. Check out the pitch deck PQShield used to raise the cash below.
Persons: You've, you've, Ali El Kaafarani, PQShield, Kaafarani Organizations: US National Institute of Standards, Technology, Oxford University, White, Cyber Security, Addition, Oxford Science Enterprises Locations: London
The Series A funding also includes investments from crypto investment firm Paradigm and Multicoin Capital. Chicago-based FTX US was launched in 2020 by former Wall Street high frequency trading executives, and competes with leading crypto exchanges Coinbase and Binance. In October, FTX US acquired LedgerX in a move to expand into crypto futures and options trading. FTX US had an average daily volume of about $360 million in the third quarter, according to the company. Its users increased by 52% quarter over quarter, though the company has declined to share how many users it has overall.
Persons: Edgar Su Jan, Brett Harrison, Harrison, Hannah Lang, Himani Sarkar Organizations: REUTERS, Japan's SoftBank Group Corp, Singapore's Temasek Holdings, Multicoin, Venture, Wall, FTX, Citadel Securities, Thomson Locations: U.S, Chicago, Washington
Exploring the underlying nature of reality has been an obsession of philosophers since the time of Socrates and Plato. But until recently the simulation hypothesis had been a matter for academics. But a brain-bending new book by the philosopher David Chalmers — “Reality+: Virtual Worlds and the Problems of Philosophy” — has turned me into a hard-core simulationist. After reading and talking to Chalmers, I’ve come to believe that the coming world of virtual reality might one day be regarded as every bit as real as real reality. Yet if that’s possible, how could we know that we’re not already in its simulation?
Persons: Socrates, Plato, I’ve, Nick Bostrom, David Chalmers —, ” —, Chalmers, Organizations: Oxford, Microsoft
That's about where America is landing on the crisis unfolding in Ukraine, where Russian President Vladimir Putin has amassed more than 100,000 troops along the border. Putin has spoken longingly of creating a Novorossiya, or New Russia, that would reclaim Ukrainian territory held by the tsars during the 18th century. In other words, if Putin attempts something short of a full-scale conquest of Ukraine, NATO will respond with internal bickering over how to respond. "Russia and Ukraine have been separate peoples for centuries," said Mykola Murskyj, a former international-affairs specialist at the Justice Department. But with the West so divided, Putin knows there's not much the US and NATO can do to stop him from encroaching on Ukraine.
Persons: Tommy Lee Jones, Jones, he's, Vladimir Putin, Putin, John Bolton, Max Boot —, Joe Biden, Bolton, Biden, Patrick Porter, MAGA, That's, Donald Trump, , hasn't, Mykola Murskyj, England's, there's, we've Organizations: NATO, AP, University of Birmingham, Ukraine, US, Republican Party, Republican, Energy, SWIFT, Kremlin, Russian, Justice Department Locations: West Texas, America, Ukraine, New Russia, United States, Russia, Afghanistan, Iraq, It's, Eastern Europe, Russian, Crimea, Ukrainian, China, Kyiv, Europe, France, Italy, Germany, Baltic, Washington, Donbas
The company provides access to private equity funds for high net worth individual investors. Moonfare hopes to tap into the more than 1.1 million very-high net worth individuals in the US. Moonfare, a fintech that allows high net worth individuals to invest in private equity, is set to launch in the US. The firm operates across 13 countries and is now ready to expand into the US, a growing market for very-high net worth (VHNW) individuals. High net worth individuals are broadly categorized as a person with more than $1 million in liquid financial assets, which excludes the value of their home.
Persons: Moonfare, Dimitrios Magiakos, Magiakos Organizations: KKR, Blackstone, Insight Partners, German Locations: Berlin, New York City, Europe, New York, Singapore
People walk as Israeli navy boats are seen in the Mediterranean Sea as seen from Rosh Hanikra, close to the Lebanese border, northern Israel May 4, 2021. REUTERS/Ammar Awad/File PhotoJERUSALEM, Jan 26 (Reuters) - U.S.-brokered negotiations to demarcate the maritime border between Israel and Lebanon will resume next week, Israel's Energy Ministry said on Wednesday. Long time foes Lebanon and Israel started indirect negotiations through U.S. mediation in 2020 at a U.N. peacekeeping base in Lebanon's Naqoura, but the talks have stalled several times. The maritime border dispute has held up exploration in the potentially gas-rich area. Israel was also willing to continue negotiations, the Energy Ministry said, adding that Energy Minister Karine Elharrar would meet U.S. envoy Amos Hochstein next week as part of efforts to settle the dispute.
Persons: Ammar Awad, Jan, Michel Aoun, Israel, Karine Elharrar, Amos Hochstein, Ari Rabinovitch, Jon Boyle, William Maclean Organizations: REUTERS, Israel's Energy Ministry, Energy Ministry, Energy, U.S, Thomson Locations: Rosh Hanikra, Lebanese, Israel, Lebanon, Lebanon's
US stocks rallied on Wednesday after a volatile start to the week, ahead of the conclusion of the Federal Reserve's two-day policy meeting later today. ET open on Wednesday:Investors are counting down the hours until the central bank announces its decision, which is due at 2 p.m. Many are not expecting the Fed to implement immediate changes but instead will search for clues on when the central bank plans to hike interest rates. That included worries the central bank may start to shrink its nearly $9 trillion balance sheet — more commonly known as quantitative tightening. US President Joe Biden said he would consider personally sanctioning Russian President Vladimir Putin if he orders a Ukraine invasion.
Persons: Jerome Powell, Brian Rauscher, Tesla, Joe Biden, Vladimir Putin, Brent Organizations: Federal, Dow Jones Industrial, Microsoft, Fed, Apple, West Texas, Treasury Locations: Here's, Russia, Ukraine, Tuesday's
And historical data shows that while a shift in Fed policy often generates volatility, rate hike cycles are often good for stocks, not bad. "A growing economy supports corporate profit growth, which supports the stock market," he explained. Lerner's team estimates that stocks have climbed at an average annualized rate of 9% during the 12 Fed rate hike cycles since the 1950s and generated positive returns in 11 of those instances. But the US stock market is now way more exposed to big tech companies, which have been vulnerable recently. The takeaway: Microsoft has suffered alongside other tech stocks as investors brace for action from the Federal Reserve.
Persons: Keith Lerner, Goldman Sachs, Goldman, Satya Nadella, Wells Fargo, There's, Biden, Joe Biden, Intel INTC Levi Strauss LEVI Tesla, Clark Organizations: CNN Business, Bell, CNN, Federal Reserve, Dow, Nasdaq, Investors, Microsoft, Apple, Nvidia, Tesla, Google, Fed, CVS, Wells, Activision Blizzard, US Commerce Department, Boeing, Intel, Whirlpool Locations: London, United States, Columbus , Ohio, Kimberly
They hear 'fourth shot,' and it just freaks them out," said Elizabeth Nunn, who is immune-compromised and was turned away for a fourth shot by three pharmacies near her home north of New York City. Fraser and an official at a pharmacy association added that the CDC's fourth shot guidance is difficult to decipher. Nunn was more than five months past her third shot, which made her eligible for her fourth shot by the CDC guidance. She said she explained that the CDC had recommended fourth shots for people with compromised immune systems, but it didn't help. Crystal Boatenreiter, a liver transplant recipient, says she was denied a fourth shot at Springfield Drug Store in Springfield, Louisiana.
Persons: Elizabeth Nunn, Kristen Nordlund, Michael Fraser, Fraser, Allie Jo Shipman, Covid, Janet Handal, Handal, Nunn, Cellcept, he'd, couldn't, Nunn's rheumatologist, Matt Blanchette, Dana Ward, Liam Schneider, Schneider, Teri Dary, Alex Brown, Angie Rush, Kristal Howard, Glenn Menard, Henry, Rush, Henry Ford, Phil Hampton, they'd, Crystal Boatenreiter, David Cassanova, he's, Michelle McCalope, Samantha Fuld, aren't, Rosa Baier, Baier, Menard, she's, Dr, Sanjay Gupta, it's, Jill Gottesman, We're Organizations: CNN, US Centers for Disease Control, CDC, Association of State, Territorial Health, National Alliance of State Pharmacy, CVS, Acme, Mor, Walgreens, Kroger, UCLA Health, Henry Ford Health System, Menard, Pfizer, Moderna, UCLA, FDA, Springfield Drug, Louisiana Department of Health, New York Department of Health, Health, New York, New York State Department of Health, Brown University School of Public Health, CNN Health Locations: New York City, New York, Peekskill , New York, Peekskill, Mohegan, Croton, Hudson, Fort Atkinson , Wisconsin, Royal Oak , Michigan, Rush, Detroit, Springfield , Louisiana, New York State, California
65% of single women aren't waiting for marriage to buy homes. Single women now own more homes than single men in the United States' 50 largest metro areas. A solid majority of single women don't plan on waiting until they're married to pursue mortgages, according to recently released data from Bank of America. Single women are also quietly dominating the housing market, with more single women owning homes than men in the biggest cities in the country. But single women are succeeding in these goals anyway: U.S. Census Bureau data analyzed by the mortgage research firm LendingTree found that single women are more likely than single men to own a home in every one of the US' 50 largest metros.
Persons: they're, homeownership, homebuying, — they're, Susan Atran, LendingTree, weren't, Atran Organizations: Service, Bank of America, US, Media Relations, . Census, Pew Research Center Locations: United States
By late 1942, the US Navy's carrier fleet in the Pacific was in poor shape. To bolster that fleet, the US Navy got a loan from Great Britain: the aircraft carrier HMS Victorious. The carrier, codenamed USS Robin, never saw action with the US, but it helped bolster the American air arm. To bolster their ally, the British Admiralty would loan the aircraft carrier HMS Victorious to the US Navy to operate in the Pacific. The Fleet Air Arm Fairey Albacore Torpedo-Bombers that she carried were replaced with TBM Avengers.
Persons: Robin, USS Wasp, Winston Churchill, Franklin Roosevelt, Victorious, Grumman, HMS, DeWitt Ramsey, HMS Victorious, Tirpitz, TF113 Organizations: US, US Navy, Service, New, British, Royal Navy, USS, Guadalcanal, Hornet, USS Enterprise, British Admiralty, Norfolk Naval Shipyard, Fleet, Torpedo, Bombers, F4F, US Navy Task Force, US Pacific Fleet, Carrier, Commanding, Squadron FAA, F4F Wildcats, US Carrier Air, Saratoga, British Home Fleet, Eastern Fleet, Task Force, Force, Defense Ministry, Pacific Locations: Great Britain, New Georgia Islands, Saratoga, Noumea , New Caledonia, Santa Cruz Islands, Santa Cruz, Pacific, Noumea, Panama, Pearl, Pearl Harbor, New Georgia, Nouméa, Essex, USS Lexington, British, Indiana, San Diego, Norfolk, Greenock, Scotland, Sydney, Bismarck, Okinawa, Caroline Islands, Formosa
Experts found a company's mission and values are more important to workers than compensation and benefits. Companies need to connect with their workforce to understand what's important to their employees. This was part of Insider's "Leading Into the Future of Work" event, presented by Adobe, on Jan. 20, 2022. Brian Offutt, chief workforce innovation and operations officer at Weber Shandwick, thinks compensation and benefits are not enough. "What we have found is that there are three things that are going to drive people to make decisions about joining and staying at places of work," Offutt said.
Persons: aren't, , Britney Nguyen, Darren Burton, Brian Offutt, Weber Shandwick, Offutt, Weber, It's, Burton Organizations: Adobe, Service, KPMG US, Companies, Minds, Employees
Retail traders bought $1.8 billion worth of stocks Tuesday as the broader market slumped. Amid the current rout, retail traders have been "strong dip buyers," Vanda Research said. Retail traders poured into stocks as markets cratered this week. The only two securities that retail traders mostly sold were bearish products, including the ProShares UltraPro Short QQQ ETF. On Wall Street Bets, the Reddit thread behind meme-stock mania, retail traders mostly talked about Microsoft, Tesla, and GameStop, on Tuesday, according to Quiver Quantitative data.
Persons: Vanda, they've, Palantir, Morgan Stanley Organizations: Retail, Vanda Research, Bell, US Federal Reserve, Microsoft, GameStop, AMC Locations: Russia, Ukraine
President Joe Biden promised on the campaign trail to nominate a black woman to the Supreme Court. Breyer has decided to step down from the Supreme Court at the end of this current term, according to NBC News. The timing of Breyer's decision could benefit Jackson if she goes through a Supreme Court confirmation, some observers say. "If they would have tried to elevate [Judge Jackson] to the Supreme Court last June, they would've taken hits that she wasn't ready for the job." Biden's short list is also expected to include California Supreme Court Justice Leondra Kruger, South Carolina District Court judge Michelle Childs and Minnesota District Judge Wilhelmina Wright.
Persons: Stephen Breyer, Ketanji Brown Jackson, Joe Biden, Stephen Breyer's, , Biden, Jackson, Donald McGahn, Jackson —, Breyer, Mike Davis, — Davis, Jonathan Adler, Erin Schaff, Del, Eleanor Holmes Norton, Norton, Kamala Harris, Justice Leondra Kruger, Michelle Childs, Wilhelmina Wright, Kruger, Department's Organizations: Supreme, Service, US Senate, Appeals, DC Circuit, Trump White, Trump, US, Harvard Law School, District of Columbia, Progressives, NBC News, Republican, Case Western Reserve University, Hire, Senate, Republicans, South, Biden, National Law Locations: Washington , DC, District, Washington, California, South Carolina, Minnesota
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