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A little over a year into running her cleaning business, Cool Aunt Cleaners, Anna-Marie Ortiz has learned a lot about the resilience and adaptability needed to succeed as a small business owner. Matt Wolcott | CNBC Make ItOrtiz started the business in July 2023 with her last $2,000 in savings. Despite the failure, running the shop gave Ortiz lasting insights she was able to apply to her cleaning business. To drum up business, Ortiz put up flyers and handed out business cards in targeted neighborhoods. Looking aheadOrtiz has ambitious plans to expand Cool Aunt Cleaners beyond Portland and turn it into a "seven-figure business."
Persons: Marie Ortiz, , Anna, Matt Wolcott, Ortiz, she's, it's, I've, they're, recalibrating, Ortiz doesn't, she'd Organizations: CNBC, Butler Community College, Transportation, Amazon Prime, Spotify Locations: Portland , Oregon, Wichita , Kansas, Wichita, Kingman , Kansas, Lawrence , Kansas, Portland, West Coast, forbearance
Chief among them, the person the outgoing president tapped to replace him on the ticket, Vice President Kamala Harris. “People understood that if you didn’t choose Kamala Harris, you’d have a big problem with your base voters,” Etienne says. He’s had plenty of women who worked for him over the years, but there was no one who looked like Kamala Harris and there was no one in a position of authority. Vice President Kamala Harris and Minnesota Gov. Elijah Nouvelage/AFP/Getty ImagesComing Thursday: How cat people are still haunting Trump’s campaign
Persons: Joe Biden, Donald Trump, Read, ” Joe Biden, CNN’s MJ Lee, Nancy Pelosi, Biden, Lee, , , Pelosi, “ America’s, Evan Vucci, Trump’s, Team Trump, “ Trump, unpleasantly, Tim Alberta, NPR’s Michel Martin, Kamala Harris, “ Joe Biden’s, California’s Gavin Newsom, Michigan’s Gretchen Whitmer, J.B, Pritzker, Kentucky’s Andy Beshear, Maryland’s Wes Moore, Pennsylvania’s Josh Shapiro, Sens, Amy Klobuchar, Joe Manchin, Pete Buttigieg, Harris, ” Lee, Ashley Etienne, Barack Obama, you’d, ” Etienne, Trump, Harris ’, , “ Kamala, I’ve, Ron Bieber, cheaters, Donald Trump’s, “ We’re, Kevin Mohatt, CNN’s Kristen Holmes, CNN’s Phil Mattingly, Van Jones, he’s, Rachel Scott, Vincent Alban, Obama, Hillary Clinton, Lyin, Kamala ”, Etienne, Treene, Jeff Zeleny, detests Biden, viscerally detests, He’s, Tim Walz, Ohio Sen, JD Vance, Walz, ” Vance, Vance, Brendan Smialowski, CNN’s Edward, Isaac Dovere, Beyoncé’s, Roe, Wade, smirking, Elijah Nouvelage Organizations: CNN, Guardian, White, Republican National Convention, Team, Trump, Governors, Democratic National Convention, Naval, Democratic Party, Harris, Biden, Democratic, AFL, National Association of Black Journalists, ABC, Howard University, Minnesota Gov, Marine, Army National Guard, United States Marine Corps, Ohio Republican, Arlington National Cemetery, Pentagon, Getty, Republicans, , Fox News, ABC News Locations: Wilmington, Delaware, Atlantic, Michigan’s Gretchen Whitmer , Illinois, Minnesota, West Virginia, Michigan, Wisconsin, West Allis , Wisconsin, Trump, Jamaica, India, United States, Iraq, United States of America, Afghanistan, Philadelphia, AFP, Roe, Alabama, Atlanta
First, higher interest rates will reward savers, making it more expensive to take risks. And with interest rates so low, companies could suddenly load up on debt: From 2007 to 2017, global nonfinancial corporate debt doubled, to $66 trillion. Now, with the arrival of a new supercycle, money managers are once again being forced to adapt to a changing set of economic realities. Normally, when the Fed hikes interest rates rapidly, the stock market tanks. Rising interest rates will make loans more expensive, forcing businesses to make more-thoughtful decisions about debt.
Persons: Josh Hirt, Silas Myers, Myers, Hirt, you've, Joe Quinlan, they'll, Quinlan Organizations: Investors, Vanguard, Mar Vista Investments, Federal Reserve, Capital, . Venture, Nasdaq, Bank of America, Big Tech, Federal Trade Commission, Treasury, European Union, Aerospace Locations: Washington, China, Unemployment, Europe, America, Japan, United States
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
Then there's the upside progress made in the third quarter without the leadership of super-cap tech – the equal-weighted S & P 500 is up nearly 9% since June 30 and the Nasdaq 100 up less than 2%. Goldman Sachs here plots the S & P 500 forward P/E at the time of each initial rate cut in a cycle. For sure, a breather would make sense for the broad market, with the S & P 500 up 11 of the past 15 days. In either case, it's a notable deviation from the story of placid strength being told by the S & P 500 itself. The median Wall Street strategist target for the S & P 500 is now well below the current index level, usually not something one sees at an ultimate market peak.
Persons: Scott Chronert, isn't, Goldman Sachs, it's, John Kolovos, Bitcoin's Organizations: Nasdaq, Citi, Fed Locations: China
Read previewSaudi Arabia's new city of the future, Neom, isn't looking quite so glamorous just yet. A wave of vloggers and micro-influencers have been posting on social media about their lives in the still-developing desert city — and their posts are kind of falling flat. AdvertisementThis publicity image shows a design for "The Line," a part of the planned Saudi Arabian desert megacity in Neom. NeomAnd then there's the reality of what living in Neom currently looks like. The city of Neom did not immediately respond to a request for comment from Business Insider, nor did Herman.
Persons: , Saudi Arabia's Crown Prince Mohammed bin Salman, Jessica Herman, Herman, It's, Herman who's, vloggers, Sara Sarasid, Aida McPherson, Joshua Hind, Matt Bevan, Herman's, we've, Neom Organizations: Service, Saudi Arabia's Crown, Business, ABC News, BBC, Saudi, Wall, Variety Locations: Saudi, Neom, KSA
A week's worth of inflation data showed that price pressures have eased substantially since their meteoric rise in 2021-22. "We got two more months of good inflation data" since the last Fed meeting, Claudia Sahm, chief economist for New Century Advisors, said in a CNBC interview Friday. Futures markets for most of the past week had lasered in on a quarter percentage point, or 25 basis point, rate cut. The inflation data "on its own would have gotten us 25 next week, as it should, and will get us a whole string of cuts after that," she said. [Fed officials] need to kind of clean it up, do a 50 basis point cut and then be ready to do more."
Persons: Jerome Powell, Claudia Sahm, Sahm Organizations: Banking, Housing, Urban, Capitol, Federal Reserve, Federal, New Century Advisors, CNBC, Fed Locations: Washington ,
Economist Claudia Sahm urged the Federal Reserve to cut interest rates by 50 basis points next week. Sahm cites solid inflation progress and a slowing labor market as reasons for the big rate cut. AdvertisementThe Federal Reserve "absolutely" needs to deliver a 50 basis point interest rate cut next week, according to famed economist Claudia Sahm. We need to kind of clean it up, do a 50 basis point cut, and then be ready to do more," Sahm said. AdvertisementInvestors are undecided as to what the Fed will do at its FOMC meeting next week, with the CME FedWatch Tool showing a near 50/50 split probability between a 25 basis point or 50 basis point cut as of Friday morning.
Persons: Claudia Sahm, Sahm, , Powell, it's Organizations: Federal Reserve, Service, CNBC, Fed, Atlanta
The other stocks include: Ralph Lauren, Yeti, Goldman Sachs, and GE Aerospace. "We rate YETI shares Buy as we expect continued momentum supported by new product categories & international expansion," he said. Ralph Lauren "A hit down the fairway," analyst Christopher Nardone titled his recent recap of Ralph Lauren earnings. Meanwhile, Ralph Lauren shares are up 20% this year with plenty more room to run. ... We rate YETI shares Buy as we expect continued momentum supported by new product categories & international expansion.
Persons: Ralph Lauren, Goldman Sachs, Alexander Perry, Perry, Christopher Nardone, Nardone, Ebrahim Poonawala, Goldman, Poonawala Organizations: of America, Nvidia, GE Aerospace, U.S, Goldman, Bank of America, GE, Investment Locations: Europe, China, N.A, North America, N.A .
The Aug. 2 dinner at the Bridgehampton, N.Y., home of Howard Lutnick, the Cantor Fitzgerald chief executive, was a high-powered affair. Among the roughly 130 people who dined under an air-conditioned tent were some of Donald Trump’s wealthiest supporters, including the billionaire hedge-fund financier Bill Ackman, who sat next to the former president, and Omeed Malik, the president of another fund, 1789 Capital. Some guests hoped Mr. Trump would signal that he was recalibrating after a series of damaging mistakes. He did not. According to two people present, Mr. Trump himself also brought up his remark, made two days earlier at a gathering of the National Association of Black Journalists, in which he had questioned Vice President Kamala Harris’s racial identity.
Persons: Howard Lutnick, Cantor Fitzgerald, Donald Trump’s, Bill Ackman, Omeed Malik, Trump, Lutnick’s, “ We’ve, Kamala Harris’s Organizations: National Association of Black Journalists
Biden Plans to Address the Nation on Wednesday Night
  + stars: | 2024-07-23 | by ( Peter Baker | ) www.nytimes.com   time to read: +1 min
President Biden plans to address the nation from the Oval Office on Wednesday night to explain his decision to bow out of the presidential campaign and outline how he wants to use his final six months in office. Mr. Biden is scheduled to return to Washington on Tuesday afternoon for the first time since announcing his withdrawal on social media on Sunday. He spent six days at his vacation house in Rehoboth Beach, Del., recovering from Covid and recalibrating his political future. Mr. Biden has not been seen in public since late Wednesday, when he disembarked from Air Force One at Dover Air Force Base in Delaware looking frail and uncertain. The White House physician said on Monday that after days of treatment with Paxlovid, the president was recovering well and that his symptoms were “almost completely resolved.”
Persons: Biden, Kamala Harris, “ I’m, Organizations: Air Force, Dover Air Force Base, White Locations: Washington, Rehoboth Beach, Del, Covid, Delaware
The Biden campaign and Democrats across the party scrambled Sunday to determine how to adjust their plans to counter messaging at the Republican National Convention, which had been in the works for some time. Stunned Biden campaign officials huddled and decided to pause all outbound communications and pull down TV ads. The campaign urged staff in a memo to “refrain from issuing any comments on social media or in public.” Sources described the mood within the White House and the Biden campaign as “shock” as they put their response into motion. The Biden campaign has yet to decide when to resume its advertising campaign against Trump after pulling the ads on Saturday. Sen. Chris Coons, a close Biden ally and co-chair of the Biden reelection campaign, called for a lowering of the political temperature.
Persons: Joe Biden, Donald Trump, , Biden, Sen, Chris Coons, , ” Biden, He’s, Trump, That’s, Kamala Harris, General Merrick Garland, Alejandro Mayorkas, NBC’s Lester Holt, Harris Organizations: Washington CNN, Biden, Republican National Convention, CNN, Trump, GOP, White, Rehoboth Beach , Delaware –, House, Press, FBI, Republican Party, Service, , Sunday, Homeland, White House, Republican Locations: Butler , Pennsylvania, Rehoboth Beach , Delaware, Rehoboth, Delaware, America, Canada, China, United States, Nevada, Texas, Florida, Palm Beach , Florida
But increasingly, there are signs that the job market is losing some steam. Whether it's hard data like the unemployment rate or sentiment-based surveys of businesses, it's clear that the labor market has cooled off. It's clear that the Federal Reserve should be the force to slow down the sliding job market. The job market is at an inflection pointThe emergence of the US from the worst of the pandemic shutdowns in early 2020 helped usher in a historic boom for the labor market. If 3% growth could not keep unemployment from climbing in 2023, why would the unemployment rate remain stable in 2024 if growth comes in substantially lower?
Persons: Beveridge, Taylor, Jerome Powell, Powell Organizations: Federal, Fed, Atlanta, Federal Reserve
Why the Fed is stressed about presidential elections
  + stars: | 2024-07-10 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +9 min
New York CNN —Federal Reserve Chair Jerome Powell sent investors mixed messages on Tuesday during his semiannual testimony to Congress. Powell is stressed about the election: Powell was asked by multiple senators about White House politics, which he dodged. While the Fed head noted that policy decisions are data dependent, “elevated inflation is not the only risk we face,” he said. The September Fed meeting will be “live”: Powell noted multiple times that every Fed policy decision is made “live” using the latest available economic data – in other words, decisions aren’t made in advance. About 75% of investors think the Fed will cut rates, and about 25% think they’ll remain the same.
Persons: Jerome Powell, Powell, , Donald Trump, reappoint Powell, , Joseph Brusuelas, Trump, Gregory Daco, Chris Larkin, Morgan Stanley, Larkin, don’t, aren’t, David Rubenstein, he’ll, Airbnb, Isabelle Chapman, Majlie, Puy Kamp, Audrey Ash, Chris Isidore . Organizations: CNN Business, Bell, New York CNN — Federal, White, , Reserve, RSM, Federal Reserve, US Consumer, Treasury, Fed, Economics, Washington DC, Jackson, CNN, Boeing, Alaska Airlines Locations: New York, Powell, Washington, Alaska
Housing prices around the country have been rising at a dizzying pace since the pandemic, increasing 6% on average in just the last year. With these rapid increases, homeowners can command a pretty penny in today's red-hot housing market. But according to Bank of America, there's still room for prices to go higher. AdvertisementBank of AmericaAlthough the Fed is expected to cut rates later this year, Bank of America doesn't foresee mortgage rates falling much in the near future. Prices could increase beyond 2026In this market, homeowners can take advantage of at least two more years of price appreciation.
Persons: , there's, Michael Gapen, Gapen doesn't, Gapen, Millennials Organizations: Service, Bank of America, Business, National Association of Realtors
CNN —A lone diver first laid eyes on the ancient Kyrenia shipwreck off the north coast of Cyprus nearly 60 years ago. The authors of a new study dated almonds found aboard the Kyrenia ship to find a new estimated range of years for when the ancient vessel's last voyage took place. Dating a Hellenistic-era shipTwo main obstacles stood in the way of achieving a high-precision age estimate for the Kyrenia shipwreck, according to Manning. The Kyrenia ship's hull is seen shortly after it was raised from the seabed and reassembled. Kyrenia Ship Excavation“Part of the value of this story is about process.
Persons: CNN —, , Andreas Cariolou, Michael Katzev, , , Sturt Manning, Manning, ” Manning, you’ve, it’s, Mark Lawall, Lawall, ” Lawall Organizations: CNN, Cornell University, Northern Hemisphere, University of Manitoba Locations: Kyrenia, Cyprus, New York, Winnipeg
The Kingdom's Vision 2030 plans feature several massive construction projects, including the futuristic megacity Neom and an entertainment project on the outskirts of Riyadh. Amine Mati, an assistant director at the IMF and its mission chief for Saudi Arabia, told The FT that Saudi authorities were "recalibrating" to assess whether some spending should be delayed. In public, Saudi has largely been keen to insist that the megaprojects, especially Neom, are on track. Experts previously told BI that Saudi Arabia was struggling to attract the foreign investment needed for the development. Representatives for Neom did not immediately respond to a request for comment from Business Insider, made outside normal working hours.
Persons: , Mohammed Al, Jadaan, Prince Mohammed bin Salman, Neom Organizations: Service, Business, BBC, Saudi, IMF, FT, Public Investment Fund, CNBC Locations: Saudi Arabia, Riyadh
New York CNN —Tesla’s controversial CEO Elon Musk, and his massive wealth, are front and center in a shareholder vote this coming week. Now, Musk and the board want Tesla shareholders not only to vote again to give him back those stock options, but to relocate Tesla away from the judge’s state entirely. Despite the widespread support among shareholders back in 2018 for Musk’s pay package, the Tesla board seems to be scrambling to shore-up support for this month’s vote. But perhaps a more serious concern among Tesla shareholders is problems faced by the electric car pioneer itself. “When Tesla achieved targeted earnings, revenues, and market cap metrics, Tesla’s shareholders benefitted greatly.
Persons: New York CNN —, Elon Musk, Tesla, Chancellor Kathaleen McCormick, ” McCormick, “ Musk, McCormick, ” Tesla, Robyn Denholm, Elon, ” Rather, , ” Denholm, , he’s, Dan Ives, it’s, they’re, Ives, Neuralink, Musk, ” Ives, Ron Baron, Baron Capital, ” Baron, Glass Lewis Organizations: New, New York CNN, SEC, Musk, Elon, Twitter, Wedbush Securities, SpaceX, The Boring Company, Baron, Institutional, Services Locations: New York, Delaware, Texas, Tesla’s Texas,
However, there's a common mistake he sees couples make when it comes to managing their money. "Often one partner has taken on the role of the 'money person,'" he tells CNBC Make It. What to do if you're the 'money person' in your relationshipIf you're the "money person" in your relationship, you might want to make a change, Sethi says. "The person who's the 'money person' has to take on the responsibility of gently recalibrating the relationship." Additionally, if you're the "money person," don't overuse financial terms like "compound interest" or "tax-advantaged accounts" that your partner may not understand.
Persons: combatting overspending, Ramit Sethi, Rich, Sethi, It's, doesn't, You've Organizations: CNBC, Fidelity Investments
Housing experts were betting on mortgage rates to decline this year on looser Fed policy. Yet, the 30-year mortgage rate has been stuck around 7% all year. Freddie Mac and Fannie Mae say they expect mortgages to stay in the 7% range through 2024. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . With the Federal Reserve looking unlikely to ease rates before September, housing market analysts are recalibrating mortgage rate outlooks, as home loan rates are heavily influenced by the Fed funds rate.
Persons: Freddie Mac, Fannie Mae, Organizations: Service, Federal Reserve, Business
Saudi Arabia's Crown Prince is reportedly open to having "tough conversations" about Vision 2030. MBS might be ready to discuss which projects should proceed first, the Financial Times reported. AdvertisementCrown Prince Mohammed bin Salman may finally be ready to have some "tough conversations" about his ambitious Vision 2030 project. The de-facto Saudi leader is open to discussing which projects should progress and which could wait, the Financial Times reported, citing a person familiar with the thinking at the Public Investment Fund — the sovereign wealth fund. Meanwhile, Saudi has started borrowing to help fund some Vision 2030 megaprojects including Neom, The Wall Street Journal reported.
Persons: Prince, , Mohammed bin Salman Organizations: Saudi, MBS, Financial Times, Service, Public Investment Fund —, Bloomberg, Street Journal, Neom, Business Locations: Saudi
My husband was so burned out by the time he quit that he's taking some time before going back to work. I feel the same way now that I'm the one with the job, even temporarily. Admittedly, I can feel resentful that I'm working while he isn't, especially when I've never had a clean break from work, not even when our babies were born. Katie Matthews and her husband appreciate each other more since he quit his job. AdvertisementMy husband still isn't sure what he'll do next, but he's the most hopeful he's been in a long time.
Persons: We've, I'm, I've, It's, we've, it's, haven't, Katie Matthews, he's Organizations: Service, Business
Rubrik, a data-management software company backed by Microsoft , priced its IPO at $32 a share, according to a person familiar with the matter. Rubrik raised $752 million through the initial public offering, valuing the company at $5.6 billion. Rubrik now gets 91% of its revenue from subscriptions, up from 59% two years ago. Revenue increased less than 5% in the fiscal year that ended on Jan. 31, but annual recurring revenue from subscriptions jumped 47%. "Our key top-line metric is subscription ARR," Rubrik finance chief Kiran Choudary said in a videotaped presentation for the company's IPO roadshow.
Persons: Rubrik, Reddit, Kiran Choudary, Bipul Sinha, Sinha Organizations: Microsoft, New York Stock, Nasdaq, Astera Labs, Barclays, Carhartt, Venture Locations: U.S, Rubrik
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIsrael-Iran conflict: Market could be 'gradually recalibrating' what to expect, analytics firm saysVandana Hari, founder of Vandana Insights, discusses how Middle East tensions might affect the oil market.
Persons: Vandana Hari Organizations: Israel Locations: Iran
The Massachusetts Institute of Technology, New York University and Brown University have recently taken swift and decisive action against student protesters, including making arrests. And on Thursday, Columbia University hit its limit with student protesters who had set up dozens of tents on campus, sending in the New York Police Department to make arrests. Image At Columbia, officials cracked down on students who had erected tents on campus. Muncy for The New York TimesImage The New York Police Department arrested protesters at Columbia University. “But now we’re seeing that as an immediate response.”In her congressional testimony, Dr. Shafik revealed that 15 Columbia students have been suspended in recent weeks.
Persons: , Santa J, Ono, , Nemat Shafik, Recalibrating, Rosy Fitzgerald, didn’t, Shafik, Nicole Hester, Donald J, Daniel Diermeier, Vanderbilt, “ They’re, Diermeier, , Tracy Arwari, Ms, Arwari, Suzanne Nossel, Nossel, Amanda Andrade, Rhoades, Ezri Tyler, Tyler, Dan Korobkin, Colleen Mastony, Jacob Mchangama, Mr, Mchangama Organizations: University of, University of Michigan, Massachusetts Institute of Technology, Massachusetts Institute of Technology , New York University, Brown University, Columbia University, New York Police Department, Columbia, Credit, The New York Times, Columbia University . Credit, The New York Times College, Republican, Institute for Middle, Vanderbilt, USA, Network Vanderbilt University, Pomona College, School, Pomona, PEN America, The New York Times Students, , American Civil Liberties Union, Locations: Santa, Massachusetts Institute of Technology ,, Columbia, C.S, Muncy, Israel, Vietnam, Southern California, Pomona, , Michigan, . Michigan
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