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OpenAI is reinstating CEO Sam Altman to its board of directors and said it has “full confidence” in his leadership after the conclusion of an outside investigation into the company's turmoil. After months of investigation, it found that Altman's ouster was a “consequence of a breakdown in the relationship and loss of trust” between him and the prior board, OpenAI said in a summary of the findings Friday. The investigation found the prior board acted within its discretion. “The review concluded there was a significant breakdown in trust between the prior board, and Sam and Greg,” Bret Taylor, the board’s chair, told reporters Friday. After it retained the law firm in December, OpenAI said WilmerHale conducted dozens of interviews with the company’s prior board, current executives, advisers and other witnesses.
Persons: Sam Altman, Altman, OpenAI, Sue Desmond, Hellman, Melinda Gates, Nicole Seligman, Fidji Simo, “ I’m, ” Altman, he’s, , Helen Toner, Tasha McCauley, , Greg Brockman, ” OpenAI, Brockman, Greg, ” Bret Taylor, Taylor, Microsoft —, Toner, McCauley, Ilya Sutskever, Sutskever, Ilya, Elon Musk, Larry Summers, Adam D’Angelo, WilmerHale, WilmerHale didn't, Musk, ” Taylor Organizations: Sony, San, OpenAI, Microsoft, Georgetown University, RAND Corporation, Facebook, Elon, U.S ., Associated Press Locations: San Francisco, U.S
The February consumer price index, set for release Tuesday, and the producer price index, due out Thursday, could hurt equities if the reports come out hotter than expected. The S & P 500 closed out the week with losses, but has advanced more than 7% for the year. Some stubborn spots in inflation February's consumer inflation data next week comes after January's surprisingly hot report dented investor hopes the so-called last mile to the Fed's 2% inflation target will be easy. Export Price Index (February) 8:30 a.m. Import Price Index (February) 8:30 a.m.
Persons: Giuseppe Sette, FactSet, James Ragan, Davidson, Nordstrom, Davidson's Ragan, Kathleen Grace, Russell, Office's Grace, Grace, Price, Jeff Cox, Nick Wells Organizations: Fed, Nvidia, Meta, Oracle, Treasury Budget, Adobe, Price, Index, Manufacturing Locations: chug, Michigan
Gold prices were poised for their biggest weekly jump in five months on Friday, hovering near a historic high, as Federal Reserve Chair Jerome Powell's remarks cemented mid-year rate cut bets, ahead of a key jobs report later in the day. Gold prices surged to another record high on Friday as data showing a rise in the U.S. unemployment rate boosted expectations that the U.S. Federal Reserve could begin cutting interest rates soon. Low interest rates are supportive for gold prices as they reduce the opportunity cost of holding bullion. Gold prices will continue to trend higher overall, though a short consolidation may be necessary," said Tai Wong, a New York-based independent metals trader. Meanwhile, London's gold price benchmark hit another record high of $2171.30 per troy ounce at an afternoon auction on Friday, the London Bullion Market Association (LBMA) said.
Persons: Jerome Powell's, Bullion, Gold, David Meger, Tai Wong Organizations: U.S . Federal Reserve, High, Treasury, Traders, London Bullion Market Association Locations: U.S, New York
ET, the yield on the 10-year Treasury yield was up by just over one basis point to 4.1156%, The 2-year Treasury yield was last down by less than one basis point to 4.5555%. U.S. Treasury yields held steady on Thursday as investors considered the outlook for interest rates after fresh comments from Federal Reserve Chairman Jerome Powell. Powell on Wednesday reiterated that the central bank would be cautious and consider the risks when it comes to interest rate cuts. "The Committee does not expect that it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent." Elsewhere, the European Central Bank is due to announce its latest interest rate decision on Thursday.
Persons: Jerome Powell, Powell Organizations: U.S, Treasury, Federal, Financial Services Committee, Fed, Committee, Investors, European Central Bank
Gold prices rallied to hit new records on Thursday, on track for their seventh consecutive daily rise, led by weak U.S. economic data and Federal Reserve Chair Jerome Powell's indications of potential rate cuts in the coming months if inflation eases. Spot gold rose 0.5% to $2,159.79 per ounce, as of 0432 GMT, after hitting an all-time high of $2,161.09 earlier in the session. Gold got a boost on Wednesday after Powell indicated that interest rate cuts were likely in the coming months "if the economy evolves broadly as expected," along with further evidence of falling inflation. Hence, in an uncertain financial environment, gold will remain safe investment for banks," said Jigar Pandit, head of commodity and currency business at BNP Paribas' Sharekhan. Spot silver rose 0.4% to $24.25, while platinum fell 0.1% to $906.82 per ounce, and palladium slipped 0.8% to $1,033.44.
Persons: Jerome, Marcus Garvey, Gold, Powell, Powell's, Macquarie's Garvey, Jigar Pandit Organizations: Federal, Macquarie, Treasury, BNP Locations: U.S, China, Turkey, Russia, Poland
Against the yen , the dollar bottomed at a roughly one-month trough of 148.94 in early Asian trade on Thursday. The euro and sterling held near one-month highs struck in the previous session and last bought $1.0902 and $1.2738 respectively. Market bets for imminent cuts also kept U.S. Treasury yields under pressure, with the two-year yield which typically reflects near-term rate expectations — last at 4.5640%. All of that left the greenback pinned near a one-month low against a basket of currencies. The New Zealand dollar rose 0.05% to $0.6133, while the Australian dollar edged 0.11% higher to $0.6572.
Persons: bitcoin, Jerome Powell, Carol Kong, Powell, Simon Harvey Organizations: U.S, Federal, Treasury, Commonwealth Bank of Australia, Fed, Canadian, Bank of Canada, BoC, Wednesday, New Zealand
TOKYO (AP) — Asian shares were trading mixed Thursday, after Wall Street recovered some losses from the day before. Japan's benchmark Nikkei 225 momentarily reached a record high in early trading but slipped later to finish at 39,598.71, down 1.2%. “The positive handover from Wall Street, alongside lower Treasury yields and a weaker U.S. dollar, may offer some relief as Fed Chair’s testimony failed to drive much hawkish deviation from his usual script,” said Yeap Jun Rong, market analyst at IG. As always, Wall Street scrutinized each of Powell's words for hints about when the Federal Reserve could begin cutting its main interest rate, which is at its highest level since 2001. “We want to see a little more data so we can become more confident.”Traders have already shelved earlier expectations for a cut in March, and they’re now eyeing June as the likeliest beginning.
Persons: Australia's, , Yeap Jun Rong, Jerome Powell, CrowdStrike, Steven Mnuchin, Donald Trump, Powell, ” Powell, Rubeela Farooqi, Locker, Brent, Stan Choe Organizations: TOKYO, Wall, Nikkei, IG, Federal, Dow Jones, Nasdaq, Nvidia, Big Tech, New York Community Bancorp, U.S, Treasury, Federal Reserve, Fed, Traders, AP Locations: Hong, Shanghai
ET, the yield on the 10-year Treasury was up by over two basis points to 4.1623%. The 2-year Treasury was last less than one basis point higher to 4.5599%. U.S. Treasury yields on Wednesday were slightly higher as investors awaited testimony about monetary policy from Federal Reserve Chairman Jerome Powell and looked to fresh economic data. Investors on Wednesday will be following testimony from Fed Chairman Powell, who is set to speak before the House Financial Services Committee. Markets were last pricing in rate cuts to begin in June, according to CME Group's FedWatch tool.
Persons: Jerome Powell, Powell, payrolls Organizations: Treasury, U.S, Federal, Financial Services, Fed
ET, the yield on the 10-year Treasury yield was down by over one basis point to 4.2033%. The 2-year Treasury yield was last more than one basis point lower to 4.5912%. U.S. Treasury yields dipped on Tuesday as investors considered what could be ahead for the economy and awaited fresh data scheduled for the week. Investors are hoping the data will indicate that the labor market — and wider economy — is cooling, as this could signal that interest rate cuts may be on the horizon. Uncertainty about the outlook for rate cuts has been persistent as Federal Reserve officials have given few indications about a timeline and recent economic data has painted a somewhat mixed picture.
Persons: Jerome Powell, Powell Organizations: U.S, Treasury, Investors, Federal Reserve
ET, the yield on the 10-year Treasury was over two basis points higher to 4.2091%. The 2-year Treasury yield was last up by more than three basis points to 4.5643%. U.S. Treasury yields were higher on Monday as investors considered the state of the economy and looked ahead to key economic data slated for this week. Investors weighed the path ahead for the economy, including inflation — after recent data painted a somewhat mixed picture — and awaited fresh insights from the economy expected this week. Fresh insights will come this week in the form of labor market data, including JOLTs job openings figures, private payrolls data from ADP and the February jobs report.
Persons: Jerome Powell Organizations: Treasury, U.S, Investors, University of Michigan, Federal Reserve
ET, the 10-year Treasury yield was up by over one basis point to 4.2915%. The yield on the 2-year Treasury was more than one basis point higher to 4.6643%. U.S. Treasury yields were slightly higher on Thursday as investors awaited the release of the Federal Reserve's preferred inflation measure. Investors looked ahead to the release of the personal consumption expenditures report for January, which could provide clues about the outlook for interest rates. If January's reading comes in higher than expected, markets may take it as a signal that inflation is stickier than previously expected and interest rates could stay elevated for longer.
Persons: Dow Jones, John Williams Organizations: Treasury, U.S, Federal, PCE, New York Federal
But there is a bigger, less-flashy counterpart to the equity market: the bond market. At the heart of the fixed income space lies U.S. Treasurys, one of the safest investments in the world. "We have not paid attention to the Treasury market because it was a market for foreigners or for the Fed," said Priya Misra, fixed income portfolio manager at J.P. Morgan Asset Management. "What we're observing is that [the new buyers] are a lot more price sensitive," said Anders Persson, global fixed income chief investment officer at Nuveen. Watch the video above to find out more about why major buyers are fleeing the U.S. Treasury market, the impact on yields and the economy at large, and how investors can best navigate the market going forward.
Persons: Priya Misra, Anders Persson, They're Organizations: Treasury, Morgan Asset Management, U.S, Federal Reserve, U.S . Treasury Locations: U.S, China, Japan
The European officials and Canada's Prime Minister are visiting the capital Kyiv on the second anniversary of the start of the Russian full-scale invasion in Ukraine. (Photo by STR/NurPhoto via Getty Images)European leaders should discuss using the profits from frozen Russian assets to boost Ukraine's military in its defence efforts against Moscow, European Commission President Ursula von der Leyen said Wednesday. "It is time to start a conversation about using the windfall profits of frozen Russian assets to jointly purchase military equipment for Ukraine," she said in a speech before the European Parliament. "There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live," von der Leyen noted. Crucially, frozen assets are, by definition, temporarily retained rather than fully seized with the ability for reallocation.
Persons: Ursula von der, Belgium Alexander De Croo, Giorgia Meloni, Canada Justin Trudeau, Ukraine Volodymyr Zelensky, Ursula von der Leyen, von der Leyen, Von der, Janet Yellen, Russia's Organizations: Canada's, Getty Images, European Union, Treasury, . Security, Bank Locations: Belgium, Italian, Canada, Ukraine, Kyiv, Russian, Moscow, Europe, Kuwait
ET, the yield on the 10-year Treasury yield was down by over one basis point to 4.3013%. The 2-year Treasury yield was last more than one basis point lower to 4.6933%. U.S. Treasury yields dipped on Wednesday as investors looked to key economic data ahead that could provide hints about the outlook for interest rates. Investors considered what could be ahead for monetary policy, especially interest rates, as they awaited key economic data. The personal consumption expenditures price index is due Thursday and investors are hoping it will signal that inflation is easing.
Organizations: U.S, Treasury, Investors, PCE, Federal Reserve
ET, the yield on the 10-year Treasury yield was down by over three basis points to 4.2677%. The 2-year Treasury yield was last trading at 4.6912% after dipping by more than two basis points. U.S. Treasury yields declined Tuesday as investors considered economic data and the state of the economy. Some of this week's data could also provide hints about what the path ahead for Federal Reserve interest rates could look like. The most recent inflation data for January, however, came in hotter than expected, suggesting to investors that inflation could be more persistent than anticipated.
Organizations: U.S, Treasury, Investors, Federal Reserve, Fed
That's one of 10 investing predictions for the next 10 years by the Trivariate Research market strategist. "We have always said 'we prefer a basket of high-quality US growth equities'" when asked about crypto, Parker said in a note over the weekend. "Missing the appreciation of the asset class is not good, but participating in US growth equities has been more than adequate." "Because it is just a proxy for risk taking, investors can mirror the exposure of a basket of crypto through low quality hyper growth stocks," he added. "This sector checks all the boxes … We think there will be continued consolidation, so owning oil-sensitive energy stocks that are mid-cap likely will prove prudent," he said.
Persons: Adam Parker, That's, Bitcoin, Parker Organizations: Trivariate Research, Metrics, Own U.S, Mining, BHP Group, Microsoft, BHP, Vale, Southern Copper, Marathon Petroleum, Treasury, U.S . Treasury Locations: CRE, New York, San Francisco, Chicago, decarbonization, Freeport, McMoRan, Australia, Rio Tinto, Greece, France, Italy, Spain, Portugal
U.S. Treasury yields declined on Monday as investors awaited key economic data set to be published this week which could provide hints about the outlook for interest rates and the state of the economy. Investors looked ahead to economic data due this week, some of which could inform the Federal Reserve's decisions on interest rate policy. This includes the Fed's favored inflation gauge, the personal consumption expenditures price index, which is slated for Thursday. Other key data this week includes updated gross domestic product figures on Wednesday. Questions about whether the economy will be able to avoid a recession as rates remain elevated have been rife among investors.
Organizations: Treasury, U.S, Investors
The 2-year Treasury yield was last more than two basis points higher to 4.7413%. U.S. Treasury yields were slightly higher on Friday as investors considered the path ahead for interest rates after fresh comments from Federal Reserve speakers. Investors considered the uncertain outlook for interest rates, especially when and how often they would be cut this year. Fed Governor Christopher Waller on Thursday said that he was looking for more evidence that inflation was cooling before cutting interest rates. January's consumer price index and producer price index readings had both come in hotter than expected, raising concerns about whether inflation is more persistent than many had hoped for.
Persons: Christopher Waller, Lisa Cook Organizations: Treasury, U.S, Federal Reserve, Investors, Fed
ET, the yield on the 10-year Treasury was down by less than one basis point to 4.3207%. The 2-year Treasury yield was last up by over two basis points to 4.6773%. U.S. Treasury yields were mixed on Thursday as investors considered the path ahead for interest rates after minutes from the Federal Reserve's latest meeting indicated caution about cutting rates too soon. Investors were initially hoping for rate cuts as soon as March but are now expecting the first one to take place in June. On Thursday, investors will be looking out for the latest weekly initial jobless claims data and existing home sales data for January.
Organizations: Treasury, U.S, Federal, Investors
But the donations have become the focus of a legal battle after an Israeli credit card company balked at transferring the funds. The campaign portrayed the family as victims of harassment by the Israeli left and emphasized its financial plight since Mr. Levi’s accounts were frozen. Then the nonprofit group that organized it took it down. The campaign to support Mr. Chasdai has raised 114,000 shekels, roughly $31,000, through a separate crowdfunding platform. But the sweeping nature of the U.S. sanctions means that financial institutions would be reluctant to participate in efforts to direct money to Mr. Levi or others, experts said.
Persons: Biden, Yinon Levi, Levi, Levi’s, David Chai Chasdai, Levi —, Britain —, Sapir Levi, Reut Gez, , Gez, Chasdai, , Eliav Lieblich Organizations: West Bank, Cal, Mr, U.S . State Department, ABC News, State Department, Britain, Mount, Mount Hebron Regional Council, Democratic Bloc, Tel Aviv University, , U.S . Treasury Locations: U.S, Tel Aviv, Israel, Palestinian, Huwara, Israeli, Hebron, Mount Hebron
The 10-year Treasury yield was last more than 4 basis points to 4.25%. U.S. Treasury yields turned mostly lower Tuesday as uncertainty about the outlook for the economy and interest rates lingered. Treasury yields had climbed Friday as a hotter-than-expected producer price index report added to concerns about sticky inflation. Federal Reserve officials have said numerous times in recent months that their decision-making around when rate cuts will begin will be data-led. Investors have been hoping that rate cuts will take place sooner rather than later as concerns about the impact of elevated interest rates on the economy have spread.
Persons: George Washington's, Dow Jones, They've Organizations: Treasury, U.S, Federal Reserve, Traders
Ford cuts prices of electric Mustang Mach-E by up to $8,100
  + stars: | 2024-02-20 | by ( ) www.cnbc.com   time to read: +2 min
People visit Ford's all-electric SUV Mustang Mach-E at the 2019 Los Angeles Auto Show in Los Angeles, the United States, Nov. 22, 2019. Ford Motor Co on Tuesday said it had cut prices on its Mustang Mach-E electric SUV by up to $8,100 after sales fell sharply in January. The Dearborn, Michigan-based automaker said U.S. sales of the Mach-E fell by 51% in January to 1,295. Ford and other legacy automakers have slowed their EV push to instead focus on higher-margin hybrid and gas-powered models. Ford said in January it would reduce production of its F-150 Lightning pickup truck, cutting production at its Michigan Rouge Electric Vehicle Center to one shift starting April 1.
Persons: Ford, Elon Organizations: Angeles Auto, Ford Motor Co, . Treasury Department, Treasury, Reuters, Internal Revenue Service, Ford, Michigan Rouge Electric Vehicle Center Locations: Ford's, Los Angeles, United States, Dearborn , Michigan, China
US Secretary of State Antony Blinken (L) and Chinese Foreign Minister Wang Yi meet at the 60th Munich Security Conference on Feb. 16, 2024. Washington should lift sanctions on Chinese companies and individuals, and that attempts to de-couple from China would only hurt the United States, China's Foreign Minister Wang Yi told U.S. Secretary of State Antony Blinken. The United States should lift the sanctions and not harm China's legitimate development rights, Wang told Blinken on Friday on the sidelines of a Munich security conference, according to a statement from China's foreign ministry. Washington has imposed sanctions on various Chinese companies that it accuses of working with China's military despite denials from the firms. The United States does, however, maintain unofficial relations with the democratically governed island and remains its most important backer and arms supplier.
Persons: Antony Blinken, Wang Yi, Wang, Blinken, Biden, Joe Biden, Xi Jinping Organizations: Foreign, China's, U.S, Economic Cooperation, Treasury Locations: Munich, Washington, China, United States, Xinjiang, U.S, de, Ukraine, Taiwan, Asia, Beijing
ET, the yield on the 10-year Treasury was over two basis points higher to 4.2635%. The 2-year Treasury yield was last trading at 4.6075% after rising by close to four basis points. U.S. Treasury yields were higher on Friday as investors considered fresh economic data and what it could mean for Federal Reserve monetary policy. Data published on Thursday showed that retail sales figures fell by 0.8%, which was far more than expected in January. Investors have been closely watching economic data for hints about whether the economy is easing, which could hint at interest rate cuts beginning soon.
Persons: Dow Jones, Organizations: Treasury, U.S, Federal Reserve
Maxar Technologies Visual Investigations The $2.8 Billion Hole in U.S. Sanctions on Iran A Times investigation reveals how lax government oversight allowed shadowy oil tankers, covered by American insurance, to fund Iran’s regime. The American Club is one of only 12 major insurers of its kind, and the only one based in the United States. By then, the tankers had transported at least $2.8 billion in crude oil, based on the lowest reported prices of Iranian oil in 2023. The Treasury office has publicly enforced sanctions on the American Club only once in the past 20 years. Ultimately, the office said the American Club did “not appear to have been willful or reckless” and the case was settled.
Persons: Biden, , penna gabrielle toyomi, penna selene gabrielle, gabrielle, selene, lisa marianne selene, Samir Madani, Maggie Hassan, Daniel Tadros, , Mr, Tadros, Shipowners, ” Mr, Madani of TankerTrackers.com, David Tannenbaum Organizations: Maxar, Maxar Technologies, Sanctions, U.S, White, New York Times, Times, Treasury Department, American Club, Treasury, cathay kirin, Copernicus, Planet Labs, Star, American, The Times, Revolutionary Guards Corps, Anadolu Agency, Getty, Club’s, Hamas, Bloomberg, United Against Nuclear, Nuclear, Glory, United, National Iranian Tanker, Labs, Copernicus Sentinel, Club, International Maritime Organization, AIS, Spire Locations: Gulf of Oman, American, U.S, Iran, New York, New Hampshire, United States, Hong Kong, Kharg, Kpler, China, Israel, Yemen, United Against Nuclear Iran, Nuclear Iran, United Arab Emirates, Asaluyeh, Dubai, of Oman, Persian, Oman, Cuba, Sudan, MarineTraffic, SynMax, TankerTrackers.com
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