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☆ Opinion | No One Knows the Value of a College Degree Like Someone Without One
▼ + stars: | 2023-04-26 | by ( Christopher Zara | ) www.nytimes.com time to read: +3 min

The good news is, future job searches may not always be as bleak as mine have been. to Delta Air Lines are dropping college degree requirements for many roles, focusing instead on “skills-based hiring,” a philosophy that emphasizes people over pedigrees. Consider the ever-persistent education wage gap, which has been widening for decades and by some measures got even worse during the past few years. Can we be so surprised that the media presents an incomplete picture about higher education when so few journalists navigate the working world without a four-year degree? One 2022 survey conducted by Morning Consult found that even though 72 percent of employers said they didn’t believe a college degree was a great indicator of a person’s skills, more than half still hired candidates from degree programs anyway because they saw doing so as a “less risky choice.”

☆ NY Fed limits types of firms that can access its reverse repo facility
▼ + stars: | 2023-04-25 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Accessing the reverse repo facility “should be a natural extension of an existing business model, and the counterparty should not be organized for the purpose of accessing [reverse repo] operations,” the bank said. The New York Fed did not say in its statement what prompted it to clarify the terms of access for reverse repo counterparties. The last time the Fed issued a statement on the reverse repo tool was two years ago, when it clarified some of the conditions a firm must meet to use the reverse repo tool. The reverse repo facility, now at 4.8%, sets the low end of the range. Fed officials have long argued that as they raise rates and normalize monetary policy, they expect money to drain out of the reverse repo facility.

☆ Supply Chains Have Changed Forever
▼ + stars: | 2023-04-24 | by ( Paul Page | ) www.wsj.com time to read: 1 min

A robot moves products manufactured by Nestlé at a distribution warehouse operated by GXO Logistics near Derby, England. Photo: Chris Ratcliffe/Bloomberg NewsWhen a measure of strains on global supply chains fell earlier this year to levels last seen before the Covid-19 pandemic, it signaled to some that the product shortages, port bottlenecks and shipping disruptions of the past three years were over and that a new era of stability was on the horizon. But industry experts say a “return to normal,” as the Federal Reserve Bank of New York described its Global Supply Chain Pressure Index in February, hardly means that companies are going back to conventional, some would say complacent, supply chains.

☆ Young remote workers are missing out on crucial IRL feedback from colleagues
▼ + stars: | 2023-04-24 | by ( Tim Paradis | ) www.businessinsider.com time to read: +5 min

For young workers, not being in an office can mean they don't get as much feedback from colleagues. The pushback against remote work comes as more CEOs have been calling workers back to the office. But workers — especially those taking care of kids or others — grew accustomed to the flexibility that remote work can afford. Despite the risks, many of those potentially in danger of missing out on professional growth are most in favor of remote work, according to surveys, the Times noted. And some companies that have embraced remote work report success.

☆ Asian stocks ease, dollar subdued as investors tread with caution
▼ + stars: | 2023-04-20 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.16% lower, while Japan's Nikkei (.N225) was up 0.07%. China's blue-chip CSI 300 Index (.CSI300) was down 0.16%, while the Shanghai Composite Index (.SSEC) eased 0.22%. Traders are bracing for meetings from central banks in the next few weeks as easing worries over the banking sector brings inflation and monetary policy back into focus. In currency markets, the U.S. dollar index fell 0.039%, with the euro up 0.04% to $1.0958. The yen weakened 0.08% to 134.83 per dollar, while sterling was last trading at $1.2432, down 0.05% on the day.

The dollar index , which tracks the currency against a basket of its peers, was little changed at 101.96 after climbing 0.27% on Wednesday. "The banking results continue to show that the U.S. bank funding situation is stabilizing," said Bank of Singapore currency strategist Sim Moh Siong. "You have the UK CPI that turned out hotter than expected, at the same time the New Zealand CPI which turned out lower than expected, which are driving the sterling and kiwi," he added. New Zealand's consumer price index (CPI) for the first quarter came in below expectations on Thursday, but remained near historic highs. That followed hotter than expected CPI figures in Britain that boosted bets for a rate hike from the Bank of England in May.

☆ Wall Street aces its real-life stress test
▼ + stars: | 2023-04-20 | by ( John Foley | ) www.reuters.com time to read: +7 min

One flaw in this plan is that the Federal Reserve, which designs the stress test, has tended to assume that when bad times come, interest rates would fall, not rise. Because their clients also fear sudden shifts in interest rates, they call on fixed-income securities desks to help offlay the risk. One clear outcome of higher interest rates is that banks are lending less, and more carefully. Reuters Graphics Reuters GraphicsFollow @johnsfoley on TwitterCONTEXT NEWSLarge U.S. banks reported their first-quarter earnings between April 14 and April 19. Both said that trading revenue had declined from first quarter 2022, but it was substantially higher than the last three months of the year.

☆ The economist who discovered the inverted yield curve as a recession indicator now says his model will prove correct again as the Fed continues to hike rates — and that a downturn will strike anytime
▼ + stars: | 2023-04-20 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Harvey discovered the inverted yield curve as a recession indicator. Back in December, Cam Harvey made an eyebrow-raising call: the inverted yield curve, the famous recession indicator he discovered in the 1980s, would produce its first false reading since the 1960s. Harvey's yield curve looks at yields on three-month bills and 10-year notes; the latter are normally higher. Another reason Harvey's view has dimmed is that short-term inflation expectations have come down, meaning the real-yield curve (which is adjusted for inflation expectations) has now inverted. In December, Harvey said that much higher short-term inflation expectations relative to long-term expectations meant that real yields weren't inverted.

☆ Fed's Williams: Inflation still 'too high,' Fed will act to lower it
▼ + stars: | 2023-04-19 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

“Inflation is still too high, and we will use our monetary policy tools to restore price stability,” Williams said in prepared remarks for delivery before a gathering held by the Money Marketeers of New York University. Williams, who also serves as vice-chairman of the rate setting Federal Open Market Committee, did not comment on his personal view of what’s next for monetary policy, but he did note that central bank forecasts released recently flagged the prospect of more monetary policy tightening to help lower inflation. In his remarks, Williams said that the banking sector stress that started last month and has resulted in extensive Fed emergency lending to banks seems to be cooling off. “Conditions in the banking sector have stabilized, and the banking system is sound and resilient,” Williams said. The central banker noted in his speech that while inflation is high it has been cooling.

REUTERS/Dado RuvicLONDON, April 19 (Reuters) - Crypto firms have been left scrambling to find banking partners after the collapse of three crypto-friendly lenders in the U.S. last month, creating a risk their business will become concentrated in smaller financial institutions. Mainstream banks have become increasingly wary of crypto clients following a series of high-profile collapses, including the bankruptcy of major exchange FTX in November last year, and a lack of regulation. "Crypto and Web3 start-ups are telling us they simply cannot get a business bank account," said Marcus Foster, head of crypto policy at Coadec, a body representing UK start-ups. A spokesperson for ING said the bank does not "target or focus actively on crypto firms" so its exposure is "very limited." But for smaller crypto start-ups, securing a banking partner could be more difficult, said Ricardo Mico, the U.S. CEO of Banxa (BNXA.V), a payment and compliance infrastructure provider for crypto.

☆ Stocks making the biggest moves midday: Southwest Airlines, Goldman Sachs, Bellus Health and more
▼ + stars: | 2023-04-18 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

PowerSchool Holdings – The educational technology stock added 3.5% after Goldman Sachs upgraded shares to buy from neutral. Bank of America – The bank stock was about flat even after the firm reported first-quarter earnings and revenue that topped expectations. Goldman Sachs – Shares slid 1.3% after Goldman Sachs reported first-quarter revenue of $12.22 billion, lower than the $12.79 billion forecasted by analysts polled by Refinitiv. The company reported adjusted earnings of $2.68 per share and revenue of $24.75 billion. Bellus Health, GSK – Bellus shares roughly doubled after GSK said it would acquire Canada-based biopharmaceutical company Bellus.

☆ The US dollar's outlook is complicated. Here's what to know about the currency's standing on the world stage.
▼ + stars: | 2023-04-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The dollar's position as a top reserve currency, however, may be somewhat less certain. They pointed to Russia's invasion of Ukraine as a catalyst for the currency's drop-off as a reserve currency. "We believe the erosion of the dollar's reserve currency status has accelerated in recent years at an alarming pace," Eurizon said. Here's the takeaway forecasters seem to agree on: The dollar's losing some ground as a global reserve currency, but none at all as far as international trade. What's your outlook for the dollar's role on the world stage in 2023 and beyond?

☆ Morning Bid: Global pulse picks up, rates creep higher again
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike DolanWith investors largely assuming recession ahead, an accelerating global economic pulse challenges the narrative and is seeing interest rates tick back higher again as the March banking wobble subsides. With March starts and permits numbers out later, there was also signs of a troughing in the U.S. housing market. Confidence among U.S. single-family homebuilders improved for a fourth straight month in April as a dearth of previously owned homes and falling mortgage rates boosted demand. Wall St futures were higher again on Tuesday, with European bourses and most Asia indices advancing too. With euro zone and UK rate expectations pushing higher too, the dollar slipped back again against the euro and sterling .

SINGAPORE, April 17 (Reuters) - The dollar edged higher on Monday after the April survey of business activity in New York state rose for the first time in five months and bolstered expectations the Federal Reserve will raise interest rates in May. The new orders index rose 47 points to 25.1, while the shipments index added 37 points to 23.9, substantial increases after they had declined in recent months, the Federal Reserve Bank of New York said. "It's the best reading since last July with a big jump in orders and has taken the dollar higher on this," said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York. The outlook of U.S. interest rates relative to the monetary policies and economies of other countries can boost or erode the dollar's value. The Mexican peso lost 0.51% versus the dollar to trade at 18.12, while the Canadian dollar fell 0.31% versus the greenback to 1.34 per dollar.

☆ U.S. regional banks hit by deposit flight as clients seek higher returns
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view of the Charles Schwab office location in Manhattan, New York, U.S., November 15, 2021. Deposits at State Street Corp (STT.N) and M&T Bank Corp (MTB.N) fell 3% each, while those at Charles Schwab Corp (SCHW.N) shrank 11% from the prior quarter. Both Schwab and M&T Bank rode a surge in interest income to beat profit expectations, but custodian bank State Street fell short after an outflow of client funds hurt its fees. Its Chief Executive Officer Walter Bettinger addressed commentary about portfolios of debt securities held by banks, including Schwab, which are disclosed as unrealized losses in their earnings. M&T Bank shares were up nearly 6% at $123.70 while State Street stock plunged 11% to $70.98, dragging down peers Northern Trust Corp (NTRS.O) and Bank of New York Mellon Corp (BK.N).

☆ Stocks making the biggest moves midday: Alphabet, Charles Schwab, State Street, Moderna and more
▼ + stars: | 2023-04-17 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

State Street , M&T Bank – Shares of State Street dropped 11% after the company posted disappointing earnings and revenue. State Street posted earnings of $1.52 per share on revenue of $3.10 billion, while analysts called for per-share earnings of $1.64 and revenue of $3.12 billion, according to Refinitiv. Meanwhile, M&T Bank shares popped 5% higher after the bank reported beats on the top and bottom lines. Charles Schwab — Shares of Charles Schwab rose about 2.5% after the brokerage firm posted better-than-expected earnings on Monday. Schwab posted adjusted earnings of 93 cents per share, beating analysts' forecast of 90 cents per share, according to Refinitiv.

☆ Rob Arnott says there's now an 80% chance of a recession amid a credit crunch. Here are his top recommendations on where to park your money — including one trade he believes will deliver 15% yearly re
▼ + stars: | 2023-04-14 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

He said US value stocks and developed economy non-US stocks offer the best returns. But there are still opportunities for big returns in US value stocks, he said. But an even bigger opportunity lies in non-US stocks in developed economies, which Arnott believes will return 15% on a yearly basis over the next decade. The iShares MSCI EAFE ETF (EFA) is one way to gain exposure to non-US stocks, while the Vanguard Value ETF (VTV) offers exposure to US value stocks. Arnott made the same calls on non-US stocks and US value stocks back in December.

☆ Cash stuffing budgets are all the rage right now. 2 women explain their polar-opposite experiences.
▼ + stars: | 2023-04-13 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

But then she decided to try "cash stuffing," a budgeting trend she'd heard about on YouTube two months earlier. Cash stuffing involves using envelopes to divide up cash for rent, groceries, gas, and other things. Vera KentCash stuffing isn't a good fit for everyoneNot everyone is a huge fan of cash stuffing, however. The video took off, racking up over 166,000 views, but Kent said she didn't take to cash stuffing and quit only three weeks after she started. Have you tried cash stuffing and are willing to share your story?

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☆ A millennial tried out the TikTok-famous cash stuffing budget method — and said it helped her pay off a $19,000 car loan ahead of schedule
▼ + stars: | 2023-04-12 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Cash stuffing involves putting cash in labeled envelopes to help people track their spending. Berenice Rodriguez, 29, said cash stuffing helped her pay off debt while saving for a house. She said she does this to hold herself accountable and motivate others to give cash stuffing a try. Berenice RodriguezHow cash stuffing worksWhile Rodriguez attributed much of her financial improvement to cash stuffing, she said the journey hadn't been easy. "At the end of the day, cash stuffing is a tool to get you to your goals," she said.

☆ March CPI and the Fed's next steps in its inflation battle: Everything to know
▼ + stars: | 2023-04-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Phil Rosen here — March's inflation report is due at 8:30 a.m. "Super core inflation in the CPI report has shown no signs of abating yet," he wrote in a note. Below, I'm breaking down how the world's largest asset manager expects the inflation story to pan out in the long-run. But BlackRock isn't convinced that strength can continue. These three under-the-radar signals suggest that a US recession isn't as close as you might think.

☆ Premarket stocks: Wall Street has found something else to worry about
▼ + stars: | 2023-04-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Retail investors are buying bank stocksTD Ameritrade released its March Investor Movement Index on Monday, which tracks what retail investors are up to. Lately, large companies have begun to change their investor relations strategies to become more retail investor friendly. “March was full of surprises, but the overall impact among TD Ameritrade retail clients when it came to exposure to the markets was neutral,” said Lorraine Gavican-Kerr, managing director at TD Ameritrade. Retail investors, meanwhile, were net sellers of Meta, NVIDIA, Advanced Micro Devises, Intel and Apple. Inflation expectations for the year ahead have increased by half a percentage point to 4.7%, the survey found.

☆ Gold advances on softer dollar as traders await U.S. inflation data
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: +2 min

A mark of 999.9 fine sits on hallmarked one kilogram gold bullion bars at the Valcambi SA precious metal refinery in Lugano, Switzerland, on April 24, 2018. Gold prices gained on Tuesday after falling over 1% in the previous session, as the dollar eased ahead of key U.S. inflation data. U.S. gold futures rose 0.5% to $2,013.30. The opportunity cost of holding the non-yielding bullion rises when interest rates are raised to bring down inflation. Data on Tuesday showed top bullion consumer China's March consumer inflation hit the slowest pace since September 2021 and suggested demand weakness persisted amid an uneven economic recovery.

☆ Gold advances on softer dollar as traders await US inflation data
▼ + stars: | 2023-04-11 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

U.S. gold futures rose 0.4% to $2,012.30. Traders are now focussing on the U.S. consumer price data due Wednesday for more clarity on the path of rates heading into the Fed's May policy meeting. The opportunity cost of holding the non-yielding bullion rises when interest rates are increased to bring down inflation. "Near-term, there are also bearish technical setups for a corrective move lower" in gold prices, OCBC's Wong added. Data on Tuesday showed top bullion consumer China's March consumer inflation hit the slowest pace since September 2021 and suggested demand weakness persisted amid an uneven economic recovery.

☆ Fed's Williams doubts monetary policy spiked banking sector stress
▼ + stars: | 2023-04-10 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The banking sector stress drove the Fed to provide substantial amounts of liquidity to the financial system, even as officials have stressed repeatedly that by and large the banking system is safe and sound and abounding with liquidity. Williams said he viewed the trouble at the two banks as unique in nature and unlikely to reflect broader trends in the financial system. That said, Fed officials have said that banking sector stress will likely weigh on the economy, as financial firms pull back on lending. Williams said that he also sees a gradual rise over time in unemployment from the current low 3.5% to between 4% and 4.5%. Williams said he is not concerned by market expectations of rate cuts even though the Fed currently has penciled in an additional rate rise this year.

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