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☆ Wall Street analysts think these 5 bank stocks will do well in the second half
▼ + stars: | 2023-07-02 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

All 23 banks that the Federal Reserve subjects to its annual stress test passed the key evaluation after the market closed on Wednesday. Nonetheless, the stress test helped lift major banks stocks, including Wells Fargo and JPMorgan Chase , on Thursday. Phoenix-based Western Alliance , meanwhile, is 58% below its 52-week high. WAL YTD mountain Western Alliance stock has slipped more than 38% so far this year. Wells Fargo stock has gained almost 3.5% in 2023 after climbing 3.4% on Thursday following the Fed's stress test.

Persons: Wells, JPMorgan Chase, Goldman Sachs, Goldman, David Solomon, FactSet Organizations: Federal Reserve, Silicon Valley Bank, Signature Bank, First, KBW Bank, PacWest Bancorp, Western Alliance Bancorp, JPMorgan, CNBC Pro, KBW Bank ETF, Goldman, Western Alliance, Western, Wells, San Locations: U.S, Silicon, GreenSky, Phoenix, Wells Fargo, San Francisco

☆ Let's set the table for the second half by reflecting on this year's hated bull market
▼ + stars: | 2023-07-02 | by ( Jim Cramer | ) www.cnbc.com time to read: +18 min

You don't get the best first-half Nasdaq rally in 40 years simply because the Federal Reserve did this, or the yield curve in the bond market did that. It was almost as if it was prosaic to seek profits, like, "How dare you defy the teachings of the yield curve, you foolish soon-to-be- broke apostate." It was the second move, the second week of March, that told the second tale of the first half: the fall of Silicon Valley Bank. Here we had an out-of-nowhere collapse of a well-known seemingly well-run bank that ran afoul, again, of the yield curve. No company could rival Club stocks Apple (AAPL), Alphabet (GOOGL), Amazon (AMZN), Microsoft and Meta Platforms (META) — nice metamorphous there and Tesla , not a Club name.

Persons: William Jennings Bryan, Gandhi, Bud, Altman, Sam Altman, Jensen Huang, Jensen, mutt, Cezanne, Monet, Shakespeare's Henry IV, Carl Quintanilla, David Faber, da, Lisa's, Wendy's, Scylla, Charybdis, ChatGPT, haut, Morgan Stanley's Mike Wilson, aren't, They've, isn't, Goldman Sachs, Tesla, Didn't, Freddie, Lehman, Jerome Powell, We've, it's, Eli Lilly, Jim Cramer's, Jim Cramer, Jim, Mad Organizations: Nasdaq, Federal Reserve, Intel, The New York Times, Veterans, Club, Microsoft, Nvidia, Globe Theatre, Silicon Valley Bank, Fed, Apple, Meta, RCA, US Steel, Washington Mutual, AIG, IBM, Jim Cramer's Charitable, CNBC, NYSE Locations: America, Philadelphia, OpenAI, Oz, Queens, mull, Ithaca, Weimar, Silicon, Republic, Valley, Delray , Florida, Alleghany, China

☆ US banks gird for dose of post-stress-test trauma
▼ + stars: | 2023-06-29 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 29 (Reuters Breakingviews) - For the biggest U.S. banks, the nerves this year come after the exam. Fed stress tests subject banks to a theoretical market shock and incorporate elements of operational risk, and then spit out a “stress capital buffer” requirement tailored to each firm. The risk for banks is that new rules get piled on top of existing regulations in a process known as gold-plating. U.S. banks are awaiting a proposal from their regulators to revamp capital rules, expected in July. Gruenberg said regulators were considering expanding the reach of a stricter set of capital rules to include banks with over $100 billion in assets.

Persons: Goldman Sachs, Michael Barr, Jamie Dimon, Banks, Morgan Stanley, Jay Powell, PwC, watchdogs, Michelle Bowman, Martin Gruenberg, It’s, Gruenberg, Peter Thal Larsen, Streisand Neto Organizations: YORK, Reuters, Federal Reserve, JPMorgan, Citigroup, Banking Supervision, Basel III, America, State Street, Bank of New York Mellon, Big, Bank, U.S ., Reuters Graphics Reuters, Signature Bank, First, Fed, Federal Deposit Insurance, FDIC, Credit Suisse, Committee, “, “ Basel IV, Federal, Thomson Locations: U.S, Basel, Goldman, Big U.S, Swiss, “ Basel

☆ Crypto is trying to fix its custody problem as institutions pour in and regulatory uncertainty lingers
▼ + stars: | 2023-06-29 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

And the highly regulated institutions wanting to give their clients access to bitcoin are still a little skeptical that the crypto industry has learned its lessons. Another issue is there aren't enough dedicated custodians in the crypto industry. The Go Network acts as a platform on which partner firms can execute and settle trades between crypto assets and fiat currencies. BitGo handles custody of crypto assets while dollars are spread across a network of banks for safekeeping. "[The crypto industry] was operating on the edge, saying, it's risky, but we're making a lot of money.

Persons: Crypto, Bitcoin, Roger Bayston, Franklin Templeton's, FTX, Schwab, Gustavo Schwenkler, It's, David Wells, haven't, it's, BitGo, Mike Belshe, CNBC's, Wells, Belshe, BlackRock's Joseph Chalom, Franklin Templeton's Bayston Organizations: Crypto, New York City, Arrows, Terraform, Securities and Exchange, Fidelity, Citadel, EDX, Valley Bank, First, Leavey School of Business, Santa Clara University, Nasdaq, Bank of New York Mellon, CNBC, Go, Markets, Schwab, BlackRock, Securities, Exchange, Coinbase Locations: Coinbase State, New York, First Republic, PacWest, Wells

☆ Trump says may skip first Republican debate, hold rival event
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

The debate will be the first chance for voters to see the Republican presidential candidates square off against each other. Why would I do that when I'm leading them by 50 points and 60 points," Trump said. National polls have consistently showed him to be the front-runner in the Republican primary race by a wide margin. Trump has drawn some criticism for previously suggesting he may skip the debate. Trump said he was entertaining offers to hold a separate event during the debate or later in the same evening.

Persons: Donald Trump, Republican Party's, Trump, Chris Christie, I'm, Ron DeSantis, Christie, We've, it's, Steve Holland, Nathan Layne, Kanishka Singh, Jason Lange, Kieran Murray, Grant McCool Organizations: Former U.S, Republican, Reuters, Fox News, Fox, Florida, Thomson Locations: Former, Milwaukee, New Jersey

☆ Mike Pence meets with Volodymyr Zelenskyy in surprise trip to Ukraine
▼ + stars: | 2023-06-29 | by ( Dasha Burns | Abigail Brooks | ) www.cnbc.com time to read: +5 min

Pence has been outspoken about his support for Ukraine, and the move sends a resounding message that he believes the U.S. should play a leading role in the country's fight against Russia. Former Vice President Mike Pence made a surprise visit to Ukraine on Thursday, becoming the first Republican presidential candidate to meet with Ukrainian President Volodymyr Zelenskyy during the campaign. One of Zelenskyy's top advisers, Mykhailo Podolyak, said Pence "understands absolutely clearly what Russia is." The future of U.S. support for the Ukrainian war effort is in question, and the voters Pence is trying to woo in the Republican primary aren't eager to aid the country. And the GOP front-runner in the polls, former President Donald Trump, initially praised Putin when he invaded Ukraine, saying he was "very savvy."

Persons: Pence, Moshchun, Irpin, —, Vladimir Putin, Wagner, group's, Mike Pence, Volodymyr Zelenskyy, Mykhailo Podolyak, Podolyak, we've, they've, it's, Ronald Reagan, Reagan, Ron DeSantis, Putin, Donald Trump, Trump Organizations: NBC, Ukraine, Russia, GOP, Republican, NBC News, Republicans Locations: —, Irpin, U.S, Ukraine, Kramatorsk, Russia, United States, Russian, Soviet Union, Florida

☆ How safe are America’s biggest banks? The Fed’s imminent stress tests may offer clues
▼ + stars: | 2023-06-28 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

That’s because no stress test scenario could perfectly predict the conditions that would cause a bank to collapse. And besides, that’s not the purpose of stress tests, said Covas, a former Fed economist who developed some of the central bank’s early stress tests. The test scenarios were designed before the banking crisisFed officials update the stress test scenarios each year to capture the latest vulnerabilities in the economy. It’s a misconception that “if no bank fails these stress tests are not useful,” or the tests were too easy, Covas said. “You really don’t need a stress test to figure out that SVB had some significant issues,” he added.

Persons: Francisco Covas, that’s, Covas, “, ”, João Granja, they’ve, SVB Organizations: New, New York CNN, Federal, Bank Policy Institute, University of Chicago Booth School of Business, Fed, Silicon Valley Bank, Signature Bank, First Republic Bank, CNN Locations: New York, Silicon

☆ Why any M&A boom in banks will mirror shale oil in 2020 — all-stock offers and small premiums
▼ + stars: | 2023-06-27 | by ( Scott Schnipper | ) www.cnbc.com time to read: +2 min

Pioneer Natural bought Parsley Energy at an 8% premium. Devon Energy bought WPX Energy at a 3% premium. Bilson points to Yellen last week highlighting a likely decline in earnings when banks report second-quarter earnings next month. That's already reflected in plenty of well-known banks "now trading with mid-single digit forward EPS multiples" as they are suddenly forced to pay more for their deposits, Bilson wrote. There are other hurdles standing in the way of bank deals, Bank of America analysts led by Ebrahim Poonawala said Monday.

Persons: Janet Yellen, there'll, Don Bilson, Gordon Haskett, Bilson, Ebrahim Poonawala, dealmaking, Poonawala, — CNBC's Michael Bloom Organizations: Silicon Valley Bank, Signature Bank, First, Federal Reserve, Dominion, Chevron, Noble Energy, ConocoPhillips, Concho Resources, Energy, Devon Energy, WPX Energy, Yellen, Bank of America, Regulators, U.S . Department of Justice, Federal Trade Commission, MTM Locations: U.S, Wall, Silicon, Toronto, Concho

☆ The more New Hampshire voters see of DeSantis, the less they like him: polling
▼ + stars: | 2023-06-27 | by ( Madison Hall | ) www.businessinsider.com time to read: +4 min

Ron DeSantis is losing his grip on his supporters in New Hampshire, polling shows. His support may be dwindling because of Trump's indictment, DeSantis' position on abortion, or simply his charisma. After visiting the state and hobnobbing with locals, DeSantis' support has only dropped. Still, DeSantis hasn't been doing so hot nationally, either, and has seen his polling average dip by around ten points over the same period we're looking at in New Hampshire. Voters in New Hampshire, however, may not be the most enthused by DeSantis' legislation.

Persons: Ron DeSantis, DeSantis, —, DeSantis hasn't, Donald Trump, Roe, Wade, Trump, he's Organizations: Florida Gov, New Hampshire, Service, Republican, Reuters, Anselm College, Politico, GOP, Trump Locations: Florida, New Hampshire, New, Hampshire, Trump

☆ How 5 private-credit players, from Apollo to Carlyle, are investing in sports, media, and entertainment as content costs soar and a writers' strike paralyzes Hollywood
▼ + stars: | 2023-06-26 | by ( Reed Alexander | Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

Asset managers big and small, from Carlyle and Apollo to Serengeti and Shamrock, are pushing into the space. The entertainment industry's love affair with private credit is one of the hottest storylines in Hollywood right now. Credit lenders are saying "lights, camera, action" to the idea of deploying dollars into movies, TV, and live sports. Insider previously reported that analysts were warning of the risks that could mount across private credit as rates rise. Insider gathered details on asset managers' lending strategies in Hollywood, media, and sports.

Persons: Carlyle, Christopher Marinac, Janney Montgomery Scott, Blackstone, Moody's, Marinac, JPMorgan Chase Organizations: Bank of America, Citigroup, JPMorgan Locations: Shamrock, Hollywood, Republic

☆ Inside JPMorgan's handling of Jeffrey Epstein
▼ + stars: | 2023-06-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

This is the last week of 10 Things on Wall Street. But there remains a very large blight on JPMorgan's record that has come back into the spotlight this year: Jeffrey Epstein. Insider's Kaja Whitehouse and Emmalyse Brownstein have a breakdown of JPMorgan's long, drawn-out breakup with Epstein. Read more on JPMorgan's handling of Jeffrey Epstein. The Treasury secretary isn't particularly worried about the potential for more bank mergers this year, per The Wall Street Journal.

Persons: Dan DeFrancesco, I've, I'm, we've, Goldman Sachs, Jeffrey Epstein, Rick Friedman, hasn't, Kaja Whitehouse, Emmalyse, Epstein, Kaja, Read, Janet Yellen, isn't, Moody's, Francis Bacon, We've, Jeffrey Cane, Jack Sommers Organizations: Getty, JPMorgan, Dow, Norges Bank Investment Management, CNBC, Goldman, Street, Financial Times, Sequoia Capital, FDIC, Bloomberg, Dassault Falcon, LinkedIn Locations: NYC, Cambridge, Republic, dealmaking ., New York, London

☆ Everyone is getting paid these days — except investment bankers
▼ + stars: | 2023-06-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

It's been a tough go for investment bankers recently. As if all that wasn't bad enough for bankers, The Wall Street Journal recently reported that even lawyers are now making more money than them. It turns out the culprit, as is often the case on Wall Street, is inflation. It's getting really tough these days to make the case for getting into investment banking. That begs the question: Why bother getting into investment banking at all?

Persons: Dan DeFrancesco, we've, Klaus Vedfelt, It's, —, Robert Kindler's, Morgan Stanley, Paul Weiss —, hasn't, Seth Rogen, Nick Offerman, Paul Dano, Steve Cohen, Alexandra, Emily Oster, David Solomon, Goldman Sachs, Solomon, Jeffrey Cane, Nathan Rennolds Organizations: GameStop, Street Journal, Sony, Bloomberg, Harvard, JPMorgan, Economist Intelligence, LinkedIn Locations: Republic, Semafor, New York, London

☆ Small stocks are cheap and finally joining the market rally
▼ + stars: | 2023-06-22 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

Small cap stocks are domestic bellwethers, since smaller companies generate most of their revenue from US customers. Investors say that recent gains in small caps are helping prop up the burgeoning bull market, even as a potential economic downturn draws near. Cheap buysNow, the rally in small caps suggests that Wall Street is optimistic about the economy’s health. Some investors say cheap valuations and and hopes for a muted economic downturn means small caps look more attractive than they have in months. Optimism about the economyThe small caps’ rally is also an auspicious sign for the broader economy, says Quincy Krosby, chief global strategist at LPL Financial.

Persons: they’ve, Rambus, ”, John Ragard, Quincy Krosby, Russell, Francis Gannon, Anna Rathbun Organizations: New, New York CNN, Investors, Valley Bank, Signature Bank, First Republic Bank, Apellis Pharmaceuticals, Shockwave, Management, LPL, Penn Capital Management, Royce Investment Partners, Federal Reserve, CBIZ Investment Advisory Services Locations: New York, That’s

☆ Recession obsession, AI boom and wild markets: What Wall Street can expect for the rest of 2023
▼ + stars: | 2023-06-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

So what does the rest of the year have in store for Wall Street? Unfortunately, Wall Street is unlikely to receive the clarity it seeks anytime soon. Still, economists at the Federal Reserve believe that a recession seems more likely by the end of 2023 than not. AI boom: Wall Street has a lot to worry about, but there’s at least one source of market euphoria: artificial intelligence. Satisfying your sweet tooth is about to get more expensiveIf you have a sweet tooth, take note: Cocoa prices have been soaring — and that could drive chocolate prices higher.

Persons: it’s, Rachel, Ross, Mulder, Scully, Sam, Diane, Vladimir, Estragon, Samuel Beckett’s, ”, Michael Arone, Matthew Bartolini, Darrell Cronk, “, Arif Husain, Rowe Price, Wells, Justin Thomson, Liz Ann Sonders, Charles Schwab, Samantha Delouya, It’s, Danielle Wiener, Bronner, El, Paul Organizations: CNN Business, Bell, New York CNN, Investors, State, Federal Reserve, JPMorgan, Wells, Investment Institute, Silicon Valley Bank, Signature Bank, First, State Street, JPMorgan Chase, ”, “, OceanGate Expeditions, Federal Aviation Administration, Virgin Galactic, SpaceX, Rabobank Locations: New York, Silicon, First Republic, Washington, Europe, Asia, United States, China

☆ House Democrats release wave of bank reform bills
▼ + stars: | 2023-06-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +7 min

WASHINGTON — House Democrats on Wednesday will release a slate of reform bills in response to the recent bank failures that triggered the worst crisis for the sector since 2008. "The failures of Silicon Valley Bank, Signature Bank, and First Republic Bank make clear that it is past time for legislation aimed at strengthening the safety and soundness of our banking system and enhancing bank executive accountability," she said. President Joe Biden called for these actions shortly after the FDIC took over SVB and Signature Bank in March. The bill would have prevented SVB bank executives from cashing out after repeated warnings by regulators, according to Democrats. Neither Signature Bank nor SVB had a bank holding company before they collapsed.

Persons: Maxine Waters, Dodd, Frank, Waters, Joe Biden, Nydia Velazquez, Brad Sherman, Juan Vargas, David Scott, Al Green, Sylvia Garcia of, Emanuel Cleaver, Joyce Beatty, Steven Horsford, Rashida, Velazquez, Sherman, Cleaver, Beatty, Frank Act's, SVB, Vargas, Garcia, Tlaib, Banks, Sean Casten, Josh Gottheimer, Ritchie Torres, Wiley Nickel, Stephen Lynch, Brittany Pettersen Organizations: Financial Services, Washington , D.C, WASHINGTON —, Democrats, Financial Services Committee, Treasury Department, Federal Deposit Insurance Corporation, Silicon Valley Bank, Signature Bank, Banking Committee, Valley Bank, First Republic Bank, FDIC, Democratic, Sylvia Garcia of Texas, Republicans, Sound Banking, Prudential, prudential, Bank, Green, Sherman, Rep, Federal, Office, Federal Reserve, FAIR, Tlaib, Safety, Sherman . Locations: California, Washington ,, New York, Georgia, Missouri, Ohio, Michigan, Green, Horsford, H.R, Silicon, Illinois, New Jersey, North Carolina, Colo

☆ Judge Aileen Cannon wants Trump's trial over his classified documents scandal to be wrapped up by September
▼ + stars: | 2023-06-20 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +4 min

A district judge in Florida wants Trump's classified documents trial to start August 14. Pre-trial motions are due at the end of July, and the trial will occur in Fort Pierce, Florida. Cannon, the Trump-appointed judge presiding over the trial, released an order saying she expects the trial to start August 14 "or as soon thereafter as the case may be called" and to last two weeks. Cannon on Tuesday asked the defense and prosecutors to file any pre-trial motions before July 24. The trial is set to be held at the courthouse in Fort Pierce, Florida — the same courthouse where Cannon, 42, typically works.

Persons: —, Aileen Cannon, Donald Trump's, Cannon, Trump, hasn't, She'll, Jonathan Goodman, Stormy Daniels Organizations: Service, Mar, Trump, Republican, GOP, Appeals, Fox News Locations: Florida, Fort Pierce , Florida, Palm Beach , Florida, United States, Mar, Miami, Manhattan

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Persons: Dow Jones

☆ These 5 charts capture a rollercoaster 15 months for stocks, bonds, and crypto as the Fed pauses its tightening campaign
▼ + stars: | 2023-06-15 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Over the past 15 months, its monetary-tightening campaign fueled wild swings for stocks, bonds, and cryptocurrencies. The central bank didn't raise interest rates at the end of its June meeting Wednesday, opting not to lift borrowing costs for the first time in over 15 months. Stocks, bonds, and cryptocurrencies have all swung wildly over that period – and these five charts capture some of that chaos. When interest rates rise, stocks tend to fall because investors are able to earn better returns by parking their cash in a savings account, rather than buying shares in listed companies. Bond yields spikeBond prices also tend to slide when interest rates rise, again because would-be buyers can earn higher yields by depositing their cash in a bank.

Persons: —, –, Jerome Powell, they've Organizations: Federal Reserve, Service, Stock, Fed, Nasdaq, Dow Jones, Silicon Valley Bank, JPMorgan Chase, Western Alliance, Bitcoin Locations: Silicon, Francisco's, Beverly Hills

☆ The Fed just paused on raising interest rates. Here's what it means for jobs, prices, and your bank account this summer.
▼ + stars: | 2023-06-14 | by ( Bartie Scott | Andy Kiersz | ) www.businessinsider.com time to read: +7 min

The Federal Reserve announced Wednesday that it would not raise interest rates this month. It's important to note that a one-time pause doesn't mean interest rates won't rise any more at future meetings, but the committee signaled that an end is in sight. The decision included a projection of two more 25 basis point rate hikes before the end of the year. Critics of the Fed's aggressive rate hikes over the last year have said they risk putting Americans out of work by squeezing businesses. The Fed needs to slow down on these extreme rate hikes and remember its dual mandate of price stability and maximum employment.

Persons: —, Jerome Powell, Noah Sheidlower, Jobs, Massachusetts Sen, Elizabeth Warren, Powell, it's, Joe Brusuelas, Brusuelas, Kathy Gramling, Marta Norton, Norton Organizations: Federal Reserve, Service, Fed, Capital Economics, Food, RSM, EY, Morningstar Wealth's America, Silicon Valley Bank, First, FDIC Locations: Massachusetts, EY Americas, Silicon, First Republic

☆ The Federal Reserve paused its interest-rate hikes after 10 consecutive increases
▼ + stars: | 2023-06-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

The Federal Reserve announced it's pausing interest-rate hikes at its Wednesday meeting. This comes after 10 consecutive interest-rate increases in 15 months. The Federal Open Market Committee (FOMC) announced it's holding interest rates steady at its Wednesday meeting, putting a pause on the central bank's 10 consecutive increases in 15 months. "Without a meaningful downside surprise in both jobs and inflation, a final interest-rate hike remains in the cards for July." Following the failures of Silicon Valley Bank and First Republic Bank, credit conditions tightened, in part pushing the Fed to skip this month's rate hike amid a lending pullback.

Persons: —, Jerome Powell, Powell, Seema Shah, Shah, Thomas Simons, Simons, Marta Norton, Kathy Gramling, Gramling, Norton, there's, Price Organizations: Federal Reserve, Service, Market, Fed, Asset Management, Jefferies, Valley Bank, First Republic Bank, Morningstar Wealth's America, EY, Consumer, Morningstar Wealth, Norton

CNN —Miami GOP Mayor Francis Suarez has filed paperwork to run for president, according to new FEC filings, marking the long-shot candidate’s formal entry to the race. “Conservative mayor Francis Suarez chose a better path for Miami,” the video’s narrator says, highlighting his approach to crime and support for law enforcement. High-profile mayorPrior to his first election as mayor in 2017, Suarez served a Miami city commissioner for eight years. As mayor, Suarez has sought to bring a new era of technology, innovation and entrepreneurship to his city, including promoting industries such as cryptocurrency and artificial intelligence. In 2020, Trump lost Hispanic-majority Miami-Dade County – the state’s most populous county, which includes the city of Miami – by 7 points.

Persons: Francis Suarez, Suarez, Ronald Reagan, ” Suarez, Florida’s, Donald Trump, Ron DeSantis, Mike Pence, Nikki Haley, South Carolina Sen, Tim Scott, Doug Burgum, Asa Hutchinson, Chris Christie, Trump’s, Trump, “, ”, Xavier Suarez, Elon Musk, DeSantis, NewsNation, CNN’s Jake Tapper, Hillary Clinton, DeSantis coasted Organizations: CNN, Miami GOP, Ronald Reagan Presidential, Fox News, Reagan, US, of Mayors, Wednesday, White, “ Conservative, Republican, Florida Gov, United Nations, Tim Scott , North Dakota Gov, Arkansas Gov, New, New Jersey Gov, CBS, GOP, Republican National Committee, Twitter, Disney, Miami Herald, DeSantis, Democratic, Miami, Dade, Miami –, Fox Locations: Simi Valley , California, Cuban, Miami, Florida, Palm Beach, South Carolina, Tim Scott , North, Arkansas, New Jersey, Milwaukee, Central Florida, “, Dade County, Osceola, Orlando, Puerto Rican

☆ Here Are the Likely Next Steps in the Trump Documents Case
▼ + stars: | 2023-06-14 | by ( Alan Feuer | Maggie Haberman | ) www.nytimes.com time to read: +2 min

Prosecutors working for the special counsel Jack Smith will most likely seek to drive the case forward quickly, all too aware that the prosecution is playing out as Mr. Trump pursues his presidential campaign. Mr. Trump’s lawyers will surely try to slow the case down, perhaps with an eye toward dragging it out until after the 2024 election. That has been Mr. Trump’s M.O. in nearly ever legal case he has faced over the years, and this one is not likely to be an exception. At this point, it remains unclear whether Mr. Trump will attend the first Republican primary debate, which is scheduled for Aug. 23 in Milwaukee.

Persons: Trump, ” Mr, Kise, Mr, Trump’s, Jack Smith, Jean Carroll, Smith Organizations: Mr Locations: Florida, New York, Milwaukee, Fulton County ,

☆ The Fed is about to decide whether or not to keep ramping up its fight against inflation
▼ + stars: | 2023-06-13 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Some anticipate the Fed will raise rates again in July in an attempt to bring inflation down to the 2% target. Even if the Fed forgoes a rate increase on Wednesday, Fed officials have suggested the Fed may hike rates again at later meetings. The survey also found people's expectations of job loss fell 1.3 percentage points to 10.9%, suggesting rising job market strength. "I do not think that wages are the principal driver of inflation," Fed Chair Jerome Powell told reporters after the Fed's May policy meeting. "For instance, recent evidence shows that wage growth tends to follow inflation, as well as expectations of future inflation."

Persons: —, it's, Jerome Powell, Adam Shapiro, Shapiro Organizations: Federal, Service, Committee, Fed, payrolls, Labor Statistics, Labor, Index, BLS, Bureau of Labor Statistics, Silicon Valley Bank, First Republic Bank, New York Federal Reserve, Federal Reserve Bank of San, National Federation of Independent Business Locations: Ukraine, Silicon, Federal Reserve Bank of San Francisco

☆ JPMorgan downgrades this regional bank stock, says earnings power looks challenged over the near term
▼ + stars: | 2023-06-13 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Rising expenses denting earnings growth create a murky near-term setup for shares of First Horizon , according to JPMorgan. Analyst Steven Alexopoulos moved to a neutral rating on the regional bank stock after a non-rating period, saying that the company's recent investor day failed to improve near-term confidence. The Wall Street firm previously held an overweight rating on shares and $20 price target. Shares of First Horizon faced significant pressure this year as the regional banking crisis unraveled and led to the collapse of Silicon Valley Bank and Signature Bank, and takeover of First Republic. Amid this backdrop, the stock's tumbled nearly 52%, with the firm's $13 price target suggesting 10% upside from Monday's close.

Persons: Steven Alexopoulos, Alexopoulos, CNBC's Michael Bloom Organizations: JPMorgan, Street, Horizon, Silicon Valley Bank, Signature Bank, First Locations: Silicon, First Republic

☆ Opinion | Before Trump, There Was Berlusconi
▼ + stars: | 2023-06-13 | by ( Mattia Ferraresi | ) www.nytimes.com time to read: +2 min

ROME — The tycoon-turned-politician spent his career mixing entertainment and power, escaping sex scandals and remodeling his party in his own plasticized image. But it’s actually Silvio Berlusconi, who died on Monday at the age of 86. Four times Italy’s prime minister, Mr. Berlusconi dominated Italian politics for three decades and fundamentally reshaped its landscape and imagination. In leveraging his fame and celebrity to gain power — and managing against all odds to retain it — Mr. Berlusconi provided a template for Mr. Trump’s own political career. Long before Mr. Trump cried “witch hunt” and labeled the Manhattan district attorney, Alvin Bragg, a “psychopath,” Mr. Berlusconi was denouncing a Communist plot brought by judges in “red robes” who were out to destroy him.

Persons: ROME, Vladimir Putin, Donald Trump, it’s, Silvio Berlusconi, Berlusconi, Mr, Trump’s, strongmen, Long, Trump, Alvin Bragg, ” Mr Organizations: First, Mr Locations: Italian, Milan, First Republic, Manhattan

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