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☆ Musk says fight with Zuckerberg to be live-streamed on X
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tingshu Wang/File PhotoNEW YORK/BENGALARU Aug 6 (Reuters) - Elon Musk said in a social media post on Sunday that his proposed fight with Meta (META.O) Chief Executive Officer Mark Zuckerberg would be live-streamed on social media platform X, formerly known as Twitter. "Zuck v Musk fight will be live-streamed on X. Zuckerberg, responding on his social media app Threads, said late Sunday: "I'm ready today. When a user on X asked Musk the point of the fight, Musk responded by saying "It's a civilized form of war. Musk then said he would start training if the cage fight took shape.

Persons: Elon Musk, Tingshu Wang, Mark Zuckerberg, Musk, Zuckerberg, hasn't, Juby Babu, Gertrude Chavez, Dreyfuss, Alex Richardson, Diane Craft Organizations: Tesla, REUTERS, Meta, Twitter, Thomson Locations: Beijing, China, Las Vegas, jiujitsu, Bengaluru, New York

☆ Auction sizes set to increase at US Treasury refunding
▼ + stars: | 2023-07-28 | by ( Karen Brettell | ) www.reuters.com time to read: +4 min

The Treasury earlier this month posted a $228 billion budget deficit for June, up 156% from a year earlier. "They have to grow coupon auction sizes - not just at the August refunding, not just at the November refunding, but also at the February refunding as well, because they are ultimately trying to balance this supply picture between bills vs coupons and this growing financing need," Swiber said. The Treasury Borrowing Advisory Committee (TBAC) recommends that bills make up 15-20% of the total marketable debt. The Treasury will release its quarterly borrowing requirement Monday afternoon, and its refunding news comes Wednesday at 0830 ET/1230 GMT. The Treasury surveyed dealers about their opinion on how some details of the program should work ahead of the August refunding.

Persons: Steven Zeng, Meghan Swiber, Swiber, Ben Jeffery, Karen Brettell, Davide Barbuscia, Gertrude Chavez, Dreyfuss, Hugh Lawson Organizations: U.S . Treasury Department, Treasury, COVID, Deutsche Bank, Bank of America, BMO Capital Markets, Thomson Locations: U.S

☆ US dollar stumbles, drops to more than one-year low as inflation eases in June
▼ + stars: | 2023-07-12 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +3 min

[1/2] U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. The greenback also hit its lowest against the Swiss franc since early 2015 after the inflation report. Data showed core U.S. consumer prices rose just 0.2% in June, compared with forecasts for a gain of 0.3%. The monthly rise in core prices was the smallest since August 2021. Against the yen, the dollar dropped to a six-week low of 138.17 yen .

Persons: Lee Jae, Simon Harvey, Jordan Rochester, Sterling, Gertrude Chavez, Dreyfuss, Ann Saphir, Chris Reese, Andrea Ricci Organizations: REUTERS, Swiss, Swiss National Bank, Nomura, Bank of England, Thomson Locations: Seoul, Swiss, U.S, London, Norwegian, Swedish, United States

☆ US dollar plunges to more than one-year low as inflation eases in June
▼ + stars: | 2023-07-12 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +3 min

[1/2] U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. The greenback also hit its lowest against the Swiss franc since early 2015 after the inflation report. "The Fed may have talked itself into a corner with a July 26th rate hike. Against the yen, the dollar dropped to a six-week low of 138.17 yen . The pound is being driven by expectations for the Bank of England to deliver more rate rises to tame UK inflation, which is the highest of any major economy.

Persons: Lee Jae, Simon Harvey, Brian Jacobsen, Sterling, Gertrude Chavez, Dreyfuss, Chuck Mikolajczak, Ann Saphir, Chris Reese Organizations: REUTERS, Swiss, Swiss National Bank, Core, CPI, Annex Wealth Management, Bank of England, Thomson Locations: Seoul, Swiss, Core U.S, U.S, London, Norwegian, Swedish, Menomonee Falls , Wisconsin, New York, San Francisco

☆ US dollar drops to three-week low as Fed rate hikes nearly done
▼ + stars: | 2023-07-10 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

In afternoon trading, the dollar index , which tracks the U.S. currency against a basket of major peers, slid 0.3% to 101.98, a three-week low. With U.S. nonfarm payrolls out of the way, attention turns to U.S. inflation data due on Wednesday. The Norwegian crown firmed against the dollar and euro following Norway's inflation data. The Chinese yuan slumped against the dollar after weak inflation numbers in the world's second-largest economy. The weak Chinese data dragged down the Australian and New Zealand dollars, which are often used as liquid proxies for the Chinese yuan.

Persons: gainers, Mary Daly, nonfarm, Erik Nelson, Wells, Nelson, Gertrude Chavez, Dreyfuss, Alun John, Rae Wee, Jamie Freed, Ed Osmond, Emelia, Will Dunham, Sharon Singleton Organizations: Federal Reserve, San Francisco Fed, U.S, CPI, New, New Zealand, Thomson Locations: U.S, Wells Fargo, London, Europe, China, Norwegian, New Zealand, Singapore

☆ Wall Street wealth helps boost endowments at posh New York City private schools
▼ + stars: | 2023-07-05 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

The tuition to attend private day schools in New York City can range from $58,000 to about $65,000 per year. Roughly 20% of school children attend private schools in New York City, according to think tank Manhattan Institute. With larger endowments and higher income from tuition, New York City private schools have bigger investment portfolios as well, which include long-term investments. New York City private schools have yet to report figures for 2022, when the S&P 500 fell 19%. Tuitions at New York City private schools are also outpacing those of their counterparts around the country.

Persons: outsized, Horace Mann, Walter Dillingham, Dillingham, Myra McGovern, McGovern, Gertrude Chavez, Dreyfuss, Alden Bentley, Mark Porter Organizations: YORK, Manhattan Institute, Wilmington Trust, National Association of Independent Schools, New York, New, Internal Revenue Service, Horace, Brearley School, Prep Day School, Little Red School House, Harlem Academy, Tuitions, Thomson Locations: New York, New York City, Wilmington, Bronx, Brooklyn, Manhattan, NAIS, Washington, Kansas City

While there has been some scrambling to amend contracts linked to Libor over the past month, the transition was well telegraphed and no major issues are expected, loan and derivatives market participants and lawyers said in interviews. "I feel like it has been two to three years now that we have been re-papering all the legacy loans and legacy securities we purchased tied to Libor," said Scott DiMaggio, co-head of fixed income, at Alliance Bernstein. Friday at 11:55 a.m. British Summer Time (1055 GMT) marked the last publication for the 1-month, 3-month and 6-month U.S.-dollar Libor interest rates. Other U.S. dollar tenors were largely phased out for new contracts at the end of 2021 along with Libor rates linked to other currencies. Derivatives markets based on Libor had already mostly moved to new benchmarks without major disruption, while some corners of the loan markets, such as syndicated loans, have been busy with contract amendments, market participants said.

Persons: Scott DiMaggio, Alliance Bernstein, Shah, Federal Reserve Bank of New York's, Libor, Tal Reback, Gennadiy Goldberg, John McCrank, Gertrude Chavez, Dreyfus, Alden Bentley, Stephen Coates Organizations: YORK, Alliance, Regulators, Federal Reserve Bank of New, U.S, Britain's, Authority, Libor, TD Securities, Thomson Locations: London, Iran, U.S, New York

☆ Euro advances, surges to 15-year peak vs yen, after ECB lifts rates
▼ + stars: | 2023-06-15 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

[1/2] Euro and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The ECB lifted rates by 25 basis points (bps), as expected, to 3.5%, the highest in 22 years. "There were hawkish elements in the latest ECB press conference, in particular the upwardly revised 2025 inflation forecasts. Versus the yen, the euro rose 1.2% to 153.52 , hitting 153.68 yen, the highest since September 2008, following the ECB decision. We have assumed for some time that the rate-cycle peak would be a negative for the dollar peak yields will bolster risk-taking and encourage investors to deploy capital away from the U.S.

Persons: Dado Ruvic, Mark Wall, Christine, Lagarde, Jerome Powell, Shaun Osborne, Gertrude Chavez, Dreyfuss, Samuel Indyk, Rocky Swift, Shweta Agarwal, Emelia, Jonathan Oatis Organizations: U.S, REUTERS, YORK, European Central Bank, ECB, Deutsche Bank, U.S . Federal Reserve, Bank of, Scotiabank, U.S ., Reuters, U.S . Labor Department, Thomson Locations: Bank of Japan, Toronto, New York, London

☆ US dollar falls, but off four-week lows, as Fed signals more rate hikes
▼ + stars: | 2023-06-14 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

The dollar index was last down 0.3% at 103.01 after hitting a four-week low of 102.66 in the session. While signaling more rate increases, Fed Chair Jerome Powell said in a press briefing that the U.S. central bank was not so far away from its target on the benchmark fed funds rate. Officials now expect the fed funds rate to top out at 5.6% this year, implying two more 25 bps increases in 2023, up from the 5.1% estimate in the last set of forecasts released in March. He noted that in 2006, the fed funds rate stood at 5.25% from July 2006 to August 2007 before being cut in the wake of the global financial crisis. Elsewhere, sterling rose 0.4% against the dollar to $1.2660, after hitting its highest since April 2022 of $1.2699.

Persons: Jerome Powell, Chris Low, Louis, James Bullard's, James Bullard, Srijan, Gertrude Chavez, Dreyfuss, Amanda Cooper, Jonathan Oatis, Lisa Shumaker, Richard Chang Organizations: NEW YORK, U.S, Federal Reserve, Market, Officials, FHN, Louis Fed, Traders, Bank of Japan, Bank of England, Thomson Locations: U.S, New York, London

The dollar made little progress as investors opted for riskier assets, with the Fed widely expected on Wednesday not to hike rates for the first time since January 2022. "Investors have been looking forward to a Fed pause in the rate hiking cycle since they started over a year ago. The technology-heavy Nasdaq Composite (.IXIC) added 202.78 points, or 1.53%, to 13,461.92 in its biggest one-day percentage gain since May 26. Traders are pricing in a roughly 75% chance of the Fed keeping rates steady, and a 25% chance of a 25-basis-point rate hike, according to the CME FedWatch tool. Given said a Fed hike "would likely be very dollar-positive as it would go against current market expectations."

Persons: Brendan McDermid, Price, Burns McKinney, McKinney, Sterling, Helen, Brent, Sinéad Carew, Gertrude Chavez, Dreyfuss, Elizabeth Howcroft, Andrew Heavens, Nick Zieminski, Lisa Shumaker Organizations: New York Stock Exchange, REUTERS, U.S, CPI, PPI Fed, Treasury, U.S . Federal Reserve, Brent, Consumer, Index, PPI, NFJ Investment, Dow Jones, Nasdaq, Traders, Reserve Bank of Australia, Bank of Canada, European Central Bank, Bank of Japan, Monex USA, Thomson Locations: New York City, U.S, Dallas, Washington

☆ Crypto insurer Evertas authorized to offer largest single crypto insurance policy
▼ + stars: | 2023-06-02 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +3 min

"This is the single largest policy that can be approved from one insurance company," Evertas chief executive officer J. Gdanski told Reuters. The $420 million coverage applies to crime-related policies involving the theft of private keys - or codes used to authorize transactions or prove ownership - held by a custodian. The previous single policy limit for Evertas was $5 million. Being a coverholder gave Evertas the authority to write crypto insurance on behalf of Arch, one of Lloyd's syndicate members, part of a group of insurance entities that band together to provide coverage for large risks. The London insurer has also authorized Evertas to provide insurance on crypto mining hardware of up to $200 million, also the largest single policy coverage, Gdanski said.

Persons: Evertas, J, Gdanski, Gertrude Chavez, Dreyfuss, Alden Bentley, Mark Potter Organizations: YORK, Insurance, Reuters, Evertas, Arch Capital, TRM Labs, Thomson Locations: London, Gdanski

☆ US rate futures expect Fed pause in June in sharp turnaround from earlier
▼ + stars: | 2023-05-31 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +2 min

The big catalyst were comments from Fed Governor and vice chair nominee Philip Jefferson and Philadelphia Fed President Fed Harker who both touted skipping a June rate hike. That said, data due on Friday about the U.S. job market "may change my mind." The Job Openings and Labor Turnover Survey, or JOLTS report, also showed layoffs declined significantly last month. After the JOLTS report, rate futures had priced in a nearly 70% chance of a rate increase next month. Some things seem like a little bit loose and so if the Fed is going to be on pause, it's time.

Persons: Refinitiv's, Philip Jefferson, Fed Harker, Jefferson, Harker, Ellis Phifer, Raymond James, Gertrude Chavez, Dreyfuss, Diane Craft Organizations: YORK, Federal Reserve, Fed Governor, Philadelphia Fed, Labor Department, Labor, Survey, Thomson Locations: Memphis , Tennessee

☆ Cost of insuring vs US default increases before vote on debt ceiling bill
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, May 31 (Reuters) - The cost of insuring exposure to a U.S. debt default rose on Wednesday, with investors focused on a debt ceiling vote in the House of Representatives later in the day. The U.S. one-year credit default swap (CDS) - a market-based gauge of the risk of default - climbed to 76 basis points (bps) from 56 bps late on Tuesday, data from S&P Global Market Intelligence showed. U.S. five-year CDS also edged up to 43 bps versus 42 bps the previous session. The House Rules Committee late on Tuesday, in the first procedural vote on the legislation, cleared the measure for debate in the full House on Wednesday. Speaker Kevin McCarthy predicted that the evening vote would succeed, telling reporters, "It's going to become law."

Persons: Kevin McCarthy, Karl Schamotta, Schamotta, Gertrude Chavez, Dreyfuss, Will Dunham Organizations: YORK, U.S, P Global Market Intelligence, Republicans, Republican Freedom Caucus, Democratic Party, Thomson Locations: U.S, Toronto

☆ Analysis: As sun sets on LIBOR, its successor rate may heighten bank risks
▼ + stars: | 2023-05-22 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +5 min

The transition to the Secured Overnight Funding Rate (SOFR) has been well-telegraphed for years and U.S. banks are mostly prepared for the new rate regime. Typically in a crisis, the cost of bank funding rises: rates on commercial paper and bond issuance increase as investors demand a premium to buy bank debt. This was highlighted by the New York Fed in a study released in December 2022 and updated last February. Bank funding costs have increased with the surge in interest rates since the Fed began tightening last year. "The transition has largely taken place and the rates on SOFR have risen in tandem with policy rate increases."

☆ US dollar advances to seven-week peak after data, debt ceiling hopes
▼ + stars: | 2023-05-18 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +1 min

Another piece of data indicated a milder-than-expected fall in a business index to -10.4 from the Philadelphia Federal Reserve. The dollar index touched a new seven-week high of 103.38, and was last up 0.5% at 103.34 after the economic numbers. Against the yen, the dollar rose to a fresh five-month peak of 138.39 after the data and was last up 0.5% at 138.35 . Traders are pricing in around a 20% chance that the Federal Reserve raises its interest rate at its June meeting. The focus was also on debt ceiling talks.

The euro, meanwhile, dropped to a six-week low versus the dollar at $1.0811 . Wednesday's data showed that U.S. single-family homebuilding increased in April, but data for the prior month was revised sharply lower. Single-family housing starts, which account for the bulk of homebuilding, rose 1.6% to a seasonally-adjusted annual rate of 846,000 units last month. In late morning trading, the dollar rose 0.7% versus the yen to 137.37 yen, after earlier climbing to a two-week peak of 137.445 . In the offshore market, the dollar rose 0.2% to 7.00911 .

☆ Foreign buying of US Treasuries in March hits largest since June 2021 -data
▼ + stars: | 2023-05-15 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +3 min

There were lots of buying by China, lots of buying by Japan. Japan, however, had been selling Treasuries for most of 2022 to help boost a weak yen. China had been selling Treasuries as well, like Japan for most of last year. U.S. residents, meanwhile, increased their holdings of long-term foreign securities, with net purchases of $22.8 billion, compared with net selling of $8.3 billion in February. Overall, net foreign purchases of long-term securities are estimated to have been $133.3 billion in March, up sharply from February's inflows of $56.6 billion, data showed.

☆ US dollar retreats from five-week high as debt ceiling stalemate weighs
▼ + stars: | 2023-05-15 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

In afternoon trading, the dollar index , which measures the greenback's value against six major currencies, fell 0.3% to 102.40. Earlier in the session, the dollar touched a five-week high of 102.75. Analysts have said many factors could be behind the dollar's recent strength, including concerns about U.S. inflation and safe-haven buying driven by fears about the debt ceiling standoff and global economic growth, as well as more hawkish rhetoric from Fed officials. Against the yen, the dollar was up 0.3% at 136.06, while sterling was 0.7% higher at $1.2527, rebounding after last week's 1.5% fall. It earlier jumped to 19.7 for the first time since March 10, when the dollar hit a record high of 19.8 on a volatile trading day.

The greenback took an early dive after data showed the New York Federal Reserve's Empire State manufacturing index plunged to -31.8 this month from a reading of 10.8 in April. "The things that have weighed on the dollar recently have not gone away, such as the debt ceiling, even though there has been some progress made." In late morning trading the dollar index , which measures the greenback's value against six major peers, fell 0.2% to 102.48. Analysts have said many factors could be behind the dollar's recent strength, including concerns about U.S. inflation and safe-haven buying driven by fears about the debt ceiling standoff and global economic growth. It earlier jumped to 19.7 for the first time since March 10, when it hit a record high of 19.8 on a volatile trading day.

Though stocks remain near their 2023 highs, some investors now believe those factors will soon start taking a greater toll, limiting further upside. The market may be "back in the soup on the banking crisis," said Chuck Carlson, chief executive officer at Horizon Investment Services. Many investors don’t expect that calm to continue, as a battle over raising the $34 trillion U.S. debt ceiling looms. In the six rate-hiking cycles since 1984, the S&P 500 has posted an average three-month return of 8% following the peak funds rate, Goldman Sachs strategists wrote. However, the S&P 500 is already trading well above its valuation at the end of any cycle except the one ending in 2000, when the S&P 500 declined despite a Fed pause, the bank said.

☆ Bond investors fearing recession, boost safety bets ahead of FOMC
▼ + stars: | 2023-05-01 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +5 min

Going long duration reflects expectations U.S. yields will fall because the Fed will be forced to cut rates. During the Fed's aggressive rate-hike phase last year, investors shortened their duration exposure. In terms of price action, U.S. 5-year yields dropped 67 bps since March, suggesting increased demand from investors. U.S. Treasuries rallied in March, pushing yields lower, as the market sought safety during the banking crisis. U.S. two-year yields, which reflect rate expectations, fell nearly 60 bps in March, the largest monthly fall since December 2007.

☆ US dollar gains as inflation data backs Fed rate hike; yen sinks
▼ + stars: | 2023-04-28 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +3 min

The dollar index, a measure of the greenback's value against six major currencies, rose 0.1% to 101.54 . Friday's data showed the personal consumption expenditures (PCE) price index edged 0.1% higher in March after rising 0.3% in February. In the 12 months through March, the PCE price index increased 4.2% after climbing 5.1% in February. The so-called core PCE price index gained 4.6% on a year-on-year basis in March after rising 4.7% in February. Following the inflation data, the rate futures market has priced in a 90% chance of a 25 basis-point hike next week.

☆ U.S. dollar advances as inflation data affirms Fed rate hike next week
▼ + stars: | 2023-04-28 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +2 min

The dollar index, a measure of the greenback's value against six major currencies, rose 0.7% to 102.10 . In the 12 months through March, the PCE price index increased 4.2% after climbing 5.1% in February. Excluding the volatile food and energy components, the PCE price index inched up 0.3% after increasing at the same rate in February. The so-called core PCE price index gained 4.6% on a year-on-year basis in March after rising 4.7% in February. Following the data, the rate futures market has priced in a 90% chance of a 25 basis-point hike next week.

☆ Dollar advances after US nonfarm payrolls data
▼ + stars: | 2023-04-07 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +1 min

Prior to the jobs report, the rate futures market had been betting that the Fed would pause at the May policy meeting. The market has now priced in a 68% chance the Fed will raise interest rates by 25 basis points (bps). Friday's data showed there were 236,000 new jobs in March, in line with forecasts of 239,000. Data for February was revised higher to show 326,000 jobs were added instead of 311,000 as previously reported. Against the yen, the dollar was up 0.3% at 132.075 yen while the euro was 0.2% weaker at $1.0905 .

The underlying trend though for the dollar remained tilted to the downside and Wednesday's U.S. private sector jobs numbers affirmed that. The ADP National Employment report showed U.S. private employers hired far fewer workers than expected in March, suggesting a cooling labor market. Private employment increased by 145,000 jobs last month. Economists polled by Reuters had forecast private employment increasing 200,000. Another report on Wednesday also indicated continued economic weakness, this time in the services sector.

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