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☆ Morning Bid: Treasury yields dive as oil craters, economy softens
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +5 min

U.S. two-year Treasury yields skidded below 4.80% on Friday for the first time since September 1, with 10-year yields dropping under 4.40% to September lows too. Crude has now lost almost 25% in just six weeks - aided by the U.S. gradually lifting oil sanctions on Venezuela. The Labor Department said import prices fell a whopping 0.8% in October, the most in seven months amid a broad decline in the costs of goods - deepening the annual deflation of import prices to as much as 2.0%. Even though the dollar (.DXY), , is taking a hit from the plunge in U.S. Treasury yields, the drop in sovereign borrowing rates was mirrored across the world in Europe , even Japan . Mirroring the softening demand picture elsewhere, British retail sales volumes fell unexpectedly in October as stretched consumers stayed at home.

Persons: Lucas Jackson, Mike Dolan, plumb, Morgan, Susan Collins, Mary Daly, Austan Goolsbee, Michael Barr, Dave Ramsden, Nick Macfie Organizations: New York Stock Exchange, REUTERS, Walmart, Cisco, Alibaba, Philadelphia Federal Reserve, Labor Department, Treasury, Hong, Housing, Atlanta, Boston Federal, San Francisco Fed, Chicago Fed, Bank of England, United States, APEC, Graphics, Thomson, Reuters Locations: New York, U.S, Wall, Alibaba ., Venezuela, Europe, Japan, HK, Hong Kong, China, San Francisco

☆ Opinion | Why Does the Right Hate America?
▼ + stars: | 2023-11-06 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

But is America beyond the political realm also in crisis? A recent essay by Damon Linker in The Times profiled conservative intellectuals whose writing, he argued, helps explain where the MAGA right is coming from. What struck me, reading some of their work, is the dire portrait they paint of the state of our nation. For example, Patrick Deneen’s “Regime Change” describes America thus: “Once-beautiful cities and towns around the nation have succumbed to an ugly blight. Do they have any sense, from personal memory or reading, of what America was like 30 or 50 years ago?

Persons: Damon, MAGA, Patrick Deneen’s Organizations: Times Locations: America

☆ Uncertainty looms for future aid to Ukraine and Israel as speaker drama continues
▼ + stars: | 2023-10-23 | by ( Lauren Fox | ) edition.cnn.com time to read: +4 min

It’s asinine, unpaid for, ineffective and dangerous,” Rep. Chip Roy of Texas posted on X about the supplemental request. The Israel funding will likely move quickly in the House, but it’s very likely that the future speaker would decouple the requests so they are voted on individually. The tightrope any future speaker will walk is that the Republican conference is divided over sending additional aid to Ukraine. But there are some members for whom support Ukraine is an essential issue. “I support Ukraine and Israel.

Persons: It’s asinine, Chip Roy, “ Israel, Mike Garcia of, Rep, Don Bacon of Nebraska, “, Kevin McCarthy, McCarthy, Brian Fitzpatrick, Chuck Schumer, ” Schumer, Antony Blinken, Lloyd Austin Organizations: Washington CNN, Republicans, Democrats, GOP, Ukraine, ” Republican, CNN, Republican, ” Locations: Ukraine, Israel, Taiwan, Texas, Mike Garcia of California, Pennsylvania

☆ The 'blue dollar' is booming: Argentina's lust for the buck pushed its black-market rate up 60,000% since peso parity ended in 2002
▼ + stars: | 2023-10-19 | by ( Anil Varma | ) www.businessinsider.com time to read: +5 min

For decades, the nation has been roiled by hyperinflation, sky-high interest rates, a growing mountain of debt, a string of sovereign defaults, and a cratering exchange rate. Rampant inflation has ravaged Argentina's currency over the years, wiping out much of its value against the dollar and ruining its appeal to consumers. The coveted bucks from the back alleys of Buenos Aires have their own price, even their own name: dólar blue, or the "blue dollar." AdvertisementAdvertisementUp 60,000% and going strongThe dollar's unofficial exchange rate smashed above 1,000 pesos for the first time last week, to hit levels almost three times as high as the official rate. That would almost certainly mean the blue dollar surging to new highs.

Persons: —, It's, Javier Milei, Manuel Cortina Organizations: Service, Spain's Santander Group, Cato Institute, Local, Argentine, Monetary Fund, BBVA Locations: Argentina, Buenos Aires, bluedollar.net, American, Brazil, Argentine, Spanish

☆ Fed-up employees might threaten to quit if changes aren't made to their job, but 'thruitting' often does more harm than good
▼ + stars: | 2023-10-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

siraanamwong/Getty ImagesYou're fed up with your job and are finally going to let your manager know it: "Fix this, or I'm leaving." In a bid to keep up with the never-ending stream of workplace trends, let's call this one "thruitting." AdvertisementAdvertisementFor your bookmarksFree tax filing programUS Treasury Secretary Janet Yellen has said tax filing should be simple. SAUL LOEB/AFP via Getty ImagesSee if you're eligible for the IRS' new, free tax filing pilot in 13 states. It's part of the department's attempt to make tax filing simpler and more cost-effective.

Persons: Marc Andreessen, Chris Williams, Williams, simplehappyart, Today's, Siu, It's, SCOTT MORGAN, Charlie Munger, Warren Buffett's, Everyone's, Jeffrey Gundlach, Jensen Huang, Young Liu, Chiang Ying, Marc Andreessen's, Elon Musk, Musk, Arantza Pena Popo, Dolly, Janet Yellen, SAUL LOEB, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Tech, Microsoft, Treasury, Barclays, Baron Partners Fund, Nvidia, University of Pennsylvania, America, Blackstone, Getty, IRS Locations: Israel, Cincinnati , Ohio, New York City, San Diego, London, New York

Among the evidence that’s been gathered is a blast analysis that suggests it was a ground explosion rather than an airstrike that hit the hospital, one of the sources said. That analysis is one datapoint that’s led intelligence officials to lean toward assessing that the attack on the hospital was a rocket launch gone wrong. Still, the blast analysis is just one of the things being examined by the intelligence community, which has surged intelligence collection assets to the region. US intelligence officials have not made a final assessment and are still gathering evidence, the officials said. Not long after landing in Israel on Wednesday, Biden weighed in on who was behind the strike on the hospital.

Persons: Israel “, Joe Biden’s, Adrienne Watson, ” Watson, that’s, Biden, ” Biden, Benjamin Netanyahu, ”, Israel, Daniel Hagari, “ I’m, Jim Himes, Mick Mulroy, Mulroy, Mark Hertling, ” Hertling, it’s “, ” “, “, We’re, ’, Rishi Sunak, ” Sunak, It’s Organizations: CNN, National Security Council, Palestinian, NSC, Islamic, Wednesday, Israeli, Defense Department, ”, Israel Defense Forces, House Intelligence, Capitol, Defense, CIA, intel, Hamas Locations: Gaza, Israel, States, Jim Himes of Connecticut, Al, Ahli, Iran

☆ Taylor Swift gives the US economy another boost as "The Eras Tour" film breaks box-office records on its opening weekend
▼ + stars: | 2023-10-16 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

"Taylor Swift: The Eras Tour" broke a concert-film box-office record on its opening weekend. The movie pulled in $95 million to $97 million worth of ticket sales, AMC Theatres said. Swift’s tour has given the US economy a big boost in 2023, with even the Federal Reserve noticing its impact. "The Eras Tour" could also break records for the strongest October debut for any film. Its currently neck-and-neck with "Joker", which pulled in $96.2 million worth of ticket sales on its opening weekend back in 2019.

Persons: Taylor Swift, —, Justin Bieber's Organizations: AMC Theatres, Reserve, Service, Federal, Bloomberg Economics, AMC, Hollywood Locations: Philadelphia, Monday's premarket

☆ Sam Bankman-Fried's defense lawyer gave a snooze-worthy cross-examination of key witness Caroline Ellison in criminal trial
▼ + stars: | 2023-10-13 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Their cross of Caroline Ellison, arguably the biggest witness in the case, was noticeably repetitive. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Ex-girlfriend and ex-Alameda-CEO Caroline Ellison returned to the witness stand in Manhattan federal court on Thursday for a cross-examination frequently interrupted with objections and sidebars. AdvertisementAdvertisementThe former CEO of FTX's sister company Alameda Research, Ellison pleaded guilty to seven financial fraud and conspiracy charges in December.

Persons: Sam Bankman, Caroline Ellison, —, Mark Cohen, quizzing Ellison, Ellison, Cohen, Fried, Bankman, Lewis Kaplan, Danielle Sassoon Organizations: Service, Alameda, Alameda Research, FBI Locations: Manhattan, Alameda, FTX, Bahamas

☆ EXCLUSIVE: Listen to 1-hour all-hands Alameda Research meeting where Caroline Ellison admitted the crypto firm took FTX customer money
▼ + stars: | 2023-10-12 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +6 min

Caroline Ellison held an all-hands meeting with Alameda employees where she admitted to taking FTX customer funds. The news sent shockwaves through the office of Alameda Research, the crypto trading firm also owned by Sam Bankman-Fried. AdvertisementAdvertisementAt the all-hands meeting, Ellison appeared "sunken, kind of slouching," and "did not display confident body language," Drappi said. At the meeting, Drappi asked Ellison whether she was aware that Alameda was taking customer money without their permission. Bankman-Fried's lawyers argued Thursday that Ellison's statements at the meeting went far beyond what Bankman-Fried intended to tell Alameda employees.

Persons: Caroline Ellison, Sam Bankman, —, Fried, Binance, Ellison, Christian Drappi, Drappi, Rick Best, — Ellison, Gary Wang, Nashad Singh, Wang, Singh, FTX Organizations: Alameda, Service, Alameda Research Locations: Alameda, Hong Kong, Japan, YOLO

☆ Americans are flocking to Mexico City where rent is cheaper and life is more laid-back—for locals, it’s complicated
▼ + stars: | 2023-10-12 | by ( Celia Fernandez Tasia Jensen Beatriz Bajuelos Castillo | Celia Fernandez | Tasia Jensen | ) www.cnbc.com time to read: +18 min

Moran moved to Mexico City in 2019 and is now a permanent resident and lives with Dai, her Mexican boyfriend. "When North Americans come to Mexico, especially to Mexico City, they do not come for survival reasons," Osorno says. Alberto Martinez believes that the Mexican government needs to come up with a way to control rent prices in Mexico City. In 2022, the Mexico City government partnered with Airbnb to promote the city as a global remote working hub. In 2022, Airbnb and Mexico City announced a partnership that caused an uproar among CDMX locals.

Persons: it's, Gene Kim, Kyla Moran, Moran, Dai, Tasia Jensen, Beatriz Bajuelos, Hutchins, Caitlin Hutchins, Cora, Victor, Adalia, —, Aborisade, Hutchins isn't, I'm, Keith Brown, Brown, George Floyd, There's, doling, I've, Darnell, Tiara Darnell, Guillermo Osorno, Frida Kahlo, Diego Rivera, Leticia Lozano, Lozano, Anais Martinez, Martinez, It's, Leticia Lozano López, Alberto Martinez, Airbnb, Lozano López Organizations: CNBC, Mexico City, Black American, Spanish, U.S, Spotify, National Institute of Statistics, Human Rights, Osorno, Roma, Mexico's Foreign Affairs, New, of Labor Statistics, National Autonomous University of Mexico, The New York Times, Urban Regeneration, MIT, Airbnb, Nurphoto Locations: Mexico City, Mexico's, Ciudad, North America, Mexico, U.S, American, Hutchins, North Carolina, Texas, Mexico City's, United States, Buffalo , New York, Buffalo, Roma Norte, La, Osorno, Tourism Secretarait, Mexican, New York City, —, La Condesa, Airbnb, Latin America, Barcelona, Florence, Congress

☆ IMF-World Bank meeting: Old problems and new headwinds
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +1 min

The IMF-World Bank annual meeting takes place in Marrakech just weeks after a deadly Moroccan earthquake. The setting is apt for emerging markets and defaulting countries that are struggling with headwinds from all sides. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. Further readingIMF-World Bank meetings: Which developing countries face debt crisis? In Libya's devastated Derna, families still search for the missingMarrakech prepares for IMF and World Bank meeting a month after deadly quakeYellen heads to Morocco IMF-World Bank meetings in shadow of US political chaosEmerging economies face China and rate pressures as IMF, World Bank meetEgypt's cratering economy drives many to risky migrant routeOur Standards: The Thomson Reuters Trust Principles.

Organizations: Apple, Google, Reuters, IMF, Bank, Thomson, World Bank, Morocco IMF, Egypt's Locations: Marrakech, Argentina, Derna, Morocco, China

☆ Egypt's cratering economy drives many to risky migrant route
▼ + stars: | 2023-10-06 | by ( Mariam Rizk | ) www.reuters.com time to read: +6 min

The surge in numbers leaving Egypt in recent years coincides with Egypt's worsening economy. The pandemic hit Egypt's vital tourist industry and the Ukraine war made investors more risk averse, driving them away from Egyptian markets. MINIBUS TO LIBYAThe Egyptian authorities have largely stopped migrant boat departures from Egypt's north coast since 2016. More migrant boats now leave from eastern Libya, close to Egypt, than from the west in the divided nation. 'COUNTRIES IN CRISIS'President Abdel Fattah al-Sisi and other Egyptian officials say Egypt is doing what it can to halt the migrant flow.

Persons: Fatma, MIT SUHAYL, Waleed el, Degwy, Mohamed el, Muammar Gaddafi, you'd, Adel Ghannam, Mit Suhayl, Mohamed, Abdel Fattah al, Naela Gabr, Mostafa Abdel Salam, Hala, Nafisa Eltahir, Aidan Lewis, Edmund Blair Organizations: REUTERS, MIT, Reuters, European, Thomson Locations: Suhayl, Greece, Sharqia governorate, Egypt, Libya, Italy, Nile Delta, Europe, Ukraine, LIBYA, Egypt's, Libyan, Sudan

☆ Coca-Cola, Bank of America, and other big-name stocks just hit their lowest levels in a year as the market sell-off rages on
▼ + stars: | 2023-10-06 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Stocks have fallen since the end of July, with the S&P 500 down 7%. Coca-Cola, Bank of America, and several other big names have fallen to 52-week lows amid the sell-off. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementSeveral big-name stocks have fallen to their lowest levels in a year this week, with lingering worries about inflation and the bond rout driving a broader financial market sell-off. Stocks' stellar first-half rally has ground to a dramatic halt in recent months, with the S&P 500 dropping 7% since July 31.

Persons: —, Dr Pepper Organizations: Cola, Bank of America, Reserve, Service, Cola Company, Banking, Citigroup, Coke, carmaker, Motors, Dow Jones, Federal Reserve

☆ Spiking bond yields are sowing panic on Wall Street. These 4 charts capture the chaos.
▼ + stars: | 2023-10-05 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

10-year Treasury yields hit a 16-year high Wednesday and are hovering just below 5%. These four charts capture the bond-market chaos of the past few weeks. Over the past 18 months, the Fed has raised borrowing costs from near-zero to over 5%. When borrowing costs rise, older debt with a lower coupon payment becomes less attractive to investors. Again, its movements have been driven by interest rate expectations – because when borrowing costs rise, the buck becomes more attractive to foreign investors seeking juicier yields.

Persons: — Organizations: Service, Treasury, Federal Reserve, Dow Jones, US

☆ Orange juice prices are up 270% since the pandemic hit, as crop diseases and hurricanes hammer supply
▼ + stars: | 2023-10-03 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Orange juice prices have skyrocketed 270% since January 2020, per data from Refinitiv. The rapid spread of the citrus greening crop disease has led to supplies cratering. The rapidly spreading citrus greening crop disease and multiple hurricanes in Florida have hammered the supply of oranges in recent years, driving up the cost of the breakfast staple. But orange juice futures' rapid rise has been driven by two factors that even the Federal Reserve can't control: disease and hurricanes. Nvidia and Tesla are the only two "Magnificent Seven" stocks that have delivered higher returns than orange juice futures over the same period.

Persons: —, St Louis, Ian, Nicole Organizations: Service, St Louis Fed, Federal, Florida cratering, Big Tech, New York, Nvidia, Tesla Locations: Florida, Louisiana , Texas , California, Brazil

☆ Fed doves, Fed hawks: US central bankers in their own words
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

The following chart offers a stab at how officials stack up on their outlook for Fed policy and how to balance their goals of stable prices and full employment. Note: Fed policymakers began raising interest rates in March 2022 to bring down high inflation. Their most recent policy rate hike, to a range of 5.25%-5.5%, was in July. Neither Jeff Schmid, Kansas City Fed's president since August and a voter in 2025, nor Adriana Kugler, a permanent voter who was confirmed to the Fed Board in September, have yet made any substantive policy remarks. The St. Louis Fed has begun a search to succeed president, James Bullard, who took a job in academia; the new chief will be a 2025 voter.

Persons: Jeff Schmid, Adriana Kugler, Louis Fed, James Bullard, Ann Saphir, Andrea Ricci Organizations: Federal, Federal Open Market, New York Fed, Jeff Schmid , Kansas City Fed's, Fed, Thomson Locations: Jeff Schmid , Kansas, St

☆ Who was Hardeep Singh Nijjar and what just happened between Canada and India?
▼ + stars: | 2023-09-20 | by ( Rhea Mogul | ) edition.cnn.com time to read: +9 min

Blair Gable/ReutersIndia responded hours later by rejecting Trudeau’s allegations, accusing Canada of harboring terrorists and claiming its inaction against extremists had been a “long-standing” concern. Nijjar’s death in June shocked the Sikh community in Canada, one of the largest outside India with more than 770,000 members. Gurpatwant Singh Pannun told CNN that Nijjar was asked to be careful and avoid giving “big talks” or he would be targeted. India's Prime Minister Narendra Modi shakes hands with the youngest son of Canada's Prime Minister Justin Trudeau while attending a ceremonial reception at the Presidential Palace in New Delhi on February 23, 2018. When Trudeau visited India in 2018, his calendar, which was light on diplomatic meetings, was seen by many as a “snub” from New Delhi.

Persons: Justin Trudeau, Trudeau, Canada wasn’t, ”, Hardeep Singh Nijjar, cratering, Nijjar, Melanie Joly, Blair Gable, –, “, Hardeep Singh, India’s UAPA, Gurpatwant Singh Pannun, Pannun, Harsh Pant, Modi, Narendra Modi, Canada's, PRAKASH SINGH, ” Pant, Michael Kugelman, Joe Biden, Rishi Sunak, Australia’s Anthony Albanese, Adrienne Watson, Penny Wong, I’m, ” Kugelman, would’ve “, Kugelman, Canada would’ve Organizations: CNN, Canadian, Canada, Reuters, Canada –, British Columbia Gurdwaras, India’s, Indian National Investigation Agency, Khalistan, Royal Canadian Mounted Police, Justice, Observer Research Foundation, India's, AFP, Getty, Indian Army, South Asia Institute, Wilson Center, British, National Security, Australian Foreign Locations: India, New Delhi, United States, Canada, Ottawa, Indian, Reuters India, Canadian, British, Ontario, India’s Punjab, New York, AFP, Toronto, China, Australia, Britain, New Zealand

When Fidji Simo took over as chief executive of Instacart in 2021, the grocery delivery start-up’s growth was cratering as its pandemic boom ebbed. Ms. Simo, a former executive at Meta with experience in advertising, played to her strengths. She also hatched a plan to sell software tools and other products to grocery companies to help improve shopping experiences, they said. Then she embarked on a good-will tour to visit the grocery companies and hosted their executives at her home in Carmel, Calif.As Instacart prepares to go public next week, it is a markedly different company. Envisioned in 2012 as a service that matched people at home with contract workers who would shop for them and deliver groceries, it has increasingly focused on advertising and software products as its delivery business has slowed.

Persons: Fidji Simo, Simo, Brands, Instacart Organizations: Meta Locations: Carmel , Calif

☆ The crashing office market will deepen the economic 'doom loop' for America's cities, economist says
▼ + stars: | 2023-09-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Some of America's largest cities risk falling into an economic "doom loop." Midsized cities could see higher tax rates and plunging property values as office demand falls. That's thanks to work-for-home trends, which have battered the commercial real estate market in hubs like Atlanta, Chicago, and Denver. "The problem that smaller cities have is that, often, there's not a whole lot of other things that cities have to offer in their downtown areas besides the commercial office district. Experts have warned for months of trouble in the overarching commercial real estate sector, which has struggled to bounce back from the pandemic.

Persons: Stijn Van Nieuwerburgh, Nieuwerburgh, Nieuwerburg, there's Organizations: Service, Columbia School of Business, National Association of Realtors, CNBC Locations: America's, Columbia, Wall, Silicon, Atlanta , Chicago, Denver

☆ Embedded finance, FinOps, and treasury management are grabbing VC attention right now despite a collapse in fintech funding, investors say
▼ + stars: | 2023-08-29 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +6 min

Global VC fintech funding has been cut in half to $23 billion so far this year, per S&P data. Fintech startups focused on solving business issues have remained somewhat resilient. Globally venture capital funding to fintech companies dropped 49% year-on-year to $23 billion in the first half of 2023, according to S&P data. Within that, investment in consumer-facing fintech startups, such as banking and trading apps, has endured an even more torrid year, sliding by 73.8% to $1.9 billion in Q2. Insider spoke to four fintech investors who identified the areas within B2B fintech that are capturing their attention right now.

Persons: Khalil Hefaf, fintech, Hefaf, Uber, Banks, Alix Brunet, Europe's, Weavr, Griffin cofounders Allen Rohner, David Jarvis Griffin, Dan Chaplin, Kaushik Subramanian, Payrails cofounders Emre Talay, Orkhan Abudullayev, Nicolas Thouzeau Payrails, Chaplin Organizations: Target, Mass Mutual Ventures, Griffin, Dawn Capital, Treasury, Payrails, EQT Ventures, London, UBS Locations: Europe, digitize, London, Germany, Payrails

☆ Biden back to school as Republicans fight education culture war
▼ + stars: | 2023-08-28 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +3 min

Biden, who returned on Saturday from a week-long vacation, will mark the time of year when U.S. parents send children back to school with his own trip to Washington's Eliot-Hine Middle School. The Biden administration has pushed Congress to hike funding for public schools, including those that hire mental health professionals, through a bipartisan gun safety law last year. Public education is largely funded and run locally in the United States and typically takes a back seat in the presidential campaign to jobs and prices at the gas pump. The largest U.S. labor union, the National Education Association, a group of public school teachers numbering 3 million, endorsed him just a day after he announced his re-election bid. Republicans are closely tied to efforts to steer more public education funding to parochial institutions and independently run charter schools.

Persons: Joe Biden, Kevin Lamarque, Biden, Washington's Eliot, Ron DeSantis, Donald Trump, Trevor Hunnicutt, Clarence Fernandez Organizations: Major Economies, White, REUTERS, Rights, Hine Middle School, George Washington University, Republican, of Education, National Education Association, Thomson Locations: Energy, Washington , U.S, United States, Florida

☆ Fed doves, Fed hawks: US central bankers in their words
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The following graphic offers a stab at how officials stack up on their outlook for Fed policy and how to balance their goals of stable prices and full employment. Note: Fed policymakers have been driving up borrowing costs since March 2022 to bring down high inflation, and in July they increased the target policy rate range to 5.25%-5.5%. Longtime banker Jeff Schmid starts as Kansas City Fed president Aug. 21, and will be a voter in 2025. St. Louis Fed President James Bullard, a vocal policy hawk, left the Fed in July for a job in academia; the new chief will be a 2025 voter. Reporting by Ann Saphir, Howard Schneider, Michael S. Derby and Dan Burns; Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeff Schmid, Louis, James Bullard, Ann Saphir, Howard Schneider, Michael S, Dan Burns, Marguerita Choy Organizations: Federal, Federal Open, New York Fed, Kansas City Fed, Louis Fed, Fed, Derby, Thomson Locations: Kansas, St

☆ Yuan slide half pulls Beijing out of its inertia
▼ + stars: | 2023-08-21 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Support measures appear piecemeal, the latest include a move to extend trading hours to jolt a battered stock market. But if there’s one thing that authorities cannot let slide, it is the weakening currency. Slowing economic growth also has forced the People’s Bank of China (PBOC) to cut interest rates against Western counterparts’ aggressive rate hikes. Policymakers also could increase offshore issuance of yuan bills in Hong Kong, and there’s always the option of introducing more stringent capital controls. The central bank will "resolutely" prevent excessive movement in the yuan, the report said.

Persons: Xi Jinping, Bond, there’s, Xi, Una Galani, Katrina Hamlin Organizations: Reuters, Zhongzhi Enterprise Group, People’s Bank of China, Western, People's Bank of China, Thomson Locations: China, Hong Kong, U.S

☆ Jim Cramer on how to navigate the August pullback in equities markets
▼ + stars: | 2023-08-20 | by ( Jim Cramer | ) www.cnbc.com time to read: +8 min

But I don't think they are as related as most would have you believe. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: nothing's, Jerome Powell, we're, it's, Powell, Jackson, Donald Trump, Trump, Joe Biden, Walter Reuther playbook, Ronald Reagan, Xi Jinping, Herbert Hoover, –, – Trump, let's, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: Apple, Nvidia, Home Depot, Walmart, Trump, Republican, United Automobile Workers, UAW, Trust Corporation, Jim Cramer's Charitable, CNBC, U.S . Federal Reserve, Federal Reserve Bank of Kansas, Bloomberg, Getty Locations: Jackson, Georgia, China, Federal Reserve Bank of Kansas City, Moran , Wyoming

☆ The tried and true 60/40 portfolio is making a comeback this year after cratering in 2022
▼ + stars: | 2023-08-17 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

The balanced portfolio — reported by many to have died in 2022 — is experiencing a revival. The iShares Core Growth Allocation ETF (AOR) that mimics the strategy lost 15.6% in 2022, including reinvested dividends. Investors sitting tight were rewarded, however, as 2023's run-up in stocks helped lift the 60/40 model. "And thanks to higher interest rates, investors are getting much higher compensation for taking interest rate risk compared to 2021-2022." A 60/40 portfolio isn't right for all investors and their situations, but it does create a foundation for sound investments, said Preston Cherry, CFP and founder of Concurrent Financial Planning.

Persons: —, Seema Shah, Ryan Salah, Salah, US6M, Preston Cherry, bode, Cherry Organizations: Asset Management, Capital Financial Partners, Federal, CFP, CNBC

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