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☆ Takeaways from the Biden-Xi summit, where low expectations were met
▼ + stars: | 2023-11-15 | by ( Stephen Collinson | ) edition.cnn.com time to read: +13 min

U.S. President Joe Biden shakes hand with Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in Woodside, California, U.S., November 15, 2023. The Biden administration is worried about scores of what it calls “unprofessional” operations by Chinese planes and ships near US assets. Biden balances his job as commander in chief with huge political risksBiden knew his meeting with Xi would unleash a political firestorm. Biden had huge political incentives to make this summit a success but also needed to show he was tough on Xi. Meeting low bars at a moderately successful summit will not change the fundamentals of their rivalry.

Persons: Joe Biden’s, Xi Jinping, Biden, Xi, ” Biden, ” Xi, China’s, Joe Biden, Kevin Lamarque, “, Nancy Pelosi’s, Sen, Jim Risch, lacerated Biden, Bill Clinton’s, George H.W, Nikki Haley, Ron DeSantis, Donald Trump’s, it’s, ” Sue Mi Terry, George W, Bush, Barack Obama, CNN’s Erin Burnett, reaffirmation, “ I’m, that’s, ”, he’d, he’s Organizations: CNN, Economic Cooperation, United, US Air Force, Soviet Union, People’s Liberation Army, Republican, Senate Foreign Relations, US, Biden, South Carolina Gov, Florida Gov, GOP, Barack Obama National Security Council, Center for Strategic, International Studies, Congress, New York Times, Trump Locations: San Francisco, perilously, Asia, China, United States, ., Woodside , California, U.S, Taiwan, Chinese, Hainan, Soviet, Ukraine, Moscow, Syria, The Idaho, Beijing, George H.W . Bush, Iowa, Washington

☆ U.S.-China relations are now more about crisis prevention
▼ + stars: | 2023-11-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

It will be a rare summit before the U.S. presidential election cycle kicks off in earnest. "The immediate aftermath of the [Biden-Xi] meeting is likely to mark a cyclical high point for bilateral relations," he said. Taiwan is set to hold its presidential election in January, and a more pro-independence winner could stir more of Beijing's ire. Beijing considers Taiwan part of its territory, with no right to independently conduct diplomatic relations. The U.S. recognizes Beijing as the sole government of China but maintains unofficial relations with Taiwan, a democratically self-governed island.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Biden, Michael Hirson, Trump, Xi, Gabriel Wildau, Antony Blinken, Chuck Schumer, Shen Yamei, Shen, Gina Raimondo, Lifeng, Janet Yellen, Teneo, Nancy Pelosi, Teneo's Wildau Organizations: Reuters, U.S, China Research, Research, D.C, Strategic, International, Biden, Republican, Democratic, American Studies, China Institute of International Studies, CNBC, U.S . Commerce, Treasury, U.S . House, Representatives, Economic Cooperation, China's Ministry of Commerce Locations: Bali , Indonesia, Reuters BEIJING, U.S, China, Taiwan, South China, Washington, Beijing, San Francisco, Gaza, Ukraine, Asia

[1/3] U.S. President Joe Biden meets with Chinese President Xi Jinping on the sidelines of the G20 leaders' summit in Bali, Indonesia, November 14, 2022. REUTERS/Kevin Lamarque//File Photo Acquire Licensing RightsSAN FRANCISCO, Nov 14 (Reuters) - U.S. President Joe Biden and Chinese President Xi Jinping will meet on Wednesday before a summit of the Asia Pacific Economic Cooperation (APEC) forum in San Francisco, seeking to reduce friction in what many see as the world's most dangerous rivalry. But they have met only once in person since then, and Xi, who arrived in San Francisco on Tuesday evening, had not visited the United States since 2017 when Donald Trump was president. The White House says the aim of the summit, to be held at an unannounced location in the San Francisco Bay Area, is to boost communication to prevent an intense rivalry from veering into conflict. In a separate dinner with business leaders, the Chinese president will be looking to boost flagging investment by U.S. firms in China.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Xi, Donald Trump, Biden, Richard Fontaine, There's, Trump, David Brunnstrom, Michael Martina, Don Durfee, Grant McCool, Leslie Adler Organizations: REUTERS, FRANCISCO, Asia Pacific Economic Cooperation, East China Seas, U.S, Washington's Center, New, New American Security, APEC, Thomson Locations: Bali , Indonesia, San Francisco, United States, San Francisco Bay, Ukraine, North, Russia, Taiwan, U.S, China, South, East, Philippines, Washington, Iran, New American

U.S. President Joe Biden meets with Chinese President Xi Jinping on the sidelines of the G20 leaders' summit in Bali, Indonesia, November 14, 2022. REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsSAN FRANCISCO, Nov 14 (Reuters) - U.S. President Joe Biden and Chinese President Xi Jinping will meet on Wednesday before a summit of the Asia Pacific Economic Cooperation (APEC) forum in San Francisco, seeking to reduce friction in what many see as the world's most dangerous rivalry. But they have met only once in person since then and Xi has not visited the United States since 2017 when Donald Trump was president. In a separate dinner with business leaders, the Chinese president will also been looking to boost flagging investment by U.S. firms in China. Biden is also expected urge China to use its influence with Iran to not broaden the conflict in the Middle East.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Xi, Donald Trump, Biden, Richard Fontaine, There's, Trump, David Brunnstrom, Michael Martina, Don Durfee, Grant McCool Organizations: REUTERS, FRANCISCO, Asia Pacific Economic Cooperation, East China Seas, U.S, Washington's Center, New, New American Security, APEC, Thomson Locations: Bali , Indonesia, San Francisco, United States, San Francisco Bay, Ukraine, North, Russia, Taiwan, U.S, China, South, East, Philippines, Washington, Iran, New American

☆ Top US Senate Democrat encouraged by House Republican funding bill
▼ + stars: | 2023-11-13 | by ( Moira Warburton | ) www.reuters.com time to read: +1 min

Senate Majority Leader Chuck Schumer (D-NY) speaks to reporters at the Capitol in Washington, U.S., October 31, 2023. REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON, Nov 13 (Reuters) - Top U.S. Senate Democrat Chuck Schumer on Monday expressed tentative support for House Republicans' short-term funding bill that would keep the federal government open past this weekend. Schumer halted progress on the Senate's proposed funding plan, a step that would allow the House to move first. This may encourage some House Democrats to back the plan if hardline Republicans deny Speaker Mike Johnson the votes for the bill he has proposed. Johnson has proposed a short-term funding bill, known as a continuing resolution or CR, that would keep spending at fiscal year 2023 levels until January and February for different parts of the government.

Persons: Chuck Schumer, Kevin Lamarque, Schumer, Mike Johnson, Johnson, Moira Warburton Organizations: Capitol, REUTERS, Rights, U.S, Senate, House Republicans, Democrats, Republicans, Democratic, Thomson Locations: Washington , U.S, Washington

U.S. President Joe Biden meets with Chinese President Xi Jinping on the sidelines of the G20 leaders' summit in Bali, Indonesia, November 14, 2022. REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON, Nov 13 (Reuters) - The White House said on Monday President Joe Biden and Chinese President Xi Jinping will discuss strengthening communication and managing competition when they meet on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit this week. Biden and Xi have known each other for more than a decade and have shared hours of conversation over six interactions since Biden's 2021 inauguration. However, they have met only once in person since then and Xi has not visited the United States since 2017. Sullivan said that at APEC Biden would put forward his economic vision for the region and speak about "how the United States is the preeminent driver of inclusive, sustainable economic growth in the Asia Pacific."

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, President Joe Biden, Xi, Jake Sullivan, Biden, Sullivan, Nancy Pelosi, we've, Matt Murray, Steve Holland, Nandita Bose, David Brunnstrom, Alistair Bell Organizations: REUTERS, Rights, President, Economic Cooperation, San Francisco Bay Area, Biden, House, U.S ., United, U.S, APEC, Wednesday, APEC Biden, Thomson Locations: Bali , Indonesia, Asia, San Francisco Bay, U.S, People's Republic of China, United States, Washington, China, Taiwan, San Francisco, Israel, Ukraine, North, Russia, Beijing, Iran, East

☆ Biden will push China to resume military ties with US, official says
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

U.S. President Joe Biden meets with Chinese President Xi Jinping on the sidelines of the G20 leaders' summit in Bali, Indonesia, November 14, 2022. Biden will meet Chinese President Xi Jinping in person for the first time in a year on Wednesday during the Asia-Pacific Economic Cooperation summit in San Francisco. It will be only the second in-person meeting between the two leaders since Biden took office in January 2021. Sullivan said on CNN's "State of the Union" that Biden would seek to "advance the ball" on military ties during his meeting with Xi, but declined to provide further details. President Biden would like to re-establish that," Sullivan said.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Jake Sullivan, Biden, it's, Sullivan, Xi, Katharine Jackson, Arshad Mohammed, Andrea Shalal, Scott Malone, Grant McCool Organizations: REUTERS, Rights, White House, Biden, Economic Cooperation, U.S, CBS, Thomson Locations: Bali , Indonesia, China, Asia, San Francisco, Israel, Ukraine, North, Russia, Taiwan, U.S, United States, Beijing

☆ COVID-19 fraudsters bought fancy cars, a Pokemon card - even a private island
▼ + stars: | 2023-11-10 | by ( ) www.cnbc.com time to read: +9 min

Patrick Parker Walsh is serving five and half years in federal prison for stealing nearly $8 million in federal COVID-19 relief funds that he used, in part, to buy the island. Instead, he's serving five and half years in federal prison for stealing nearly $8 million in federal COVID-19 relief funds that he used, in part, to buy Sweetheart Island. They potentially plundered more than $280 billion in federal COVID-19 aid; another $123 billion was wasted or misspent. They've created special "strike forces " to hunt down COVID-19 aid thieves and vowed not to give up the chase. A few weeks after Oudomsine applied for the pandemic aid, the government rushed him $85,000 to keep his non-existent business afloat.

Persons: Richard Lardner, Patrick Parker Walsh, Julio Aguilar, he's, fraudsters, Donald Trump, Ivanka Trump, James Brady, Trump, Alex Wong, Bob Westbrooks, Westbrooks, They've, Lisa Monaco, General Merrick Garland, Garland, David Weiss, Hunter Biden, Joe Biden, Drew Angerer, Konstantinos Zarkadas, Cartier, Zarkadas, Lee E, Price III, Price, Vinath Oudomsine, Oudomsine, Mickey Mantle, Dudley H, Bowen, Patrick Walsh's, Walsh, Jamie Lovemark, Kevin Lamarque Organizations: Press, AP YANKEETOWN, Associated Press ., James, Getty, YouTube, U.S . Justice, Top Justice Department, U.S, U.S . Department of Justice, Rolex, Houston, Associated Press, National Transportation Safety Board, Bethany Locations: Yankeetown, Fla, Sweetheart, Coast, Florida's, Florida, Associated Press . WASHINGTON, DC, U.S, Washington ,, Las Vegas, Tennessee, Vermont, COVID, Washington , DC, New York, Houston, Georgia, America, Bethany Beach , Delaware

☆ Biden to meet Xi on Wednesday in San Francisco Bay area, US says
▼ + stars: | 2023-11-10 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +5 min

U.S. President Joe Biden shakes hands with Chinese President Xi Jinping as they meet on the sidelines of the G20 leaders' summit in Bali, Indonesia, November 14, 2022. The closely watched interaction, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in the San Francisco Bay area, could last hours and involve teams of officials from Beijing and Washington. The Chinese foreign ministry said on Friday that Xi would visit the United States Nov. 14-17, attend the APEC summit and meet with Biden. Biden and Xi will speak across oceans of ideological difference for the first time since November 2022. Biden is expected to tell Xi that U.S. commitments in the Indo-Pacific are unchanged.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Xi, Biden, Mao Zedong, Trevor Hunnicutt, Heather Timmons, Stephen Coates, Chizu Organizations: REUTERS, Rights, Economic Cooperation, Biden, White House, APEC, NATO, Diplomats, U.S, Thomson Locations: Bali , Indonesia, Asia, San Francisco Bay, Beijing, Washington, Israel, Ukraine, North, Russia, Taiwan, China, United, U.S, Northern California, Europe, United States, Taiwan Strait, South China, East China, Philippines, Iran

☆ Morning Bid: 'Not confident' Powell drags markets lower
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +3 min

Since the Fed left rates unchanged last week, markets had increasingly grown confident that the peak in U.S. rates was in sight. But up stepped Powell to squash any hopes of an impending rate cut. "[The Fed] is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2% over time," Powell said. That led stocks lower, with MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) skidding 1% to their lowest in a week. The rise in yields boosted the dollar, which is headed for its best week against the yen in three months.

Persons: Jerome Powell, Kevin Lamarque, Ankur Banerjee, Powell, Christine Lagarde, Walt Disney, policymaker Joachim Nagel, SNB's Thomas Moser, Edmund Klamann Organizations: Monetary Fund's, REUTERS, Ankur, European bourses, Treasury, Industrial, Commercial Bank of China's, U.S . Treasury, Reuters, Thomson Locations: Washington , U.S, Asia, Pacific, Japan, European, U.S, Commercial Bank of China's U.S, Norway, Sweden

Parts of a ghost gun kit are on display at an event held by U.S. President Joe Biden to announce measures to fight ghost gun crime, at the White House in Washington U.S., April 11, 2022. Circuit Court of Appeals sided with a group of firearm owners, gun rights groups and manufacturers in declaring the Bureau of Alcohol, Tobacco, Firearms and Explosives' 2022 rule "unlawful." "ATF, in promulgating its final rule, attempted to take on the mantle of Congress to 'do something' with respect to gun control," he wrote. The administration has said that ghost guns are attractive to criminals and others prohibited from lawfully buying firearms, including minors. There were about 20,000 suspected ghost guns reported in 2021 to the ATF as having been recovered by law enforcement in criminal investigations - a tenfold increase from 2016, according to the White House.

Persons: Joe Biden, Kevin Lamarque, Biden, Donald Trump, Kurt Engelhardt, Cody Wisniewski, Nate Raymond, Michael Perry Organizations: U.S, White, REUTERS, Circuit, Alcohol, Tobacco, Firearms, Explosives, Republican, Gun Control, U.S . Department of Justice, Coalition Action Foundation, ATF, Biden, Thomson Locations: Washington U.S, New Orleans, Texas, U.S ., Boston

☆ Morning Bid: Powell pushback puts cloud 9 beyond reach
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +5 min

Federal Reserve Board Chairman Jerome Powell answers a question during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. Curiously, there was little change in that basic market pricing after Powell spoke - with end-2024 futures still pointing at a rate of 4.50-4.75% versus the current 5.25-5.50%. But the Treasury market did suffer a bigger jolt - as they were also undermined by poor demand at the latest long bond auction. But others pointed to a ransomware attack on the U.S. arm of The Industrial and Commercial Bank of China, which reportedly disrupted trades in the Treasury market on Thursday. Whatever the main cause, fresh bond market jitters were enough to knock the S&P500 out of its winning streak and close almost 1% lower.

Persons: Jerome Powell, Kevin Lamarque, Mike Dolan, Jerome Powell's pushback, Powell's, Powell, 5bps, Sterling, Janet Yellen, Lorie Logan, Raphael Bostic, Christine Lagarde, Joachim Nagel, Elaine Hardcastle Organizations: Federal, Committee, Federal Reserve, REUTERS, Veterans, Commercial Bank of China, Treasury, University of Michigan, Dallas Federal, Atlanta Fed, European Central Bank, Financial Affairs, Reuters, Thomson Locations: Washington , U.S, U.S, United States, HK, Washington, Beijing, Atlanta

Federal Reserve Board Chair Jerome Powell answers a question at a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. The fight to restore price stability "has a long way to go," the Fed chair said. Going forward, "it may be that a greater share of the progress in reducing inflation will have to come from tight monetary policy restraining the growth of aggregate demand," Powell said. "Supply shocks that have a persistent effect on potential output could call for restrictive policy to better align aggregate demand with the suppressed level of aggregate supply," he said. Reporting by Howard Schneider and Ann Saphir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Kevin Lamarque, Powell, Howard Schneider, Ann Saphir, Andrea Ricci Organizations: Federal, Committee, Federal Reserve, REUTERS, Rights, . Federal, International Monetary Fund, Thomson Locations: Washington , U.S

☆ Morning Bid: Range-bound markets awaits Powell - again
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

Federal Reserve Board Chair Jerome Powell answers a question during a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., November 1, 2023. At a separate event on Wednesday, European Central Bank chief economist Philip Lane said his bank needs to see further progress in dampening inflationary pressure, and companies along with governments need to chip in to prevent more policy tightening. "A decrease in the policy rate is not something that is likely to happen in the short term," he said. The approval paves the way for a powerful rival to blockbuster drug Wegovy in addressing record obesity rates. Ping An subsequently said in a statement to Reuters it had "not been asked by (the) Government to take over Country Garden".

Persons: Jerome Powell, Kevin Lamarque, Ankur Banerjee, Powell, Philip Lane, Patrick Harker, Huw Pill, Eli Lilly's, Ping, Merck KGaA, BOE, Christopher Cushing Organizations: Federal, Committee, REUTERS, Ankur, U.S, European Central Bank, . Federal Reserve Bank of Philadelphia, Bank of England, Investors, Novo Nordisk, Reuters, Ping An Insurance, Government, HK, AstraZeneca, Merck, Deutsche Telekom Speakers, Thomson Locations: Washington , U.S, Asia, Guangdong, Ping, Singapore

☆ Republican Marjorie Taylor Greene Moves to Impeach Homeland Security Secretary
▼ + stars: | 2023-11-09 | by ( Nov. | At A.M. | ) www.usnews.com time to read: 1 min

U.S. House Rep. Marjorie Taylor Greene (R-GA) arrives at the Longworth House office building as House Republicans meet behind closed doors to attempt to reach agreement on selecting a nominee for next Speaker of the House on Capitol Hill in Washington, U.S., October 11, 2023. REUTERS/Kevin Lamarque/File Photo Reuters

Persons: Marjorie Taylor Greene, Kevin Lamarque Organizations: House, Republicans, Capitol, REUTERS Locations: Longworth, Washington , U.S

☆ Falling Treasury yields could turn Fed hawkish if financial conditions ease
▼ + stars: | 2023-11-09 | by ( David Randall | ) www.reuters.com time to read: +5 min

REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsNEW YORK, Nov 9 (Reuters) - Falling Treasury yields helped launch an explosive rebound in stocks and lifted U.S. government bonds from 16-year lows. Evidence of the dynamic between yields and financial conditions could be seen in last week’s 0.5% decline in the Goldman Sachs Financial Conditions Index, its sixth biggest weekly drop since 1990. Policymakers have largely refrained from verbally pushing back on the easing in financial conditions during a flurry of appearances by policymakers this week. Analysts at TD Securities, however, believe further easing in Treasury yields will eventually become a "double-edged sword." To be sure, not every scenario sees the Fed in a higher-for-longer posture if Treasury yields continue falling.

Persons: Jerome Powell, Kevin Lamarque, Brian Jacobsen, Jacobsen, CME's, Sameer Samana, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Andrea Ricci Organizations: Federal Reserve, Federal, Committee, REUTERS, Goldman, Treasury, Annex Wealth Management, Reuters Graphics, International Monetary Fund, TD Securities, Fed, Wells, Investment Institute, Thomson Locations: Washington , U.S, United States, China, Samana, U.S

REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsNov 10 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The three main U.S. equity indices quickly sank, and ended between 0.7% and 1% lower on the day. If Asian and emerging stocks follow Wall Street's lead, they will close the week in the red. Sentiment towards China, meanwhile, suffered another blow on Thursday after inflation figures showed that consumer prices swung lower in October. On the political front, Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Janet Yellen hold talks in San Francisco.

Persons: Jerome Powell, Kevin Lamarque, Jamie McGeever, Kazuo Ueda, Ueda, Lifeng, Janet Yellen, Yellen, Deepa Babington Organizations: Federal, Committee, Federal Reserve, REUTERS, Fed, Treasury, Traders, U.S ., Bank of Japan, ., PMI, Thomson, Reuters Locations: Washington , U.S, U.S, Tokyo, Japan, China, San Francisco, Zealand, India, Australia

☆ Morning Bid: Waiting for word from the Fed chief
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

Federal Reserve Board Chair Jerome Powell answers a question at a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. Last week's surprisingly soft jobs data heightened expectations that interest rates had peaked, but Fed commentary since then has warned against complacency in the fight against inflation. For now, investors have dialled up wagers on near-term rate cuts, with the Fed funds rate showing better than 50/50 odds for one as early as May. In Asia time, long-term Treasury yields are stuck around 4.58% and the dollar is biding its time around $1.07 per euro. While the Fed outlook dominates investors' attention, there is plenty of central bank speak in store from Europe as well.

Persons: Jerome Powell, Kevin Lamarque, Kevin Buckland, Jay Powell, Christine Lagarde, Philip Lane, Joachim Nagel, Pablo Hernandez de Cos, Andrew Bailey, Fed's Powell, Lagarde, BoE's Bailey, Edmund Klamann Organizations: Federal, Committee, Federal Reserve, REUTERS, Kevin, Kevin Buckland Markets, Reuters Graphics, Bank of Spain, Bank of England, Adidas, Airbus, Bayer, Continental, Credit Agricole, Federal Reserve Division of Research, Statistics, Thomson Locations: Washington , U.S, Asia, Europe, Germany, Brussels, Irish

U.S. President Joe Biden meets with Chinese President Xi Jinping on the sidelines of the G20 leaders' summit in Bali, Indonesia, November 14, 2022. "This is going to overshadow anything that happens at APEC," said Oriana Skylar Mastro, a Stanford University China expert. Biden will welcome other APEC leaders - including from Vietnam, the Philippines, Canada and Mexico - and both he and Xi will be playing to the gallery. "Our door is open to any country or economy facing PRC (People's Republic of China) economic coercive threats," Melanie Hart, a senior China policy adviser at the State Department, said on Monday. That would include "companies flocking to meet with Xi Jinping and have dinner with him," he said.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Oriana Skylar Mastro, Xi, Biden, Victor Cha, Washington, Matthew Goodman, Goodman, Janet Yellen, Melanie Hart, Donald Trump, Jude Blanchette, Michael Martina, David Brunnstrom, Trevor Hunnicutt, Laurie Chen, Michelle Nichols, Josie Kao Organizations: REUTERS, Rights, San, Economic Cooperation, U.S, APEC, Stanford University China, Biden, Beijing, Washington's Center, Strategic, International Studies, China, Protesters, White, Treasury, Washington, People's, State Department, Pew Research, Prosperity, CSIS, Thomson Locations: Bali , Indonesia, San Francisco, Asia, Bali, Beijing, China, China . U.S, Washington, Taiwan, South China, Vietnam, Philippines, Canada, Mexico, U.S, People's Republic of China

☆ Morning Bid: Oil-fueled rally turns to Powell
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +5 min

[1/2] Federal Reserve Board Chairman Jerome Powell answers a question during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. And that's hit home by dragging U.S. pump prices down to levels not seen since March. Overall, U.S. 10-year yields remained on the back foot at 4.57% first thing and ahead of Wednesday's auction. Although Asian and European stocks fell back a bit, Wall St stock futures were unchanged before the bell. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jerome Powell, Kevin Lamarque, Mike Dolan, who's, Christine Lagarde, Andrew Bailey, Michelle Bowman, Austan Goolsbee, Christopher Waller, BoE, Ping, Donald Trump, White, Philip Jefferson, Michael Barr, Lisa Cook, John Williams, Joachim Nagel, Walt Disney, Ralph Lauren, Toby Chopra Organizations: Federal Reserve, Federal, Committee, REUTERS, Mike Dolan Wall, European Central Bank, Bank of England, Atlanta, Fed, Chicago Fed, St, Reuters, Ping An Insurance, HK, New York Fed, Warner Bros Discovery, MGM Resorts, Biogen, Energy, Treasury, Federal Reserve Bank of New, Thomson Locations: Washington , U.S, U.S, Gaza, Tokyo, Ohio, Kentucky, Brussels, Federal Reserve Bank of New York

☆ Democrats' dilemma: Biden's agenda is popular, but he is not
▼ + stars: | 2023-11-07 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +6 min

U.S. President Joe Biden steps from Marine One upon his return to the White House in Washington, U.S., November 6, 2023.REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsPHILADELPHIA, Nov 7 (Reuters) - Andrea Singmaster is thankful for President Joe Biden. "I love Joe Biden. The contrast between the popularity of the Biden agenda and the unpopularity of its pitchman, even among some party loyalists, is a major concern for Democrats going into 2024. Biden's approval rating is hovering around 40%, near the lowest level of his presidency, according to the latest Reuters/Ipsos poll. Still, the polls are hastening calls from some Democrats for the Biden campaign to focus less on him and his "Bidenomics" pitch and more on the dangers they say Trump poses.

Persons: Joe Biden, Kevin Lamarque, Andrea Singmaster, Biden, Singmaster, Democratic longshot Dean Phillips, Donald Trump, He's, James Carville, Trump, Joseph Foster, Foster, SCRANTON JOE, Scranton Joe playbook, Biden's, it's, Julie Chavez Rodriguez, Kamala Harris, St . Louis, Harris, Jarrett Renshaw, Heather Timmons, Rod Nickel Organizations: Marine, White, REUTERS, Rights, Democratic, Republican, Biden, America, Reuters, Trump, New York Times, Sienna College, SCRANTON, Scranton, Thomson Locations: Washington , U.S, Philadelphia, Pennsylvania, Montgomery County, Scranton , Pennsylvania, St .

☆ US finds no major trade partners manipulated currencies
▼ + stars: | 2023-11-07 | by ( David Lawder | ) www.reuters.com time to read: +2 min

REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - The U.S. Treasury on Tuesday said no major trading partners appeared to be manipulating their currencies, but it put Vietnam back onto a foreign exchange "monitoring list," while removing Switzerland and South Korea from the same scrutiny. The Treasury's semi-annual currency reportfor the four quarters ended June 2023 showed that Vietnam, China, Germany, Malaysia, Singapore, and Taiwan were included on its monitoring list. The Treasury said Vietnam was returned to the monitoring list after its global current account surplus shot up to 4.7% of GDP during the monitoring period. Switzerland and South Korea were taken off the monitoring list after they met only one criterion for two monitoring periods in a row. A U.S. Treasury official said that Vietnam does not appear to be "slipping" in its foreign exchange practices nor in its engagement with U.S. authorities on currency issues.

Persons: Kevin Lamarque, Donald Trump's, David Lawder, Paul Simao Organizations: Department of, U.S . Treasury, REUTERS, Rights, U.S, Treasury, Swiss, Thomson Locations: Washington , U.S, Vietnam, Switzerland, South Korea, China, Germany, Malaysia, Singapore, Taiwan, U.S, Japan

☆ Yellen: Republicans' IRS funding cut would hurt customer service goals
▼ + stars: | 2023-11-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen outlines the improvements the IRS will deliver to taxpayers in 2024, during remarks at IRS Headquarters in Washington on Nov. 7, 2023. Expanded taxpayer serviceYellen said the agency made a "tremendous leap forward" during the 2023 tax filing season by significantly reducing phone wait times. "This filing season, we will build on this foundation and continue expanding services for taxpayers: by phone, online and in person," she said. By the start of the filing season, taxpayers will be able to digitally file 20 more forms, including certain business forms, she said. Limited free Direct File pilotThe IRS will also prioritize a limited Direct File pilot, available to certain taxpayers in 13 states to file federal returns for free, Yellen said.

Persons: Janet Yellen, Kevin Lamarque, Yellen Organizations: Treasury, IRS, Reuters, Assistance Centers Locations: Washington

Circuit Court of Appeals concluded that the measure failed a stringent test set by the Supreme Court in a 2022 ruling that required gun laws to be "consistent with the nation's historical tradition of firearm regulation" in order to survive a Second Amendment challenge. Violating the law initially was punishable by up to 10 years in prison but has since been raised to 15 years. A federal judge rejected Rahimi's Second Amendment challenge and sentenced him to more than six years in prison. Biden's administration has said the law should survive because of the long tradition in the United States of taking guns from people deemed dangerous. Supporters of Rahimi have argued that judges too easily issue restraining orders in an unfair process that results in the deprivation of the constitutional gun rights of accused abusers.

Persons: Joe Biden, Kevin Lamarque, Joe Biden's, Bruen, Zackey, Rahimi, Andrew Chung, Will Dunham Organizations: U.S, White, REUTERS, Rights, Supreme, Circuit, Appeals, New York State, Police, Thomson Locations: Washington U.S, Orleans, New York, Texas, Bruen, United States

☆ High bond yields challenge “Pax Americana”
▼ + stars: | 2023-11-06 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

There are also many reasons why “Pax Americana” – the period of U.S. dominance since World War Two - is under stress. The combination of high bond yields with a large fiscal deficit and rising sovereign debt is making it harder for politicians to govern the country. If anything, they may have a tougher job to make their fiscal maths add up than the United States because their growth prospects are not as rosy. What’s more, the near-record yield gap with the United States is bringing its own headaches by putting downward pressure on the yuan. These are consolations for the United States as it grapples with the geopolitical consequences of high interest rates.

Persons: Joe Biden, Kevin Lamarque, Joe Biden’s, doesn’t, Liz Truss, haven’t, Paul Tucker, “, Fitch, Peter Thal Larsen, Thomas Shum Organizations: Air Force, Joint Base Andrews, REUTERS, Reuters, Federal Reserve, International Monetary Fund, Bank of England, AAA, AA, United, Bank for International, Initiative, Thomson Locations: Lewiston , Maine, Joint Base Andrews , Maryland, U.S, Israel, Ukraine, China, United States, Europe, Asia, Russia, Britain, Washington, Republic

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