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Raymond James CIO: Tech is a 'shining star' this earnings season
  + stars: | 2024-05-24 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRaymond James CIO: Tech is a 'shining star' this earnings seasonLarry Adam, Raymond James chief investment officer, Kim Forrest, Bokeh Capital Partners chief investment officer, and Mark Zandi, Moody’s Analytics chief economist, join 'The Exchange' to discuss the impact of Fed uncertainty on the markets, investing in the AI boom, and more.
Persons: Raymond James, Larry Adam, Kim Forrest, Mark Zandi Organizations: Raymond James CIO, Tech, Bokeh Capital Partners
New York CNN —Former President Donald Trump’s trade agenda amounts to a tripling-down of the trade war he waged during his first term in office. That’s nearly five times the total cost as a share of GDP from the 2018-2019 US-China trade war. Trump’s tariff proposals would cost the typical middle-income household at least $1,700 a year, the researchers found. Those aren’t comparable numbers,” Clausing said, referring to the amount of imports targeted by Biden and by Trump tariffs. Likewise, the US International Trade Commission found in a 2023 study that US importers “bore nearly the full cost” of tariffs.
Persons: Donald Trump’s, Trump, That’s, Kimberly Clausing, Mary Lovely, Clausing, aren’t, , Joe Biden, , Biden, ” Biden hasn’t, Janet Yellen, ” Yellen, ” Clausing, Karoline Leavitt, , Bidenomics, ” Leavitt, Leavitt, Moody’s, Mark Zandi, ” Goldman Sachs, ” ‘, ” Chris Krueger Organizations: New, New York CNN, Trump, Peterson Institute for International Economics, Peterson Institute, UCLA School of Law, CNN, ” Biden, Biden, Treasury Department, US International Trade Commission, , Cowen’s Washington Research Group Locations: New York, China, Frankfurt, Germany, Europe, United States, U.S, Washington
Live Updates: Inflation Expected to Cool Slightly
  + stars: | 2024-05-15 | by ( Ben Casselman | ) www.nytimes.com   time to read: +9 min
Housing Inflation Remains Stubbornly High Economists had expected two measures of rental inflation to fade in 2023 and 2024, but that process is taking time to play out. There are two main measures of inflation in America, the Consumer Price Index and the Personal Consumption Expenditures index. Consumer Price Index Inflation Remains Hotter The Consumer Price Index is climbing faster than the Personal Consumption Expenditures index, in large part because it weights housing more heavily. With housing, Consumer Price Index inflation totaled 3.5 percent in March. But the convergence between new and existing rent inflation is taking a lot longer than expected.
Persons: There’s, “ It’s, , Mark Zandi, Biden, Zandi, grousing, , O.E.R, We’re, would’ve, Mark Franceski, I’ve, Ernie Tedeschi, Tedeschi Organizations: New York Times, Federal Reserve, Index, Housing, Zelman, Associates, White House Council, Economic Advisers Locations: America, bam, Europe
There’s a three-letter abbreviation that economists have started pronouncing with the energy of a four-letter word: “O.E.R.”It stands for owner’s equivalent rent, and it has been used to measure American housing inflation since the 1980s. As its name suggests, it uses a combination of surveys and market data to estimate how much it would cost homeowners to rent the house they live in. But three years into America’s price pop, it has become almost cliché for economists to hate on the housing measure. The most intense haters insist that it is giving a false impression about where inflation stands. “It’s just not adding anything to our understanding of inflation,” said Mark Zandi, chief economist of Moody’s Analytics and a frequent adviser to the Biden administration.
Persons: There’s, “ It’s, , Mark Zandi, Biden, Zandi, grousing, Organizations: New York Times
New York CNN —If voters return former President Donald Trump to the White House, he’s promised to launch an unprecedented crackdown on immigration and even conduct mass deportations. Trump recently told Time that he would aim to deport 15 million to 20 million people, perhaps by using the National Guard. Even though consumer prices are no longer skyrocketing, the cumulative impact of three years of high inflation is painful. “Most Americans view high inflation and high prices as unfair. But immigration remains a major concern for voters in the 2024 election and Trump has made it a centerpiece of his campaign.
Persons: Donald Trump, he’s, Trump, , Mark Zandi, “ It’s, Joe Brusuelas, ” Brusuelas, You’d, , Karoline Leavitt, Joe Biden “, ” Leavitt, , Joe Biden, Zandi, Trump’s, criminologists, Biden, Jerome Powell, Brusuelas, Goldman Sachs, ” Goldman Sachs, Wendy Edelberg, Edelberg, that’s Organizations: New, New York CNN, White, National Guard, Federal Reserve, CNN, RSM, Trump, Social Security, University of Michigan, Labor Department ., The Hamilton, , Hamilton, Security, Congressional, Office, The Hamilton Project, Brookings Institution Locations: New York, China, Covid, Mexico, United States
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Colo. Colo. Mass. Iowa Iowa Neb. 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Colo. Colo. Mass. Iowa Iowa Neb. 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Colo. Colo. Mass.
Persons: Dave Langston’s, Langston, , Dave, Linda Langston, Conn ., S.D, N.M, , Dave Jones, Carolyn Kousky, “ It’s, Sridhar Manyem, Bill Montgomery, Kristin Heiges, Eldon Neighbor, That’s, Tom O’Meara, Kelsey Kremer, Reinsurers, Doug Ommen, Brandi Mace Storm, David Storm, Tim Kuehner’s, Brandi Mace Storm’s, haggling, Pekin, Mace Storm, Susan Crisler, Tim Kuehner, Tony J, Larson, Chesleigh Fowler, Kelley Erstine, Mr, Erstine, ” Kevin Walters, California Colorado Utah Washington Matt Child, Matthew Baker, Ariz, ” Mr, Baker, Amy Bach, United, Dave Langston, Ommen, Tim Zawacki, Lyndsey Layton, Douglas Alteen, Claire O'Neill, Matt McCann Organizations: IOWA MINNESOTA SOUTH, COLORADO ARKANSAS, NEBRASKA COLORADO, SOUTH, New York Times, Ark . Iowa Ariz, Minn, La . Iowa Iowa Neb, Neb . Texas Idaho Ga, ND Iowa, S.D . Miss, Wash . Ohio Utah Wis, University of California Berkeley, Treasury Department, Environmental Defense Fund, State, NOAA, Celina Insurance, Secura Insurance, Secura, Homeowners, Swiss, Des Moines Register, Associated, , Iowa, Iowa Minnesota Wisconsin, Pekin Insurance, Pekin, Christensen Group Insurance, Travelers, Nationwide, Indiana Ohio Michigan Illinois, . Arkansas Kentucky Florida Tennessee, Tennessee Department of Commerce and Insurance, , Washington, Wildfire, California Colorado, California Colorado Utah Washington, P Global Market Intelligence Locations: Iowa, IOWA MINNESOTA, IOWA MINNESOTA SOUTH DAKOTA NEBRASKA, COLORADO, COLORADO ARKANSAS KENTUCKY ILLINOIS, IOWA MINNESOTA SOUTH DAKOTA, NEBRASKA COLORADO ARKANSAS, KENTUCKY ILLINOIS, SOUTH DAKOTA NEBRASKA, COLORADO ARKANSAS, Iowa , Minnesota, South Dakota , Nebraska , Colorado , Arkansas , Kentucky, Illinois, Cedar Rapids, Cedar Rapids , Iowa, Marshalltown , Iowa, Florida , California, Louisiana, Iowa , Arkansas , Ohio, Utah, Washington, Colo, Mass, Colo . Calif, Calif, Colo . Ala, Colo ., Mont, Fla, Ark . Iowa, Colo . Ill, S.D, N.D, Conn, Del . Idaho Fla, Miss, Neb ., Ky, Ga, Hawaii Mont, N.M . Iowa Fla, Mont ., La . Iowa, Neb . Texas Idaho, ND, Md, Ill, Wyo, Ill . Idaho, . Ill, Minn, Ind, S.D . Vt, La . Texas Mont, Neb . NC, Neb . Mich, N.M, S.D ., Va . Ore . Ohio Mo . Texas, Tenn, Wash . Ohio Utah, Okla, Tenn . Utah, Wis, S.D . Va . Ore . Ohio Mo . Texas, California, American, U.S, Pennsylvania, Arizona, Wisconsin, United States, Marshalltown, Iowa Minnesota, Iowa Minnesota Wisconsin South Dakota, Celina, Pekin, Des Moines, Minnesota, Illinois , Indiana , Ohio, Illinois , Indiana, Michigan, Arkansas, Kentucky, Tennessee, . Arkansas Kentucky Florida, Georgia , Kentucky, Mississippi, Washington State, California Colorado Utah, Salt Lake City, Phoenix, Flagstaff, it’s, Gilbert, Seattle, Colorado, Florida’s, Central City , Iowa, Georgia
The Home Insurance Crunch: See What’s Happening in Your StateAs climate change makes disasters more frequent and severe, the insurance industry is in tumult. Even in the Northeast, where homeowners insurance was still generally profitable last year, trends are worsening. In the state of Profitability of homeowners insurance in Iowa Source: AM Best Ratio of revenue to costs for homeowners insurance statewide. To measure the financial health of the homeowners insurance industry, The New York Times assembled data that compares revenues with costs for insurers in each state. The data show that homeowners insurance was unprofitable in 18 states last year, up from eight in 2013.
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Dakota Minnesota Montana Nebraska Oklahoma Kentucky Arkansas Florida Wyoming Colorado Massachusetts Wisconsin North Dakota Texas Idaho Rhode Island Illinois North Carolina Alabama Tennessee Maryland Mississippi Missouri Michigan Utah Ohio Georgia New Mexico Virginia Indiana Delaware Arizona Washington Vermont District of Columbia Connecticut New Jersey Pennsylvania West Virginia Maine Alaska New Hampshire Kansas Nevada South Carolina, Louisiana Hawaii Iowa California Oregon South Dakota Minnesota Montana Nebraska Oklahoma Kentucky Arkansas Florida Wyoming Colorado Massachusetts Wisconsin North Dakota Texas Idaho Rhode Island Illinois North Carolina Alabama Tennessee Maryland Mississippi Missouri Michigan Utah Ohio Georgia New Mexico Virginia Indiana Delaware Arizona Washington Vermont District of Columbia Connecticut New Jersey Pennsylvania West Virginia Maine Alaska New Hampshire Kansas Nevada South Carolina New York
We’re paying for close to 100% of NATO.”Facts First: Trump’s claim is false. They don’t pay their bills.”Facts First: Trump’s claim is false. (It rose to about $314 billion in 2020, Trump’s last full year in office.) Facts First: Trump’s claim is false. Facts First: Trump’s claim that “nobody died other than Ashli” is false.
Persons: Donald Trump, Trump, , William Barr, Bill Barr, Barr, Bill, I’m, , it’s, Biden, Joe Biden, Tamar Hermann, Hermann, Bill Clinton, “ Trump, ” Trump, , National Guard Trump, I’ve, George Floyd, Tim Walz, Walz, Paul —, , Erwan, George Washington, “ don’t, they’re, Stoltenberg, Trump’s, Lagadec, Marc Lipsitch, Barack Obama, European Union won’t, Cortellessa, “ Moody’s, Moody’s, Mark Zandi, Zandi, ’ ” Zandi, Joe Biden’s, rioter Ashli Babbitt, Brian Sicknick, Sicknick, Trump’s ‘, patriotically, , patriotically ’, ” Nancy Pelosi, Nancy Pelosi, “ Nancy Pelosi, Pelosi, Christopher Miller, Miller, Eric Cortellessa, Alvin Bragg’s, Bragg, Matthew Colangelo, Colangelo, Alvin Bragg, ” Cortellessa, Hillary Clinton, , Roe, Wade, Kimberly Mutcherson, “ Donald Trump’s, Maya Manian, Mary Ziegler, Davis, Ziegler, Ruth Bader Ginsburg, Roe should’ve, , Crime Biden, don’t, “ Biden, he’s, James Biden, Jeff Asher, Asher, It’s, ” “, ” Asher Organizations: Washington CNN, Time, Trump, NATO, Capitol, Trump’s, Trade Center, didn’t, World Trade Center, Department, ISIS, CNN, Democratic, White House, White, South Korea Trump, Pentagon’s Defense Manpower Data, Biden Administration, Congressional Research Service, Israel, Israeli Democracy Institute, National Guard, Minnesota Democratic Gov, Minnesota National Guard, Guard, North Atlantic Treaty Organization, George Washington University’s Elliott School of International Affairs, Transatlantic, for Disease Control, World Bank, Washington Post, Harvard, Harvard’s, National, Trump -, of Health, Human Services, Strategic, Biden, U.S . International Trade Commission, European, Benz, Volkswagen, BMW, European Union, US, European Automobile Manufacturers ’ Association, Bloomberg Economics, US Capitol Police, Capitol Police, , Republican, Democratic Rep, National Guardsmen, District of Columbia National Guard, Army, Capitol Police Board, Senate, Justice Department, Pulitzer Foundation, Pulitzer, New York Times, Electoral, Democrat, ” Rutgers Law, American University, university’s Health, University of California, , Customs, Border Protection, Crime, Manchurian, Republicans, FBI Locations: , New York City, Saudi, Florida, al Qaeda, New York, Texas, Mexico, South Korea, Trump , South Korea, South, Korea, Israel, Washington, Trump , Minneapolis, Minneapolis, Trump, Minnesota, St, United States, Germany, Brussels, Belgium, Harvard University, China, EU, DC, Trump’s, , York, Manhattan, York’s, Russia, That’s
Within the walls of the White House, it was seen the same way, stoking relief among officials, who said the data hewed near the team’s own targets for ideal job creation. In the wake of the latest jobs report, many market participants are now expecting the Federal Reserve to begin cutting interest rates in September, potentially easing a source of consternation for voters. Mark Zandi, an economist at Moody’s cited frequently by the White House, said certain psychological thresholds will remain important as the election approaches. In the meantime, White House officials continue to watch the data carefully and refrain from declaring victory until it bears out the trajectory the Biden administration wants to see. “The best measure of inflation is inflation,” the official told CNN.
Persons: Joe Biden, Ron Klain, , Mark Zandi, Moody’s, ” Zandi, Biden “, ” Biden, Mandel Ngan, – Biden, Biden Organizations: CNN, Federal Reserve, White, Biden, Democratic, Reserve, Wilmington Convention, Getty Locations: Wilmington, Wilmington , North Carolina, AFP
New York CNN —Few companies have lost more than the $32 billion that Boeing has lost in the last five years. There’s a lot of work in front of us, but I’m proud of our team and remain fully confident in our future.”It’s not that Boeing’s problems aren’t serious. And the massive losses have resulted in the company’s debt level soaring, from $13 billion at the end of 2018 to $48 billion now. Even if customers could get their hands on Airbus jets right away, there are huge costs for Boeing customers to operate both their existing Boeing jets and a fleet of comparable Airbus planes at the same time. So after Alaska Air purchased Virgin America in 2016, it got rid of the Airbus jets Virgin was flying and became an all-Boeing airline.
Persons: , , Richard Aboulafia, Ron Epstein, Dave Calhoun, ” It’s, Max, Uber, Brian West, “ We’re, Ben Minicucci, Calhoun, Epstein Organizations: New, New York CNN, Boeing, Bank of America, Alaska, Alaska Airlines Boeing, Max, Carnival Corp, Airbus, Airline, Alaska Air, Virgin America, Virgin, year’s, GM Locations: New York, it’s
CNN —As US supply chains decouple from China, Mexico’s manufacturing sector is emerging as a winner. Ramos said Mexico and China have been competing for the US manufacturing market for years, but amid a shifting US-China relationship, Mexico looks poised to pull ahead. Those exports were driven by manufacturing, which comprises 40% of Mexico’s economy, according to Morgan Stanley. Meanwhile, Chinese exports to the US were down 20% in 2023, compared to 2022. Analysts at Morgan Stanley see the value of Mexico’s exports to the United States growing from $455 billion to about $609 billion in the next five years.
Persons: That’s, nearshoring, Alberto Ramos, Goldman Sachs, Ramos, Morgan Stanley, Katherine Tai, CNN’s Julia Chatterley, Tai, United States Jose Luis Gonzalez, Xeneta, Peter Sand, Jose Enrique Sevilla, John Raines, Goldman’s Ramos, Biden, Raquel Buenrostro, , Joe Biden, Donald Trump, Trump, , Global’s, Raines, Christoffer Enemaerke, , Tesla, Elon Musk, Julio Cesar Aguilar, BYD doesn’t, RBC’s Enemaerke, Michael Nam Organizations: CNN, Manufacturing, Commerce Department, US Trade, General Motors, Ford, Reuters, Shipping, Container Trade, Xeneta, Moody’s Analytics, P Global Market Intelligence, steelworkers, , Global’s Sevilla, Macip, RBC, Getty, BYD, ” Sevilla, Monterrey Locations: China, Mexico, Canada, North America, US, Ciudad Juarez, United States, Pittsburgh, Mexican, Monterrey, , Nuevo Leon, Asia
Those what-ifs could further roil gas and oil prices. But if there’s further conflict, he said, “you’d see a much higher premium for oil prices. If there’s a de-escalation of tensions between Israel and Iran, they said, oil prices should come down over the next few weeks. But if there’s an escalation in conflict, they expect that oil prices could jump to more than $100 per barrel, they wrote in a note Monday. Retail sales rose 0.7% in March from the prior month, a slower pace than February’s upwardly revised 0.9% gain, the Commerce Department reported Monday.
Persons: New York CNN —, JPMorgan Chase, Jamie Dimon, ” Dimon, Jerome Powell, We’ll, Christine Lagarde, Andrew Bailey, Dave Sekera, Israel doesn’t, , , Moody’s, there’s, Chris Isidore, Pete Muntean, Sam Salehpour, Read, Bryan Mena, Claire Tassin Organizations: CNN Business, Bell, New York CNN, Dow, JPMorgan, International Monetary Fund, IMF, Bank, Bank of Canada, Seven, European Central Bank, Bank of England, Morningstar, Nvidia, AMD, Wall Street Journal, Federal Reserve Bank of New, Boeing, Federal Aviation Administration, Alaska Airlines, Commerce Department, Morning, Amazon Locations: New York, Russia, Ukraine, China, United States, Washington ,, Iran, Israel, Federal Reserve Bank of New York
Washington CNN —Americans haven’t been stashing money into their savings accounts like they used to, according to government statistics. Put together, this may have resulted in “a structurally lower saving rate,” according to the report. What does the lower saving rate of nowadays say about the US consumer? Households are continuing to spend at these elevated rates and one reason is because of the lower saving rate. You’re just not seeing a reversal back to pre-Covid levels, which isn’t shocking when you look back historically to what has happened to the saving rate.
Persons: haven’t, , Wells, Bell, Shannon Seery Grein, There’s, they’ve, we’ve, Matt Egan, ” Paul Knopp, Read, Goldman Sachs, Charles Schwab, Lorie Logan, Mary Daly, Johnson, Morgan Stanley, Jerome Powell, Loretta Mester, John Williams, Raphael Bostic, Austan Goolsbee Organizations: Washington CNN, Wells, KPMG, CNN, Gallup, T Bank, US Commerce Department, National Association of Home Builders, China’s National Bureau of Statistics, Johnson, Bank of America, PNC, The Bank of New York Mellon, Northern Trust, United Airlines, Federal Reserve, Abbott Laboratories, Discover, Citizens, Cleveland Fed, Taiwan Semiconductor Manufacturing, Netflix, Alaska Air, National Association of Realtors, Fed, US Labor Department, Procter & Gamble, American Express . Chicago Fed Locations: Wells Fargo, United States, Europe, UnitedHealth, Blackstone
Trump has floated a 10% across-the-board tariff on imports, a 60% tariff on imports from China and a 100% tariff on foreign cars – including from Mexico. Trump’s proposals, if enacted, could easily set off a new trade war with China and potentially other nations, too. Some economists are warning Trump’s trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors. It’s hard to say exactly because there is a lot of uncertainty over how much of Trump’s proposed agenda would actually be enacted. That’s because tariffs tax imports when they come ashore, adding costs for US distributors, retailers and, ultimately consumers.
Persons: he’s, Donald Trump, Trump, ” Alex Durante, Trump’s, , Mark Zandi, Goldman Sachs, ” Goldman Sachs, Jan Hatzius, ” Goldman, Janet Yellen, Joe Biden’s, Karoline Leavitt, ” “, ” Leavitt, , Biden, “ Donald Trump, ” Biden, James Singer, Biden’s, That’s, Durante, Joe Brusuelas, don’t, ” Brusuelas, Brusuelas, Liz, Maury Obstfeld, Obstfeld, Obama, ” Durante Organizations: New, New York CNN —, Tax Foundation, CNN, Trump, China, Bureau of Labor Statistics, Federal Reserve, RSM, Target, Walmart, Peterson Institute for International Economics, International Monetary Fund, US International Trade Commission, , Obama Locations: New York, China, Mexico, Beijing, United States
Hong Kong CNN —Fitch downgraded its outlook on China’s credit rating on Tuesday, citing increasing risks to its finances as it faces economic challenges. Lowering its outlook from stable to negative does not automatically mean the ratings agency will downgrade China’s creditworthiness, but it increases the chances. Fitch has kept its rating on Chinese sovereign bonds at A+. Fitch believes the general government deficit will rise to 7.1% of gross domestic product in 2024 from 5.8% last year. In December, rival ratings agency Moody’s downgraded its outlook on China’s credit rating from stable to negative, citing risks related to “structurally and persistently lower medium-term economic growth” and ongoing troubles in its property sector.
Persons: Hong Kong CNN — Fitch, China’s, Fitch, , Moody’s Organizations: Hong Kong CNN, Finance, Fitch Locations: China, Hong Kong
Why gold prices are at record highs
  + stars: | 2024-04-09 | by ( John Towfighi | ) edition.cnn.com   time to read: +6 min
Central banks see gold as a long-term store of value and a safe haven during times of economic and international turmoil. When interest rates fall, gold prices tend to rise, as bullion becomes more appealing than income-paying assets like bonds. Investors also regard gold as a hedge against inflation, betting bullion will retain its value when prices rise. The People’s Bank of China bought gold for the 17th straight month in March, adding 160,000 ounces to bring reserves to 72.74 million troy ounces of gold, according to Reuters. Higher oil prices are likely to stoke concerns over inflation, boosting gold prices, according to the UBS research note.
Persons: China —, Ulf Lindahl, Lindahl, Morgan, JP Morgan, Janet Yellen’s, Yellen, Mark Zandi, Jerome Powell, Wells, Richard Galanti, It’s Organizations: New, New York CNN, Investors, Federal Reserve, China, People’s Bank of China, Reuters, UBS, Research Associates, Moody’s, of Commerce, Costco Locations: New York, China, India, Turkey, Central, Wells Fargo
New York CNN —Almost every month, economists expect the hot US labor market to start showing signs of exhaustion. The booming labor market has to run out of gas eventually, right? Enjoy it while it lastsHistorically speaking, there’s only so long a really good labor market can last until, for instance, a recession or tighter financial conditions disrupt it. Taken together, that could mean the life expectancy of the current labor market isn’t very long. One big reason why the labor market continues to defy expectations is the result of a surge in immigration over the past year.
Persons: February’s, Jefferies, Thomas Simons “, ” “, Simons, Will Baltrus, That’s, ” Dante DeAntonio Organizations: New, New York CNN, Conference, Labor, Bureau of Labor Statistics, Brookings, Moody’s Locations: New York
But there is a growing threat to that sunny economic backdrop: surging oil prices. Global oil prices are flirting with $92 a barrel amid worries about a wider war in the Middle East. US oil prices surged above $87 a barrel late last week for the first time since late October, leaving them up about 21% this year. First, drone attacks on oil refineries deep inside Russia helped lift oil prices last month. Beyond the Middle East tensions, oil and gas prices have been boosted by OPEC and its allies, which continue to restrain supply.
Persons: , , Mark Zandi, Moody’s, Donald Trump, Trump, ” Zandi, hasn’t, Andy Lipow, Brent, ” Helima Croft, Joe Brusuelas, ” Brusuelas, Brusuelas, Vincent Reinhart, Mellon, ” Reinhart, he’s, Patrick De Haan, ” De Haan Organizations: New, New York CNN, Federal Reserve, Wall, CNN, , Iranian Revolutionary Guards, Lipow Oil Associates, CIA, RBC Capital Markets, RSM, AAA, OPEC, Lipow Locations: New York, Iran, Russia, Syria, Israel, Quds,
Baltimore’s regional economy has a lot going for it such as low unemployment and low inflation. That’s well below the national rate of 3.9% in February and ranks 43rd out of 389 regions across the country with more than one million residents. Low inflationThe US economy is still dealing with high inflation, but that’s not much of a problem for the Baltimore metro. Inflation in Baltimore slowed dramatically last year from April to June, falling to a 2.8% annual rise from April’s 5.3%. Like across the country, rising energy prices have recently pushed up overall inflation in the Baltimore metro.
Persons: Francis Scott Key, Prince, it’ll, Matt Rourke, Matt Jaffe, , ” Jaffe, that’s, That’s, ” Christina DePasquale, Johns, Freddie Mac Organizations: Washington CNN, CNN, Towson, Labor Department, Washington D.C, U.S, Baltimore, Johns Hopkins Carey Business School, National Association of Realtors, NAR, Fed Locations: Baltimore, Port, Baltimore County, Columbia, Boston, Orlando, Atlanta, Washington, Dundalk, Md
Marine insurance companies will be on the hook for much of the costs. These insurance companies are backed by insurance companies of their own – a type of business known as a reinsurer. The potential cost of insurance claims from the bridge collapse could be between $1 billion and $3 billion, analysts at Barclays wrote in a note Wednesday. “But other than that, the economic impact of what has happened will be enormous, but not recoverable from the ship,” Davies said. Maryland lawmakers, meanwhile, are drafting an emergency bill to provide income replacement for Port of Baltimore workers impacted by the bridge collapse.
Persons: Baltimore’s Francis Scott Key, , John Miklus, Dali, Brendan Holmes, Miklus, Loretta Worters, Worters, Martin Davies, ” Davies, Joe Biden, Francis Scott Key, it’s, ” Biden, Scott Olson, Davies, Bill Ferguson Organizations: New, New York CNN, American Institute of Marine Underwriters, , Barclays, Grace Ocean, Britannia, Indemnity, International Group, International, CNN, Insurance, Costa, Maritime Law Center, Tulane University, “ Maersk, Federal Highway Administration, Infrastructure Investment, Jobs, Biden, . Workers, Robins, Repair, Port, Maryland Locations: New York, Singapore, Costa Concordia, Italy, Danish, Baltimore , Maryland, Maryland, Baltimore
The Port of Baltimore said in a post on X that vessel traffic was suspended until further notice, but trucks were still being processed at its terminals. It said it would discharge cargo destined for Baltimore in other ports nearby, but Maesrk warned customers that could mean delays. Closer to the Midwest than any other port on the East Coast, Baltimore is a major hub for vehicles, containers and commodities. Baltimore ranks first among US ports for autos and light trucks, handling a record 850,000 vehicles last year. While many of the 30,000 to 35,000 cars and trucks that used the Key Bridge daily can be rerouted through the two nearby tunnels, that will cause traffic delays.
Persons: Dali, Judah Levine, ” Maersk, , VW, Oren Klachkin, Levine, Mark Zandi, , Zandi, Wes Moore, Joe Biden, Francis Scott Key, Tasos Katopodis, — Moore, Emily Stausbøll, Matt Lupoli, Hanna Ziady, Peter Valdes, Rob North, Sugam Pokharel Organizations: New York CNN, Baltimore, Atlantic, Nationwide Financial, US, Moody’s, Maryland Gov, Rebuilding, Francis Scott Key Bridge, Domino, Company, Royal Caribbean, Cruises, Cruise, Cruise Lines International Association, Royal Locations: London, New York, Port, Baltimore, East Coast, Singapore, East Coast , Baltimore, Philadelphia, Norfolk, of New York, New Jersey, Asia, Africa, Suez, Maryland, Patapsco, Rebuilding Baltimore, Baltimore , Maryland, Tasos, , Norway, Royal Caribbean
As the climate crisis continues to pose a global threat, top economists are debating its effect on the U.S. economy. Mark Zandi, chief economist at Moody’s Analytics, projects "physical risks" will be the biggest economic cost over the next 10 to 20 years. Zandi also projects transition costs associated with moving from a fossil fuel-dominated economy to one driven by green energy will put a weight on the U.S. economy. Nouriel Roubini, an economics and international business professor at New York University, says there will be pressure from stakeholders and society to make a green transition. Watch the video above to see how top economists predict the climate crisis will affect the U.S. economy.
Persons: Mark Zandi, Jeffrey Sachs, , Sachs, Labor Robert Reich, Nouriel, Mariana Mazzucato Organizations: Moody’s, Columbia University, Labor, New York University, University College London Locations: U.S
Vanke’s stock soared in Hong Kong and Shenzhen following the reports of potential new financing. On Monday, Moody’s cut Vanke’s rating to Ba1, which is often referred to as a junk rating. Residential buildings being built by Vanke in Nanjing STR/AFP/Getty ImagesFounded in 1984 in Shenzhen, Vanke is a flagship company in China’s property sector. It was the first listed property company in mainland China, boasting a high-profile IPO in 1991 on the still-nascent Shenzhen Stock Exchange. In 2023, property sales dropped 6.5% from 2022.
Persons: Moody’s, China Vanke, Vanke, Kaven Tsang, Fitch, Wang Shi, Donald Trump, Refinitiv Eikon, Vanke’s, it’s, , Ni, , ” Nomura Organizations: Hong Kong CNN, Economic Observer, CNN, Getty, Time, Shenzhen Stock Exchange, Shenzhen Metro, National People’s Congress Locations: China, Hong Kong, Beijing, Evergrande, Shenzhen, Nanjing, Vanke
Hong Kong CNN —Chinese leaders have pledged to achieve an ambitious growth rate this year, while reshaping its economic model to focus on technology innovation. On Tuesday, Premier Li Qiang announced that economic growth target of around 5% for 2024, which he said “will not be easy” to hit, given that a Covid-battered 2022 had provided a lower base of growth for last year. “The level of support is likely too little to rocket the economy to its 5% growth target this year,” said Sarah Tan, an economist at Moody’s, referring to the measures announced by Li Tuesday. “China is walking a tightrope on the fiscal front between infrastructure stimulus and LGFV [local government financing vehicle] deleveraging,” said Goldman Sachs analysts on Wednesday. In order to achieve the ambitious 5% growth target, more specific stimulus is needed, such as increasing manufacturing investments, Liu said.
Persons: Li Qiang, , , Sarah Tan, Li Tuesday, Goldman Sachs, Li, ” Nomura, Xi Jinping, Peiqian Liu, Liu, Pan Gongsheng Organizations: Hong Kong CNN, AFP, Getty, Goldman, Fidelity International, People’s Bank of China, Jefferies Locations: China, Hong Kong, Beijing, , Asia,
Opinion: Biden gave the speech of his life
  + stars: | 2024-03-08 | by ( Opinion Cnn Contributors | ) edition.cnn.com   time to read: +29 min
CNN —CNN Opinion asked political and policy contributors to weigh in on President Joe Biden’s State of the Union address. David Gergen: Biden just rewrote the presidential racePresident Joe Biden not only delivered perhaps the best speech of his life last night; he may have also changed the race itself. Roxanne Jones: Biden finally sounds like he’s ready to fightPresident Joe Biden finally has my attention. At the end of his speech, Biden reminded voters that he “grew up among working people” in Scranton. In his State of the Union speech, Biden had to answer the mail on all of these.
Persons: Joe Biden’s, David Gergen, Biden, Joe Biden, , Carrie Sheffield, Carrie Sheffield Barry Morgenstein, Donald Trump’s, pandered, Sophia A, Nelson, Trump, Sen, Andrew, , Donald Trump, Harris, Daniel McCarthy, Trump President Joe Biden, Daniel McCarthy Biden, Ronald Reagan, Bill Clinton, wasn’t, he’s, haven’t, Cori Bush, Rashida Tlaib, Bernie Sanders, Nikki Haley, Trump couldn’t, Reagan, Roxanne Jones, ” Biden, Smart, Jill Filipovic, Mike Johnson, David A, Vladimir Putin, Putin, ” David A, Benjamin Netanyahu, , SubStack’s, Paul Sracic, It’s, White, Paul Sracic Arne Hoel It’s, Hillary Clinton, Joe, ” Paul Sracic, Raul A, Reyes, ” Raul A, Marjorie Taylor Greene’s, Laken Riley, Mark Zandi, Mark Zandi Moody's, Ana Marie Cox, Ana Marie Cox Faith Fonseca, Biden’s, Dobbs, Roe, Wade, Peter Bergen, George W, Bush, Vladimir Putin’s, , beefed, Gazans Organizations: CNN, David Gergen CNN, Union, Harvard Kennedy School, Gallup, NATO, Democratic, Republicans, Trump, Independent Women’s, United States Senate, Biden, Congressional, Trump President, South Carolina Gov, GOP, Republican, Conservative, The Spectator, Syndicate, Big Pharma, Companies, American, Democrats, Twitter, NATO —, Israel, New York Times, CBS News, Democratic Party, United Auto Workers, Youngstown State University, Hudson Institute, Reyes CNN, Border Patrol, Georgia, ” Progressives, Pew Research Center, White, USA, Moody’s Analytics, Ana Marie Cox Faith, Jackson, Peter Bergen CNN, US Senate, New, Arizona State University Locations: Joe Biden’s State, America, United States, State, Gaza, Israel, New York, Ukraine, , American, China, Iran, Europe, Asia, Chicago, Scranton , Pennsylvania, Belvidere , Illinois, Scranton, Claymont , Delaware, Delaware, Ohio, Washington , DC, Georgia, Alabama, Austin, Iraq, New America
Total: 25