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Colombian-born Kugler, whose research has focused on labor markets, is the first Latina to join the Fed Board in its 109-year history. The vote was 53-45, with a few Republicans supporting a nomination that was championed by Democratic Senator Bob Menendez. The Senate on Wednesday also confirmed Fed Governor Philip Jefferson as Fed vice chair and Fed Governor Lisa Cook to a second term. Jefferson's success as vice chair will hinge on his ability to help Powell manage that process. Reporting by Ann Saphir; Editing by Paul Simao and Timothy GardnerOur Standards: The Thomson Reuters Trust Principles.

Persons: Adriana Kugler, Jonathan Ernst, Kugler, Bob Menendez, Menendez, Philip Jefferson, Lisa Cook, Cook, Jerome Powell, Powell, Michael Feroli, Jefferson, she'll, Derek Tang, Tang, Ann Saphir, Paul Simao, Timothy Gardner Organizations: Federal Reserve, of Governors, Capitol, REUTERS, U.S, Senate, Bank, Fed Board, Democratic, Wednesday, Jefferson, JPMorgan, Fed, Thomson Locations: Washington , U.S, Cuban, United States, U.S

Fed Governor Philip Jefferson testifies before a Senate Banking Committee hearing on his nomination to be the Federal Reserve's next vice chair, on Capitol Hill in Washington, U.S., June 21, 2023. REUTERS/Jonathan Ernst/File Photo Acquire Licensing RightsSept 6 (Reuters) - A broad bipartisan majority of the U.S. Senate on Wednesday voted to confirm Federal Reserve Governor Philip Jefferson as vice chair of the U.S. central bank. Senators are expected later on Wednesday to also take up the nominations of Fed Governor Lisa Cook to a new 14-year term, and of World Bank economist Adriana Kugler to fill the last open seat at the seven-member Fed Board. Jefferson and Cook joined the Fed in May 2022 and have voted for all of the Fed's rate hikes since then. Reporting by Ann Saphir; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Philip Jefferson, Jonathan Ernst, Lisa Cook, Adriana Kugler, Cook, Ann Saphir, Chizu Organizations: Federal, Capitol, REUTERS, U.S . Senate, World Bank, Fed, Jefferson, Thomson Locations: Washington , U.S, U.S

[1/3] Fed Governor Philip Jefferson testifies before a Senate Banking Committee hearing on his nomination to be the Federal Reserve's next vice chair, on Capitol Hill in Washington, U.S., June 21, 2023. Senators also confirmed Fed Governor Lisa Cook to a fresh 14-year term at the central bank, though they did so in a 51-47 vote that broke along partisan lines. Both Jefferson and Cook have a PhD in economics and became Fed governors in May of 2022 after long careers in academia. The U.S. central bank's vice chair, whose term is four years, also traditionally serves as the Fed chief's go-to official on policy communications, underscoring key messages and clarifying potential misinterpretations. The confirmations of Jefferson, Cook and Kugler would make the board the most diverse in the central bank's more-than-100-year history.

Persons: Philip Jefferson, Jonathan Ernst, Lisa Cook, Cook, Jerome Powell, Powell, John Williams, Adriana Kugler, Jefferson, Kugler, Ann Saphir, Chizu Nomiyama, Andrea Ricci, Paul Simao Organizations: Federal, Capitol, REUTERS, U.S, Senate, Federal Reserve, Senators, Jefferson, New York Fed, World Bank, Fed, Latina, Thomson Locations: Washington , U.S, U.S

Federal Reserve Governor and Vice Chair-designate Philip Jefferson poses for a photograph on the sidelines of the Kansas City Federal Reserve Bank's annual Economic Policy Symposium in Jackson Hole, Wyoming, U.S., August 25, 2023. REUTERS/Ann Saphir Acquire Licensing RightsWASHINGTON, Sept 5 (Reuters) - The U.S. Senate on Tuesday voted overwhelmingly to clear the way for the confirmation this week of Federal Reserve Governor Philip Jefferson to be vice chair of the U.S. central bank. President Joe Biden has also nominated Fed Governor Lisa Cook to a new 14-year term, and picked World Bank economist Adriana Kugler to fill the last open seat of the seven-member Fed Board. The Senate will vote on Cook and Kugler’s nominations in the next few days, Senator Sherrod Brown said before Jefferson vote. Jefferson and Cook have both voted for every rate hike since they joined the Fed in May 2022.

Persons: Philip Jefferson, Ann Saphir, Jerome Powell, Joe Biden, Lisa Cook, Adriana Kugler, Cook, Sherrod Brown, Jefferson, Chuck Schumer, Richard Cowan, Leslie Adler, Lincoln Organizations: Federal, Governor, Kansas City Federal, REUTERS, Rights, U.S, Senate, Federal Reserve, Jefferson, World Bank, Fed, Committee, Thomson Locations: Kansas, Jackson Hole , Wyoming, U.S

☆ Hidden investors took over Corizon Health, a leading prison healthcare company. Then they deployed the Texas Two-Step.
▼ + stars: | 2023-08-21 | by ( Nicole Einbinder | Dakin Campbell | ) www.businessinsider.com time to read: +63 min

The nurse practitioner on duty that day was employed by Corizon Health, Inc., one of the nation's largest private prison healthcare providers. Under federal law, a bankruptcy judge may respond to evidence of self-dealing or perjury by appointing a trustee to take control of the bankrupt company, bankruptcy experts told Insider. Just six months before the Garcia family was scheduled to have their day in court, Corizon filed for bankruptcy. "The Corizon bankruptcy is presently in a court ordered mediation, and we are seeking a global resolution for all the parties involved." Goldberger's attorney, Joseph Haspel, responded to queries with a statement saying that "Mr. Goldberger is a passive investor" in Corizon, Tehum, YesCare, Perigrove, and Perigrove 1018.

Persons: Hector Garcia, Garcia, wriggling, Adria Malcom, Corizon, Bryan Baker, —, Doña Ana, Corizon ., Garcia's, Daniel Jimenez, Gina Macias, Belen Lowery, Hector Garcia , Jr, it's, Johnson, Tehum, Sen, Elizabeth Warren, I've, Isaac Lefkowitz, James Hyman, YesCare, Lefkowitz, Ian Cross, Lynn LoPucki, Tracey Grissom, William Kelly, Kelly, Hector Garcia Jr, Hector Jr, Ricky, he'd, Hector Garcia's, Ana County , New Mexico Hector Jr, Matt Coyte, Coyte, Hyman, didn't, Sara Tirschwell, Kholood, Tirschwell, Jason S, Ana County, Nick Tomecek, Christopher Atkinson, Wendy McGee, McGee, Stephanie Kiger, Anita Skipper, Atkinson, He's, Simche Steinberger, England, Steinberger's, Steinberger, Michael Flacks, Sylvia Jarrus, Cross, he's, David Gefner, Abraham Goldberger, Gefner, Perigrove, Terrence A, they'd, Oved, Goldberger, CHS Dana Anna, Flacks, Moneyman, Joel Landau, Joseph Haspel, Haspel, Andrew Levander, Landau, James Hyman's, It's, Genesis, David Harrington, Bill de Blasio, there'd, Hindenburg, David Paterson, Mark Roe, availing, Dick Durbin, Gefner . Lefkowitz, Tirschwell —, Davidson Kempner, Tim Hunter, Tirschwell's, catastrophically, Tirschwell's playbook, Jeff Sholey, Sholey, Steven Storch, Daniel's Organizations: Detention, Insider, Corizon Health, Inc, Housing, University of Missouri Health Care, Arizona Department of Corrections, Rehabilitation, Senate Banking Committee, Court, Middle, University of Florida, Alabama, futon, Health Services, New, Arizona, BlueMountain Capital Management, Flacks, Revenue, Corizon, New York Times, Tehum Care Services, CHS, YesCare Holdings, Okaloosa, Wyoming Department of Corrections, University of West, YesCare, Public, Alabama Department of Corrections, . Alabama Department of Corrections, Tehum, US, University of Missouri, LinkedIn, Flacks Group, Consulate Health Care, Justice Department, YesCare Corp, United Staffing Solutions, Charlotte, CHS Okaloosa, United, Solutions, Pharmacorr, Trade Center, Securities and Exchange Commission, Hindenburg Research, Alabama Department, Corrections, Geneva Consulting, Genesis Healthcare, Trade, Geneva, New York Stock Exchange, Pinta Capital Partners, The, Pinta Capital, New York Gov, Staffing Solutions, DG Realty, Harvard Law School, ACLU, Public Justice, Lawyers, Seven Trade, World Trade, Gefner, Southern, Southern District of Texas, The Alabama Department of Corrections, Southern Poverty Law Center, Medicare, Services, Quest Turnaround Advisors, New York City, Republican, city's Campaign Finance, CFB, Campaign Finance, Finance Locations: Ana, Las Cruces , New Mexico, facility's, Doña, Jimenez's, Las Cruces, Houston, New, Rockland County, Texas, Middle District, Tennessee, Michigan, Virginia, New York, Oregon, Idaho, New Mexico, Ana County , New Mexico, Corizon, Florida, New York City, A, York, Nashville, Missouri, Brentwood , Tennessee, Delaware, Okaloosa, Florida's panhandle, Okaloosa County, Okaloosa County , Florida, University of West Florida, YesCare, Wyoming, Shawnee County , Kansas, Bernalillo County , New Mexico, Tehum, Perigrove, Suffern, Brooklyn, America, Manhattan, Suffern , New York, Geneva, nonpayment, United States, Rivington, Alabama, Southern District, Wexford, Maine, Corizon's Texas, Mexico, Tirschwell's, YesCare Corp

The crypto industry has been in the regulatory crosshairs since investors were burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX and other companies. A handful of Democrats, including Reps. Jim Himes and Ritchie Torres, joined committee Republicans in voting for the bill. The bill has galvanized many in the crypto industry, who say that with Democrats' support, the bill could have a shot in the Senate. But some Democrats, including Representative Maxine Waters, the top Democrat on the Financial Services committee, fiercely oppose the bill. "This bill heeds the calls from the crypto industry while disregarding the views of the administration, the Securities and Exchange Commission and consumer and investor advocates," she said.

Persons: Jim Himes, Ritchie Torres, Patrick McHenry, we've, Kristin Smith, Miller Whitehouse, Levine, Maxine Waters, Waters, Sherrod Brown, Hannah Lang, Matthew Lewis, Mark Porter, Diane Craft Organizations: Capitol, Voyager, House Financial, Trading, Securities, Exchange, Republicans, Agriculture, Financial Services, Blockchain Association, DeFi, Securities and Exchange Commission, Democratic, Banking, SEC, Politico, Thomson Locations: Singapore, Australia, United States, McHenry, Washington

The crypto industry has been in the regulatory crosshairs since investors were burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX and other companies. The markups - where legislation is debated and brought to a vote, paving the way for a full vote by the House of Representatives - are the first time crypto regulatory bills will be put to a vote in Congress, a victory for crypto lobbyists that have pushed lawmakers to provide regulatory clarity for the industry. His committee is expected to consider that bill during a markup on Wednesday, while the House Agriculture Committee will consider the same bill on Thursday. The bill has galvanized many in the crypto industry, who say that with Democrats' support, the bill could have a shot in the Senate. That effort escalated last month when the SEC sued crypto exchanges Coinbase (COIN.O) and Binance for failing to register some crypto tokens.

Persons: we've, Kristin Smith, Sherrod Brown, Patrick McHenry, McHenry, Miller Whitehouse, Levine, Maxine Waters, Waters, Hannah Lang, Matthew Lewis, Mark Porter Organizations: Capitol, Voyager, Financial, U.S ., Representatives, Blockchain Association, Democratic, Banking, Trading, Securities, Exchange, DeFi, SEC, Financial Services, Securities and Exchange Commission, Politico, Thomson Locations: Singapore, Australia, United States, McHenry, Washington

The crypto industry has been in the regulatory crosshairs since investors were burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX and other companies. Still, it remains to be seen if the bills will garner any Democratic support, a factor seen by many as crucial to the bills' ultimate chances of becoming law. His committee is expected to consider that bill during a markup on Wednesday, while the House Agriculture Committee will consider the same bill on Thursday. The bill has galvanized many in the crypto industry, who say that with Democrats' support, the bill could have a shot in the Senate. That effort escalated last month when the SEC sued crypto exchanges Coinbase (COIN.O) and Binance for failing to register some crypto tokens.

Persons: we've, Kristin Smith, Sherrod Brown, Patrick McHenry, Miller Whitehouse, Levine, Maxine Waters, Waters, McHenry, Hannah Lang, Matthew Lewis Organizations: Capitol, Voyager, Financial, U.S ., Representatives, Blockchain Association, Democratic, Banking, Trading, Securities, Exchange, DeFi, SEC, Financial Services, Politico, Thomson Locations: Washington

☆ Senators spar over whether CFPB has the power to root out junk fees
▼ + stars: | 2023-07-26 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

The committee's first hearing comes as the Biden administration takes a range of steps to root out junk fees, which the CFPB says includes credit card late fees, overdraft fees and surcharges on ticket purchases. Among other actions, the agency recently fined Bank of America $150 million for charging its customers multiple overdraft fees. In his testimony, Brian Johnson, managing director of financial regulatory consultancy Patomak Global Partners, said the CFPB "has been the most enthusiastic among regulators" in targeting junk fees. Democrats argued the power to target junk fees fits within the CFPB's core duties. "And let's not forget, these are the same banks that are bankrolling the attacks on the CFPB," Warren added.

Persons: Biden, Sen, Thom Tillis, Brian Johnson, Johnson, Donald Trump, Elizabeth Warren, JP Morgan Chase, Warren, Wells, Michelle Henry, Henry, Raphael Warnock, Warnock Organizations: WASHINGTON, Financial, Biden, Bank of America, prudential, Consumer Protection, Patomak Global Partners, CNBC, Pennsylvania, Georgia Democrat Locations: Wells Fargo, Georgia

☆ The Fed has paused before. Here’s what happened next
▼ + stars: | 2023-07-25 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

The Fed had a similar predicament in 2006After raising interest rates 17 consecutive times between June 2004 and June 2006, Fed officials became concerned that they could inadvertently damage the economy if they continued to hike rates. When the Fed met again in September, many officials expressed concerns that raising interest rates after a short, six-week pause would broadcast the wrong message. Lacker continued to be the sole Fed official who favored raising interest rates until his term expired at the end of the year. “It’s pretty easy to believe that the Fed will find that it didn’t raise rates enough and so choose to raise rates somewhat further before stopping and, later on, reducing rates,” he said. Fed officials then opted for a pause in the fall of 1994 and raised rates further in the winter.

Persons: Ben Bernanke, Bernanke, “, ” Michael Moskow, ”, Cathy Minehan, Jeffrey Lacker, Lacker, Jerome Powell, Liu Jie, Athanasios Orphanides, Austan Goolsbee, William English Organizations: New, New York CNN, Federal, Traders, Fed, Committee, Washington , D.C, Bloomberg, Getty, Chicago Fed, Boston Fed, Richmond Fed, Massachusetts Institute of Technology, European Central Bank, Food Forum, Yale University Locations: New York, Washington ,, Xinhua, Chicago

The proposal, which will kick off an ambitious agenda for Barr, plans to fully implement the globally agreed Basel bank capital agreement. BANKING OPPOSITIONThe banking industry is not waiting for details before trying to disrupt the effort, arguing it could hinder economic activity, curb lending, and kill lines of business. The criticism is also emerging among some Republican bank regulators, who appear likely to oppose the plans. Regulators will have to digest numerous and voluminous comments from the banking industry dissecting their plans. And in the meantime, banks are expected to continue hammering that higher capital requirements means a smaller economic role for banks and are not needed.

Persons: Michael Barr, Barr, Michael Barr's, Isaac Boltansky, Spokespeople, Kevin Fromer, Jerome Powell, Powell, Republican Andy Barr, Bill Foster, Tim Scott, Michelle Bowman, Barr's, Morgan Stanley, James Gorman, Pete Schroeder, Megan Davies, Andrea Ricci Organizations: Banking, Fed, Federal Deposit Insurance Corporation, Office, FDIC, Financial Services, Financial Services Committee, Republican, Senate, Committee, Regulators, White, Thomson Locations: Basel

☆ Biden's Federal Reserve Board nominees clear key Senate committee
▼ + stars: | 2023-07-12 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +2 min

WASHINGTON — The Senate Banking Committee approved President Joe Biden's three nominees to the Federal Reserve Board of Governors on Wednesday, teeing up a vote in the full Senate later this year. The committee unanimously approved Philip Jefferson as Biden's nominee for vice chair of the Federal Reserve. Lisa Cook, who Biden has nominated for a full, 14-year term on the Federal Reserve Board, was approved 13-10 by the panel. The third nominee the committee advanced was Adriana Kugler, whom Biden tapped in May to join the Federal Reserve Board of Governors for the first time. Jefferson would be only the second Black person to hold the vice chair position in the history of the Fed board.

Persons: Philip Jefferson, WASHINGTON —, Joe Biden's, teeing, Jefferson, Lael Brainard, Lisa Cook, Biden, Cook, Adriana Kugler, Kugler, South Dakota Republican Sen, Mike Rounds Organizations: Federal, Capitol, WASHINGTON, Federal Reserve, Governors, Fed, National Economic, Federal Reserve Board, South Dakota Republican, World Bank, World Bank Group, U.S, American, Fed's, of Governors Locations: Washington , U.S

☆ Google and Meta got customer data from tax prep firms, and lawmakers want a probe
▼ + stars: | 2023-07-12 | by ( Lauren Feiner | ) www.cnbc.com time to read: +5 min

A group of lawmakers led by Massachusetts Democratic Sen. Elizabeth Warren are calling on the Biden administration to investigate how tax prep software companies may have illegally shared customer data with tech platforms Google and Meta . Some statements the tax prep companies provided to the publications at the time seemed to indicate the data sharing was done accidentally. Our system is designed to filter out potentially sensitive data it is able to detect." Among their findings released Wednesday, the lawmakers said that millions of taxpayers' information had been shared with Big Tech firms through the tax prep software and that both the tax prep companies and tech firms were "reckless" in how they handled sensitive information. Although Meta and Google both said they have filters to catch sensitive data that's inadvertently collected, they seemed to be "ineffective," the lawmakers wrote.

Persons: Sen, Elizabeth Warren, Massachusetts Democratic Sen, Biden, General Merrick Garland, Lina Khan, Daniel Werfel, J, Russell George, TaxAct, Block, Ron Wyden, Richard Blumenthal, Conn, Tammy Duckworth, Bernie Sanders, Sheldon Whitehouse, Katie Porter, Warren, Meta Organizations: Capitol, Massachusetts Democratic, Google, Federal Trade, Tax, Facebook, Meta, CNBC, Big Tech, YouTube, Apple Locations: Washington ,, Sens, D

Bed Bath & Beyond logo is seen on the shop in Williston, Vermont on June 19, 2023. WASHINGTON — Home goods retailer Bed Bath & Beyond is facing scrutiny from Democratic lawmakers for allegedly evading severance pay for thousands of employees laid off after its recent bankruptcy. The lawmakers claim Bed Bath & Beyond denied some workers severance pay after it filed for bankruptcy in April and began closing stores and laying off workers. Bed Bath & Beyond did not immediately return request for comment on the lawmakers' letter. Warren, a member of the Senate Banking Committee, and Booker asked Bed Bath & Beyond to commit to providing severance to its workers and for detailed information on its severance policy, stock buybacks and dividends and other related issues.

Persons: Sue Gove, Elizabeth Warren of, Cory Booker of, Warren, Booker Organizations: WASHINGTON —, Bed, Democratic, New, Banking Committee Locations: Williston , Vermont, Sens, Elizabeth Warren of Massachusetts, Cory Booker of New Jersey, New Jersey, buybacks

☆ Economists weigh in on Mike Pence suggestion to eliminate the Fed’s employment mandate
▼ + stars: | 2023-06-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Mike Pence, who served as Donald Trump’s vice president and is vying to helm the White House, is campaigning on eliminating the Fed’s employment mandate. And what would change if the employment mandate is done away with, if anything? Lawmakers on Capitol Hill, with the sitting president’s approval, can simply amend the Federal Reserve Act to eliminate the employment mandate or even add another one. In CNN’s town hall with Pence earlier this month, the former vice president again floated the idea of eliminating the employment mandate. It seems clear that Democrats would take issue with any attempts to rid the Fed of its employment mandate.

Persons: Mike Pence, Donald Trump’s, Jerome Powell’s, Jimmy Carter, Powell, ”, Peter Ireland, Laurence Meyer, ” Adriana Kugler, Joe Biden, “, ” Meyer, Ben Bernanke, Pence, we’ve, ” Pence, Maxine Waters Organizations: DC CNN, Federal Reserve, Fed, CNN, Reserve, Boston College, Relief, Economic Security, Fed’s, of Governors, Committee, Lawmakers, Capitol, ”, Financial Locations: Washington, Ireland, CNN’s

The 2-year Treasury yield was trading at 4.75% after declining by 5basis points. U.S. Treasury yields fell Friday as investors digested remarks from Federal Reserve officials about the outlook for interest rates and the latest economic data. Investors digested comments that Fed speakers including Chairman Jerome Powell made throughout the week, which indicated that further interest rate hikes are on the horizon. Speaking before the Senate Banking Committee on Thursday, Powell suggested policymakers would continue using interest rate increases to bring down inflation. On Friday, further comments from Fed officials are expected, as is S&P Global's purchasing managers' index report for the services and manufacturing sectors.

Persons: Jerome Powell, Powell, Michelle Bowman, Investors Organizations: Treasury, U.S, Federal Reserve, Bank of England

Her comments followed a hawkish stance by Fed Chair Jerome Powell in his two-day testimony before the Senate Banking Committee earlier this week. Markets calmed briefly and the S&P 500 (.SPX) and the Nasdaq (.IXIC) added some gains in the previous session after Powell said the Fed will proceed with caution. We've heard from the various Fed governors, Powell talk about higher interest rates," said Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest. Yields on the 2-year, which best reflects interest rate expectations, dropped to hover at 4.71% on Friday. Investors will also monitor comments from some Fed policymakers due to speak later in the day.

Persons: Mary Daly, Jerome Powell, Powell, We're, We've, Paul Nolte, advancers, Shubham Batra, Shristi, Arun Koyyur Organizations: Starbucks, Dow, Nasdaq, Federal Reserve, San Francisco Fed Bank, Reuters, Committee, Murphy, Apple, Microsoft, Dow Jones, 3M, Carmax Inc, Starbucks Corp, NYSE, Thomson Locations: San, U.S, Bengaluru

Appearing before the Senate Banking Committee, Powell reiterated his view that more rate hikes are likely in the months ahead. Richmond Fed President Tom Barkin said he remains unconvinced that inflation is on a steady path downward, but would not prejudge what the Fed should do at its July 25-26 meeting. Investors will also monitor comments from St. Louis Fed President James Bullard, Atlanta Fed President Raphael Bostic and Cleveland Fed's President Loretta Mester. ET, Dow e-minis were down 109 points, or 0.32%, S&P 500 e-minis were down 22 points, or 0.5%, and Nasdaq 100 e-minis were down 101.75 points, or 0.67%. Reporting by Shubham Batra, Shreyashi Sanyal and Shashwat Chauhan in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Powell, Matt Britzman, Hargreaves Lansdown, Tom Barkin, Louis, James Bullard, Raphael Bostic, Loretta Mester, Shubham Batra, Shreyashi Sanyal, Shashwat Chauhan, Arun Koyyur Organizations: Dow, Nasdaq, Banking, Richmond Fed, Deutsche Bank, Louis Fed, Atlanta Fed, Cleveland, Dow e, 3M, Carmax Inc, Thomson Locations: U.S, Bengaluru

☆ Central banks to Wall Street: More pain is coming
▼ + stars: | 2023-06-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Market euphoria in early June, spurred on by a pause in interest rate hikes by the Federal Reserve, is well behind us now. What’s happening: It’s been just over a week since the Federal Reserve paused its 14-month regimen of interest rate hikes to fight inflation. The Bank of England, meanwhile, surprised investors by raising interest rates in the UK by an outsized half of a percentage point. Central banks had been making smaller interest rate moves as inflation began to ease off of recent highs. Elsewhere in Europe, central banks in Norway and Switzerland also hiked rates to decade-high levels on Thursday.

Persons: We’re, It’s, Jerome Powell, ” Powell, Stocks, Scott Wren, Wells, ”, Samantha Delouya, Elon Musk, Mark Zuckerberg, Musk, Zuckerberg, Hanna Ziady, Alex Heath, “, Paddy Power Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Central Bank, Nasdaq, Senate, Financial Services, The Bank of England, Bank of England, Fed, Commonwealth, 3M, WWE, Tech, Twitter, Meta, “ Locations: New York, Europe, Norway, Switzerland, ” Switzerland, United States, Wells Fargo, Las Vegas

Financial markets, however, are still pricing in a 25-basis-point rate increase in July and no further hikes after that, according to CME FedWatch tool. Ahead of his second day of testimony before the U.S. Senate Banking Committee at 10 a.m. Shares of Tesla (TSLA.O) slid 3% before the bell after Morgan Stanley downgraded the electric automaker to "equal weight" from "overweight". ET, Dow e-minis were down 114 points, or 0.33%, S&P 500 e-minis were down 13.75 points, or 0.31%, and Nasdaq 100 e-minis were down 61 points, or 0.41%. Reporting by Shubham Batra and Shristi Achar A in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Morgan Stanley, Jerome Powell, Powell, Mark Luschini, Janney Montgomery Scott, Shubham Batra, Shristi, Arun Koyyur Organizations: Dow, Nasdaq, Federal, U.S . Senate, Tesla, Dow e, Microsoft, Boeing, Accenture, Darden, Olive Garden, Thomson Locations: Washington, Wichita , Kansas, Bengaluru

The yield on the 10-year Treasury was trading about 3 basis points higher at 3.752%. U.S. Treasury yields were slightly higher on Thursday as investors assessed what could be ahead for interest rates and digested remarks from Federal Reserve Chairman Jerome Powell. Investors considered the path ahead for Fed monetary policy after Powell said on Wednesday that further interest rate hikes are likely as inflation remains too high. Policymakers had decided to keep interest rates unchanged but noted that two 25 basis point increases are expected this year. Elsewhere, the Bank of England announced a surprise 50 basis point rate hike Thursday, which is its 13th increase in a row.

Persons: Jerome Powell, Powell Organizations: Treasury, U.S, Federal, Investors, Senate, Committee, Bank of England

☆ Rupee likely higher on dollar decline post Powell's testimony
▼ + stars: | 2023-06-22 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, June 22 (Reuters) - The Indian rupee is expected to rise on Thursday, helped by the dollar's fall despite Federal Reserve Chair Jerome Powell's fairly hawkish comments to U.S. lawmakers. Non-deliverable forwards indicate rupee will open at around 81.94-81.98 to the U.S. dollar compared with 82.0375 in the previous session. The offshore Chinese yuan recovered to 7.1690 to the dollar, having fallen below 7.20 at one point in the previous session. KEY INDICATORS:** One-month non-deliverable rupee forward at 82.03; onshore one-month forward premium at 7 paisa** USD/INR NSE June futures settled on Wednesday at 82.0250** USD/INR forward premium as of Jun. 20** NSDL data shows foreign investors sold a net $46.5mln worth of Indian bonds on Jun.

Persons: Jerome Powell's, Powell, Nimesh Vora, Dhanya Ann Thoppil Organizations: U.S, Fargo Advisors, U.S . Senate, DBS, Brent, Thomson Locations: MUMBAI, Asia

WASHINGTON, June 22 (Reuters) - U.S. Federal Reserve Chair Jerome Powell on Thursday defended the likely need for further interest rate increases despite the possible impact on jobs. "It is working families who suffer most directly and quickly from inflation," Powell responded, adding that Fed officials at this point feel "it will be appropriate to raise rates again this year, and perhaps twice, assuming the economy performs as expected." But Powell also elaborated on the Fed's approach in coming months as policymakers debate how much further rates need to rise. "We moved very, very quickly when we had to move quickly," with rates moving higher by 75 basis point per meeting at one point, Powell said. But now "we're at least close to where we think our destination is...and it only makes common sense to move...at a careful pace," Powell said, with rates held steady at the June meeting.

Persons: Jerome Powell, Powell, Sherrod Brown, ” Brown, Howard Schneider, Ann Saphir, Andrea Ricci Organizations: . Federal, U.S . Congress, Ohio Democratic, Banking Committee, Thomson Locations: Ohio

☆ Watch Fed Chair Jerome Powell speak live to Senate banking panel
▼ + stars: | 2023-06-22 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Federal Reserve Chair Jerome Powell appears Thursday on Capitol Hill for the second day of his testimony on monetary policy. The central bank leader will appear before the Senate Banking Committee after speaking Wednesday to the House Financial Services Committee. The only concession he made was that it appears the Fed won't move at the blistering pace that had characterized the prior 10 rate hikes since March 2022. Committee members questioned Powell on a variety of other topics, including the banking tumult in March. Read more:Powell expects more Fed rate hikes ahead as inflation fight 'has a long way to go'Bank of England surprises with 50 basis point rate hike to tackle persistent inflationFed holds off on rate hike, but says two more are coming later this yearSubscribe to CNBC on YouTube.

Persons: Jerome Powell, Powell, Read Organizations: Capitol, Financial Services, Bank of England, CNBC, YouTube

Financial markets, however, are still pricing in a 25-basis-point rate increase in July and no further hikes after that, according to CME FedWatch tool. After Powell reinforced the Fed's inflation objective, rate-sensitive megacap companies pushed Wall Street's major indexes lower for the third straight session on Wednesday. Yields on the 2-year and 10-year Treasury notes were little changed after the data and ahead of Powell's testimony before the U.S. Senate Banking Committee at 10 a.m. The S&P index recorded three new 52-week highs and three new lows, while the Nasdaq recorded 12 new highs and 33 new lows. Reporting by Shubham Batra, Shristi Achar A and Medha Singh in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Morgan Stanley, Jerome Powell, Powell, Wall, Mark Luschini, Janney Montgomery Scott, advancers, Shubham Batra, Shristi, Medha Singh, Arun Koyyur Organizations: Dow, Nasdaq, Tesla, U.S . Senate, Dow Jones, Boeing, Accenture, Darden, Olive Garden, NYSE, Thomson Locations: Washington, Wichita , Kansas, Bengaluru

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