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That could help lower overall inflation when the next CPI report is released on Aug. 10, with the details in Wednesday's report suggesting "downside risks" to any forecast of July's inflation rate. Indeed, at least one Fed official on Wednesday stuck to policymakers' prevailing hawkish mantra that inflation is still too high. While not specifically addressing the CPI report, Richmond Fed President Thomas Barkin told a Maryland business group that he still felt inflation had "been stubbornly persistent." 'FINAL INNINGS'But the latest CPI data could undercut arguments for yet another rate increase beyond the July meeting. Fed officials, blindsided by the persistence of inflation they initially thought would dissipate on its own, have been reluctant to bank on good news continuing.

Persons: Omair Sharif, Rick Rieder, Lael Brainard, Brainard, Thomas Barkin, Goldman Sachs, they've, Raphael Bostic, Bostic, Howard Schneider, Michael S, Ann Saphir, Dan Burns, Paul Simao Organizations: Federal Reserve, U.S . Labor Department, Reuters Graphics Reuters, BlackRock, Fed, White, Economic Council, Economic, of New, Richmond Fed, U.S, Cleveland Fed's Center, Inflation Research, Atlanta Fed, Derby, Thomson Locations: U.S, of New York, Maryland

☆ The US economy is defying expectations, says Biden’s top economic adviser
▼ + stars: | 2023-07-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —The resiliency of the US economy is defying expectations — and the odds of a “soft landing” are improving, said Lael Brainard, President Joe Biden’s top economic adviser, on Wednesday afternoon. “We’ve seen these repeated predictions that recession is right around the corner — and the data have instead delivered continued resilience in the economy,” said Brainard, formerly No. That’s the president’s economic theory that rejects the idea of “trickle-down” policies in favor of focusing on the middle class. These economic gains did not happen by chance, and they will not be sustained absent a deliberate strategy,” she said. “President Biden’s economic strategy aims to grow the economy from the middle out and bottom up — not the top down.”

Persons: Lael Brainard, Joe Biden’s, Biden, ”, Brainard, “, “ We’ve, Bidenomics Brainard Organizations: New, New York CNN, Labor Department, National Economic Council, Economic, of New, Federal Reserve Locations: New York, of New York

☆ White House takes a victory lap after inflation report comes in cooler than expected
▼ + stars: | 2023-07-12 | by ( Emma Kinery | ) www.cnbc.com time to read: +2 min

WASHINGTON — President Joe Biden on Wednesday celebrated new data that showed inflation cooling more quickly than expected. "Good jobs and lower costs: That's Bidenomics in action," Biden said in a statement. Year over year, inflation rose 3%, the lowest level in more than two years. Core CPI, which does not include food and energy costs, rose 4.8% from a year ago and 0.2% on a monthly basis. "Our progress creating jobs while lowering costs for families is no accident, and I will continue to fight for lower costs for families every day."

Persons: Joe Biden, Volodymyr Zelensky, Biden, Lael Brainard, " Brainard Organizations: NATO, WASHINGTON, Wednesday, Labor Statistics, CPI, Economic, of New Locations: Vilnius, of New York, U.S, United States

☆ US inflation cooled in June for the 12th straight month
▼ + stars: | 2023-07-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

US annual inflation slowed to 3% last month, according to the latest Consumer Price Index released Wednesday by the Bureau of Labor Statistics. The June annual rate is down from 4% in May and landed slightly below economists’ expectations for a 3.1% increase, according to Refinitiv. Starting in March 2022, the central bank rolled out 10 consecutive interest rate hikes to tame inflation, finally hitting pause last month. And June of last year was monumental: Annual inflation soared to 9.1%, the highest in more than 40 years largely because of record-high energy costs. So the Fed and economists have been keyed in on what’s happening with core inflation, particularly core services.

Persons: Olivia Newton, ” William Ferguson, “, Joe Biden, ” Sung Won Sohn, Lael Brainard, ” Brainard, Brainard, ” Julia Pollak, ZipRecruiter, Sohn, ”, —, Nicole Goodkind Organizations: Minneapolis CNN, Bureau of Labor Statistics, CPI, Grinnell College, CNN, Federal Reserve, Loyola Marymount University, SS Economics, Core PCE, National Economic Council, Economic, of New, BLS, Kansas City Fed Locations: Minneapolis, Iowa, of New York

☆ Apollo Global CEO: There's no alpha left in publicly-traded markets
▼ + stars: | 2023-06-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApollo Global CEO: There's no alpha left in publicly-traded marketsCNBC's Andrew Ross Sorkin discusses his one-on-one interview with Apollo Global Management CEO Marc Rowan at The Economic Club of New York on Tuesday.

Persons: Andrew Ross Sorkin, Marc Rowan Organizations: Apollo, Apollo Global Management, The Economic, of New Locations: of New York

☆ Traders raise the chances for a Fed rate cut following April inflation report
▼ + stars: | 2023-05-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Still, it was enough for traders to raise the chances of a September rate cut to near 80%, according to the CME Group's Fed Watch tracker of prices in the fed funds futures market. In fact, the October fed funds contract implied a policy rate of 4.84%, or nearly a full quarter point below the current effective rate of 5.08%. Among Wall Street analysts and economists, though, the case for a rate cut remains shaky. "I do not see in my baseline forecast any reason to cut interest rates this year." The central bank raised its fed funds rate last week by a quarter point, to 5.0-5.25%, its 10th increase since March, 2022.

☆ Premature for Fed to call end to rate hikes with inflation still high, Williams says
▼ + stars: | 2023-05-09 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

"We've made incredible progress" in taking action to lower overly high levels of inflation, but "if additional policy firming is appropriate, we'll do that," he said. The central bank also signaled that after just over a year of aggressive rate hikes, it may be done, or close to it, with the rate rises. I do not see in my baseline forecast any reason to cut interest rates this year," Williams said. Williams remains confident the Fed can achieve its objectives, adding "as always, I'll be monitoring the totality of the data and what it implies for the achievement of our goals. But for now, he said price pressures remain "too high," adding that the Fed remains committed to bringing inflation back to its 2% target.

☆ Fed's Williams says inflation still too high, eyeing financial conditions
▼ + stars: | 2023-05-09 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Williams said price pressures remain "too high," and added that the Fed remains committed to bringing inflation back to the central bank's 2% target. The central bank also signaled that after just over a year of aggressive rate hikes, it may be done, or close to it, with the rate rises. Williams also serves as vice chair of the rate-setting Federal Open Market Committee, which has been working aggressively to lower high levels of inflation. The Fed is eyeing an end to the rate-hike cycle as inflation pressures have eased a bit. He noted there have been signs of slowing price pressures but noted that core services inflation stripped of housing factors remains persistent.

☆ Fed's John Williams says rates could be increased if inflation doesn't come down
▼ + stars: | 2023-05-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, November 6, 2019. The committee removed a key phrase from the statement that had indicated additional rate hikes would be appropriate. "I do not see in my baseline forecast, any reason to cut interest rates this year," he said, adding that additional rate hikes would be possible if the data doesn't cooperate. The current problems in the banking industry and their impact will factor into Williams' policy outlook, he said. "I will be particularly focused on assessing the evolution of credit conditions and their effects on the outlook for growth, employment and inflation," Williams said.

☆ JetBlue is preparing to trim New York flights in response to FAA staffing shortage, CEO says
▼ + stars: | 2023-03-29 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

The FAA cited its staffing shortfall. "We don't want to pull down flights. I'm sure no airline wants to pull down flights," Hayes said in an interview with CNBC ahead of an event at the Economic Club of New York. The staffing shortfall and potential schedule cuts in the region highlight the difficulty airlines have faced to ramp up capacity as travel demand returns in the wake of a pandemic lull. If weather is bad or there are other challenges, disruptions tend to cascade if airlines have packed their schedules with too many flights.

☆ Disney board exposed itself to activist intervention, but Peltz may be overreaching
▼ + stars: | 2023-01-12 | by ( Alex Sherman | ) www.cnbc.com time to read: +5 min

Disney's share price spike in 2021 was caused by the same phenomenon — investors charging into streaming services with significant subscriber growth. Activist investor Nelson Peltz spent about 30 minutes Thursday morning speaking with CNBC's Jim Cramer and David Faber in a wide-ranging interview about why he wants a Disney board seat. Now Iger's back, and the Disney board has tasked him with finding a successor in the next two years. It's a far easier case to be made that Disney's board and Iger have consistently bungled succession planning. As Trian noted in its presentation (on Slide 28), the Disney board extended Iger's retirement date five different times between October 2011 and December 2017.

CNN Business —The Federal Reserve could pull back on the pace of its aggressive rate hikes as soon as December, Fed Chairman Jerome Powell said Wednesday at an economic forum. The most recent Job Openings and Labor Turnover Survey showed Wednesday that there were almost 1.7 jobs available for every job seeker in October. The decline in job openings is a positive development, Powell said Wednesday. And the rate hikes could be doing more harm than good. Since rate hikes can take months, even years, to flow through the economy, the Fed now appears to be adopting a “lower and slower” model of smaller rate hikes over a longer period.

☆ Treasury yields slip as investors assess impact of China’s Covid policy
▼ + stars: | 2022-11-29 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +1 min

The yield on the benchmark 10-year Treasury yield was last down by around 4 basis points to 3.661% at 6:31 a.m. The 2-year Treasury yield was last trading at around 4.434% after dipping by more than 3 basis points. U.S. Treasury yields pulled back on Tuesday as investors closely watched Covid developments in China and digested comments from Federal Reserve officials on monetary policy plans. Investors closely followed Covid developments in China as uncertainty about the country's economic reopening has spread in recent weeks. Speaking at a virtual event hosted by the Economic Club of New York on Monday, New York Fed president John Williams said the central bank had to continue hiking rates for now.

☆ Fed could cut interest rates in 2024, Williams says
▼ + stars: | 2022-11-28 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

"I do see a point probably in 2024 that we'll start bringing down nominal interest rates because inflation is coming down." While Williams pointed to some signs of progress in bringing down inflation, he said interest rates needed to rise further. "How high those rates need to be will depend on how the economy and inflation evolve," Williams said. The Fed has pushed through oversized 75-basis-point rate increases at its last four policy meetings, bringing the target rate to the current 3.75%-4.00% range. That's opened the door to the prospect the Fed could raise its target rate by 50 basis points at the next gathering.

☆ Disney is counting on Bob Iger to make hard decisions about its streaming and TV assets – or find someone who will
▼ + stars: | 2022-11-22 | by ( Alex Sherman | ) www.cnbc.com time to read: +4 min

Of course, while Iger said Disney was all-in on streaming, the reality was it wasn't, and it still isn't. Part of that shift was Disney's realization that it likely wasn't going to hit its target of 230 million to 260 million Disney+ subscribers by 2024. Disney shares have fallen nearly 40% this year. Disney shares surged during the pandemic even as theme parks closed and movies were kept out of theaters. "The old plan can't be the new plan," Greenfield said.

"Whatever (the Ukrainians) do, it will be carefully planned, kept secret and will likely be extremely well executed," Ingram added. Some residents in Kherson, meanwhile, are concerned about the risk of Russian shelling of the city once its forces regroup further east. "This Kherson fire support base becomes the anchor to support further manoeuvre by the left flank as it fights its way ... towards Mariupol, Berdyansk, and Melitopol." White House National Security Advisor Jake Sullivan told reporters on Friday that the United States would continue to support Ukraine militarily "to put Ukraine in the best possible position on the battlefield" and would not seek to tell it what to do. They still control large parts of Ukraine ... What we should do is strengthen Ukraine's hand," Stoltenberg added.

☆ More than 100,000 Russian soldiers were 'killed and wounded' and Ukraine's military 'probably' saw similar casualties since the invasion, according to Gen. Mark Milley
▼ + stars: | 2022-11-10 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +2 min

He estimated that more than 100,000 Russian soldiers were killed and wounded since the invasion. Two days ago, the Ukraine Armed Forces said that more than 77,000 Russian soldiers were killed. "You're looking at well over 100,000 Russian soldiers killed and wounded," Milley said, according to Reuters. The figure did not include wounded soldiers. Amid mounting death tolls, Russian Defense Minister Sergei Shoigu announced on Wednesday an order for Russian forces in Kherson to retreat across the Dneiper River.

WASHINGTON, Nov 9 (Reuters) - America's top general estimated on Wednesday that Russia's military had seen more than 100,000 of its soldiers killed and wounded in Ukraine, and added Kyiv's armed forces "probably" suffered a similar level of casualties in the war. Asked about prospects for diplomacy in Ukraine, Milley noted that the early refusal to negotiate in World War One compounded human suffering and led to millions more casualties. The United States and its NATO allies have stopped short of direct intervention in Ukraine, but are arming, advising and enabling its military to defend Kyiv against Russia's invading armies. Milley said the conflict so far had turned anywhere from 15 million to 30 million Ukrainians into refugees, and killed probably 40,000 Ukrainian civilians. Reporting by Phil Stewart and Idrees Ali; Editing by Sandra Maler and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: Blood, treasure and chaos: the cost of Russia's war in Ukraine
▼ + stars: | 2022-11-10 | by ( Guy Faulconbridge | ) www.reuters.com time to read: +6 min

Following are the main impacts of the war, now in its ninth month:* DEATHThe war has sown death on a level not seen in Europe since World War Two. Besides the military costs, the West has tried to punish Moscow by imposing severe sanctions - the biggest shock to Russia's economy since the 1991 collapse of the Soviet Union. Still the impact on Russia's economy is severe - and not yet fully clear. Shortly after Russia's invasion of Ukraine, international oil prices spiked to their highest levels since the records of 2008. In total, about 52 billion euros in military, financial and humanitarian aid had been pledged by Oct. 3 to Ukraine by countries around the world, according to The Kiel Institute for the World Economy.

☆ U.S. confirms it held talks with Kremlin over nuclear threat; Russians being pushed back in parts of Ukraine
▼ + stars: | 2022-11-08 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

Jake Sullivan, White House national security advisor, in Washington, D.C. on April 14, 2022. Sullivan met with Oscar Stenstrom, State Secretary for Foreign Affairs to the Prime Minister of Sweden, to discuss the security situation in Europe in view of Russia's invasion of Ukraine. White House national security advisor Jake Sullivan confirmed Monday that lines of communication between the U.S. and Russia remain open, confirming a report that the U.S. has held talks with the Kremlin recently in a bid to dial down tensions around the potential use of nuclear weapons in Ukraine. The comment came after the Wall Street Journal reported Sunday that Sullivan had held undisclosed talks with top Russian officials in a bid to de-escalate tensions over the possible use of nuclear weapons. The WSJ newspaper cited U.S. and other Western officials as saying that Sullivan held confidential conversations recently with Kremlin aide Yuri Ushakov and Russian Security Council secretary Nikolai Patrushev that were not disclosed publicly.

☆ Fed's Mester says central bank has yet to make a dent in inflation
▼ + stars: | 2022-10-11 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

“Despite some moderation on the demand side of the economy and nascent signs of improvement in supply-side conditions, there has been no progress on inflation,” Mester said. At its September policy meeting officials raised their federal funds target rate range to between 3% and 3.25% and penciled in more increases into next year, eyeing a 4.6% federal funds rate. The fed funds target was at near zero levels in March and recent Fed increases have been in increments of 0.75 percentage point, which is much larger in size than changes over recent decades. When it comes to the path the Fed has been on, "I don’t think it’s aggressive relative to where inflation is and how fast inflation has moved up." Mester said that inflation should come down to 3.5% by next year and back to the Fed’s 2% target in 2025.

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