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☆ Argentina’s Milei tells Davos ‘heroes’ how it should be done
▼ + stars: | 2024-01-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“The Argentine economy is in such bad shape that it has to be shaken up. President Milei and his team are doing exactly that,” she said during an interview in Davos. He has also devalued Argentina’s currency. However, some of Milei’s measures, such as the devaluation, are also likely to stabilize Argentina’s economy in the medium term, Sperrfechter said. Among his most radical plans, Milei has pledged to ditch the peso as Argentina’s official currency and replace it with the US dollar.

Persons: London CNN —, ” “, ” Javier Milei, ”, Milei, Juan Peron, Kristalina Georgieva, CNN’s Richard Quest Wednedsay, Milei’s, Kimberley Sperrfechter, Sperrfechter, It’s Organizations: London CNN, Economic, Council, Foreign Relations, Reuters, International Monetary Fund, IMF, Argentine, Capital Economics, CNN, “, US Federal Reserve Locations: Davos, Switzerland, Argentina, Argentine, US, “ Argentina

☆ 2024 will be a perilous year for the world economy as geopolitical tensions ramp up, top economists warn
▼ + stars: | 2024-01-17 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Top economists are fretting about geopolitical tensions, according to a World Economic Forum survey. AdvertisementThe year 2024 will likely be a stormy one for the global economy as growth slows and geopolitical tensions ramp up around the world, according to a World Economic Forum survey. More than half the respondents said the world economy will get weaker this year, and 70% predicted looser financial conditions – implying that they believe central banks, including the US Federal Reserve, will start lowering interest rates at some point in 2024. Advertisement"Amid accelerating divergence, the resilience of the global economy will continue to be tested in the year ahead," WEF managing director Saadia Zahidi said. "Though global inflation is easing, growth is stalling, financial conditions remain tight, global tensions are deepening and inequalities are rising."

Persons: they're, Ray Dalio, Jamie Dimon, —, Saadia Zahidi, JPMorgan Chase, aren't Organizations: Service, US Federal Reserve, JPMorgan, Sunday Times, Bridgewater Associates Locations: Swiss, Davos, Ukraine, China, Chicago

☆ The FAA’s 737 Max probe just widened to include Spirt Aerosystems
▼ + stars: | 2024-01-17 | by ( Pete Muntean | Curt Devine | ) edition.cnn.com time to read: +4 min

Washington CNN —The US Federal Aviation Administration is expanding its probe into Boeing 737 Max 9 quality control following this month’s in-flight blowout of a part of an Alaska Airlines plane. In a new statement released Wednesday, the FAA says it is now investigating contractor Spirit AeroSystems, which builds the fuselage of the Boeing 737 Max 9. Spirit Aerosystems did not immediately respond to a request for comment. The FAA says all 171 Boeing 737 Max 9s in the United States remain grounded, the agency has received new data from preliminary inspections of 40 of those airplanes. Spirit Aerosystems’ history of troubleShareholders of Spirit AeroSystems last year filed a federal lawsuit against the company, accusing it of “widespread and sustained quality failures” in its products.

Persons: Spirit, Boeing “, Aerosystems, “, Max, Spirit AeroSystems, Lever, Joe Buccino, AeroSystems, ” Organizations: Washington CNN, US Federal Aviation Administration, Boeing, Max, Alaska Airlines, FAA, NTSB, Spirit, ” Locations: United States

☆ Boeing’s stock tumbles after report warns investigation will open ‘a whole new can of worms’
▼ + stars: | 2024-01-16 | by ( David Goldman | ) edition.cnn.com time to read: +8 min

The Wells Fargo report, entitled “FAA audit opens up a whole new can of worms,” noted that Boeing’s quality control and engineering problems have been ongoing for years. After part of an Alaska Airlines] 737 Max 9 jet fell off the plane mid-flight, the likelihood of the US Federal Aviation Administration coming out of its investigation without significant findings was very low. The FAA last week opened an investigation into Boeing’s quality control after the Alaska Airlines incident. He also said Boeing is now more closely monitoring the work of a key supplier that builds the 737 Max fuselage. Wells Fargo analysts noted in their report that the FAA investigation could take some time to complete, noting many of its probes remain “under investigation” months after the original incidents.

Persons: Wells, ”, Max, Boeing “, Kirkland H, Donald “, Donald, David Calhoun, Stan Deal, Deal, Mike Whitaker, Calhoun, Jennifer Homendy, United Airlines —, —, Pete Muntean, Chris Isidore, Ramishah Maruf Organizations: New, New York CNN, Boeing, Wall, FAA, Alaska Airlines, US Federal Aviation Administration, NTSB, US, CNN, National Transportation, United Airlines Locations: New York, Portland , Oregon, Alaska, United, Indonesia, Ethiopia

☆ Boeing is adding more 737 airplane inspections as company says it's 'clear that we are not where we need to be'
▼ + stars: | 2024-01-16 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +2 min

Read previewBoeing is introducing more quality assurance measures in its production process for 737 aircraft following a nightmare Alaska Airlines flight on one of the planes last week. "But, the AS1282 accident and recent customer findings make clear that we are not where we need to be." AdvertisementBoeing will open its factories for inspection to airlines that use 737 planes, and the company is bringing in a third party to conduct an independent review of its quality management system, Deal added. The US Federal Aviation Administration has since grounded all Boeing 737 Max 9 planes with that component until it decides they can safely return to operation. Alaska Airlines said Saturday that it's starting a "thorough review of Boeing's production quality and control systems" and will also "enhance our own quality oversight of Alaska aircraft on the Boeing production line."

Persons: —, Stan Deal Organizations: Service, Alaska Airlines, Business, Boeing Commercial Airplanes, Management, Boeing, US Federal Aviation Administration, Max, FAA, Alaska

☆ Funny highway signs are banned starting this week. Womp, womp.
▼ + stars: | 2024-01-15 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +3 min

Read previewSome highway signs crack jokes, use puns, or riff off Taylor Swift lyrics to remind drivers to be safe. A New Jersey Department of Transportation roadside safety sign features a pun about cannabis. Use Yah Blinkah" on highway signs in Boston. States including New Jersey, Ohio, and Massachusetts have leaned into crafting quirky, funny, or holiday-themed messages. Courtesy of the Ohio Department of TransportationThe Arizona Department of Transportation even holds an annual competition for new traffic safety messages.

Persons: —, Taylor Swift, Michael Dwyer, “, Elise Riker, Sam Cole Organizations: Service, Business, Federal Highway Administration, New Jersey Department, Transportation, Massachusetts Department of Transportation, State, Ohio Department of Transportation, Ohio Department of Transportation The Arizona Department of Transportation, Street Journal, Colorado's Department of Transportation Locations: Boston, New Jersey , Ohio, Massachusetts, Arizona, Colorado

☆ Wholesale prices unexpectedly fall 0.1% in December in positive inflation sign
▼ + stars: | 2024-01-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Wholesale prices unexpectedly declined in December, providing a positive signal for inflation, the Labor Department reported Friday. Excluding food, energy and trade services, PPI also was up 0.2%, in line with the estimate. For the full year, the final demand measure less food, energy and trade services rose 2.5% for all of 2023 after being up 4.7% in 2022. Markets initially reacted positively to the PPI release but turned lower through morning trading. PPI measures the prices that producers pay for goods and services, while CPI gauges what consumers pay in the marketplace.

Persons: Dow Jones, Kurt Rankin, Jamie Dimon Organizations: Labor Department, PPI, PNC, Diesel, Traders, Federal, Market, JPMorgan Locations: U.S

☆ Judge delays sentencing for Mississippi police 'goon squad' that tortured and sexually assaulted two Black men
▼ + stars: | 2024-01-10 | by ( Associated Press | ) www.businessinsider.com time to read: +2 min

Read previewA federal judge has, for the second time, postponed sentencing for six former Mississippi cops who pleaded guilty to a long list of state and federal charges for torturing two Black men. Sentencing had been set to begin on January 16, but a court hearing schedule shows that US District Judge Tom Lee has pushed back sentencing to March 19. In October, he granted motions from some former officers to delay sentencing after their attorneys said they needed more time to evaluate sentencing reports and prepare objections. The men admitted in August to subjecting Michael Corey Jenkins and Eddie Terrell Parker to numerous acts of racially motivated, violent torture. AdvertisementProsecutors say some of the officers called themselves the "Goon Squad" because of their willingness to use excessive force and cover up attacks.

Persons: —, Tom Lee, Michael Corey Jenkins, Eddie Terrell Parker, Jenkins, Parker, Brett McAlpin, Hunter Elward, Christian Dedmon, Jeffrey Middleton, Daniel Opdyke, Joshua Hartfield Organizations: Service, Mississippi, Business, Rankin County, Associated Press, Prosecutors Locations: Rankin, Richland

☆ How Mark Cuban forced the biggest US pharmacy to upend its business
▼ + stars: | 2023-12-05 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +5 min

The new program includes a set markup for medication costs, a step toward drug pricing transparency. The retailer has been facing pressure from new models like Mark Cuban Cost Plus Drugs. They've been especially focused on pharmacy-benefit managers and the lack of transparency around how much drugs cost. How Mark Cuban changed drug pricingCuban's pharmacy buys drugs directly from manufacturers and sells them to consumers at a 15% markup, plus pharmacy fees. AdvertisementBut the announcement looks to be a step in the right direction for drug pricing transparency.

Persons: —, Mark, Prem Shah, Mark Cuban, GoodRx, PBMs, Kroger, it's Organizations: CVS, Cuban, Plus, Service, Mark Cuban, Federal, US Federal Trade Commission, CVS Health, Kroger, Walgreens, Drug, Wall Street Locations: California

☆ Gold prices have never been this high
▼ + stars: | 2023-12-04 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Gold prices hit an all-time high Monday, buoyed by growing expectations of interest rate cuts among investors, a weaker dollar and geopolitical tensions. “This has created a more favorable environment for gold as a non-yielding asset.”John Reade, a market strategist at the World Gold Council, an association of gold producers, told CNN that, with investors predicting several rate cuts over the next year, gold prices could “quite possibly” shoot above Monday’s record high. Since gold is priced in US dollars, the fall in the greenback’s value has made it less expensive for investors outside the United States to buy the metal, which should have boosted demand and, in turn, lifted gold prices. Gold prices have risen 10% so far this year. According to the World Gold Council, central banks in emerging markets bought 473 metric tons (521 tons) of gold a year on average between 2010 and 2021.

Persons: ebbs, Daria Efanova, ” John Reade, Jamie Dimon, ” Reade, “, Reade, ” Organizations: London CNN —, US Federal Reserve, Treasury, Sucden, World Gold Council, CNN, Interactive Investor Locations: United States, Russia, Ukraine, Israel, Gaza, China, South China, Taiwan, Russian

☆ Here’s why some bond traders care so much about the US government’s budget deficit nowadays
▼ + stars: | 2023-12-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

And as the mountain of debt keeps piling up, and the government’s budget deficit remains massive, some bond traders are now joining politicians in decrying the government’s ever-growing financial obligation. Those bond traders are seemingly up in arms over the government’s gaping budget deficit — something that occurs when the government’s spending outstrips revenues — which currently stands at roughly $67 billion so far for the current fiscal year. For the full 2023 budget year, the Congressional Budget Office estimated that the deficit stood at a staggering $1.5 trillion. How do we manage the budget deficit? Our interest rate team is looking at the 10-year (US Treasury) yield to be closer to 4% than 5% next year.

Persons: ”, Jerome Powell, Bell, Joe Quinlan, It’s, it’s, what’s, You’d, Powell, ” Powell, they’re Organizations: CNN Business, Bell, DC CNN, Treasury Department, Congressional, Office, Federal, Merrill, Bank of America Private Bank, Treasury, Spelman College, US Labor Department, Institute for Supply Management, US Commerce Department, University of Michigan Locations: Washington, Atlanta

"The risk of the Fed is asymmetric: the risk of cutting too early and inflation flaring up is much worse than the risk of staying higher and going into a mild recession," he said. Traders are betting that the Fed will hold interest rates steady for three more meetings before starting to cut interest rates in May - earlier than previously expected. Vanguard, which manages $7.6 trillion in assets, expects gross domestic product growth next year to be 0.5%, with one or two quarters of negative growth. The Fed will likely cut rates by 100 to 150 basis points next year, said Aliaga-Diaz. In coming meetings, the central bank will likely keep interest rates on hold but it will keep open the possibility of additional hikes, he said.

Persons: Roger Aliaga, Diaz, Aliaga, Davide Barbuscia Organizations: Federal Reserve, Vanguard, Reuters, Traders, Thomson Locations: U.S

☆ Bill Ackman says the US economy faces a real risk of a 'hard landing' if the Fed doesn't cut interest rates soon
▼ + stars: | 2023-11-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Bill Ackman said in a Bloomberg podcast he expects the US Federal Reserve to cut rates soon. He said the US economy risks a sharp downturn if the Fed doesn't cut interest rates soon. AdvertisementBill Ackman expects the US Federal Reserve to cut rates as early as the first quarter of next year. The Fed needs to cut interest rates soon to avoid a sharp downturn in the US economy, the billionaire investor said on Bloomberg's "The David Rubenstein Show: Peer-to-Peer Conversations." The Fed has raised interest rates 11 times since March 2022 in an effort to cool soaring inflation.

Persons: Bill Ackman, —, David Rubenstein, That's, Ackman, Rubenstein, There's Organizations: Bloomberg, US Federal Reserve, Service, Carlyle Group, Deutsche Bank, European Central Bank, UBS Locations: Israel, Swiss

CNN —US federal prosecutors have charged an Indian national in an alleged murder-for-hire plot to try to assassinate a Sikh political activist in New York City, according to an indictment unsealed Wednesday. Sikh activist Hardeep Singh Nijjar was murdered in Canada in June, and the Canadian government said it had credible information linking India to the murder. People stomp on an Indian flag and a cutout of Indian prime minister Narendra Modi during a Sikh rally outside the Indian consulate in Toronto to raise awareness for the Indian government's alleged involvement in the killing of Sikh separatist Hardeep Singh Nijjar in British Columbia on September 25, 2023. Cole Burston/AFP/Getty ImagesNijjar and Pannun were associates, US prosecutors say, as they were both leaders of the Sikh separatist movement. The Indian official gave Gupta Pannun’s home address, phone numbers and details on his daily activities, prosecutors allege.

Persons: Nikhil Gupta, Gurpatwant Singh Pannun, Gupta, “, ” Pannun, Hardeep Singh Nijjar, Narendra Modi, Cole Burston, Pannun, Nijjar, Nijjar “, – Organizations: CNN, Justice, Indian, Getty Locations: New York City, New York, India, Czech Republic, Canada, Toronto, British Columbia, AFP

☆ Make these 5 investments as stocks climb to record highs in 2024, according to top strategists at Bank of America and BMO Capital Markets
▼ + stars: | 2023-11-28 | by ( James Faris | ) www.businessinsider.com time to read: +8 min

COVID), and active funds are hugging their benchmarks," Subramanian wrote in a note about her 2024 outlook. "We're bullish not because we expect the Fed to cut, but because of what the Fed has accomplished," Subramanian wrote. BMO Capital MarketsBofA analysts are calling for slower inflation, better profit margins, and improved efficiency, Subramanian wrote. BMO is less optimistic about energy stocks since they've lagged behind oil prices in the last year. Consumer discretionary is a strong bet if interest rate hikes are over and consumers keep spending, Subramanian wrote.

Persons: Brian Belski, Belski, Savita Subramanian, Subramanian, Bank of America BMO's Belski, he's, boomers, BofA Organizations: Bank of America, BMO Capital Markets, Business, BMO, Federal Reserve, " Bank of, Energy, BMO isn't Locations: Ukraine, Israel

☆ Tesla scores court win in Sweden in month-long battle with unions
▼ + stars: | 2023-11-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Elon Musk has notched a victory against Swedish workers as a court ruled that Tesla can collect license plates for its cars from the country’s transport authority after postal workers refused to deliver them. Postal workers stopped delivering them to the company last week in sympathy with Tesla’s mechanics who began an ongoing strike in late October. Musk called the postal workers’ actions “insane” in a post on X last week. “Swedish wages and working conditions should apply to all workers in Sweden,” the body said in a statement on its website earlier this month. A company that comes to Sweden must adapt to what applies here.”Musk, the world’s richest man, has been vocal about his opposition to unions.

Persons: London CNN — Elon, Tesla, Musk, ” Tesla, dockworkers, ” Musk, — Olesya Dmitracova Organizations: London CNN, CNN, Sweden’s Transport Agency, Reuters, Transport Agency, Tesla, IF Metall, Swedish Trade Union Confederation, National Labor Relations Board, IG Metall Locations: Norrköping, Sweden’s, Sweden, Swedish, “, Tesla, Berlin, Germany

☆ Tesla strikes in Sweden are getting under Elon Musk’s skin
▼ + stars: | 2023-11-24 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —It has taken nearly a month, but workers striking against Tesla in Sweden have finally drawn a response from the company’s famously anti-union boss. “This is insane,” CEO Elon Musk said Thursday on X, the platform formerly known as Twitter that he owns. Musk was responding to news that Swedish postal workers are refusing to deliver Tesla license plates, joining a wave of action in sympathy with mechanics who stopped servicing Tesla cars late last month. About 130 mechanics began their ongoing strike in October after their employer, a Tesla subsidiary in Sweden, announced that it would not recognize their labor union, according to Expressen, a CNN affiliate. Still, the strikes by Swedish workers may embolden Tesla’s employees in Germany, where it has a large plant manufacturing electric vehicles and battery cells.

Persons: Elon Musk, Musk, dockworkers, Tesla Organizations: London CNN, Tesla, CNN, IF Metall, National Labor Relations Board, Reuters, IG Metall Locations: Sweden, Swedish, United States, Buffalo , New York, Germany, Berlin, German Union, —, German, Wolfsburg

☆ What we know about the explosion at Rainbow Bridge near Niagara Falls
▼ + stars: | 2023-11-23 | by ( John Miller | Elizabeth Wolfe | ) edition.cnn.com time to read: +5 min

Alarms were raised from New York to Washington, DC, late Wednesday morning after the incident on the US side of the Rainbow Bridge crossing. “Two individuals died in the vehicle,” Hochul said, noting the car is associated with a western New York resident. The explosion prompted a temporary shutdown of all four bridges between Canada and the US near Niagara Falls on one of the busiest travel days of the year. Debris is scattered across the customs plaza at the Rainbow Bridge border crossing on Wednesday in Niagara Falls, New York. All cars coming into the airport were also being screened by bomb-detecting dogs, a Niagara Frontier Transportation Authority spokesperson said.

Persons: “, ”, Kathy Hochul, ” Hochul, Hochul, Rickie Wilson, Derek Gee, Trini Ross, Matthew Miraglia, We’re, Pete Muntean, Raja Razek, Dave Alsup, Josh Campbell, Sabrina Souza Organizations: CNN — Investigators, FBI, New Yorkers, ” New York Gov, Customs, CNN, AP FBI, Western, of, Buffalo Niagara International, US Federal Aviation Administration, Niagara Frontier Transportation Authority, Amtrak, Terrorism Task Force, Niagara, Niagara Falls Police Department Locations: New York, Canada, Niagara Falls, Washington, DC, Buffalo, Niagara Falls , New York, of New York, Toronto

☆ Opinion: A Trump second term would be dangerous because he’s told us it would be
▼ + stars: | 2023-11-22 | by ( Julian Zelizer | ) edition.cnn.com time to read: +8 min

On Veteran’s Day, Trump called his enemies “vermin” and spoke of his intention to go after opponents should he regain power. Presidential power has been a bipartisan affair. Frustrated with the Republican Congress, for instance, President Bill Clinton used executive action to expand the environmental programs of the federal government. Most recently, Biden leaned on executive power to advance a student loan forgiveness program that the courts ultimately overturned. When presidents use presidential power in dangerous ways, not only does this present a dangerous stress test at the moment, but it also means that over time, the expansions of power are rarely cut back.

Persons: Julian Zelizer, Donald Trump’s, it’s, Trump, ”, Joe Biden, Richard Nixon, “ Mr, Franklin Roosevelt, Nixon, Arthur M, Schlesinger Jr, George W, Bush, Bill Clinton, Biden, It’s, Mike Pence Organizations: CNN, Princeton University, The New York Times, America, Republican, Heritage Foundation, Department of Justice, New York Times, White, Times, Federal Communications Commission, Federal Trade Commission, ”, Trump Locations: ”, —

☆ There are now more central banks cutting interest rates than those hiking them: Deutsche Bank analysis
▼ + stars: | 2023-11-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

There are now more central banks cutting rates than those hiking rates, per a Deutsche Bank analysis. For the first time since January 2021, there are more central banks cutting rates than those hiking them, according to an analysis by Jim Reid, a research strategist at Deutsche Bank, MarketWatch reported on Tuesday. The trend started last month, with 10 central banks cutting rates — outnumbering those that hiked rates in the same time period, according to Reid's analysis of 81 central banks around the world. The trend continued this month with five central banks — including include those in Brazil and Peru — cutting rates so far. AdvertisementWhile major central banks like the US Federal Reserve and the European Central Bank are keeping rates steady right now, there are bets that they, too, will start to hike rates in the months ahead.

Persons: —, Jim Reid, Reid, That's Organizations: Deutsche Bank, Service, MarketWatch, US Federal Reserve, European Central Bank, UBS Locations: Brazil, Peru, Swiss

☆ The US dollar is central to Argentina's plan to fix its broken economy. There's just one hitch.
▼ + stars: | 2023-11-22 | by ( George Glover | ) www.businessinsider.com time to read: +5 min

Argentina's new president Javier Milei wants to adopt the US dollar to tame sky-high inflation. There's a major problem with his plan to revive the ailing South American economy. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRight-wing economist Javier Milei won Argentina's presidential runoff Sunday – and that means the country could soon ditch the peso for the US dollar. Under the president-elect's plan, the government would scrap the peso and replace it with the dollar.

Persons: Javier Milei, doesn't, —, Milei, Mary, Read, John Hopkins, Steve Hanke, Guillermo Ortiz, Nora Mazzini, Lucila Bonilla Organizations: Service, Central Bank of, US Federal Reserve, International Monetary Fund, Bank, Reuters, Bloomberg, Bank of Mexico, Economics, Oxford Economics Locations: Central Bank of Argentina, Ecuador, El, Panama, Argentina, Mar del Plata, Argentine

☆ Can Argentina really move from the peso to the dollar?
▼ + stars: | 2023-11-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

2 economy and ditch its peso currency in favor of the US dollar. Milei must tackle inflation above 140%, a shortfall in foreign currency reserves and the prospect of another painful recession. Argentina’s financial markets are closed Monday for a local holiday, but the peso weakened slightly in partial trade to stand at around 353.58 to the US dollar. Bruno Gennari, Argentina expert at fixed income broker dealer KNG Securities, said the peso was trading at $1,009 versus the dollar on crypto exchanges Monday, considerably weaker than the $869 and $975 rates seen on Friday. Dollarization means Argentina would give up the peso and use the US dollar as its currency, effectively wresting control of monetary policy from the country’s central bank and handing it to the US Federal Reserve.

Persons: London CNN — Javier Milei, Sergio Massa, Milei, ” —, —, ” Milei, ”, “, Bruno Gennari, Javier Milei, Natacha, dollarization, ” William Jackson, “ It’s, Thierry Larose, ” Larose, Kristalina Georgieva, Jackson, — Valentina Gonzalez, Stefano Pozzebon, Olesya Dmitracova Organizations: London CNN, Libertad Avanza, Peronist, “, ” Financial, Argentine, State, Banco, Grupo Financiero Galicia, KNG Securities, US Federal Reserve, AP, Capital Economics, Vontobel, Management, CNN, Monetary Fund, Bank, IMF, Reuters Locations: Argentina, New York, Brazil, Mexico, Dollarization, Argentina’s, Zurich, dollarization, Washington, DC, Argentine

☆ Gold ticks higher as dollar slips on Fed pause bets
▼ + stars: | 2023-11-20 | by ( Brijesh Patel | ) www.reuters.com time to read: +2 min

Spot gold rose 0.1% to $1,981.79 per ounce as of 0306 GMT, after rising 2.2% last week. The dollar slipped 0.2% to a more than a 2-1/2 month low against its rivals, making gold less expensive for other currency holders. Traders now widely expect the Fed to leave rates unchanged at its Dec. 12-13 policy meeting, according to the CME FedWatch tool. Lower rates exert downward pressure on the dollar and bond yields, enhancing the appeal of non-yielding bullion. Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 1.49% to 883.43 tonnes on Friday.

Persons: Alexander Manzyuk, Kyle Rodda, Brijesh Patel, Chris Reese, Rashmi Organizations: REUTERS, Federal, Fed, Traders, Holdings, SPDR, Trust, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ Argentina election: Will Milei’s plan to ditch peso for the dollar be a vote-winner against Massa?
▼ + stars: | 2023-11-16 | by ( Analysis Stefano Pozzebon | ) edition.cnn.com time to read: +8 min

To fix the problem, Argentina should abandon the peso and adopt the dollar, whose value is set by the US Federal Reserve and cannot be printed at will. Massa has criticized the plan for dollarization as a surrender of national sovereignty and attempted to show that the government’s current actions are already paying dividends. Other mainstream politicians, including former the President Mauricio Macri and another former election candidate, Patricia Bullrich, have endorsed Milei despite sharing some reservations on dollarization. ET) and the vote count is expected to be quick – barring any unforeseen problems or objections, that is. Milei appeared to question the results of the first round of voting in October, although his party did not formally appeal.

Persons: Argentina’s, Sergio Massa, Javier Milei, Milei, Massa, dollarization, Pope Francis, “, Satan ”, Francis, Tucker Carlson, Milton Friedman, Argentinians, Mauricio Macri, Patricia Bullrich, Brazil’s Luiz Inácio Lula da Silva, Colombia’s Gustavo Petro, Spain’s José Luis Rodriguez Zapatero, Jair Bolsonaro, Mario Vargas Llosa, Mariano Rajoy, Donald Trump Organizations: CNN, Massa, Union por la Patria, Union, La Libertad, US Federal Reserve, Cato Institute Locations: Buenos Aires, Argentina, South America, Latin America, Ecuador, El Salvador, US, Argentina’s, Peruvian, Spanish

The yield on the 2-year Treasury yield was last trading at 5.03% after dipping by 1 basis point. U.S. Treasury yields fell slightly on Tuesday as investors awaited key inflation figures that could impact the path ahead for interest rates. Investors will be scanning the report for hints about what could be on the horizon for interest rates. Questions around whether the central bank will hike rates further or prepare to cut them, and when that could happen have grown louder in recent weeks. Various Fed officials are also due to make remarks on Tuesday that could provide investors with clues about what the central bank may do next.

Persons: Jerome Powell Organizations: Treasury, Dow Locations: Dow Jones

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