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☆ In the Long Run, Investing Is All About the Economy*
▼ + stars: | 2023-11-03 | by ( James Mackintosh | ) www.wsj.com time to read: 1 min

Federal Reserve Chair Jerome Powell said Wednesday that the central bank will leave its benchmark interest rate unchanged. Photo: Kevin Lamarque/ReutersWednesday provided a perfect demonstration of the three most important issues facing markets: the economy, government spending and the Federal Reserve. Ten-year Treasury yields posted their third-biggest daily drop since March, when Silicon Valley Bank failed. Investors put equal weight on the three issues—knocking 0.05 percentage point off the yield after each of three events—as their worries eased about the pace of growth, the scale of government bond issuance and how long the Fed will keep rates high.

Persons: Jerome Powell, Kevin Lamarque Organizations: Reuters, Federal Reserve, Silicon Valley Bank

☆ Savings Rates and CD Rates Today | New 5 Month CD at 5.60% APY
▼ + stars: | 2023-11-03 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A savings account often limits the number of monthly transfers, while a checking account doesn't. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

Persons: Banks, —, Cash, we've Organizations: BMO, Cash, Products, Columbia, Savings, Mission Valley Bank, Newtek, United States, Federal Credit Union, Western Alliance Bank Locations: —

☆ 'Bond King' Bill Gross says the US economy headed for a recession as more indicators flash in the 4th quarter
▼ + stars: | 2023-11-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The US could be sinking into a recession by the fourth quarter, Bill Gross said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe US economy may be teetering into a recession, and indicators of coming weakness could soon be flashing red, according to "Bond King" Bill Gross. "We will see it in the fourth quarter," Gross said of a GDP slowdown. And of course, the US economy is 70% based on consumer spending," Gross said.

Persons: Bill Gross, —, Gross, We're Organizations: Service, CNBC, Atlanta Fed, Silicon Valley Bank, Fitch, of Labor Statistics, JPMorgan Locations: Silicon

☆ Bill Gross says it's time to buy these regional bank stocks
▼ + stars: | 2023-11-02 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Billionaire investor Bill Gross said Thursday that he is buying beaten-down regional bank stocks. "Regional bank falling knife has hit bottom. I'm buying TFC, CFG, KEY, FHN," Gross said in a post on X, formerly known as Twitter. Gross, whose long investing career has included co-founding PIMCO and earning the moniker "The Bond King," has said recently that he was watching regional banks for a potential buying opportunity. The sector has struggled to recover from a March flare-up that saw several midsize lenders fail, including Silicon Valley Bank.

Persons: Bill Gross, Gross Organizations: Twitter, Financial, Citizens, Treasury, Silicon Valley Bank Locations: Silicon

☆ CD Rates and Savings Rates Today | Lock in Historic Rates Today
▼ + stars: | 2023-11-02 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

☆ Steve Eisman on one thing he has learned in his career and why it’s keeping him away from banks
▼ + stars: | 2023-11-02 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Steve Eisman of the "The Big Short" fame said Thursday that one investment mantra he swears by is telling him that buying beaten-up bank stocks won't be fruitful. "One thing I've learned in my career over the years is that buying something just because it's cheap is a value trap and shorting something because it's very expensive is a death wish," Eisman said on CNBC's " Squawk Box ." Uncertainty caused by the collapse of Silicon Valley Bank earlier this year triggered outflows at other regional banks as well as larger institutions, he said. KRE YTD mountain SPDR S & P Regional Banking ETF The SPDR S & P Regional Banking ETF , which tracks 140 regional banks, has fallen about 30% this year. Apart from banks, Eisman said companies selling high-priced real estate, cars and solar panels could be under pressure as lofty interest rates could keep consumers from borrowing.

Persons: Steve Eisman, I've, Eisman, Michael Lewis, Oscar, Neuberger Berman Organizations: Regulators, Regional Banking, Regional Banking ETF Locations: Silicon

[1/3] The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters in Washington, February 23, 2011. FDIC Chairman Martin Gruenberg said in March the agency was also probing possible misconduct related to the collapses of Silicon Valley Bank (SVB) and Signature Bank (SBNY.PK) New York. As with SVB and Signature Bank, the FDIC is probing whether First Republic executives and board members broke rules that require them to act in the bank's best interests. NO ACTIONThe March implosions of SVB and Signature Bank sparked a deposit run at First Republic. FDIC bank failure probes can take years.

Persons: Jason Reed, Martin Gruenberg, SVB, Michael Roffler, James Herbert, Roffler, Michael Krimminger, IndyMac, Michael Perry, Douglas Gillison, Christine Prentice, Michelle Price, Matthew Lewis Organizations: Federal Deposit Insurance Corp, REUTERS, Federal Deposit Insurance Corporation, First Republic Bank, Reuters, FDIC, Valley Bank, Signature Bank, Regulators, First Republic, U.S . Justice Department, Securities, Exchange Commission, SEC, First, Bloomberg, Federal, JPMorgan Chase &, JPMorgan, Reserve, New, Thomson Locations: Washington, Republic, New York, First Republic, Massachusetts, SVB

☆ Charles Schwab lays off about 2,000 employees
▼ + stars: | 2023-11-01 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

CNN —Charles Schwab has laid off about 5% to 6% of its employees, amounting to roughly 2,000 people, as it looks to cut costs. “They are decisions that impact very talented people personally, and we take that very seriously,” a spokesperson said. Part of the changes includes evaluating its “real estate footprint, streamlining our operating model, and staffing reductions, largely in non-client-facing areas,” a Schwab spokesperson said. Like other banks, Schwab endured turbulence earlier this year when its bottom line was given a hard look by investors after the collapse of Silicon Valley Bank. Shares of Schwab (SCHW) are down 35% for the year, and up 1% in early afternoon trading.

Persons: Charles Schwab, Schwab, ”, Schwab’s headcount, “ Organizations: CNN, Silicon Valley Bank, Schwab Locations: Silicon

☆ CD Rates and Savings Rates Today | Rates Remain Steady with Fed Meeting Imminent
▼ + stars: | 2023-11-01 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

Security cameras point towards pedestrians outside the Royal Bank of Canada (RBC) headquarters in Toronto, Ontario, Canada March 16, 2017. RBC, Canada's top lender, said in September that it had infused fresh capital into City National, without elaborating, as it struggled amid the U.S. regional banking crisis. Rizvanovic estimates roughly $7 billion of low-yielding debt securities were transferred from City National to RBC, and he said the return on invested capital should "improve meaningfully" following the move. Since RBC acquired it for $5.4 billion in cash and stock, City National has most recently received amounts between $450 million, $700 million and $600 million annually. The bank has previously said realized losses at City National will be eliminated at the RBC consolidated level.

Persons: Chris Helgren, Mike Rizvanovic, Kelly Coffey, Dave McKay, Nivedita Balu, Matthew Lewis Organizations: Royal Bank of Canada, REUTERS, Rights, National Bank, Los, City National, RBC, Reuters, Valley Bank, City, Thomson Locations: Toronto , Ontario, Canada, Los Angeles, United States, U.S, Santa Clara , California, Toronto

☆ The CEO of UNest resigned after she said the board asked her to approve an 'illegal' takeover, according to a leaked email. The company says customer accounts are safe.
▼ + stars: | 2023-10-31 | by ( Ben Bergman | ) www.businessinsider.com time to read: +5 min

"This matter is very confidential and person who leaked the email can be subject to legal claims," Yudina wrote. UNest boasted 400,000 users that year and said it was on track to hit a million users in 2022. "I wasn't doing something that I perceived as illegal and unethical, therefore I stepped down from the position of CEO," Yudina wrote. "Tech industry is navigating a lot of headwinds and even strong startup founders get affected," Yudina wrote, before saying that people should be focused on supporting Israel. "As we navigate the hurdles of our daily lives, it's crucial to remember that there are people on another continent enduring unimaginable suffering and uncertainty," Yudina wrote in the message.

Persons: Ksenia Yudina, UNest, Yudina, I'm, Michael Doniger, Doniger, Franklin Templeton, Northwestern Mutual –, Star Baron Davis, Laura Dern, –, SVB, Ben Bergman, bbergman@insider.com Organizations: Silicon Valley Bank, LinkedIn, Apex, Capital Group, Artemis, Anthos, Northwestern Mutual, Star, Business, Tech, Israel Locations: Silicon, Anthos Capital, UNest, Silicon Valley

☆ CD Rates and Savings Rates Today | Get the Top Rate for Your Deposits
▼ + stars: | 2023-10-31 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

☆ CD Rates and Savings Rates Today | Top CD Rates and Bank Account Bonuses Worth Over $2,000
▼ + stars: | 2023-10-30 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

☆ Native American populations are ‘invisible’ to banks. That needs to change
▼ + stars: | 2023-10-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +13 min

Before the Bell: What do investors need to know about investing in Native American and Alaskan Native communities? Dawson Her Many Horses: Native American and Alaskan Native communities are more than an ethnic group or racial category. The National League Gaming Commission, which is the regulator for Native American casinos, publishes a yearly report on gross gaming revenues for casinos. When you look at some of the research that gets done, Native American and Alaskan Native households are almost always the most underbanked. People like to focus on what I call the ‘poverty porn’ aspects of Native American and Alaskan Native communities.

Persons: Dawson, “, “ I’ve, ”, Bell, Banks, Wells, That’s, we’ve, Wells Fargo, they’re, Danielle Wiener, Bronner, Kit Kat, ” Hershey, Michele Buck, It’s, Dan Sadler, Covid shutdowns Organizations: CNN Business, Bell, New York CNN, CNN, Wells, Rosebud Sioux, The National League Gaming Commission, Bank of America, Federal, American Finance, Silicon Valley Bank, Hershey, Consumers, Dow, Federal Reserve, Apple Locations: New York, Rosebud, South Dakota, Wells Fargo, United States, Federal Government, Silicon, New York City, Alaska, Oklahoma, confections

☆ ECB's Enria says reforming some banks is 'disappointingly slow'
▼ + stars: | 2023-10-30 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Oct 30 (Reuters) - The European Central Bank has made "disappointingly slow" progress in tackling core issues at some banks it supervises, while too little integration in the sector remains a "dangerous fault line," ECB top banking supervisor Andrea Enria said on Monday. "But a failure to tackle weaknesses that have been identified could lead to existential threats for banks, as we saw at Credit Suisse and some US regional banks in the Spring of 2023," he added. More cross-border consolidation among banks would put the sector on a stronger footing, but there is a lack of support for this from EU states, he said. But if the system breaks down again, repairing it could prove to be very difficult and expensive." Reporting by Huw Jones; Editing by Chris Reese and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrea Enria, Enria, Huw Jones, Chris Reese, Hugh Lawson Organizations: European Central Bank, ECB, Credit Suisse, Silicon Valley Bank, Federal Reserve, Basel Committee, London School of Economics, Thomson Locations: Silicon, Basel

☆ Cramer: This market has put investors in a box. This is how we break out of it
▼ + stars: | 2023-10-29 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

How can you not keep the federal funds rate higher for longer when you get a U.S. GDP number that surpasses the real GDP of China. He sees the three Oreos taken out of the bag and the higher price nonetheless. The average person hurt by higher rates is collateral damage to the greater anti-inflation mission. All the market has to do is reach a price level that is too darned compelling. And who says we won't see higher rates until the horizon is at last upon us?

Persons: aren't, Estee Lauder, Jerome Powell, Powell, it's, He's, calvary, Jim Cramer's, Jim Cramer, Jim, Squawk, Virginia Sherwood Organizations: Treasury, Signature Bank, Silicon Valley Bank, First, Bank, Federal Reserve, Disney, Fed, Costco, Homes, Jim Cramer's Charitable, CNBC Locations: U.S, China, Russia, Saudi Arabia

☆ CD Rates and Savings Rates Today | Earn Over 5% on Checking, Savings and CDs
▼ + stars: | 2023-10-29 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

☆ CD Rates and Savings Rates Today | Find the Top Rate for Your Savings
▼ + stars: | 2023-10-28 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

☆ Supermarket bank branches are closing 7 times faster than other locations
▼ + stars: | 2023-10-27 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Banks closed 10.7% of their in-store branches in the year ended June 30, according to Federal Deposit Insurance Corp. data. PNC , Citizens Financial and U.S. Bank shut the most in-store locations during the 12-month period at chains including Safeway and Stop & Shop. Among retailers, Walmart houses the most bank branches with 1,179, according to an S&P Global report released this week. That year, banks closed nearly 18% of their in-store branches and 3.1% of other locations, S&P Global said. For instance, in 2019, banks shut 4.2% of in-store locations and 1.7% of other locations.

Persons: Nathan Stovall, Banks Organizations: Banks, Federal Deposit Insurance Corp, Silicon Valley Bank, PNC, Citizens Financial, U.S . Bank, Safeway, Shop, Walmart, P, P Global, P Global Market Intelligence Locations: Silicon

☆ Bank of America’s investment strategist says the S&P 500 correction could last until it hits this level
▼ + stars: | 2023-10-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The stock market could see further damage if one key index can't hold an important technical level, according to Bank of America investment strategist Michael Hartnett. Looking at several key indexes, Hartnett said in a client note Thursday that selling pressure has persisted even in less tech-sensitive parts of the market, specifically citing the S & P 500 Equal-Weighted index. If that can't hold onto the 5,540 level — it closed Thursday at 5,501 — it could signal further pressure on the more widely followed S & P 500 market-cap weighted index. .SPX YTD mountain S & P 500, YTD While still up 7.8% for 2023, the S & P 500 has tumbled about 14% from its all-time high. However, Harnett said he won't get bullish until the "3Ps" kick in: "bearish positioning combines with recessionary Profits to Policy easing."

Persons: Michael Hartnett, Hartnett, Harnett Organizations: Bank of America, Wall Locations: Thursday's

☆ ‘Big Short’ Michael Burry takes a victory lap after calling the tech-led market correction
▼ + stars: | 2023-10-27 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Michael Burry, best known for calling 2008's subprime mortgage crisis, just added a new notch in his belt by predicting the latest market correction led by tech stocks. The California-based investor, who now runs his hedge fund Scion Asset Management, had amassed massive bets against the stock market in the second quarter. These 20,000 options contracts were against shares worth $738.8 million at the end of the second quarter. These two indices fell into correction territory this week , making Burry's bets lucrative in theory. Also in the second quarter, Burry bought small stakes in travel names Expedia and MGM Resorts , as well as health care plays Cigna and CVS Health .

Persons: Michael Burry, SPDR, Burry, Michael Lewis, it's, Burry's Organizations: Asset Management, Scion, Nasdaq, Meta, CNBC, Federal Reserve, MGM Resorts, CVS Health Locations: California

☆ Valley Bank CEO on higher rates, the health of regional banks and commercial loans
▼ + stars: | 2023-10-27 | 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 EmailValley Bank CEO on higher rates, the health of regional banks and commercial loansIra Robbins, Valley Bank CEO, joins 'Power Lunch' to discuss the company, commercial loans and the state of the consumer.

Persons: Ira Robbins Organizations: Bank, Valley Bank

☆ Morgan Stanley just picked its new CEO. Here's our take on the succession news
▼ + stars: | 2023-10-26 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

Morgan Stanley (MS) has finally named a successor to longtime CEO James Gorman — removing a big question mark for investors like us. Morgan Stanley said it's still on track to add $1 trillion in net new assets every three years. MS YTD mountain Morgan Stanley (MS) year-to-date performance Gorman is ready to hand over the reins after navigating years of uncertainty at the helm of the bank. Morgan Stanley needs a battle-tested exec who can navigate a murky operating environment, and Gorman said Pick fits the bill. Morgan Stanley shares have dropped about 15% year to date.

Persons: Morgan Stanley, James Gorman —, Ted Pick, Gorman, Jan, Pick, Jim Cramer, it's, James, we're, Ted, Andy Saperstein, Dan Simkowitz, Jim Cramer's, Jim Organizations: CNBC, Silicon Valley Bank, Getty Locations: shuttering, U.S, Silicon

☆ CD Rates and Savings Rates Today | New Top 5 Year CD Rate
▼ + stars: | 2023-10-26 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

☆ CD Rates and Savings Rates Today | Historic Rates Equal Historic Returns
▼ + stars: | 2023-10-25 | by ( Business Insider | ) www.businessinsider.com time to read: +8 min

With rates rapidly changing, how can you feel confident that you're getting the best savings account or best CD? Maximize your bonus by adding a personal checking account to earn up to an additional $600See more savings account bonuses »Leading Checking & Savings Combo Account BonusSofi Checking and SavingsEarn up to a $250 bonus with qualifying direct deposits for eligible customers through 12/31/2023. High-Yield Savings AccountsThe best high-yield savings accounts provide the security of a savings account with the added bonus of a high APY. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. 2-Year CDsThe best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates.

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