DIRS.INFO The most relevant business & tech news

☆ The sun’s activity is peaking sooner than expected
▼ + stars: | 2023-07-14 | by ( Ashley Strickland | ) edition.cnn.com time to read: +11 min

Every 11 years or so, the sun experiences periods of low and high solar activity, which is associated with the amount of sunspots on its surface. Over the course of a solar cycle, the sun will transition from a calm to an intense and active period. During the peak of activity, called solar maximum, the sun’s magnetic poles flip. A solar activity spikeThe current solar cycle, known as Solar Cycle 25, has been full of activity, more so than expected. The solar storms generated by the sun can affect electric power grids, GPS and aviation, and satellites in low-Earth orbit.

Persons: ”, Mark Miesch, “, Alex Young, ” Miesch, Scott McIntosh, Robert Leamon, Leamon, Miesch, Young, auroras, Bill Murtagh, ” Murtagh, NASA’s Parker, “ We’ve Organizations: CNN, National Oceanic, Prediction, NASA's Solar Dynamics, NASA, SpaceX, Heliophysics, Goddard Space Flight, GPS, National Center for Atmospheric Research, Goddard Planetary Heliophysics, University of Maryland, College Park, American University, Dynamics, Geological Survey, Probe Locations: Boulder , Colorado, Greenbelt , Maryland, Baltimore County, New Mexico , Missouri, North Carolina, California, United States, England, United Kingdom, Alaska, Canada, Iceland, Norway, Scandinavia, Michigan, Upper Midwest, Pacific, Quebec

A U.S. judge said on Thursday that Ripple Labs Inc did not violate securities law by selling its XRP token on public exchanges. Although the decision was specific to the individual case, it unleashed a wave of optimism among crypto investors that more cryptocurrencies may also not be deemed securities. Still, the enthusiasm for some was tempered by a report from the Wall Street Journal that Binance, the world's largest cryptocurrency exchange, has laid off more than 1,000 people in recent weeks. "The regulatory environment is changing," said Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital. Still, crypto investors have taken encouragement from the world's biggest asset manager, BlackRock (BLK.N), filing to launch a bitcoin exchange traded fund last month.

Persons: XRP, Coinbase, Bitcoin, Matthew Dibb, Justin d'Anethan, Binance.US, bode, Sam Bankman, Alex Mashinsky, Patrick Hillmann, Hillmann, We'd, Chris Weston, it's, Vidya Ranganathan, Simon Cameron, Moore, Alex Richardson, Josie Kao Organizations: Labs, U.S . Securities, Exchange Commission, Wall Street, Capital, SEC, U.S, Wall, Twitter, BlackRock, Fidelity, Thomson Locations: SINGAPORE, WASHINGTON, U.S, California , New Jersey, South Carolina, Wisconsin, Asia, Keyrock, Hong Kong, XRP, reining, China, Binance, Melbourne, Singapore

NEW YORK, July 13 (Reuters) - Alex Mashinsky, founder and former CEO of bankrupt cryptocurrency lender Celsius Network, pleaded not guilty Thursday to U.S. fraud charges that he misled customers and artificially inflated the value of his company's propriety crypto token. Three federal regulatory agencies also sued Mashinsky and Celsius in connection with the case. Mashinsky, 57, was charged with seven criminal counts - including securities fraud, commodities fraud and wire fraud - according to an indictment unsealed earlier on Thursday. Its founder Sam Bankman-Fried was charged with fraud last year, and has pleaded not guilty. "Whether it's old-school fraud or some new-school crypto scheme, it doesn't matter one bit.

Persons: Alex Mashinsky, Mashinsky, Sam Bankman, Fried, Ona Wang, Roni Cohen, Pavon, Cohen, Damian Williams, Williams, Hannah Lang, Luc Cohen, Chris Prentice, Elizabeth Howcroft, Chizu Nomiyama, Michelle Price, Jonathan Oatis Organizations: YORK, Prosecutors, U.S . Securities, Exchange Commission, SEC, Futures Trading Commission, Federal Trade Commission, U.S, Thomson Locations: Manhattan, Israeli, U.S, Hoboken , New Jersey, Washington, New York, Bengaluru, London

☆ Millennial couple's 6 incomes streams bring in $420,000 a year: 'You only get as far as your efforts'
▼ + stars: | 2023-07-13 | by ( Megan Sauer | ) www.cnbc.com time to read: +6 min

Two decades later, Nuñez and his wife Stefani Nicole Penaranda now have two children and six streams of income in Lucketts, Virginia. They own a snowplow business and seven real estate properties. Penaranda runs a day care and is a real estate agent, while Nuñez works in IT consulting and as a cybersecurity contractor. After high school, Nuñez began taking nursing classes at Northern Virginia Community College. "My idea to get to my goals faster was to have different streams of income and revenue," Nuñez says.

Persons: Eddie Nuñez, Nuñez, Stefani Nicole Penaranda, he's, Penaranda, didn't, Samantha Schutz Organizations: CNBC, Northern Virginia Community College, U.S . Border Patrol, University of Maryland Locations: Peru, Ashburn , Virginia, Lucketts , Virginia, Peruvian, U.S, Bolivian, Canada, Tacoma , Washington, Virginia, cybersecurity

☆ Could Tim Scott Pull an Upset?
▼ + stars: | 2023-07-12 | by ( William A. Galston | ) www.wsj.com time to read: +1 min

William A. Galston writes the weekly Politics & Ideas column in the Wall Street Journal. He holds the Ezra K. Zilkha Chair in the Brookings Institution’s Governance Studies Program, where he serves as a senior fellow. A participant in six presidential campaigns, he served from 1993 to 1995 as Deputy Assistant to President Clinton for Domestic Policy. Mr. Galston is the author of 10 books and more than 100 articles in the fields of political theory, public policy, and American politics. A winner of the American Political Science Association’s Hubert H. Humphrey Award, he was elected a Fellow of the American Academy of Arts and Sciences in 2004.

Persons: William A, Galston, Ezra K, Saul Stern, Dean, Clinton, Association’s Hubert H, Humphrey Organizations: Street, Zilkha, Brookings Institution’s, Brookings, School of Public Policy, University of Maryland, Institute for Philosophy, Center for Information, Research, Civic, National Commission, Domestic, Liberal Pluralism, Public, Rowman & Littlefield, Liberal Democracy, Yale, American, American Academy of Arts and Sciences Locations: Brookings

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

But it could begin to undercut arguments for more hikes beyond that, and may shift the Fed's relentlessly hawkish tone. That ratio has dropped as the Fed's rate hikes have slowed labor market demand, and in May hit its lowest level since November 2021 at around 1.6-to-1. If June's auto sales data is any indication, though, a marked slowdown does not appear imminent. Last month's annualized sales rate came in at nearly 15.7 million vehicles, well above industry-watcher estimates. Reuters Graphics Reuters GraphicsBANK DATA: Released every Thursday and FridayTo some degree the Fed wants credit to become more expensive and less available.

Persons: Jerome Powell, delinquencies, Howard Schneider, Andrea Ricci Organizations: Reuters Graphics Reuters, Fed, Labor, Survey, Reuters Graphics, Thomson Locations: U.S

Coinbase (COIN.O) and Binance.US, two of the largest crypto exchanges by market share among those operating in America, have lost ground this year. Bitstamp's global market share among exchanges operating in the U.S. has risen to about 9%. Coinbase and LMAX declined to comment on the data, while Binance.US - the American affiliate of the world's largest crypto exchange - didn't respond to a request for comment. It may not be that simple for hungry challengers to grab market share, according to market players. In years gone by, crypto exchanges could swiftly gobble up business by offering access to a swathe of coins.

Persons: Sam Bankman, FTX, Ravi Doshi, Guy Hirsch, Bobby Zagotta, Wade Guenther, Doshi, Hannah Lang, Michelle Price Organizations: U.S . Securities, Exchange Commission, SEC, LMAX, Genesis, Bitstamp, Reuters Graphics, Wilshire, Thomson, Reuters Locations: United States, America, Binance.US, U.S, Bitstamp USA, solana, Washington

"The economy is still adding more jobs than new entrants to the labor market," wrote Vanguard Global Chief Economist Joseph Davis and Senior International Economist Andrew Patterson. Wage growth "remains well above levels the Fed would be comfortable with" in the fight to return inflation to the 2% target. With job growth in prior months revised down by more than 100,000 jobs, the June jobs report is "a fairly soft print" with three-month average job gains now at 244,000 compared to more than 400,000 a year ago, said Omair Sharif of Inflation Insights. But progress towards a more balanced labor market is coming "slowly, slowly...These are still healthy figures" even as the pace softens. Reporting by Howard Schneider; Editing by Dan Burns, Nick Zieminski, Andrea Ricci and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Joseph Davis, Andrew Patterson, Omair Sharif, Austan Goolsbee, Let's, Goolsbee, Jerome Powell, Powell, Howard Schneider, Dan Burns, Nick Zieminski, Andrea Ricci, Chizu Organizations: Federal Reserve, Vanguard Global, Senior, Fed, Chicago Fed, CNBC, Reuters Graphics Reuters, Labor Statistics, Thomson Locations: U.S

WASHINGTON, July 6 (Reuters) - New data from the New York Federal Reserve shows underlying inflation may have slowed faster than the headline measures that have kept U.S. central bank officials poised for further interest rate increases. The New York Fed core trend also factors out the food and energy items that central bankers try to look beyond in assessing the direction of inflation. That's because recent data on rents, which have been moderating, gets incorporated faster into the New York Fed's estimates. From a monetary policy perspective, the new estimate could add fodder to arguments for being more cautious about further rate increases. Some policymakers have been concerned that the main measure of core inflation has shown little improvement; the New York Fed's alternate measure suggests that may be the result of temporary factors rather than a more persistent trend.

Persons: Howard Schneider, Chizu Organizations: New York Federal Reserve, Reuters, New, Fed, New York Fed, York, Thomson Locations: York

The lending unit of crypto firm Genesis filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November. Its largest creditor is Gemini, founded by billionaire identical twins Cameron and Tyler Winklevoss who are also former U.S. Olympic rowers. A bankruptcy court appointed a mediator in April to help Genesis, DCG and its creditors agree on a restructuring plan, but the parties have yet to reach a deal despite several extensions. Under the offer, DCG would retain the proceeds from the sale of Genesis' lending unit. If Silbert and DCG do not agree, Gemini will sue Silbert and DCG, and file a motion to place DCG in default and demand immediate debt repayments, Winklevoss said.

Persons: Cameron, Tyler Winklevoss, Gemini, Barry Silbert, Cameron Winklevoss, Winklevoss, DCG, Mark Zuckerberg, Silbert, ” Winklevoss, Hannah Lang, Dietrich Knauth, Michelle Price, Matthew Lewis Organizations: Digital Currency Group, Gemini, U.S, Olympic, Reuters, Genesis, Meta, Facebook, Thomson Locations: Connecticut, Washington

☆ After Affirmative Action, End Legacy Preferences
▼ + stars: | 2023-07-05 | by ( William A. Galston | ) www.wsj.com time to read: +1 min

While "some participants" wanted to move ahead with a rate hike in June because progress in cooling inflation had been slow, "almost all participants judged it appropriate or acceptable to maintain" the federal funds rate at the existing 5% to 5.25%, the minutes said. The minutes added detail to the policy statement and economic projections issued after the June 13-14 session, when the Fed ended its 10-meeting streak of rate hikes with a decision to hold the benchmark federal funds rate steady. Markets were little changed after the minutes, with traders in futures tied to the Fed policy rate continuing to price in a rate hike in July and about a one-in-three chance of another increase before the end of the year. "Stretching out into a more moderate pace is appropriate to allow you to make that judgment" over time, Powell said. Investors in contracts tied to the overnight federal funds rate feel the Fed is highly likely to raise the benchmark rate by a quarter point, to a range between 5.25% and 5.5%, at its July 25-26 meeting.

Persons: Jerome Powell, Powell, Howard Schneider, Andrea Ricci, Chizu Organizations: Federal Reserve, Fed, Thomson Locations: U.S

☆ Why the US ‘does not get to assume that it lasts forever’
▼ + stars: | 2023-07-04 | by ( Ronald Brownstein | ) edition.cnn.com time to read: +18 min

“We need to separate by red states and blue states and shrink the federal government,” Greene said in a tweet on President’s Day this year. Blue state governors, legislatures and mayors might respond to such an offensive in forceful ways difficult to predict today. The Republican-appointed majority on the US Supreme Court has encouraged the red state social offensive with decisions that stripped away national rights – most prominently on abortion and voting. “Given the make-up of the courts, it’s difficult for blue states to be hopeful about this,” says Kettl. “The United States does not get to assume that it lasts forever.”

Persons: we’ve, ”, Donald Kettl, Donald Trump, I’ve, ’ “, Trump, Daniel Cox, Alan Wolfe, Wolfe, ” Wolfe, “, Joe Biden, Trump –, Abraham Lincoln, Marjorie Taylor Greene, Kevin McCarthy, ” Greene, Susan Stokes, Stokes, he’s, Biden, Jim Crow, Cox, Michael Podhorzer, what’s, MAGA, Eric Liu, Liu, Richard Nixon’s, Liu’s, ” Liu Organizations: CNN, America, University of Maryland’s School of Public Policy, Republican “, American Enterprise Institute, Boston University, Republican, Democratic, Chicago Center, Democracy, University of Chicago, CBS, Trump, National Guard, Fugitive, “, US, GOP, White House, AFL, Citizen University Locations: United States, States, America, Black, Confederate States, Georgia, Midwest, Heartland, Great, New York, Memphis, Austin, Blue, Michigan , Pennsylvania, Wisconsin, Arizona

CNN —An 18-year-old woman and a 20-year-old man were killed and 28 others injured in a mass shooting at a Baltimore block party, officials said. Nine people were transported from the scene to hospitals and 20 people walked into hospitals in the area. The 18-year-old was pronounced dead on the scene and the 20-year-old was pronounced dead at a hospital, police said. Police received multiple calls after 12:30 a.m., and arrived to find one woman dead and another nine people suffering from gunshot wounds, according to Baltimore Police Acting Commissioner Richard Worley. There is no information on suspects or a motive at this time, but investigators are “working an extensive crime scene,” Worley said.

Persons: Adams Cowley, Michael Schwartzberg, Richard Worley, ” Worley, Baltimore Mayor Brandon Scott, ” Scott, “, ”, CNN’s Victor Blackwell, Amara Walker, Scott, ” “ Organizations: CNN, Adams Cowley Shock Trauma, University of Maryland Medical Center, University of Maryland Medical, Police, Baltimore Police, Baltimore Mayor Locations: Baltimore, Brooklyn

☆ Farm boom, fires make Bolivia No. 3 in world for forest loss
▼ + stars: | 2023-06-28 | by ( Lucinda Elliott | ) www.reuters.com time to read: +3 min

[1/2] A burnt forest is pictured at the Guarani Nation Ecological Conservation Area Nembi Guasu in the Charagua region, an area where wildfires have destroyed hectares of forest, Charagua, Bolivia, August 23, 2019. REUTERS/David Mercado/FILE PHOTOMONTEVIDEO, June 28 (Reuters) - Forest loss in Bolivia accelerated by about a third last year with clearances in the country trailing only giant neighbor Brazil and the Democratic Republic of Congo, a forest monitoring project report shows, blaming farm expansion and fires. The South American country lost nearly around 3,860 square kilometers (1,490 square miles) of primary forest in 2022, according to Global Forest Watch, an area nearly the size of Rhode Island. Fires, some linked to land clearances, have also played a big part in forest loss in recent years, the Global Forest Watch report said. In a report on Monday Global Forest Watch, backed by the nonprofit World Resources Institute and drawing on forest data collected by the University of Maryland, said the world lost an area of old-growth tropical rainforest the size of Switzerland last year.

Persons: David Mercado, Marlene Quintanilla, Daniel Larrea, Lucinda Elliott, Adam Jourdan, David Gregorio Our Organizations: Ecological Conservation, REUTERS, Democratic, Global Forest Watch, Nature Foundation, Global, Watch, Monday Global Forest Watch, World Resources Institute, University of Maryland, Thomson Locations: Guarani, Charagua, Bolivia, MONTEVIDEO, Brazil, Democratic Republic of Congo, Rhode Island, Santa Cruz, Beni, Bolivian, Switzerland

Despite a recent global pledge to reach zero deforestation by 2030, tropical forest loss last year exceeded 2021 levels. Global Forest Watch assessed 'primary forests', which includes mature forests that have not been cleared or regrown in recent history. The Democratic Republic of the Congo and Bolivia suffered the greatest losses of tropical forest after Brazil. The Global Forest Watch analysis found deforestation in 2022 was more than 10,000 sq km (3,900 sq miles) in excess of what would be needed to halt it by 2030. The world lost 10% less forest in 2022 than 2021, as fewer big fires burned in the Russian boreal forest, though the country still lost 43,000 sq km (16,600 sq miles) of tree cover last year.

Persons: Jair, Francis Seymour, Rod Taylor, Gloria Dickie, Clarence Fernandez Organizations: Global Forest Watch, World Resources Institute, University of Maryland, Watch, Democratic, Thomson Locations: Switzerland, Brazilian, Brazil, Indonesia, Malaysia, Democratic Republic of, Congo, Bolivia

☆ Rainforest destruction soared in 2022 despite global pledges to halt deforestation, new report finds
▼ + stars: | 2023-06-27 | by ( Caolán Magee | ) edition.cnn.com time to read: +4 min

CNN —The destruction of the world’s rainforests ramped up last year, despite global pledges to end deforestation by 2030, according to a new report. The country’s rate of forest loss rose 15% from 2021 to 2022. Bolivia saw a record-high level of primary forest loss last year, with a 32% increase compared to 2021. It came in third behind only Brazil and the Democratic Republic of the Congo for area of primary forest loss, the report found. Despite the global increase in deforestation, there has been a sharp reduction in forest loss in Indonesia and loss levels in Malaysia have remained low, according to the report.

Persons: Luiz Inacio Lula da Silva, Gustavo Moreno, Jair Bolsonaro’s, Luiz Inácio Lula da Silva, Boris Johnson, Jane Barlow, Rod Taylor, ” Organizations: CNN, World Resources, Watch, University of Maryland, Democratic, UN, WRI’s Locations: Switzerland, Brazil, Democratic Republic of Congo, Ghana, Bolivia, Democratic Republic of, Congo, Glasgow, Indonesia, Malaysia

☆ Tree Loss Increases in Crucial Tropical Forests
▼ + stars: | 2023-06-27 | by ( Manuela Andreoni | ) www.nytimes.com time to read: +1 min

More than a year after countries pledged to end deforestation by 2030, the world is continuing to lose its tropical forests at a fast pace, according to a report issued on Tuesday. It is the first assessment to cover a full year since November 2021, when 145 countries pledged at a global climate summit in Glasgow to halt forest loss by the end of this decade. “We had hoped by now to see a signal in the data that we were turning the corner on forest loss,” Francis Seymour, a senior fellow at the institute’s forest program, said. “We don’t see that signal yet, and in fact we’re headed in the wrong direction.”The report, done in collaboration with the University of Maryland, documented tree loss in the tropics from deforestation, fires and other causes. Last year’s destruction resulted in 2.7 gigatons of carbon dioxide emissions, a significant amount that is roughly equivalent to the annual fossil fuel emissions of India, a country of 1.4 billion.

Persons: “, ” Francis Seymour, we’re Organizations: World Resources Institute, University of Maryland Locations: Glasgow, India

June 26 (Reuters) - Certain banks working with FTX founder Sam Bankman-Fried's trading firm Alameda Research raised questions about the firm's wire activity as early as 2020, according to a report released by FTX on Monday. Federal prosecutors have alleged that Bankman-Fried stole billions of dollars in customer funds to plug losses at Alameda. He has previously said that when FTX did not have a bank account, some customers wired money to Alameda and were credited on FTX. In 2020, certain banks working with Alameda pressed the firm on its wire transfers, according to the report. One bank representative wrote to Alameda about references to FTX in the company's wire activity and asked whether the account was being used to settle trades on FTX.

Persons: Sam Bankman, FTX, Fried, Hannah Lang, Matthew Lewis Organizations: Alameda Research, Federal, Alameda, Thomson Locations: Alameda, FTX, An Alameda, Washington

But certainly, we have all sorts of new questions that Putin is going to have to address in the weeks and months ahead," Blinken told NBC's "Meet the Press" program. Blinken described the turmoil as an "internal matter" for Putin. "It may be that Putin didn't want to debase himself to the level of negotiating directly with Prigozhin," Blinken said. "To the extent that the Russians are distracted and divided it may make their prosecution of aggression against Ukraine more difficult," Blinken told ABC. Senator Ben Cardin said the weekend turmoil in Russia does not ease Washington's need to continue aiding Ukraine as it launches its long-awaited counteroffensive against Russia.

Persons: Vladimir Putin, Wagner, Antony Blinken, Blinken, Putin, Yevgeny Prigozhin, NBC's, Prigozhin, Alexander Lukashenko, debase, Mikhail Klimentyev, Mike Turner, Turner, Philip Breedlove, Breedlove, Ben Cardin, Cardin, Don Bacon, he's, Bacon, David Morgan, Hannah Lang, Tyler Clifford, Scott Malone, Chizu Nomiyama, Mark Porter, Chris Reese Organizations: U.S . Congress, Russian, Press, REUTERS Forces, ABC, of, CBS, U.S . Air Force, . European Command, U.S, Democrat, Senate Foreign Relations, Fox News, Republican, House Armed Services Committee, NBC, Thomson Locations: U.S, Russia, Poland, Baltic, Ukraine, Russian, Kremlin, Russia's, Finland, Estonia, Latvia, Lithuania

Blinken said tensions that sparked the action had been growing for months and added that the threat of internal turmoil could affect Moscow's military capabilities in Ukraine. Blinken described the turmoil as an "internal matter" for Putin. "It may be that Putin didn't want to debase himself to the level of negotiating directly with Prigozhin," Blinken said. "To the extent that the Russians are distracted and divided it may make their prosecution of aggression against Ukraine more difficult," Blinken told ABC. Senator Ben Cardin said the weekend turmoil in Russia does not ease Washington's need to continue aiding Ukraine as it launches its long-awaited counteroffensive against Russia.

Persons: Vladimir Putin, Wagner, Antony Blinken, Blinken, Putin, Yevgeny Prigozhin, NBC's, Prigozhin, Alexander Lukashenko, debase, Mike Turner, Turner, Ben Cardin, Cardin, Don Bacon, he's, Bacon, David Morgan, Hannah Lang, Tyler Clifford, Scott Malone, Chizu Nomiyama, Mark Porter Organizations: U.S . Congress, Russian, Press, Forces, ABC, of, CBS, Democrat, Senate Foreign Relations, Fox News, Republican, U.S . Air Force, House Armed Services Committee, NBC, Thomson Locations: U.S, Russia, Poland, Baltic, Ukraine, Russian, Russia's, Finland, Estonia, Latvia, Lithuania

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

"My baseline is that we should stay at this level for the rest of the year," and not cut rates until the latter half of 2024, Bostic said in an interview on Yahoo Finance. "Letting restrictive policy work for a while is prudent because the policy has been truly restrictive for less than a year, and it takes time for monetary policy changes to meaningfully influence economic activity. Bostic is the first official to say explicitly that may be too soon. Therefore, the real economic effects of tighter monetary policy are only just beginning to take hold," Bostic said. The risk of waiting is that inflation may resurge, but "that is not my baseline."

Persons: Raphael Bostic, Bostic, Howard Schneider, Andrea Ricci Organizations: Atlanta Federal Reserve, Yahoo Finance, Fed, Thomson Locations: U.S, Atlanta

As Powell spoke, comments from other Fed officials showed the contours of the debate emerging at the central bank over whether further rate increases will, in fact, be needed. "If we simply press on with additional rate hikes, we could needlessly drain too much momentum from the economy," Bostic said. On monetary policy Powell kept the focus on the central bank's fight to lower inflation and said the process "has a long way to go." Despite the consensus on lowering inflation, the Fed is at a point where opinions about the need for and timing of additional interest rate increases may start to diverge. Reporting by Howard Schneider; Additional reporting by Jason Lange; Editing by Dan Burns and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Jonathan Ernst WASHINGTON, Powell, ” Powell, Austan Goolsbee, Raphael Bostic, Bostic, Democrat Joe Biden, Donald Trump, Biden, Howard Schneider, Jason Lange, Dan Burns, Andrea Ricci Organizations: U.S . Federal, Financial, REUTERS, Capitol, Financial Services, Fed, Chicago Fed, Atlanta Fed, Bank, Democrat, Republican, Thomson Locations: Washington , U.S, Silicon

Search resuls for: "University of Maryland"

25 mentions found