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An “American hero,” is how Republican colleagues describe Scalise after the 2017 shooting and on Wednesday, a narrow majority of them nominated him as their next House speaker following the unprecedented ouster of the former speaker, Rep. Kevin McCarthy. McCarthy rose to become Majority Leader, and Scalise the Majority Whip. One early morning three years later, Scalise and other Republican lawmakers gathered at a grassy park in the suburbs outside of Washington to practice for the upcoming congressional baseball game. When McCarthy seized the gavel in January once Republicans regained the majority, Scalise won the No. Late Wednesday, the speaker's office became a revolving door as holdout Republican lawmakers met with Scalise bringing their concerns, complaints and demands.

Persons: —, Steve Scalise, Kevin McCarthy, Scalise, we’ve, ”, Andy Barr, Ronald Reagan, McCarthy, John Boehner, Eric Cantor, Paul Ryan, Cantor, Donald Trump, ” Scalise, “, Scalise’s, Jennifer, ” Womack, Jim Jordan, Marjorie Taylor Greene, Jordan, David Duke, It’s, Boehner, Ryan, Trump, “ We’re, Chip Roy, Roy, Stephen Groves, Farnoush Amiri Organizations: WASHINGTON, Washington Nationals, Republican, Capitol, Republicans, House, eventual, Republican Party in Congress, U.S . Capitol Police, Capitol Police, Committee, Ku Klux Klan, Scalise, Freedom Caucus, Associated Press Locations: American, “, Washington, Scalise, Southern, Virginia, U.S, Louisiana “, people’s, Texas

☆ The IMF warns of bond market risks amid fears of a Silicon Valley Bank repeat
▼ + stars: | 2023-10-10 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The IMF warned of bond market risks amid fears of a Silicon Valley Bank repeat. Sharp rises in bond yields could pose a risk to banking portfolios, as happened earlier this year. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementThe sharp rise in Treasury bond yields provoked warnings from the International Monetary Fund, which called on regulators to increase their financial markets oversight. In March, Silicon Valley Bank was forced to sell its bond holdings at a major loss, sparking a flight in deposits that triggered its collapse along with other lenders.

Persons: Tobias Adrian, Sharp, —, Adrian, Michael Barr Organizations: Financial Times, Service, International Monetary Fund, Silicon Valley Bank, Federal Reserve, American Bankers Association Locations: Silicon Valley, China, Europe, United States

REUTERS/Kevin Lamarque/ Acquire Licensing RightsWASHINGTON, Oct 9 (Reuters) - The U.S. Federal Reserve's top regulatory official defended a sweeping proposal to overhaul bank capital rules before the country's largest bank lobby on Monday, arguing the benefits of a bigger cushion outweigh any additional costs banks might face. The proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. Barr's Monday speech, which is his first on bank regulation since the proposal came out, served as a broad-based defense of the effort. "The private costs of capital must be weighed against the social benefits of higher capital in creating a healthier, more resilient financial system," he said, according to prepared remarks. Barr also pushed back against the industry's refrain that higher capital costs for banks will mean curtailed lending and potential economic harm.

Persons: Michael Barr, Kevin Lamarque, Michael Barr's, Barr, Jerome Powell, Powell, Isaac Boltansky, Pete Schroeder, Michelle Price, Josie Kao, Andrea Ricci Organizations: Financial, Valley Bank, Signature Bank, Capitol, REUTERS, Rights, U.S, Federal, Banking, Silicon Valley Bank, Thomson Locations: Washington , U.S, Silicon

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. ET, Dow e-minis were down 152 points, or 0.45%, S&P 500 e-minis were down 24.25 points, or 0.56%, and Nasdaq 100 e-minis were down 109.5 points, or 0.72%. Traditional safe-haven assets including gold and the U.S. dollar gained, while growing uncertainty pushed crude prices higher. The Nasdaq (.IXIC) and the S&P 500 (.SPX) posted weekly gains on Friday as mixed jobs reports kept investors on edge around the Federal Reserve's interest rate outlook. Tesla (TSLA.O) shed 1.7% as data showed the company's China-made EV sales volume for September decreased 10.9% from a year ago.

Persons: Brendan McDermid, Tesla, Lloyd Austin, Stuart Cole, Northrop, Lockheed Martin, Philip Jefferson, Michael Barr, Nelson Peltz's, Shashwat Chauhan, Arun Koyyur, Shounak Organizations: New York Stock Exchange, REUTERS, Nvidia, Big Tech, U.S, Israel, Dow, Nasdaq, Hamas, . Defense, Dow e, U.S ., Equiti, Energy, Chevron, Exxon Mobil, Occidental Petroleum, United Airlines, Delta Air Lines, American Airlines, Barrick Gold, Northrop Grumman, General Dynamics, Lockheed, Columbus Day, Apple, Intel, Qualcomm, Devices, JPMorgan Chase, Citigroup, BlackRock, Management, Thomson Locations: New York City, U.S, China, Israel, Palestinian, Gaza, United States, Tel Aviv, Wells Fargo, Bengaluru

☆ Morning Bid: Oil up but restrained on Mideast jolt
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +5 min

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. U.S. crude oil prices rose about 3% higher on Monday as Israel retaliated for Saturday's shock attack by the Islamist group Hamas. With concern about a spillover over the long-running conflict to the wider stage, oil and other traditional global 'safety' plays caught a bid. What's more, any direct connection to Iran's possible involvement would scupper any easing of sanctions there and affect an estimated 3% of world oil supply. A sustained oil price rise from here could aggravate the inflation picture the Fed is negotiating - but could also drag on growth too.

Persons: Nick Oxford, Mike Dolan, Israel, What's, Friday's, Jaime Gilinski, Michael Barr, Philip Jefferson, Lorie Logan, Bank of England policymaker Catherine Mann, Bernadette Baum Organizations: Midland , Texas U.S, REUTERS, Hamas, Saudi, White, Street, Tehran, Treasury, U.S, Columbus Day, New York Stock Exchange, Nasdaq, Stock, Tel, Bank of Israel, Federal Reserve, Metro Bank, Metro, Columbus, Federal, NYSE, World Bank, IMF, Dallas Fed, Bank of England, United, Thomson, Reuters Locations: Midland , Texas, U.S, Iran, Saudi Arabia, Israel, Saudi, Russia, Tel Aviv, Europe, Marrakesh, Morocco, United States

☆ Morning Bid: Oil jumps as Middle East strife shakes markets
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +3 min

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Wayne Cole. With one war already raging in Europe, a new conflict in the Middle East was bound to rattle the markets. If the U.S. tightens enforcement of sanctions, CBA analysts estimate around 0.5-1.0% of world oil supplies could be affected, which would push Brent atop $100 a barrel. A sustained rise in oil prices would be an unwelcome blow to inflation but also a tax on consumers, so the implication for interest rates isn't straightforward.

Persons: Agustin Marcarian, Wayne Cole, Brent, Luis de Guindos, Pablo Hernández, Cos, Andrea Enria, Fed's Logan, Edmund Klamann Organizations: REUTERS, Oil, Brent, Treasury, Nikkei, Hamas, Street Journal, United Nations, JPMorgan, Citi, Wells, Bank of Spain, Jefferson, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Wayne, Israel, Europe, U.S, Asia, Tokyo, Iran, Tehran, Washington, Strait, Hormuz, Wells Fargo, Germany, Barr

Passersby are reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsOct 9 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. To recap, the S&P 500 and Nasdaq on Friday registered their biggest gains since late August, and the S&P 500 snapped a four-week losing streak, after data showed that showed U.S. job growth in September smashed forecasts. Figures on Saturday showed that China's foreign exchange reserves fell $45 billion in September to $3.115 trillion from $3.16 trillion in August. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Issei Kato, Jamie McGeever, Wall, Treasuries, Fed's Barr, Jefferson, Diane Craft Organizations: REUTERS, Swiss, Nasdaq, Analysts, Thomson, Reuters Locations: Tokyo, Japan, Israel, Gaza, Asia, China, U.S, Beijing, Logan, Indonesia

☆ The Fed is at odds with itself. That’s a feature, not a bug
▼ + stars: | 2023-10-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

So, Fed officials are divided, but it doesn’t really matter. Fed officials are still people, and as the saying goes, opinions are like bellybuttons in that everyone’s got one. Fed officials in that committee with voting power have the option to dissent, but it’s only happened twice this cycle. This year’s voters, which are Dallas Fed President Lorie Logan, Chicago Fed President Austan Goolsbee, Philadelphia Fed President Patrick Harker, and Minneapolis Fed President Neel Kashkari, will be rotated out next year. Up NextMonday: Fed officials Lorie Logan, Michael Barr and Phillip Jefferson deliver remarks.

Persons: Mary Daly, Michelle Bowman, ”, Biden, That’s, Michael Feroli, everyone’s, “ It’s, ” Feroli, Esther George, Ed Al, Hussainy, JPMorgan’s Feroli, It’s, Jerome Powell, John Williams, Lorie Logan, Austan Goolsbee, Patrick Harker, Neel Kashkari, Logan, Kashkari, Raphael Bostic, San Francisco Fed’s Daly, – CNN’s Elisabeth Buchwald, Michael Barr, Phillip Jefferson, Christopher Waller Organizations: CNN Business, Bell, CNN, Federal, San Francisco Fed, JPMorgan, Fed, Market Committee, Kansas City, Columbia Threadneedle Investments, Governors, New York Fed, Dallas Fed, Chicago Fed, Philadelphia Fed, Minneapolis Fed, San Francisco, Treasury, PepsiCo, The National Federation of Independent Business, US Labor Department, Federal Reserve, Delta, China’s National Bureau of Statistics, The University of Michigan Locations: San, Kansas, Columbia, Cleveland, Richmond, Atlanta, San Francisco, Walgreens

☆ Bond rout won't end Fed balance sheet cuts, but endgame bubbling into view
▼ + stars: | 2023-10-06 | by ( Michael S. Derby | ) www.reuters.com time to read: +5 min

Since June 2022, the Fed has allowed more than $1 trillion of bonds to mature from its portfolio, including roughly $840 billion of Treasuries. QT drains liquidity from the banking system, reducing bank reserves parked at the Fed and cash stashed in its reverse repo facility. Others believe money market rates will start to move up in ways suggesting the system is short of cash. A New York Fed report in April projected an end to QT around the middle of 2025. A survey of major banks by the New York Fed released in August eyed an end to QT in mid-2024.

Persons: it's, ”, Kathy Bostjancic, Bostjancic, Goldman Sachs, Loretta Mester, “, Austan Goolsbee, Mary Daly, Michael Barr, Michael Cloherty, Mark Cabana, ” Cabana, Cabana, Michael S, Ann Saphir, Dan Burns, Andrea Ricci Organizations: Goldman Sachs, Federal Reserve, Silicon Valley Bank, Fed, Treasury, Reuters Graphics Reuters, Cleveland Fed, Bloomberg, Chicago Fed, San Francisco Fed, UBS, Bank Policy Institute, New York Fed, Bank of America, Daily, Derby, Thomson Locations: Silicon, Washington

Although longer-dated U.S. Treasury yields eased from 16-year highs on Wednesday, investors remain concerned that the elevated levels may pressure equities. Worries about U.S. government spending and its ballooning budget deficit have added to uncertainty around the interest rates trajectory, contributing to a steep selloff that have caused a rout in Treasury prices and a spike in yields. The S&P 500 and the tech-heavy Nasdaq lost around 5% and 6% last month as yields spiked. Traders put the chance of interest rates remaining unchanged in November and December at 80% and 63%, respectively, according to CME's FedWatch tool. ET, Dow e-minis were down 92 points, or 0.28%, S&P 500 e-minis were down 10.5 points, or 0.24%, and Nasdaq 100 e-minis were down 27.75 points, or 0.19%.

Persons: Brendan McDermid, Janet Mui, Loretta Mester, Neel Kashkari, Richmond's Thomas Barkin, Mary Daly, Michael Barr, Kevin McCarthy, Steve Scalise, Jim Jordan, Joe Biden, VinFast, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Treasury, RBC Brewin, Apple, Traders, Dow e, Federal, Democratic, Rivian, EV, Chevron, Exxon Mobil, Occidental Petroleum, Thomson Locations: New York City, U.S, Minneapolis, Bengaluru

☆ Trump would throw food against the wall once or twice a week, former White House aide Cassidy Hutchinson says
▼ + stars: | 2023-10-05 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +2 min

Cassidy Hutchinson said Trump used to throw food against the wall at least once or twice a week. The former White House aide also said Trump would sometimes flip the tablecloth. AdvertisementAdvertisementFormer White House aide Cassidy Hutchinson said that Donald Trump would throw food against the wall once or twice a week as president. "Lyin' Cassidy said that I threw my lunch at the wall," Trump wrote at the time. AdvertisementAdvertisementHutchinson also told Kimmel that Trump had a fear of being poisoned that affected his eating habits.

Persons: Cassidy Hutchinson, Trump, Hutchinson, Jimmy Kimmel, —, Donald Trump, Mark Meadows, William Barr, Rudy Giuliani, Lyin, Cassidy, Kimmel, Heinz Organizations: White House, Service, Trump Locations: New

☆ Morning Bid: A bond bounce, or a bull trap?
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

[1/3] Traders are pictured at their desks in front of the DAX board at the stock exchange in Frankfurt, Germany July 29, 2015. REUTERS/Remote/Pawel Kopczynski/File photo Acquire Licensing RightsA look at the day ahead in European and global markets from Tom WestbrookRelief extended from Wall Street to Marunouchi on Thursday, with bond yields and the dollar down further and stock markets stabilising. A cooler-than-expected U.S. private payrolls report and Wednesday's 5% drop in crude oil prices have helped. The oil slump was particularly noteworthy as the biggest in more than a year, pushing the price below where it was a year ago. The yen has also risen to the strong side of 149-per-dollar, giving traders something of a break from white-knuckling uncertainty over possible intervention by Japan.

Persons: DAX, Westbrook, ECB's, Fed's Kashkari, Daly, Mester, Tom Westbrook, Edmund Klamann Organizations: REUTERS, Treasury, Friday's, Thomson Locations: Frankfurt, Germany, Marunouchi, Japan, China, Asia, South Korea, Philippines, Friday's U.S, Barr

☆ Morning Bid: Nervy bond bounce on soft jobs and oil
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +5 min

[1/2] A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Although both oil and bond yields calmed somewhat overnight, U.S. crude plunged by more than $5 per barrel on Wednesday. The tentative bond bid and shifting interest rate picture stopped the rot in stock markets too, with Wall St stocks rallying on Wednesday and the Nasdaq (.IXIC) staging its biggest daily gain since August. But in a sign of the nervousness, European stock markets stalled again and Wall St futures were back in the red. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Kevin McCarthy, Michael Barr, Mary Daly, Thomas Barkin, Loretta Mester, Lamb Weston, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Nasdaq, Wall, Metro Bank, U.S, Federal, San Francisco Fed, Richmond Fed, Cleveland Fed, Treasury, Brands, Constellation Brands, Reuters, Thomson Locations: New York City, U.S, Wall, York

FILE PHOTO:Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Even as longer-dated Treasury yields eased from 16-year highs on Wednesday, investors remain concerned that the elevated levels may continue to pressure equities. The Labor Department's report showed the number of Americans filing new claims for unemployment benefits rose moderately last week, while layoffs declined in September, pointing to still-resilient labor market conditions. Following a mixed jobs reports earlier this week, focus will be on the more comprehensive September non-farm payrolls data on Friday. Declining issues outnumbered advancers for a 1.50-to-1 ratio on the NYSE and a 1.22-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Charles, Henry Monchau, Neel Kashkari, Richmond's Thomas Barkin, Mary Daly, Michael Barr, Kevin McCarthy, Steve Scalise, Jim Jordan, Joe Biden, VinFast, Lamb, advancers, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, U.S, Treasury, Syz Group, Healthcare, Labor, Dow Jones, Traders, Federal, Democratic, Rivian, EV, Dell Technologies, Lamb Weston Holdings, NYSE, Thomson Locations: New York City, U.S, Minneapolis, Bengaluru

☆ Amazon dominated the first cloud era. The AI boom has kicked off Cloud 2.0, and the company doesn't have a head start this time.
▼ + stars: | 2023-10-04 | by ( Alistair Barr | ) www.businessinsider.com time to read: +11 min

There's a new stack of hardware, software, tools, and services that will power AI applications for years to come. Cloud 2.0Another key point here: Most AI developers already know how to use CUDA and Nvidia GPUs. Arguably, Nvidia has already created an AI cloud platform – as AWS once did for the Cloud 1.0 era. James Hamilton is an AWS cloud infrastructure genius who can take on Nvidia, even if the chipmaker has a major head start. Her startup spent months building a data center from scratch to help customers train AI models.

Persons: —, Jensen Huang, Nvidia Rick Wilking, Andrew Ng, CUDA, Michael Douglas, Bernstein, Douglas, Luis Ceze, Ceze, It's, Andy Jassy, Adam Selipsky, James Hamilton, Oren Etzioni, Claude, Dario Amodei, Anthropic Anthropic, Noah Berger, Sharon Zhou, Zhou, Lamini didn't, Etzioni Organizations: Amazon Web Services, Nvidia, Service, Home Depot, AWS, VMware, Cloud, Madrona Venture, Amazon, Amazon Web, Annapurna Labs, Intel, AMD Locations: San Francisco, Seattle, Selipsky

The 2-year Treasury yield, which is sensitive to expectations around where the Federal Reserve will set its own key borrowing rate, increased slightly to 5.129%. The 10-year Treasury yield was last up just over 9 basis points to 4.781%. The 30-year Treasury yield rose as high 4.874%, also the highest since 2007. The 10-year Treasury yield, which serves as a benchmark for mortgage rates and as an investor confidence barometer, on Tuesday surged to its highest level since 2007. "Now the Wild Bunch seems to have taken full control of the Treasury market; we're watching to see if the high-yield market is next," he added.

Persons: Michelle Bowman, Michael Barr, it's, Loretta Mester, Ed Yardeni, Yardeni Organizations: Treasury, Federal Reserve, Cleveland Fed Locations: U.S

☆ Morning Bid: This Fed's not for turning
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +5 min

The U.S. Federal Reserve building is pictured in Washington, March 18, 2008. That thought was echoed by Cleveland Fed chief Loretta Mester, who said: "I suspect we may well need to raise the fed funds rate once more this year." Either way, this is not the sound of a Fed who thinks the inflation battle is won. Fed hawkishness, however, has kept futures markets pricing a 50-50 chance of another quarter point rate hike to the 5.50-5.75% range by year-end. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jason Reed, Mike Dolan, they've, Michelle Bowman, Loretta Mester, Michael Barr, hawkishness, Raphael Bostic, Susan Fenton Organizations: U.S . Federal, REUTERS, Reserve, Cleveland Fed, Institute, Supply, Bank of Japan, Reserve Bank of Australia, Big Tech, Atlanta Federal Reserve, Treasury, McCormick, PMI, Reuters, Thomson Locations: Washington, U.S

☆ Fed's Mester says one more U.S. rate hike may be needed
▼ + stars: | 2023-10-02 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

FILE PHOTO: Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the U.S. economy in New York November 18, 2015. REUTERS/Lucas Jackson/File PhotoNEW YORK (Reuters) - Federal Reserve Bank of Cleveland President Loretta Mester said Monday that the U.S. central bank most likely isn’t done raising interest rates amid ongoing inflation pressures. The Fed has raised rates aggressively over the last year and a half to help cool inflation. Ebbing price pressures allowed officials to keep the federal funds target rate range at between 5.25% and 5.5% in September. Mester said the economy has proved to be stronger than expected at the start of the summer.

Persons: Loretta Mester, Lucas Jackson, ” Mester, Mester’s, Michael Barr, Michelle Bowman, “, ”, Mester Organizations: Cleveland Fed, REUTERS, Federal Reserve Bank, Cleveland Locations: U.S, New York, Cleveland

Despite considerable progress, she said, "inflation continues to be too high, and I expect it will likely be appropriate for the (Fed) to raise rates further and hold them at a restrictive level for some time." The Fed targets 2% inflation. Given that progress, U.S. central bankers last month opted to keep the policy rate in its current 5.25%-5.50% range even as most signaled another rate hike would likely be needed before year's end. Speaking at a separate event in New York on Monday, Fed Vice Chair for Supervision Michael Barr said he believes rates are now "at or very near" a sufficiently restrictive level. The same Fed forecasts also show policymakers as a group expect stronger economic growth and a stronger job market than they had expected just three months earlier.

Persons: Michelle Bowman, Ann Saphir, Michael Barr, Barr, Jerome Powell, John Williams, Bowman, Thomas Barkin, we've, Dan Burns, Pete Schroeder, Anna Driver, Andrea Ricci Organizations: U.S . Federal, Hoover Institution, REUTES, . Federal Reserve, Fed, New, New York Fed, Richmond Fed, Thomson Locations: Palo Alto , California, U.S, New York, York , Pennsylvania

☆ Fed's Michael Barr: The economy has shown surprising resilience
▼ + stars: | 2023-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed's Michael Barr: The economy has shown surprising resilienceCNBC's Steve Liesman joins 'The Exchange' to discuss the latest remarks from Fed Vice Chair Michael Barr about the lagging effects of monetary policy and the case for holding rates at current levels.

Persons: Michael Barr, Steve Liesman

☆ US stocks trade mixed as bond yields jump after Fed officials stay hawkish
▼ + stars: | 2023-10-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

US stocks fell as the 10-year bond yield jumped over 11 basis points, nearing 4.7%. An Institute for Supply Management report showed manufacturing improved in September. AdvertisementAdvertisementUS stocks finished mixed Monday as comments from Federal Reserve officials gave investors reason to expect restrictive policy to continue. Through the day, bond traders continued to sell off Treasury holdings, causing the 10-year bond yield to swing up 11.4 basis points to 4.685%. An Institute for Supply Management report showed manufacturing improved in September.

Persons: Michael Barr, Michelle Bowman, —, Jerome Powell Organizations: An Institute for Supply Management, Service, Federal Reserve, Institute for Supply Management, Dow Jones Locations: Here's

☆ Morning Bid: Markets strap in for PMI data dump
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +3 min

A round of purchasing managers index (PMI) data from across the globe continues with Europe on Monday, following Chinese PMI data over the weekend that pointed to mixed levels of services and manufacturing activity last month. Markets have been feeling the pain after stocks, bonds and non-dollar currencies around the world mostly fell in the previous month, as investors adjusted to the idea that U.S. interest rates will stay elevated for longer. Meanwhile, the euro zone has been grappling with recession jitters amid a slew of other indicators, putting a damper on last week's good news that inflation in the area fell to its lowest in two years. Monday's final manufacturing PMI data from the EU will be closely watched after the preliminary report last month painted a mixed picture of the region's economic health; the index showed a rise in September from August's 33-month low, yet still lingered below the mark separating expansion from contraction. Meanwhile, oil prices are up again on Monday, reversing some of Friday's losses.

Persons: Brigid Riley, Luis de Guindos, Michael Barr, John Williams, Patrick Harker, Loretta Mester, Muralikumar Organizations: PMI, August's, Federal, Reuters, ECB, NY, Philly Fed, Cleveland Fed, Thomson Locations: Europe, Germany, France, Italy, Spain, Switzerland, Sweden, Cleveland

☆ Morning Bid: October market fillip as government stays open
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. U.S. Treasury yields, whose relentless rise of late has been at the heart of market disturbances as it prices "higher for longer" interest rates, pushed higher again on Monday too. Ten-year yields were up five basis points to 4.62% - just shy of last week's 16-year peak of 4.69%. Key developments that should provide more direction to U.S. markets later on Monday:* US Sept manufacturing surveys by ISM and S&P Global. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Kevin McCarthy, McCarthy, Goldman Sachs, Jerome Powell, Michael Barr, Loretta Mester, John Williams, Fitch, Nick Macfie Organizations: New York Stock Exchange, REUTERS, Democratic, Republican, Ukraine, Treasury, Bank of Japan, of, Petroleum, Reuters, P Global, Cleveland Fed, New York Fed, Tech, Moody's, U.S . AAA, Chicago, Thomson Locations: New York City, U.S, Russia, OPEC, China, France, Italy, Spain, Germany, York

☆ John Kelly goes on the record to confirm several disturbing stories about Trump
▼ + stars: | 2023-10-02 | by ( Jake Tapper | ) edition.cnn.com time to read: +8 min

CNN —John Kelly, the longest-serving White House chief of staff for Donald Trump, offered his harshest criticism yet of the former president in an exclusive statement to CNN. Kelly set the record straight with on-the-record confirmation of a number of damning stories about statements Trump made behind closed doors attacking US service members and veterans, listing a number of objectionable comments Kelly witnessed Trump make firsthand. “A person that has no idea what America stands for and has no idea what America is all about. Then-candidate Trump of course said in front of a crowd in 2015 that former Vietnam POW Sen. John McCain, an Arizona Republican, was “not a war hero. Milley, in a call authorized by Trump administration officials, reassured his Chinese counterparts that such a strike was not going to happen.

Persons: John Kelly, Donald Trump, Kelly, Trump, ” Kelly, “, ’, autocrats, ”, Jeffrey Goldberg, Vietnam POW Sen, John McCain, weren’t, Goldberg, McCain, George H, Bush, Mark Milley, Belleau Wood, Susan Glasser, Peter Baker, ” Trump, Luis Avila, Bob Woodward, Robert Costa, Milley, Norah O’Donnell, Cassidy Hutchinson, Hutchinson, Alyssa Farah Griffin, Griffin, there’s, Mattis, Mark Esper, Bill Barr Organizations: CNN, White House, Trump, Gold Star, Arlington National Cemetery, Vietnam POW, Arizona Republican, Navy, ” CNN, Chiefs, Marines, House, Joint Chiefs, Trump White House, CBS Locations: France, Afghanistan, Iraq, Arizona, Aisne, Paris, Arlington, The, Gen

☆ Americans support strikes — until they affect their daily lives
▼ + stars: | 2023-10-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

The public will continue to support them – that is until the strikes begin to affect Americans’ daily lives. CNN reached out to the Justice Department for comment but has not received a response. The US Labor Department releases August figures on job openings, quits, hires and layoffs. The US Labor Department reports the number of worker filings for jobless benefits in the week ended September 30. The US Labor Department releases September data on the state of the job market, including payroll gains, wage growth and the unemployment rate.

Persons: –, ” Andrew Flowers, “, Eva Rothenberg, Suisse’s, Jerome Powell, Patrick Harker, Michael Barr, John Williams, Loretta Mester, Raphael Bostic, Michelle Bowman, Levi Strauss, Tom Barkin, Mary Daly Organizations: CNN Business, Bell, DC CNN —, Gallup, Guild of America, Teamsters, Reno, United Auto Workers, UAW, Toyota, Honda, CNN, Nationwide, UBS, DOJ, US Department of Justice, Credit Suisse, “ UBS, CS, Bloomberg, Justice Department, P Global, Institute for Supply Management, McCormick, US Labor Department, Atlanta Fed, Constellation Brands, Conagra, Co, US Commerce Department, Carnival Corp Locations: Washington, United States, Hollywood, Las Vegas, Germany, Russia

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