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☆ A Tesla trader turned $65,000 into $306 million before losing it all, according to a lawsuit
▼ + stars: | 2024-10-07 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

A Canadian trader turned $65,000 into $306 million by betting on Tesla during the pandemic. The trader is suing RBC and Grant Thornton, claiming he received "inadequate advice" that led to huge losses. AdvertisementA trader from Vancouver Island, Canada, minted a fortune betting on Tesla stock before losing everything, according to a lawsuit filed against RBC and tax advisory firm Grant Thornton LLP last week. But when Tesla stock plunged in 2022, DeVocht was forced to sell Tesla stock at depressed prices to pay back those margin loans. RBC and Grant Thornton LLP told media outlets that they do not comment on active lawsuits before the courts.

Persons: Grant Thornton, —, Christopher DeVocht, DeVocht, Tesla Organizations: Tesla, RBC, Service, Royal Bank of Locations: Vancouver Island, Canada

☆ Currencies listless as markets waffle over Fed rate cut
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: +4 min

A quarter-point reduction by the Fed as it kicks off its rate cuts is still seen as the slightly more likely outcome, but only marginally so. Futures price a total of 125 basis points in rate cuts in 2024. Investors are also looking to the Bank of Japan's interest rate decision on Friday, when it is expected to keep its short-term policy rate target steady at 0.25%. Bank of Canada Governor Tiff Macklem meanwhile opened the door to stepping up the pace of interest rate cuts, the Financial Times reported on Sunday. The BoC, after keeping its key policy rate at 5%, a more than two-decade high, for a year, has trimmed it by a quarter point three times in a row since June.

Persons: Chris Weston, Fumio Kishida, Sanae Takaichi, Christine Lagarde, Philip R, Lane, Luis de Guindos Organizations: U.S, Bank of England, Bank of Japan, Treasury, Fed, FedWatch, Bank of, Liberal Democratic Party, Sterling, European Central Bank, ECB, Bank of Canada, Financial Times, BoC Locations: Japan, Asia, China, South Korea

☆ I took a 50% pay cut to leave my sales job and work on a potato farm. I have no regrets.
▼ + stars: | 2024-09-03 | by ( Erin Liam | ) www.businessinsider.com time to read: +5 min

Read previewThis as-told-to essay is based on a conversation with Tyler Heppell, a fifth-generation farmer from Heppell's Potato Corporation in Canada. As a fourth-generation farmer at a 104-year-old potato farm in British Columbia, my dad thought he had hit the lottery when he had three sons. My plan was to work on my family's farm for a year while I figured out the next steps. I took a pay cut to return to the farmI made almost 200,000 Canadian dollars in sales, or around $150,000, in one year. I'm also in charge of all the truck drivers because the potato fields are about an hour from our farm.

Persons: —, Tyler Heppell, I'm, Heppell, It's Organizations: Service, Heppell's Potato Corporation, Business, Fortune, Statistics Canada, Royal Bank of Canada Locations: Canada, British Columbia

☆ Why the Fed almost certainly isn’t going to do an emergency rate cut
▼ + stars: | 2024-08-05 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

Investors are increasingly hopeful that will push Federal Reserve officials to come to their rescue with an emergency rate cut. But if something comes up in between those meetings that changes their views on the ideal level for rates, officials can gather for an unscheduled “emergency” meeting. By doing two large emergency cuts in succession, Fed officials didn’t have to weigh whether their actions would unnecessarily cause Americans to panic. Before those cuts, the last time the Fed was promoted to do an emergency rate cut was in the thick of the Great Recession shortly after Lehman Brothers collapsed in the fall of 2008. But he said he was “reluctantly” comfortable with an emergency cut since other central banks were doing it.

Persons: Austan Goolsbee, there’s, Lehman Brothers, ” Charles Plosser, “, ”, That’s, Janet Yellen, ” Yellen, Plosser Organizations: New, New York CNN, Federal, Chicago Fed, New York Times, Philadelphia Fed, Bank of Canada, European Central Bank, Bank of England, San, Committee, Fed, Treasury Locations: New York

☆ Investors just got an inflation wakeup call. Will they answer?
▼ + stars: | 2024-07-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Inflation rates in Canada, the EU and Australia have popped higher in recent months. But that disconnect appears to be fading as inflation rates in the US continue to ease. The US also had a recent scare as inflation rates ticked higher. But after a year of the Fed holding interest rates steady at a 23-year high, inflation rates in the United States are once again declining. High inflation readings around the globe are concerning investors, José Torres, senior economist at Interactive Brokers, told CNN.

Persons: ”, Brent Schutte, Schutte, José Torres, Torres, payrolls, Chewy, Keith Gill, Krystal Hur, Gill, Ryan Cohen, Jordan Valinsky, CSSE Organizations: CNN Business, Bell, New York CNN, EU, Federal, Federal Reserve, Bank of Canada, Northwestern Mutual Wealth Management, Interactive Brokers, CNN, Investors, Bank for International, BIS, Securities, Exchange, GameStop, Soul Entertainment, BBC, Sony Pictures, Walmart, Walgreens, Apollo Global Management, Sony, Netflix Locations: New York, Canada, Australia, United States, Europe, Redbox

☆ Stocks making the biggest moves midday: Chewy, GameStop, Boeing, Norwegian Cruise Line and more
▼ + stars: | 2024-07-01 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Boeing , Spirit AeroSystems — Boeing on Monday said it would buy back fuselage maker Spirit AeroSystems in a $4.7 billion all-stock deal. Trump Media & Technology Group — Shares of Trump Media & Technology Group rose 3% following a roughly 11% loss during Friday's session. Nio — The Chinese electric vehicle stock rose 6% on Monday after the company said vehicle deliveries rose nearly 100% in June . Tesla — The electric vehicle stock popped 6%. NextEra Energy Partners — The renewable energy stock dropped 5%.

Persons: Keith Gill, Joe Biden, Donald Trump, Birkenstock, Nio, Tesla, Beryl, —, Jesse Pound, Michelle Fox, Alex Harring, Sarah Min, Hakyung Kim Organizations: GameStop, Boeing, Trump Media & Technology, Trump Media & Technology Group, UBS, Point Capital Management, NextEra Energy Partners, Royal Bank of Canada, Cruise, Royal Locations: Point, Grenada, Royal Caribbean

☆ 3 risks to global economic growth
▼ + stars: | 2024-06-13 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The World Bank on Tuesday raised its 2024 outlook for global economic growth to hold steady at 2.6%, an increase from its previous projection of 2.4% growth. “Four years after the upheavals caused by the pandemic, conflicts, inflation, and monetary tightening, it appears that global economic growth is steadying,” Indermit Gill, the World Bank’s chief economist, said in a release accompanying the report. Prospects for the world’s poorest economies are even more worrisome.”Here are three risks the World Bank sees. The World Bank said that spillover risk from the Russia-Ukraine war and Israel-Hamas war could curb global growth by pushing up oil prices and shipping costs. Trade tensions are already brewing between some of the world’s biggest global economic engines.

Persons: ” Indermit Gill, Jerome Powell, ”, Ayhan Kose, Danielle Wiener, Bronner, Joe Erlinger, aren’t, TikTok, John S, James L, Donald Trump, Joe Biden’s, Biden Organizations: CNN Business, Bell, New York CNN, Bank, World Bank, European Central Bank and Bank of Canada, US Federal Reserve, European Commission, EU, Bureau of Labor Statistics, McDonald’s, Pew Research Center, Knight Foundation, TikTok Locations: New York, Russia, Ukraine, Israel, India, Mexico, United States, France, United Kingdom, China, Beijing

☆ Americans tired of sky-high borrowing costs will be disappointed this week
▼ + stars: | 2024-06-10 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —Another month, another hot jobs report that has Wall Street wondering when the Federal Reserve will finally cut interest rates. On the other, it puts long-awaited interest rate cuts from the Federal Reserve on the back burner. Before the Bell: Do you think the Fed could lower its projection for three quarter-point rate cuts this year? Is it concerning that the European Central Bank and Bank of Canada have begun cutting rates before the Fed? A Samsung spokesperson told CNN that, “there is no impact on production and management activities” as a result of the one-day walkout.

Persons: Bell, Nate Thooft, I’m, that’s, Yoonjung Seo, —, Son Woomok, Matt Egan, Lina Khan, Beam, Robinson Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Manulife Investment Management, Reserve, European Central Bank, Bank of Canada, European Central Bank and Bank of Canada, Workers, Samsung Electronics, Nationwide Samsung Electronics Union, CNN, Reuters, Samsung, SK Hynix, Micron Technology, Federal Trade Commission, Southern, Biden, FTC, Politico Locations: New York, South Korea, Miami, United States

☆ America's Economic Plan Will Hurt World Economy, Global Stock Markets
▼ + stars: | 2024-06-09 | by ( Linette Lopez | ) www.businessinsider.com time to read: +11 min

The European Central Bank began easing interest rates on Thursday, cutting its benchmark rate by 0.25%. Investors and economists expect the Federal Reserve to follow suit and cut interest rates in September. This combination means there's a good chance that the September cut Wall Street is praying for may never materialize. The US already has somewhat higher interest rates than other countries — the Fed's benchmark rate is 5.25%- 5.50%. And in Asian economies, where interest rates are already significantly lower than in the US, things could get even messier.

Persons: Tamara, Vasiljev, Peter Schaffrik, Nigel Green, Green, we're Organizations: European Central Bank, Investors, Federal Reserve, Oxford Economics, JPMorgan, UBS, Bloomberg, of International Finance, Markets, RBC Capital Markets, deVere, Fed, We're, ECB, Bank of, EU, Bank of Canada, Bank of Canada's, Bank of England Locations: stagflation, China, Europe, Japan, South Korea, It's, America, United States, EU, Bank of England, Canada, East Asia

☆ ECB: Interest rates are coming down in Europe
▼ + stars: | 2024-06-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Central Bank cut interest rates Thursday, moving before the US Federal Reserve and the Bank of England to lower borrowing costs as inflation recedes following years of rate hikes. Central banks in Switzerland and Sweden have also cut interest rates this year. Analysts doubt the central bank will cut rates again at its next meeting in July. It added that it would keep interest rates “sufficiently restrictive for as long as necessary” to return inflation to the 2% target. Higher interest rates tend to attract more international capital flows into a country, lifting demand for its currency.

Persons: Christine Lagarde, Cyrus de la Rubia Organizations: London CNN, European Central Bank, US Federal Reserve, Bank of England, ECB, Bank of Canada, P Global, Hamburg Commercial Bank, Fed, Traders Locations: Ukraine, United States, United Kingdom, Switzerland, Sweden, Hamburg, Frankfurt, Europe

☆ Bank of Canada cuts rates, economists predict another reduction next month
▼ + stars: | 2024-06-05 | by ( ) www.cnbc.com time to read: +2 min

The Bank of Canada in Ottawa, Ontario, Canada, on Thursday, May 18, 2023. After keeping interest rates at a more than two-decade high of 5% for almost a year, the BoC said the indicators for underlying inflation looked increasingly positive. The European Central Bank is most likely to follow suit on Thursday, financial markets foresee. Inflation in Canada has slowed this year to hit a three-year low of 2.7% in April. "But we are taking our interest rate decisions one meeting at a time," he added.

Persons: Macklem, Riksbank Organizations: Bank of Canada, The Bank of Canada, BoC, Financial, Reuters, Canadian, U.S ., Swiss National Bank, European Central Bank Locations: Ottawa , Ontario, Canada

☆ U.S. dollar drifts higher from multi-month lows, yen gains
▼ + stars: | 2024-06-04 | by ( ) www.cnbc.com time to read: +2 min

Job openings, a measure of labor demand, were down 296,000 to 8.059 million on the last day of April, the lowest since February 2021. Market participants had their focus on the JOLTS data ahead of Friday's U.S. job report, which is expected to show 185,000 new jobs created in May, up from 175,000 in April. "Certainly we had the JOLTS data which was pretty weak. The JOLTS report followed data on Monday showing a second straight month of slowdown in manufacturing activity and an unexpected decline in construction spending. In afternoon trading, the dollar index was up 0.1% at 104.12, having fallen to its lowest since mid-April overnight at 103.99.

Persons: Eugene Epstein, Epstein Organizations: U.S, Swiss, Labor, Survey, Federal Reserve, North America, European Central Bank, Bank of Canada, BoC, BOC, ECB Locations: Friday's, Moneycorp, New Jersey

☆ American shoppers are tired. These companies are benefiting
▼ + stars: | 2024-06-02 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Just ask Ross Stores: America’s largest off-price retailer reported earnings and revenue that beat analysts’ forecasts last week. The US Labor Department releases April figures on job openings, quits, hires and layoffs. The US Commerce Department releases April figures on new orders for manufactured goods. The US Commerce Department releases April data on exports and imports. Friday: The US Labor Department releases May data gauging the state of the job market, including monthly payroll growth, wage gains and the unemployment rate.

Persons: Ross, “, ” Adam Orvos, ” TJX, TJ Maxx, LVMH Moët Hennessy Louis Vuitton, ” Clayton Allison, Allison, ” Allison, Brown Forman, Campbell Organizations: CNN Business, Bell, Washington CNN, Companies, Ross Stores, Marshalls, Burberry, Prime Capital Investment Advisors, CNN, Walmart, P Global, Institute for Supply Management, CrowdStrike, Hewlett Packard Enterprise, Body, US Labor Department, US Commerce Department, Bank of Canada, Autodesk, Smucker, DocuSign, Vail Resorts, European Central Bank Locations: Washington, North America, Europe, Australia, Americas, Zumiez

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Netflix, Delta, Micron, Visa, Mastercard, Target, Tesla, Penn & more
▼ + stars: | 2024-05-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

"We see risk-reward on AAPL as positive, and rate the stock Outperform with a price target of $195." Barclays reiterates Micron as overweight Barclays raised its price target on the stock to $145 per share from $120. Evercore ISI adds a tactical outperform on Walmart Evercore added Walmart to its tactical outperform list ahead of earnings later this week. Evercore ISI adds a tactical outperform on Target Evercore added Target to its tactical outperform list ahead of earnings on May 20. "Following SEDG's 1Q results last week, we are downgrading SEDG to a Neutral and lowering our price target to $56 as the timing of a recovery remains cloudy."

Persons: Bernstein, Apple, Jefferies, it's, Wells, Piper Sandler, Piper, Bank of America downgrades Penn, Guggenheim, Tesla, We've Organizations: Apple, Nvidia, Barclays, Micron, HSBC, Delta, American Airlines, JPMorgan, Netflix, UBS, Visa, Mastercard, Walmart, Target, Royal Bank of Canada, HSBC Canada, Nexstar, Susquehanna, Bank of America, Penn Ent, ESPN Bet, Tesla, GE Aerospace, GE, Gemini Locations: Delta, United, America

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Netflix, Delta, Micron, Visa, Mastercard, Target, Tesla & more
▼ + stars: | 2024-05-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Persons: Bernstein, Apple, Jefferies, it's, Wells, Piper Sandler, Piper, it's bullish, Bank of America downgrades Penn, Guggenheim, Tesla, We've Organizations: Apple, Nvidia, Barclays, Micron, HSBC, Delta, American Airlines, JPMorgan, Netflix, UBS, Wells, Visa, Mastercard, Walmart, Target, Royal Bank of Canada, HSBC Canada, Nexstar, Susquehanna, Bank of America, Penn Ent, ESPN Bet, Tesla, GE Aerospace, GE, Gemini Locations: Delta, United, America

☆ The US and the West are facing the blowback of sanctions against Russia, economist says
▼ + stars: | 2024-05-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe US miscalculated when it imposed harsh sanctions on Russia, and not only has Vladimir Putin's economy weathered the impact, but the West is facing the negative effects of the economic restrictions it imposed. Food and energy prices have soared since the West imposed sanctions on Russia, he noted partly because Russia is one of the world's largest exporters of oil and grain. Even the US dollar may end up worse off due to sanctions, Rubin said. Russia's trade with China, for instance, has nearly completely phased out the dollar, Russian officials said last year. "Sanctioning the ruble and confiscating a third of the Russian central bank's foreign reserves was supposed to cripple the Russian economy.

Persons: —, Vladimir, Jeff Rubin, " Rubin, crimp, Rubin, Putin Organizations: Service, Business, The Globe, Federal Reserve Board, Bank of Canada Locations: Russia, Ukraine, China, Russian

☆ This couple bought a rundown abandoned house for $1.5 million and plan to make it their forever home: Take a look inside
▼ + stars: | 2024-04-20 | by ( Jenna Phipps | Nick Volkov | ) www.cnbc.com time to read: +6 min

Jenna Phipps and Nick Volkov bought this abandoned property in Vancouver with plans to turn it into their forever home. Jenna Phipps and Nick VolkovThe house was so dilapidated that the realtor had the couple sign a waiver before entering. The house was valued at $3.4 million CAD or $2.5 million USD with an asking price of $2.6 million CAD or $1.9 million USD. The original house was built in 1961 and had been abandoned for years before the couple bought it in 2024. Jenna Phipps and Nick Volkov

Persons: Jenna Phipps, Nick Volkov, Phipps, Volkov Organizations: CNBC, Royal Bank of Canada Locations: Vancouver, Vancouver , British Columbia, Canada

☆ Critical mineral mining is key to the green transition, but experts warn reputational risks remain
▼ + stars: | 2024-04-19 | by ( Dylan Butts | ) www.cnbc.com time to read: +5 min

Sopa Images | Lightrocket | Getty ImagesMining of critical minerals plays a crucial role in the global green transition, but the broader industry's bad reputation and other challenges present investment barriers, industry experts warn. Critical minerals include metals such as copper, lithium, nickel, cobalt and rare earth elements, and are important components in emerging green technologies such as wind turbines and electric vehicles. Speaking on a panel at Singapore's annual Ecosperity Week, which ended Wednesday, mining industry experts and investors said the growing demand from green tech makes it necessary to increase government support and capital flows into the critical mining sector. Many of the same companies that mine critical minerals also mine environmentally damaging fossil fuels like coal. One area that has seen recent strides and investments has been in the recycling of critical minerals, which cuts down the need of extraction.

Persons: Adam Matthews, Dominic Barton, Barton, Scott Clements Organizations: PT Vale, Getty Images, Global Investor Commission, Mining, Royal Bank of Canada, Rio Tinto, LeapFrog Investments, International Renewable Energy Agency, EV, World Bank, Tribeca Capital Locations: PT Vale Indonesia, China, Paris, Rio, Indonesia's Sulawesi, Rio Tinto, Western Australia

☆ Private equity finds its next bet: college admissions
▼ + stars: | 2024-04-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Now, private equity firms are swooping in to help while taking majority stakes in exchange. Last week, the company announced that it would partner with California-based private equity firm Nexus Capital Management and move its test into a for-profit company. A company owned by private equity can obfuscate what the company actually does to the public and potentially to regulators. Private equity firms “come into industries that are already suffering from a lack of funding,” said Creeks. They’ve had a lack of funding and support and so sometimes private equity is the only viable option.

Persons: New York CNN — It’s, Janet Godwin, “, ” Goodwin, ”, we’ve, Charlie Eaton, Goodwin, Critics, Constantine Yannelis, Rebecca Winthrop, They’ve, ” Powell, Jerome Powell, Powell, Bryan Mena, Chris Isidore, United, Max Organizations: CNN Business, Bell, New York CNN, ACT Inc, U.S ., ACT, Nexus Capital Management, ”, CNN, Nexus, Higher, University of California, ” Nonprofit, Nexus Capital, Savvas Learning Company, Private Equity, Project, University of Chicago Booth School of Business, Center for Universal Education, Brookings Institution, P Global Market Intelligence, College Board, Veritas Capital, “, Bank of Canada, Wilson, Fed, United, United Airlines, Boeing, Alaska Airlines, Federal Aviation Administration Locations: New York, Iowa, California, Merced, Canada

☆ Geopolitical strife is roiling Wall Street. Here’s what investors are watching
▼ + stars: | 2024-04-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Those what-ifs could further roil gas and oil prices. But if there’s further conflict, he said, “you’d see a much higher premium for oil prices. If there’s a de-escalation of tensions between Israel and Iran, they said, oil prices should come down over the next few weeks. But if there’s an escalation in conflict, they expect that oil prices could jump to more than $100 per barrel, they wrote in a note Monday. Retail sales rose 0.7% in March from the prior month, a slower pace than February’s upwardly revised 0.9% gain, the Commerce Department reported Monday.

Persons: New York CNN —, JPMorgan Chase, Jamie Dimon, ” Dimon, Jerome Powell, We’ll, Christine Lagarde, Andrew Bailey, Dave Sekera, Israel doesn’t, ”, “, Moody’s, there’s, Chris Isidore, Pete Muntean, Sam Salehpour, Read, Bryan Mena, Claire Tassin Organizations: CNN Business, Bell, New York CNN, Dow, JPMorgan, International Monetary Fund, IMF, Bank, Bank of Canada, Seven, European Central Bank, Bank of England, Morningstar, Nvidia, AMD, Wall Street Journal, Federal Reserve Bank of New, Boeing, Federal Aviation Administration, Alaska Airlines, Commerce Department, Morning, Amazon Locations: New York, Russia, Ukraine, China, United States, Washington ,, Iran, Israel, Federal Reserve Bank of New York

☆ Here’s what would happen to the US economy if there are no rate cuts this year
▼ + stars: | 2024-04-16 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

That’s why Fed Chair Powell conveyed on Tuesday the central bank won’t be cutting interest rates any time soon. How would the US economy handle more months of painstakingly high interest rates? Investors are banking on cutsWhen Fed officials initially penciled in three rate cuts at the end of last year, markets hit new highs. But the longer the Fed leaves interest rates higher means more pain could be inflicted on households and businesses, said Goldstein. But not everyone thinks cracks in the economy will widen if the Fed doesn’t cut rates this year.

Persons: Powell, ” Powell, paring, Itay Goldstein, Tesla, Goldstein, ”, Brian Rose, David Mericle, Goldman Sachs Organizations: New, New York CNN — Federal Reserve, Bank of Canada, Tiff, Investors, Dow, Nasdaq, University of Pennsylvania’s Wharton School of Business, CNN, Fed, Treasury, UBS Global Wealth Management Locations: New York

☆ Watch Fed Chair Powell speak live during a policy forum in Washington
▼ + stars: | 2024-04-16 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

[The stream is slated to start at 1:15 p.m. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chair Jerome Powell speaks Wednesday to the Wilson Center's Washington Forum on the Canadian Economy, in what will likely be his last policy speech before the next central bank meeting. The appearance comes with markets expecting the Fed to keep its benchmark borrowing rate steady until at least September. Recent higher than expected inflation readings have forced investors to recalibrate expectations that the Fed would lower interest rates steadily this year.

Persons: Jerome Powell, Wilson, Powell, Read Organizations: Bank of Canada, Tiff, Wilson, Fed, CNBC, YouTube Locations: Canadian, Canada

☆ Biden’s manufacturing industry is expanding, but that could be bad for inflation
▼ + stars: | 2024-04-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

But a resurgence in the industry could complicate the Federal Reserve’s ongoing inflation fight, either delaying the first interest rate cut or resulting in fewer cuts this year, some economists say. Interest rates have been at a two-decade high since July, after the Fed raised rates aggressively over the prior year and a half. The economy picking up further strength would spook Wall Street because of what it means for interest rates — and some manufacturers say they’re optimistic about the future. The Bank of Canada announces its latest interest rate decision. China’s National Bureau of Statistics releases March inflation data.

Persons: Joe Biden, ”, Tom Barkin, “, Mary Daly, ” Daly, Jerome Powell, Neel Kashkari, ” Kashkari, ” Richard de Chazal, Blair, they’re “, Amazon’s, It’s, Ramishah Maruf, Amazon, haven’t, Read Organizations: Washington CNN, Institute for Supply Management, Congress, Fed, ” Richmond Fed, ” San Francisco Fed, Minneapolis, Dow, Blair Equity Research, Amazon, Fresh, Delta Air Lines, US Labor Department, Index, Bank of Canada, Federal Reserve, National Bureau of Statistics, Constellation Brands, European Central Bank, JPMorgan Chase, Citigroup, State, National Statistics, The University of Michigan Locations: Richmond , Virginia, ” San, Las Vegas, India, Wells Fargo, Progressive, BlackRock

☆ 2024 is the year of the rate cut pivot — here's when the world's central banks will budge
▼ + stars: | 2024-03-13 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +6 min

EIU also expects the Bank of Japan will exit its negative interest rate policy in the second quarter. Markets currently expect the Fed to start with a 25-basis-point rate cut in June. Euro zoneThe European Central Bank last week also held its policy rate at a record high of 4%, signaling that it won't cut rates before June. JPMorgan said in a research note that the Turkish central bank may cut its policy rate in November and December, keeping its year-end policy rate forecast of 45%. IndonesiaIndonesia's central bank kept its benchmark policy rate at 6% in its recent meeting.

Persons: EIU, Jerome Powell, LSEG, Nomura, Perry Warjiyo, CNBC's JP Ong, BOK, Goldman Sachs, Goohoon Kwon, Kwon Organizations: Getty, Economist Intelligence Unit, Bank of Japan, United, United States U.S, Federal, Fed, European Central Bank, ECB, Swiss National Bank, UBS, Bank of Canada, Bank of, JPMorgan, Reserve Bank of, ANZ, New Zealand Auckland Savings Bank, Bank, Bank Indonesia, BMI, Fitch Solutions, U.S, Oxford Economics, Macquarie Locations: Czech, China, Japan, United States, Switzerland Swiss, Bank of Canada, Turkey, Turkish, Reserve Bank of Australia, New, Indonesia, South Korea, Asia

☆ Dollar falls with Treasury yields on views of looming U.S. rate cuts
▼ + stars: | 2024-03-07 | by ( ) www.cnbc.com time to read: +3 min

Against the yen , the dollar bottomed at a roughly one-month trough of 148.94 in early Asian trade on Thursday. The euro and sterling held near one-month highs struck in the previous session and last bought $1.0902 and $1.2738 respectively. Market bets for imminent cuts also kept U.S. Treasury yields under pressure, with the two-year yield which typically reflects near-term rate expectations — last at 4.5640%. All of that left the greenback pinned near a one-month low against a basket of currencies. The New Zealand dollar rose 0.05% to $0.6133, while the Australian dollar edged 0.11% higher to $0.6572.

Persons: bitcoin, Jerome Powell, Carol Kong, Powell, Simon Harvey Organizations: U.S, Federal, Treasury, Commonwealth Bank of Australia, Fed, Canadian, Bank of Canada, BoC, Wednesday, New Zealand

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