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Two tax preparers have been charged with defrauding the federal government of $65 million in Covid relief funds, according to federal prosecutors in Tennessee. Walton owns and operates R&B Tax Express in Moscow, Tennessee, where she and Jones allegedly "falsified numbers provided to the IRS on personal and business tax returns from 2020 through 2024." The U.S. Attorney's office did not specify the amount of money the clients paid to Walton and Jones. The Employee Retention Credit is a refundable tax credit for certain eligible businesses and organizations that had employees and were affected during the pandemic. Walton faces 20 years for her sole obstruction of justice count, prosecutors said.

Persons: Renata Walton, Nicole Jones, Walton, Jones Organizations: Small Business Administration, Tax Express, Prosecutors, Walton Locations: Tennessee, U.S, Memphis, Moscow , Tennessee, Olive Branch , Mississippi

☆ Halifax County Sheriff’s Office arrests husband for the “senseless murder” of Emma Compton Layne in 2017
▼ + stars: | 2024-11-29 | by ( Veronica Fulton | ) www.nbcnews.com time to read: +4 min

On Wednesday, November 27, the Halifax County Sheriff’s Office in Virginia posted on their Facebook page that an arrest was made in connection to the murder of Emma Compton Layne. “Sheriff Fred Clark announces the arrest of Russell Wayne Layne, age 67, of Nathalie, VA, for the senseless murder of his wife, Emma Compton Layne, which occurred in June of 2017,” the HCSO Facebook post states. Burton of the Halifax County Sheriff’s Office told Dateline that police began their investigation and got in contact with Emma’s husband, Russell Layne, who allowed authorities to search their home. Cadaver dogs were brought in to search the home and surrounding area the day after Emma was reported missing. “Emma’s remains were found the 22nd of November.

Persons: Emma Compton Layne, Fred Clark, Russell Wayne Layne, “ Layne, Jeff Burton, Emma, J.M, Burton, Russell Layne, Layne, ”, Tommy Spencer, “, Wynona Compton, Childress, Sylvia Whitlow, Emma Compton, Shawna Compton, Krohn, WSLS, she’ll, “ We’re, it’s, Russell Layne’s, Wynona Childress, Emma’s, Emma Layne’s Organizations: Sheriff’s, Facebook, Dateline, Halifax County Sheriff’s, NBC, Medical, Blue, Jail Authority, HCSO Locations: Halifax, Virginia, Nathalie, Cody , Virginia, Halifax County, Blue Ridge

☆ Musk joins Trump and family for Thanksgiving at Mar-a-Lago
▼ + stars: | 2024-11-29 | by ( Kit Maher | ) edition.cnn.com time to read: +3 min

CNN —Tesla CEO Elon Musk had a seat at the family table for Thanksgiving dinner at Mar-a-Lago, joining President-elect Donald Trump, Melania Trump and their 18-year-old son Barron, in the latest indicator of Trump’s growing bond with the world’s richest man. Yaakov Safar, who took the video, is a French jewelry designer who was invited to Mar-a-Lago as a guest on Thanksgiving. “I was telling @TheSlyStallone that I just watched Demolition Man again and how well it predicted the crazy woke future 30 years ago!,” Musk posted on X. Musk was with Trump at Mar-a-Lago when Ukrainian President Volodymyr Zelensky called to congratulate the president-elect the day after the election, according to a source briefed on the call. On the day after the election, Musk was seen in a Trump family photo at Mar-a-Lago posted by Trump’s granddaughter Kai.

Persons: Elon Musk, Donald Trump, Melania Trump, Barron, Musk, Michael Solakiewicz, “, ” Trump, Trump, Yaakov Safar, “ Trump, Elon, ” Safar, Sylvester Stallone, ” Musk, Vivek Ramaswamy, —, can’t, Volodymyr Zelensky, Zelensky, Mark Zuckerberg, Trump’s, Kai, CNN’s, Kia Fatahi, Kaitlan Collins Organizations: CNN, Mar, Trump, Department, Government, Trump’s, America, SpaceX, Tesla, Trump . Meta, Wednesday Locations: French, “, Trump’s Florida, Ukraine, Lago, Texas

“Conclave” could hit the sweet spot for Oscar voters, with its blend of taut airport paperback thrills and contemporary social relevance. The first “Dune” scored 10 nominations at the 94th Academy Awards in 2022 and won six awards that night — the most of any movie in contention — including best sound, best production design, best cinematography, best film editing and best visual effects. Villeneuve is also a favorite with Oscar voters thanks to previous nominated titles like “Sicario,” “Arrival” and “Blade Runner 2049.”How to watch: Stream on Max. ‘Gladiator II’Ridley Scott’s “Gladiator” conquered the Academy Awards more than 23 years ago, winning five trophies, including best picture and best actor, for Russell Crowe. ‘Wicked’The most inescapable blockbuster of the holiday season could cast a spell on Oscar voters.

Persons: publicists, —, “ Oppenheimer ”, ”, Debra Birnbaum, ‘ Anora, Mark Eydelshteyn, Mikey Madison, Sean Baker's, Sean Baker, “, “ Anora ”, Palme, Baker, Bong, ’ Brady Corbet, Mona Fastvold, Adrien Brody, Corbet, Steve McQueen, Saoirse Ronan, Elliott Heffernan, Edward Berger, Ralph Fiennes, Stanley Tucci, John Lithgow, It’s, Oscar, ” Denis, Timothée Chalamet, Villeneuve, ‘ Emilia Pérez ’, Jacques Audiard’s “ Emilia Pérez, Emilia Pérez ”, Karla Sofía Gascón, Selena Gomez, Adriana Paz, Zoe Saldaña —, ’ Ridley Scott’s, Russell Crowe, Scott, Paul Mescal, Pedro Pascal, Connie Nielsen, RaMell Ross, Dozier, Ross, Colson Whitehead, Jesse Eisenberg, Kieran Culkin, ” Eisenberg, Eisenberg, Oscar prognosticators, Culkin, HBO’s, Peter Sarsgaard, Roone Arledge, John Magaro, Ben Chaplin, Greg Kwedar, Colman Domingo, Paul Raci, Jon, Adrian “ J.J, ” Velazquez, NBC’s “, Cynthia Erivo, Ariana Grande, Nicole Kidman, Harris Dickinson, ” Luca Guadagnino’s, James Mangold’s “, Bob Dylan, ” Malcolm Washington’s, Mohammad Organizations: Cannes Film, Cannes, Lion, Apple, Oscar, NBC News, Comcast, Netflix, Denzel Washington, Dozier School for Boys, 51st Telluride Film, Sundance, ABC Sports, ABC, Sing Sing, ”, Arts, Universal Pictures, “ Locations: Hollywood, Los Angeles, Florida, Brooklyn, Russian, Hungarian, United States, Venice, America, Nazi, Amsterdam, London, “, Max, Marianna, Poland, Munich, Telluride, Sing, New York, Iran

☆ A US soldier thought he’d never see his K-9 partner again. This holiday, both got a surprise to be thankful for
▼ + stars: | 2024-11-28 | by ( Dawn Sawyer | ) edition.cnn.com time to read: +8 min

Payton May and his military dog Yyacob spent their first Thanksgiving together in the throes of a mission in Iraq. And May, back in the fall of 2021, was a new K-9 handler deployed overseas for the first time. Instead, he ended up applying to be a K-9 handler. The 2016 National Defense Authorization Act requires K-9 handlers to be given first rights of adoption after their military working dogs retire. He knew exactly who that was.”May reunites Monday with his retiring military working dog, Yyacob, thanks in part to the charity, American Humane.

Persons: Payton May, Yyacob, ”, “, ” May, He’d, couldn’t, I’m, ’, he’s, Chris Saucedo, May, – who’d, Towzer –, Lisa Schoch, Yyacob’s, Smith, –, ” Smith, ‘, …, it’s, Towzer, meds Organizations: CNN, US Army Staff, Base San, Lackland, US Army, Army, Department of Defense, American, Humane, American Humane, Drum, American Airlines Locations: Iraq, Base San Antonio, Texas, Fort Drum , New York, Belgian, San Antonio, New York, Italy

☆ US economy could face higher inflation and slower growth when Trump takes office, 'Dr. Doom' economist Nouriel Roubini says
▼ + stars: | 2024-11-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

AdvertisementNouriel Roubini thinks higher inflation and slower growth are coming on the back of Trump's policies. "Some of the economic policies may lead to higher economic growth," Roubini said, pointing to Trump's push to loosen regulation and slash the corporate tax rate. "But unfortunately, many of the other policies have the implication of higher inflation and lower economic growth." AdvertisementOther forecasters have also warned of the potential for higher inflation in Trump's second term. Trump, though, has repeatedly disputed the idea that his policies are inflationary and said he would lower prices for Americans.

Persons: Roubini, Roubini —, Doom, —, Trump, Taylor Rogers Organizations: Bloomberg, Social Security, Committee, Federal, Deutsche Bank, Trump, White, Republican National Committee Locations: stoke, Mexico, Canada, China

A man was fatally beaten with his own golf clubs in a seemingly "random" attack at a Florida golf course, authorities said. Junior Boucher, 36, of West Palm Beach, is charged with first-degree murder in the death of 65-year-old golfer Brian Hiltebeitel on Monday afternoon at the Sandhill Crane Golf Club in Palm Beach Gardens, according to a probable cause affidavit. Police Chief Dominick Pape provides information about the murder at Sandhill Crane Golf Club, in Palm Beach Gardens, Fla., on Tuesday. WPTVBoucher was being held without bond at the Palm Beach County jail on Wednesday afternoon, a representative of the facility said. About an hour before police arrived at the golf course, Boucher’s family reported him missing to the county sheriff’s office, the police chief said.

Persons: Junior Boucher, Brian Hiltebeitel, Boucher, Dominick Pape, ”, WPTV Boucher, Pape, Boucher’s, Hiltebeitel, “ He’s, Boucher “ Organizations: WPTV Authorities, Beach Gardens Police, Police Locations: Florida, West Palm, Palm Beach, Beach, Fla, Beach County

Mortgage rates dropped last week, and homebuyers jumped off the fence. They drove total mortgage demand up 6.3% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. While the drop in rates wasn’t exactly huge, there was a fair amount of pent-up demand among homebuyers. Last year at this time mortgage rates were higher, but falling. The increase in conventional purchase applications helped push the average purchase loan size to $439,200, its highest level in almost a month,” Joel Kan, an MBA economist, said in a release.

Persons: homebuyers, ” Joel Kan, ”, Kan, Matthew Graham Organizations: Mortgage, “, pullbacks, Mortgage News

☆ California man is indicted after allegedly trying to fly with 71 pounds of meth-soaked clothes, including a cow onesie
▼ + stars: | 2024-11-27 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Daniel Arkin | ) www.nbcnews.com time to read: +1 min

A California man was arrested at Los Angeles International Airport after he allegedly tried to check two suitcases filled with clothing soaked in methamphetamine, including a cow pajama onesie, federal prosecutors announced Tuesday. Prosecutors have indicted Raj Matharu, 31, with one count of possession with intent to distribute methamphetamine, according to a Department of Justice news release. Matharu is scheduled to be arraigned Monday in U.S. District Court in downtown Los Angeles. Officers field-tested a sample of the residue, which yielded positive results for meth. The total weight of the meth-soaked clothing items was roughly 71.5 pounds.

Persons: onesie, Prosecutors, Raj Matharu, Matharu, Martin Estrada, “, ” Matharu Organizations: Los Angeles International Airport, Department, Justice, United Airlines, Central District of Locations: California, Los Angeles, U.S, Sydney, Australia, Central District, Central District of California

But investors see Bessent as a smart pick for Treasury secretary, and this sentiment sent bond yields — and therefore mortgage rates — lower. But mortgage rates are still elevated compared to where they've been in the last few months. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are still elevated, but over time they should ease as the Fed lowers rates.

Persons: Scott Bessent, they've, Donald Trump's, Freddie Mac Organizations: Treasury, Mortgage Research Center, Mortgage, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Fed Locations: Chevron

☆ Sean ‘Diddy’ Combs is denied bail for a third time
▼ + stars: | 2024-11-27 | by ( Kara Scannell | ) edition.cnn.com time to read: +3 min

CNN —Sean “Diddy” Combs will remain in jail after a judge rejected his latest attempt for release while the rapper and music producer awaits trial on charges of sex trafficking and racketeering conspiracy. Judge Arun Subramanian denied Combs’ team’s motion for release on Wednesday. His decision followed a two-hour court hearing on Friday where he appeared to explore potential options and questioned prosecutors’ allegation that Combs continued to obstruct the ongoing investigation. Federal prosecutors argued that Combs could not be trusted on bail because he flouted the rules of the jail and judge. Prosecutors allege Combs tried to evade law enforcement monitoring by using several techniques, including three-way calling, to contact witnesses.

Persons: Sean “ Diddy ” Combs, Arun Subramanian, Combs, –, “, ”, scoffed, that’s “, Judge Subramanian Organizations: CNN, Metropolitan Detention Center, Prosecutors Locations: Miami

☆ Third judge denies bail for Sean 'Diddy' Combs
▼ + stars: | 2024-11-27 | by ( Laura Italiano | ) www.businessinsider.com time to read: +5 min

AdvertisementCombs had hoped a Manhattan judge would approve home-detention in a rented Manhattan brownstone. Advertisement"The indictment charges Combs with serious and violent crimes," the judge wrote in an 11-page bail denial that quotes extensively from the allegations in denying bail. AdvertisementAlso weighing against bail is evidence gathered by federal prosecutors "supporting a serious risk of witness tampering," the judge wrote. AdvertisementIn September, two other judges — a magistrate judge, and Combs' previous case judge — had rejected bail out of similar concerns over violence and potential witness tampering. "Mr. Combs will not have access to a cell phone," his lawyers wrote the judge in a last-ditch plea for bail on Tuesday.

Persons: Combs, Sean, Diddy, Arun Subramanian, Cassie Ventura, —, Janice, Mr, he's Organizations: of Prisons, Metropolitan Detention, Prosecutors, of, Defense, US Locations: Manhattan, Miami, Brooklyn

☆ Man arrested at LAX after allegedly checking suitcases filled with over 70 pounds of meth-caked clothing, including a cow onesie
▼ + stars: | 2024-11-27 | by ( Lex Harvey | ) edition.cnn.com time to read: +2 min

CNN —A California man was arrested at Los Angeles International Airport after he allegedly tried to check two suitcases containing more than 70 pounds of clothing caked in methamphetamine – including a cow pajama onesie – on a flight to Australia, federal prosecutors said Tuesday. Law enforcement extracted more than one kilogram (two pounds) of meth from the suitcases, the statement said. Matharu was intercepted at his gate and admitted to owning the suitcases, according to the court records. The clothing was likely “washed” in methamphetamine and left to dry, the court records said. Matharu is free on a $10,000 bond and is scheduled to be arraigned on Monday in Los Angeles, according to prosecutors.

Persons: onesie, Raj Matharu, Matharu, Martin Estrada Organizations: CNN, Los Angeles International Airport, United Airlines, Central District of, “, US Department of Justice Locations: California, Australia, Sydney, Central District, Central District of California, Los Angeles

☆ Homebuyer demand for mortgages jumps 12%, after first interest rate drop in over 2 months
▼ + stars: | 2024-11-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates dropped last week, and homebuyers jumped off the fence. They drove total mortgage demand up 6.3% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. While the drop in rates wasn't exactly huge, there was a fair amount of pent-up demand among homebuyers. Last year at this time mortgage rates were higher, but falling. The increase in conventional purchase applications helped push the average purchase loan size to $439,200, its highest level in almost a month," said Joel Kan, an MBA economist in a release.

Persons: homebuyers, Joel Kan, Matthew Graham Organizations: Mortgage, pullbacks, Mortgage News

☆ FBI agent accused of multiple rapes was found not guilty of attempted murder 2 years ago
▼ + stars: | 2024-11-26 | by ( Antonio Planas | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Michael-Kosnar-Circle-Byline-Template.Jpg | ) www.nbcnews.com time to read: +4 min

An FBI agent was arrested and charged with multiple counts of sexual assault two years after he was acquitted of attempted murder. Two women allege they were raped inside a tattoo studio, and police say Valdivia may be have additional victims. The woman returned for a second shoot at a nearby hotel and was again sexually assaulted by Valdivia, police said. The FBI Washington Field Office s noaid in a statement the agency is cooperating with Montgomery police in their investigation of Valdivia. Valdivia told the man, “Watch your mouth,” and the man turned around and approached Valdivia, who told him to back up multiple times prior to the shooting.

Persons: Eduardo Valdivia, “ Lalo Brown, ”, Lalo Brown, Valdivia, Nicholas Augustine, Valdivia's, “ Organizations: FBI, Montgomery County Police Department, Police, DC, Washingtonian, Valivida, that's, Detention, FBI Washington Field, Montgomery, Metro, NBC Washington, NBC, “ Locations: Gaithersburg , Maryland, Montgomery, Valdivia, Gaithersburg, Montgomery County, Bethesda , Maryland, NBC Washington

☆ CNBC Daily Open: Investors really like Trump’s Treasury secretary pick
▼ + stars: | 2024-11-26 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Stefani Reynolds | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. This time, it's revved up by Trump's Treasury secretary pick — Scott Bessent. "I would recommend that tariffs be layered in gradually," Bessent told CNBC earlier this month before his nomination. Small-cap stocks performed even better, probably because Bessent has expressed support for Trump's economic agenda, which would benefit smaller, domestically oriented companies.

Persons: SPX, Scott Bessent, Stefani Reynolds, it's, — Scott Bessent, Bessent, —, Russell, Quincy Krosby, Alex Harring, Hakyung Kim Organizations: Key, Bloomberg, Getty, CNBC, Group, Trump, Dow Jones, Nasdaq, Treasury, LPL Locations: Washington , DC, U.S

☆ A TikTok influencer was arrested after police say she flaunted stolen goods to her 360,000 followers
▼ + stars: | 2024-11-26 | by ( Joshua Nelken-Zitser | ) www.businessinsider.com time to read: +2 min

AdvertisementA TikTok influencer was arrested after an incident involving the theft of $500 of goods from Target. Police say they identified Marlena Velez, who has 360,000+ TikTok followers, through a video she posted. AdvertisementAccording to a news release, the Cape Coral Police Department in Florida responded to a report last Wednesday about a theft at a Target store in Cape Coral that occurred on October 30. AdvertisementThe Cape Coral Police Department shared photographs of the woman on social media to help identify her. According to the press statement, an anonymous tip received in response to the photos provided officers with information on 22-year-old social media influencer Marlena Velez and directed them to her Instagram handle.

Persons: influencer, Marlena Velez, Velez, Mercedes Phillips, Phillips, Marlena Valez Organizations: Target . Police, Target . Authorities, Cape Coral Police Department, Police, Coral Police Department, Business, Sheriff's Locations: Target, Florida, Cape Coral, Lee

☆ U.S. 2-Year Treasury falls 3 bps following November Fed minutes
▼ + stars: | 2024-11-26 | by ( Rick Santelli | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. 2-Year Treasury falls 3 bps following November Fed minutesCNBC's Rick Santelli reports on the bond market's reaction to the Federal Reserve.

Persons: Rick Santelli Organizations: Treasury, Federal Reserve

☆ CNBC Daily Open: Investors endorse Trump’s Treasury secretary pick
▼ + stars: | 2024-11-26 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. In contrast to Wall Street, Asia-Pacific markets mostly fell on Tuesday. Wall Street likes BessentScott Bessent, President-elect Donald Trump's pick for U.S. Treasury secretary, has got a big thumbs up from the stock as well as bond markets. Wall Street strategists heaped praise on Bessent; global analysts also think Trump's pick is favorable for markets. Investors are in a risk-on mood because of Bessent's perceived friendliness to Wall Street and reports of Israel and Hezbollah moving closer to a cease-fire.

Persons: Scott Bessent, Bessent Scott Bessent, Donald Trump's, Trump Organizations: Key, CNBC, Japan's Nikkei, U.S, Treasury, Wall, Trump, buybacks Companies, Barclays Locations: Washington ,, Street, Asia, Pacific, Hong Kong, Mexico, Canada, Israel

☆ Insana: Why Wall Street’s rally after Trump’s Treasury pick may be unjustified
▼ + stars: | 2024-11-26 | by ( Ron Insana | ) www.cnbc.com time to read: +4 min

Wall Street's celebration of President-elect Donald Trump's Treasury pick may be a tad premature. The market's resurgence following the Bessent announcement makes for calming copy, but is it the correct assessment of what's to come? It's true that Wall Street veteran Bessent has been a successful money manager. However, Bessent suggested that he is comfortable using tariffs as negotiations to " escalate to de-escalate " the risks of global trade imbalances. But little of what's been discussed about the Treasury Secretary pick supports the rather large rallies we've seen in both stocks and bond prices.

Persons: Donald Trump's, Scott Bessent, Bessent, Trump, We'll, what's, we've, –, Ron Insana Organizations: Donald Trump's Treasury, Dow Jones Industrial, Wall, Bloomberg News, U.S, Trump, Biden, CNBC Locations: China, Mexico, Canada, U.S, Ukraine

☆ A key U.S. inflation report looms over Wall Street. How to trade it
▼ + stars: | 2024-11-26 | by ( Frank Holland | In Frank-Holland | ) www.cnbc.com time to read: +4 min

The October personal consumption expenditures price index report has many investors wondering how it may impact the postelection market rally. "It definitely threatens the dynamic of the market broadening because it jeopardizes the speed at which the Fed drops interest rates," Lee told CNBC. "Right now, the markets are pricing out interest rates one by one. Bill Baruch, president of Blue Line Futures, sees opportunities in the currency and bond markets if core PCE rate reaches 3%. "This PCE report and the expectation for a December cut are going to create quite a bit of volatility in fixed income," Ethridge told CNBC.

Persons: Dow Jones, William Lee, Lee, Jimmy Lee, Victoria Greene, Greene, Bill Baruch, Baruch, Malcolm Ethridge, Ethridge, Goldman Sachs, Russell Organizations: Core PCE, Milken Institute, CNBC, Traders, Wealth Consulting, Nvidia, Meta, Microsoft, Wealth, Blue, Capital Area Planning, U.S . Bancorp Locations: financials

☆ Ex-Kentucky sheriff accused of fatally shooting judge pleads not guilty
▼ + stars: | 2024-11-25 | by ( Antonio Planas | Antonio Planas Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +1 min

The former sheriff of Letcher County, Kentucky, pleaded not guilty on one count of murder of a public official during an arraignment Monday. Mickey Stines, 43, is accused of fatally shooting District Judge Kevin Mullins, 54, in Mullins’ chambers on Sept. 19. Former Letcher County Ky. Sheriff Shawn "Mickey" Stines looks over at the prosecutors during a hearing at the Morgan County Courthouse in West Liberty, Ky., Oct. 1, 2024. Mullins was shot multiple times in his chambers in Whitesburg and died at the scene. The attack was captured on security video, which showed showed Mulins crawling on the floor, scrambling for cover.

Persons: Mickey Stines, Kevin Mullins, Mullins, Kevin R, Stines, Julia Adams, Shawn, Mickey, Timothy D Organizations: Courthouse, Easley Locations: Letcher County , Kentucky, Letcher County, Letcher, Ky, Morgan, West Liberty, Whitesburg

☆ U.S. stock and bond markets love Trump's pick of Bessent for Treasury — here's why
▼ + stars: | 2024-11-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Scott Bessent, founder and chief executive officer of Key Square Group LP, during an interview in Washington, D.C., June 7, 2024. The U.S. stock market appeared to cheer President-elect Donald Trump's presumptive nominee for Treasury secretary, who told CNBC earlier in November that he sees an era of strong growth and lower inflation ahead. Stock market futures rose and Treasury yields tumbled early Monday following the announcement late Friday that Trump would pick Scott Bessent, a familiar Wall Street figure, to take on his administration's most important economic role. The move sent a message that Trump wants someone with strong market credentials as well as a similar philosophy for the role. In particular, bond yields have scaled higher, with some interpreting the move as anticipating another leg up for inflation while others see it as traders pricing in stronger growth.

Persons: Scott Bessent, Donald Trump's, Trump, Sarah Bianchi, Evercore, Bianchi Organizations: Key, Washington , D.C, CNBC, Stock, Republicans Locations: Washington ,, U.S

☆ Dollar slips with bond yields on Treasury nomination
▼ + stars: | 2024-11-25 | by ( ) www.cnbc.com time to read: +1 min

The dollar relinquished a little of its recent gains on Monday as the pick for U.S. Treasury secretary seemed to reassure the bond market and pulled yields lower, shaving some of the currency's rate advantage. Yields on 10-year Treasuries slipped to 4.351%, from 4.412% late Friday, as President-elect Donald Trump's choice of fund manager Scott Bessent was welcomed by the bond market as an old Wall Street hand and a fiscal conservative. However, Bessent has also been openly in favour of a strong dollar and has supported tariffs, suggesting any pullback in the currency might be fleeting. The index was last down 0.5% at 106.950, having hit a two-year peak of 108.090 on Friday. The dollar dipped 0.4% on the Japanese yen to 154.11, and further away from its recent peak of 156.76.

Persons: Treasuries, Donald Trump's, Scott Bessent, Bessent, Ray Attrill Organizations: U.S, Treasury, NAB

☆ Deutsche Bank sees the S&P 500 hitting 7,000 in 2025 on the back of rising risk appetite
▼ + stars: | 2024-11-25 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Binky Chadha, Deutsche Bank chief global strategist, set a year-end 2025 target for the S & P 500 of 7000, which would translate into a 17% gain from current levels. "We see S & P 500 buybacks rising from an annual run rate of $1.1 trillion currently to about $1.3 trillion next year, rising in line with earnings. .SPX YTD mountain S & P 500 The S & P 500 is looking to wrap up a strong 2024 with a bang, thanks to optimism toward President-elect Donald Trump 's market-friendly policies. For 2025, Deutsche Bank sees stronger growth in the U.S. on the back of potential tax cuts and a deregulation push under the incoming Trump administration. Deutsche Bank is not the first Wall Street firm to release a rosy equity outlook after the presidential election.

Persons: Binky, Chadha, Donald Trump, Trump, Goldman Sachs Organizations: Deutsche Bank, Fed, UBS Locations: U.S

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