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☆ The fertility crisis is here and it will permanently alter the economy
▼ + stars: | 2024-06-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

In the 1960s, there were six people of working age for every retired person, according to the World Economic Forum. “What you’re seeing is increased spending on programs like Medicare and Social Security as the baby boomers are aging into those programs. And then of course, fewer workers relative to the number of people who are receiving Social Security and Medicare benefits,” said Dahl. Social Security payments still provide about 90% of income for more than a quarter of older adults in the United States, according to Social Security Agency surveys. But without intervention, the Social Security trust fund will be depleted by the mid-2030s, meaning that only a portion of retirees’ expected benefits will be paid out.

Persons: it’s, Louis, Simona Paravani, ”, Elon Musk, Kimberly, Clark, Mark Schneider, he’s, Emmanuel Macron, Donald Trump, Molly Dahl, Dahl, Eric Schmidt, ” Schmidt, Goldman Sachs, Stefano Scarpetta, Li Qiang, Juliana Liu, Joyce Jiang, Li, China’s, Xi Jinping, Biden, Max Prosecutors, haven’t, Max, Read Organizations: London CNN, Organisation for Economic Co, Development, Economic, Federal Reserve Bank of St, BlackRock, Disease Control, Congressional Budget Office, CBO, Social Security, Social, Social Security Agency, Google, Summit, Federal Reserve Bank of Richmond, OECD, ” Companies, West Chinese, CNN, EV, Prosecutors, Boeing, Max, US Justice Department, Alaska Air, Justice Department, Federal Aviation Administration Locations: Chad, Niger, Somalia, Samoa, Tonga, Tajikistan, United States, London, China, Beijing, Dalian, Canada, Beijing’s “

☆ Realtor Lawsuit Settlement Will Change the Housing Market Forever
▼ + stars: | 2024-03-17 | by ( James Rodriguez | ) www.businessinsider.com time to read: +7 min

AdvertisementThese changes, spread out over millions of transactions a year, have the chance to reshape the housing market. Real-estate agent commissions have hovered between 5% and 6% of the sale price for decades. If sellers are in a desirable market, they might start offering less commission to buyers' agents, or none at all. This would force buyers' agents to get more creative. It has made it clear that it doesn't want sellers offering compensation to buyers' agents.

Persons: there's, Rich Pedroncelli, doesn't, they're, Bret Weinstein, they'll, I'm Organizations: National Association of Realtors, Federal Reserve Bank of Richmond, Department of Justice, NAR, DOJ, AP, MLS, Department, Justice Locations: Denver

☆ Former Richmond Fed President Lacker: Reasonable to expect 2-3 rate cuts this year
▼ + stars: | 2024-01-29 | 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 EmailFormer Richmond Fed President Lacker: Reasonable to expect 2-3 rate cuts this yearJeffrey Lacker, former president of the Federal Reserve Bank of Richmond, joins 'Money Movers' to discuss his take on where market expectations are for the Fed, whether the six-month annualized inflation figure is reliable to monitor, and more.

Persons: Lacker, Jeffrey Lacker Organizations: Former Richmond Fed, Federal Reserve Bank of Richmond

☆ The Fed could cut interest rates as early as the first quarter of 2024. Here are 7 quotes from central bankers that hint at what comes next.
▼ + stars: | 2023-12-05 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Markets are betting the Federal Reserve will cut interest rates as soon as early 2024. AdvertisementWall Street largely anticipates that the Federal Reserve has finished its interest rate-hiking cycle, and markets are betting central bankers will begin easing policy soon. Tom Barkin, Federal Reserve Bank of Richmond president, November 29: "If inflation comes down naturally and smoothly, awesome. Mary Daly, Federal Reserve Bank of San Francisco president, November 30: "I'm not thinking about rate cuts at all right now. John Williams, Federal Reserve Bank of New York president, November 30: "My assessment is that we are at, or near, the peak level of the target range of the federal funds rate."

Persons: Jerome Powell, —, CME's, Christopher Waller, Tom Barkin, Raphael Bostic, Mary Daly, John Williams, Williams Organizations: Federal Reserve, Service, ING, Barclays, Federal Reserve Bank, Richmond, Federal Reserve Bank of Atlanta, Federal Reserve Bank of San Francisco, Federal Reserve Bank of New York, Federal

☆ Dollar falls to two-month low on Fed view, yen strengthens
▼ + stars: | 2023-11-20 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Markets have priced out any additional Fed rate hikes, as recent data has showed a slowing of the economy and inflation pressures - but not enough to increase fears a sharp recession is looming. "The market is convinced, both credit, equities and currencies that the Fed has finished raising rates, but the Fed is not willing to say so. "So you're getting a gradual weakening in the dollar, simply because the Fed is doing its best to prop up rates, not necessarily the dollar, but to prop up rates." Against the yen the dollar was traded at 148.40 yen , down 0.81%.

Persons: Dado Ruvic, CME's, we've, Joseph Trevisani, Thomas Barkin, Moody's, Sterling, Chuck Mikolajczak, Jonathan Oatis Organizations: REUTERS, U.S . Federal Reserve, Conference, Fed, Reserve Bank of Richmond, Central Bank, Thomson Locations: U.S

At the same time, in a panel discussion at the International Monetary Fund, Powell did not rule out another rate hike to help reduce inflation to the Fed's 2% target level. “We are not confident," he said, that the Fed’s benchmark rate is high enough to steadily reduce inflation to its 2% target. Political Cartoons View All 1237 ImagesPowell said that "if it becomes appropriate” to raise rates further, “we will not hesitate to do so” but said that for now it isn’t ”appropriate” to increase the Fed's benchmark rate. The central bank's benchmark short-term rate, now about 5.4%, is at its highest level in 22 years. O’Neill Paese said “it would be unwise to suggest that further rate hikes are off the table.”But she added that the Fed’s benchmark rate is “exerting modest downward pressure on inflation,” so officials “can afford to await further data before concluding” that more rate hikes might be needed.

Persons: Jerome Powell, Powell, ”, Powell’s, Tom Barkin, ” Barkin, ” Kathleen O’Neill Paese, Louis, O’Neill Paese Organizations: WASHINGTON, —, International Monetary Fund, Fed, Federal Reserve Bank of Richmond, Federal Reserve Bank of St Locations: United States

☆ Recession risks have receded in the last six to 12 months, says former Richmond Fed president
▼ + stars: | 2023-11-01 | 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 EmailRecession risks have receded in the last six to 12 months, says former Richmond Fed presidentJeffrey Lacker, former president of the Federal Reserve Bank of Richmond, joins 'Squawk on the Street' to discuss his expectations for the Federal Reserve's upcoming decision, what pressures will soon hit the consumer, and the market's expectations for the Fed's rate decisions going forward.

Persons: Jeffrey Lacker Organizations: Richmond Fed, Federal Reserve Bank of Richmond, Federal

☆ Ella Irwin says working at X was ‘the hardest experience’ of her career
▼ + stars: | 2023-10-20 | by ( Ben Goggin | ) www.cnbc.com time to read: +11 min

"It absolutely was the hardest experience that I've gone through in my career," Irwin, 48, said. Adding clarity to her sudden departure from the company, Irwin said that she resigned because it had become clear to her that "there was no longer alignment" between the company and her "nonnegotiable principles." Shortly after Irwin re-joined the company, Musk published a series of incendiary anti-LGBTQ posts to X. "I don't want to have a negative experience every time I log into Twitter," Irwin said about the idea. Irwin wouldn't divulge which companies, but asked if she would ever return to X, Irwin was taken aback.

Persons: Ella Irwin wasn't, Irwin, Musk, NBC News —, — Irwin, Elon, Jess Anderson, she's, Yoel Roth, Roth, Yoel, X, It's, I've Organizations: Twitter, Google, NBC News, Elon Musk's, Federal Reserve Bank of Richmond, European Commission, NBC, Daily, Conservative Locations: San Francisco, Israel, Siberia

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. A rise in U.S. Treasury yields, with the 10-year yields up at 4.813%, pressured megacaps Apple (AAPL.O), Microsoft (MSFT.O), Alphabet (GOOGL.O) and Amazon.com (AMZN.O), dragging them down between 0.1% and 0.5%. Bank of America (BAC.N) gained 3.1%, boosting the S&P 500 (.SPX) as it joined rivals in earning more from interest payments by its customers, while investment banking and trading fared better than expected. Economy-sensitive energy (.SPNY) and materials stocks (.SPLRCM) led gains amongst the major S&P 500 sectors, while information technology (.SPLRCT) lagged behind. Dollar Tree (DLTR.O) rose 4.4% after Goldman Sachs upgraded the discount retail chain's shares to "buy" from "neutral".

Persons: Brendan McDermid, Goldman Sachs, megacaps, Sam Stovall, Thomas Barkin, Biden, Joe Biden, Benjamin Netanyahu, Lockheed Martin, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Companies, Biden, Dow, Nasdaq, Treasury, megacaps Apple, Microsoft, CFRA Research, Federal Reserve Bank of Richmond, Bank of America, Semiconductor, Dow Jones, Israel, Washington, VMware, NYSE, Thomson Locations: New York City, U.S, China, megacaps ., Philadelphia, Bengaluru

☆ Futures rise as Treasury yields take a breather; eyes on inflation data
▼ + stars: | 2023-09-29 | by ( Ankika Biswas | Shashwat Chauhan | ) www.reuters.com time to read: +3 min

(Reuters) - U.S. stock index futures advanced on Friday as Treasury yields eased from multi-year highs and powered gains in growth stocks, while investors awaited a crucial inflation metric to assess the outlook for the Federal Reserve’s monetary policy. REUTERS/Brendan McDermid/File PhotoApple, Microsoft, Tesla, Alphabet, Amazon.com and Nvidia advanced between 0.7% and 1.5% in premarket trading as two-year and 10-year Treasury yields declined. “A move lower in bond yields has given equity markets a much-needed reprieve,” said Tim Waterer, chief market analyst at KCM Trade. With fears of high oil prices fueling inflation, investors are awaiting the U.S. central bank’s preferred inflation metric, the personal consumption expenditures (PCE) price index, which is seen increasing 0.5% in August against a 0.2% gain in July. The core rate, which excludes the volatile food and energy components, is expected to have increased 0.2% in August, similar to July’s reading.

Persons: Brendan McDermid, ”, Tim Waterer, ” Waterer, Thomas Barkin Organizations: Reuters, Federal, New York Stock Exchange, REUTERS, Microsoft, Nvidia, KCM Trade, Traders, Dow e, Nasdaq, Federal Reserve Bank of Richmond, Democratic, Dow, Nike Locations: New York City, U.S, Riding

☆ Asian stocks inch away from 10-month low, rate jitters linger
▼ + stars: | 2023-09-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

A passerby walks past an electric monitor displaying various countries' stock price index outside a bank in Tokyo, Japan, March 22, 2023. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.59% higher but not far off the 10-month low it touched on Thursday. The index is set for 5% drop in the July-September period, its worst quarterly performance since a 13.6% drop in the same period last year. In foreign exchange market, the dollar index eased 0.057% to 106.10 but hovered near the 10 month high of 106.84 it touched earlier this week. The index is up 2.4% this month and set for second straight month of gains.

Persons: Issei Kato, Australia's, Jerome, Powell, Ryan Brandham, Thomas Barkin, Brent, Ankur Banerjee, Lincoln Organizations: REUTERS, Rights, Japan's Nikkei, China Evergrande, HK, Validus Risk, Federal, Federal Reserve Bank of Richmond, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Asia, Pacific, China, U.S, North America, Russia, Saudi Arabia, Singapore

☆ Fed's Barkin says more data needed before making next monetary policy call
▼ + stars: | 2023-09-28 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas, Texas, U.S., May 23, 2019. “That’s why I supported our decision to hold rates steady at the last meeting,” Barkin said. The Fed, at its policy meeting on Sept. 19-20, maintained its federal funds target rate range at 5.25%-5.50%. Aggressive Fed rate rises have been aimed at lowering inflation pressures, and Barkin said the path of inflation remains his key focus. “The path forward to me depends on whether we can convince ourselves inflationary pressures are behind us, or whether we see them persisting,” Barkin said.

Persons: Thomas Barkin, Ann Saphir, Barkin, “, ” Barkin, Michael S, Leslie Adler Organizations: Reserve Bank of Richmond, Dallas Fed, REUTERS, Federal Reserve Bank of Richmond, NYU, Thomson Locations: Dallas , Texas, U.S

☆ Morning Bid: Time for tech
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

The American flag flies over the U.S. Treasury building in Washington, U.S., January 20, 2023. U.S. Treasury yields and the dollar are clinging to nine-month peaks, while the VIX is headed for its biggest week-on-week gain since March. This will shift investors' focus to the use of artificial intelligence to augment Apple's growth. Policy makers are attempting a balancing act; trying to fight inflation without fanning recession risk. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jim Bourg, Karin Strohecker, BoE, Thomas Barkin, Christina Fincher Organizations: U.S . Treasury, REUTERS, Apple, U.S, Treasury, Nasdaq, Services, Bank of England, Moderna, Hasbro, Labor Department, Commerce Department, PMI, Federal Reserve Bank of Richmond, Graphics Reuters, Reuters, Thomson Locations: Washington , U.S, U.S, Europe

☆ Former Richmond Fed President Lacker: Real Fed funds rate isn't sufficient for 2% inflation
▼ + stars: | 2023-07-26 | 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 EmailFormer Richmond Fed President Lacker: Real Fed funds rate isn't sufficient for 2% inflationJeffrey Lacker, former president of the Federal Reserve Bank of Richmond, joins 'Squawk on the Street' to discuss measuring monetary policy with the real federal funds, the transitory impact of housing disinflation, and a pullback in bank lending due to the Fed rate hikes.

Persons: Lacker, Jeffrey Lacker Organizations: Former Richmond Fed, Real, Federal Reserve Bank of Richmond

☆ Just days after pausing rate hikes, Fed official calls for more increases
▼ + stars: | 2023-06-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —The dust has barely settled on the Federal Reserve’s decision to pause its aggressive rate-hiking campaign — but in public appearances Friday, central bank officials have a clear message: Keep hiking. In one of the first speeches, Fed Governor Christopher Waller said Friday that additional rate increases are necessary to bring inflation down to the central bank’s 2% target. The Fed’s decision to restart hikes depends on what data show in the coming weeks and months. It is the job of bank leaders to deal with interest rate risk and nearly all bank leaders have done exactly that,” Waller said. A representative of the event said the conference wasn’t being recorded and that only registrants who paid a fee were able to attend.

Persons: Christopher Waller, ” Waller, ”, Gregory Daco, Ernst & Young, ” Powell, Waller, “, Michael Gapen, Gapen, they’re, Louis President James Bullard, Thomas Barkin Organizations: DC CNN, Federal, Norges Bank, International Monetary Fund, Ernst &, Bank, BofA Global Research, CNN, Federal Reserve Bank of St, Federal Reserve Bank of Richmond, Maryland Government Finance, Association Locations: Washington, Oslo, Norway, ”

☆ CPI in May: US inflation cooled significantly — but it's still not where the Fed wants it
▼ + stars: | 2023-06-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

The Consumer Price Index, a key inflation gauge that measures price changes for a basket of goods and services, increased 4% for the year ending in May. That represents a sharp pullback from April’s 4.9% and is slightly below economists’ expectations for a 4.1% gain, according to Refinitiv. It’s the 11th consecutive month that inflation has slowed, and it’s a welcome reprieve from the painful shock of persistently high inflation endured during the past two years. The Fed would like to see inflation (as measured by the core Personal Consumption Expenditures index) settle in at 2%. Markets are currently pricing in a 95.3% probability that the Fed pauses on Wednesday, according to CME FedWatch.

Persons: It’s, “, Nancy Vanden Houten, it’s, Chris Zaccarelli, “ They’ve, ”, Scott Olson, Vanden Houten, There’s, Kurt Rankin, ” Rankin Organizations: Minneapolis CNN, Bureau of Labor Statistics, Oxford Economics, CNN, Federal Reserve, Independent, CPI, Fed, FedWatch, Walmart, Federal Reserve Bank, Richmond, Hospitality, PNC Financial Services, PNC, United Locations: Minneapolis, Chicago , Illinois, United States

☆ Fmr. Richmond Fed President Lacker: Fed will have to go above 6% 'when all is said and done'
▼ + stars: | 2023-06-07 | 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 EmailFmr. Richmond Fed President Lacker: Fed will have to go above 6% 'when all is said and done'Jeffrey Lacker, former president of the Federal Reserve Bank of Richmond, joins CNBC's 'Squawk Box' to discuss the Fed's next move and more.

Persons: Lacker, Jeffrey Lacker Organizations: Richmond Fed, Federal Reserve Bank of Richmond

☆ Premarket stocks: Why current US recession warnings are unlike all the others
▼ + stars: | 2023-05-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

A US recession is coming, they say, in the second half of 2023. JPMorgan CEO Jamie Dimon warned on Thursday of great economic danger lurking just over the horizon. Things weren’t great last year: Inflation hit a 40-year peak, gas prices were elevated, consumer sentiment plunged and markets fell by 20%. “This has been the most predicted potential recession in memory,” said Federal Reserve Bank of Richmond President Tom Barkin way back in January. Historically, recession typically coincides with that peak, said Barry Gilbert, asset allocation strategist for LPL Financial.

☆ Morning Bid: Markets hope China chooses to surprise on the upside
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +3 min

April 17 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. It's been a careful start to the week in Asia with stocks and bonds little changed and the dollar holding most of Friday's bounce. The caution is understandable given the week holds updates on Chinese economic growth and global PMIs, along with the Fed's Beige book and at least eight Fed speakers. Analysts are generally optimistic for the China data given the stunning strength of recent trade figures. Goldman Sachs (GS.N) and Morgan Stanley (MS.N) had both been expected to report a drop in profit, though that might not be inevitable given last Friday's upside surprises on earnings.

☆ ‘It’s not zero.’ Wall Street is pricing in a small but growing risk of a disastrous US default
▼ + stars: | 2023-03-31 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

As politicians sleepwalk toward a potential debt ceiling crisis, financial markets have begun pricing in a small — but growing — chance of a disastrous default. “The probability of default has gone up noticeably,” Andy Sparks, head of portfolio management research at MSCI, told CNN in an interview. Yellen has used unusually strong language for a former central banker to warn Congress against messing with the debt ceiling. Asked about MSCI’s estimate of a 2% implied probability of a default, Valliere said that number is low. But this is not a typical debt ceiling debate.”Fallback optionsThere are some early indicators of concern popping up in the bond market.

☆ Fed official: People ‘hate’ inflation. That trumps bank stress and job loss
▼ + stars: | 2023-03-24 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —The Federal Reserve faced a particularly vexing decision this week: Should it raise interest rates during a bank crisis? But the economic reports heading into this week’s Fed meeting suggest the economy remains too hot. The Fed ultimately reached a unanimous decision to raise interest rates for the ninth meeting in a row. “The one thing that I hear loud and clear from everybody is that they hate inflation. They find inflation to be unfair,” Barkin said, referring to talking to residents in his Fed district.

Frederick, the President of Howard University, at a press conference February 29, 2016, in the university's Founder's Library. Frederick is the 17th president of Howard University, one of 107 historically Black colleges and universities in the U.S., serving some 11,000 students across its undergraduate, graduate, and professional student programs. Frederick is the distinguished Charles R. Drew Professor of Surgery at the Howard University College of Medicine. He is also a practicing cancer surgeon at Howard University Hospital, where he continues to see patients and perform surgeries. CNBC: The Department of Defense recently announced its selection of Howard University as the 15th university, and first HBCU, to lead a University Affiliated Research Center.

☆ Watch CNBC's full interview with Jeffrey Lacker
▼ + stars: | 2023-02-02 | 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 EmailWatch CNBC's full interview with Jeffrey LackerJeffrey Lacker, Virginia Commonwealth University professor and former president of the Federal Reserve Bank of Richmond, joins 'Squawk on the Street' to break down disinflation and the Fed rate hike decision.

☆ 411 is going out of service for millions of Americans
▼ + stars: | 2023-01-07 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +11 min

Starting in January, AT&T customers with digital landlines won’t be able to dial 411 or 0 to reach an operator or get directory assistance. The human telephone operator, a job that came to be dominated by White women during the nineteenth and early twentieth centuries. In 2021, there were fewer than 4,000 telephone operators, down from a peak of around 420,000 in the 1970s, according to Bureau of Labor Statistics data. “0” became universal for operator assistance and “411” was the number for directory assistance. By 2004, at the dawn of the smartphone age, 56,000 people were employed as telephone operators.

☆ The rise and fall of the American shopping mall
▼ + stars: | 2023-01-06 | by ( Avery Hartmans | ) www.businessinsider.com time to read: 1 min

Why did malls fall so hard, so fast? For one, there were simply too many of them, to the point that malls in close proximity would cannibalize each others' sales. For another, they were less necessary than they once were, thanks to the rise of online shopping. A vacant shopping center in El Centro, California. Mickey Strider/Loop Images/Universal Images Group via Getty ImagesSource: Federal Reserve Bank of Richmond, Insider

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