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Photographer Ramesh Shukla moved to Dubai in 1965. Sheikh Zayed and Sheikh Rashid watching a camel race in Sharjah, 1968. The next day, he returned to the racetrack and presented the photo to Sheikh Zayed, asking for his blessing — and it changed everything. Sheikh Zayed Bin Sultan Al Nahyan, the late emir of Abu Dhabi, signing the agreement to form the UAE’ on December 2, 1971. Ramesh ShuklaShukla's photos of the UAE's founding fathers (top) and Sheikh Zayed signing (bottom) are featured on the 50 dirham note.
Persons: CNN — “, ” Ramesh Shukla, Shukla, Ramesh Shukla, , , Sheikh Zayed, Sheikh Rashid, Sheikh Zayed Bin Sultan Al Nahyan, Sheikh Rashid bin Saeed Al Maktoum, Neel Shukla, Ramesh’s, , Tara, Neel, Ramesh, Ajman —, Ras, Khaimah, Neel —, ‘ Papa, ’ ” Organizations: CNN, United Arab Emirates, Ramesh, Emirates, United, UAE ’, Dubai Culture Locations: India, Dubai, Bombay, Mumbai, UAE, Sharjah, States, British, Arabian, Abu Dhabi, , Umm Al, United Arab, Ras Al, Emirates
A screen displays stock figures at the Taiwan Stock Exchange Corp. headquarters in Taipei, Taiwan, on Monday, Jan. 15, 2024. The Taiwan Weighted Index has surged 28% so far this year, powered by stocks along the AI value chain. While Taiwan may lead Asian markets, Japan seems to be the favored market going forward, among analysts who spoke to CNBC. While most Asian markets are in positive territory year-to-date, three stock markets — Thailand, Indonesia and the Philippines — fell into negative territory. The CME FedWatch tool indicates that 61% of traders expect the Fed to cut rates by 25 basis points in the September meeting.
Persons: Foxconn —, Hai Precision Industry —, Rahul Ghosh, Rowe Price, Ghosh, Ben Powell, Powell, Neel Kashkari, Ken Orchard Organizations: Taiwan Stock Exchange Corp, Bloomberg, Taiwan Semiconductor Manufacturing Corp, Hai Precision Industry, Intelligence, Nikkei, CNBC, BlackRock Investment Institute, Bank of Japan, Federal, U.S, Fed, Minneapolis Federal Locations: Taipei, Taiwan, Asia, Pacific, Japan, BlackRock, Thailand, Indonesia, Philippines, Jakarta, Philippine, U.S
London CNN —At the beginning of the year, Federal Reserve officials projected they would cut interest rates three times this year. The labor-force participation rate has leveled off after a post-Covid boom, and the US immigration policy rate may soon become more restrictive, limiting potential new labor market participants. “Reducing our policy rate too soon or too quickly could result in a rebound in inflation, requiring further future policy rate increases to return inflation to 2% over the longer run.”Investors weren’t happy to hear it. That’s why not taking preemptive action when it’s not necessary is so important.”Chicago Fed President Austan Goolsbee has also been particularly hawkish in his views. He also said rate hikes are “certainly not off the table.”Like Bowman and Kashkari, New York Fed President John Williams said rate hikes aren’t part of his baseline outlook.
Persons: Michelle Bowman, she’s, ” Bowman, Bowman, , Dow, Mary Daly, Daly, ” Daly, “ We’re, it’s, Austan Goolsbee, Goolsbee, Neel Kashkari, John Williams, he’s Organizations: London CNN —, Federal Reserve, Exchange, London ., Federal, Market, Nvidia, San Francisco Fed, Commonwealth Club World Affairs of California, Chicago Fed, Minneapolis, Kashkari , New York Fed, Commerce Department Locations: London, San Francisco, Kashkari , New
The Federal Reserve may cut interest rates in July to prevent a recession. Markets are only pricing in a 10% chance of an interest rate cut in July, according to the CME FedWatch Tool. AdvertisementMarkets may think it's a long-shot, but the Federal Reserve could make its first interest rate cut in July as recessionary cracks start to form in the economy. According to the CME FedWatch Tool, markets are only pricing in a 10% chance of an interest rate cut at the July policy meeting, with most market participants expecting the first interest rate cut to happen in either September of November. And with recent data showing cracks forming in the housing and labor markets, that means a rate cut will happen sooner than most expect.
Persons: , Steven Blitz, Jerome Powell, Powell, Neel Kashkari Organizations: Service, Federal Reserve, GlobalData, Fed
Treasury yields rise ahead of May retail sales data
  + stars: | 2024-06-18 | by ( April Roach | )   time to read: +1 min
The 10-year Treasury yield was under a basis point higher at 4.2808%. The 2-year Treasury note yield was also up by less than a basis point to 4.7629%. U.S. Treasury bond yields rose Tuesday as investors traders looked ahead to May retail sales data for insights into the health of the consumer. Retail sales data for May is due Tuesday morning. Federal Reserve officials including Boston Fed President Susan Collins, Dallas Fed President Lorie Logan and Richmond Fed President Tom Barkin are expected to speak at events across the country throughout the day.
Persons: Neel Kashkari, Kashkari, Susan Collins, Lorie Logan, Tom Barkin Organizations: U.S, Treasury, Federal Reserve, Minneapolis Federal, Sunday, CBS News, CBS, Federal, Boston Fed, Dallas, Richmond Fed Locations: Minneapolis, U.S, United States
CNBC Daily Open: Boeing's 'moment of reckoning'
  + stars: | 2024-06-18 | by ( Abid Ali | )   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Immigrants, jobs and inflationImmigration has helped the U.S. job market sustain a strong run in recent months without reigniting inflation, economists and analysts say. This dynamic — a hot job market and cooling inflation — is in part the result of increased inflows of immigrants. The conglomerate sold 1.3 million shares for $39.8 million, reducing its holding to 6.9%. [PRO] S&P 500 to hit 6,000Evercore ISI predicts the stock market will soar to unprecedented heights, setting a new year-end target for the S&P 500 at a record 6,000.
Persons: Neel Kashkari, CNBC's Rebecca Picciotto, Ryan Cohen, Keith Gill, Matthew Bartolini, Berkshire Hathaway, Charlie Munger, Tesla Organizations: CNBC, Microsoft, Apple, Nasdaq, Dow Jones, Minneapolis Federal, GameStop, Fund, Nvidia, SPDR Locations: U.S, SPDR Americas, Berkshire, BYD
AdvertisementUS stocks edged lower Monday morning as traders took a moment to catch their breath after stocks set a series of records last week. The S&P 500 and the Nasdaq set four straight record highs last week and closed higher for the seventh week of the last eight. Goldman Sachs strategist David Kostin boosted his year-end S&P 500 price target to 5,600, representing potential upside of about 3% from current levels. Kostin had previously had a 5,200 year-end price target for the S&P 500. AdvertisementMeawnwhile, Evercore ISI boosted its S&P 500 year-end price target to a street-high 6,000.
Persons: Neel Kashkari nodded, , Goldman Sachs, David Kostin, Kostin, Neel Kashkari, Kashkari Organizations: Traders, Wall Street, Service, Nasdaq, Wall, ISI, Federal, CBS
Gold subdued as investors seek more data for Fed rate cues
  + stars: | 2024-06-17 | by ( )   time to read: +2 min
Gold prices eased on Monday as investors awaited more U.S. economic data, while reports from last week showed that inflation was stabilizing and lifted hopes for the Federal Reserve to cut interest rates later this year. Data released last week showed some weakening in price pressures in the U.S., suggesting that the labor market was losing momentum, keeping hopes alive for a September rate cut. Traders are seeing a 68% probability of a cut in September, according to the CME Group's FedWatch Tool, compared to 63% before the producer prices data on Thursday. However, Minneapolis Fed President Neel Kashkari on Sunday said it's a "reasonable prediction" that the U.S. central bank will cut interest rates once this year, waiting until December to do it. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
Persons: Kyle Rodda, Rodda, Neel Kashkari, it's Organizations: Federal Reserve, ., Minneapolis Locations: Birmingham, England, U.S
Dollar firm as euro wallows; yuan brushes aside China data
  + stars: | 2024-06-17 | by ( )   time to read: +4 min
The dollar was firm on Monday as the euro hovered near a more than one-month low amid continued concerns about the political outlook in Europe. The yuan held close to a multi-month low after China released a slew of economic data that pointed to an uneven recovery in the world's second-largest economy. A Reuters poll published last week showed 63 of 65 economists thought a first cut would not come until Aug. 1. Elsewhere, the yuan was mostly flat at 7.2550 per dollar after domestic data showed a mixed economic picture in China. China's central bank left a key policy rate unchanged as expected on Monday as the weak yuan continued to hamper policy easing.
Persons: Emmanuel Macron's, Matt Simpson, Neel Kashkari, Index's Simpson, Sterling, Kazuo Ueda, bitcoin Organizations: U.S, Gazprom, European Central Bank, Reuters, Index, . Minneapolis Federal, Bank of England, Bank of Japan Locations: Poland, Bulgaria, Europe, China, U.S
Minneapolis Federal Reserve President Neel Kashkari on Sunday said it's a "reasonable prediction" that the U.S. central bank will cut interest rates once this year, waiting until December to do it. It also published projections that showed the median forecast from all 19 U.S. central bankers was for a single interest rate cut this year. Kashkari, who has been more cautious about the possibility of easing monetary policy than many of his colleagues, did not say how many rate cuts he personally expects. Inflation by the Fed's targeted measure, the year-over-year change in the personal consumption expenditures price index, registered 2.7% in April. "If we simply cut interest rates to try to support home ownership right now, that would probably push up the price of houses, and it actually wouldn't lead to any better affordability," he said.
Persons: Neel Kashkari, it's, Kashkari Organizations: Reserve Bank of Minneapolis, Kansas City Fed, Minneapolis Federal, CBS, Fed Locations: Jackson, Wyoming, Minneapolis, U.S
We do expect the labor market to cool, says TIAA's Mukherjee
  + stars: | 2024-06-11 | by ( )   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe do expect the labor market to cool, says TIAA's MukherjeeNiladri 'Neel' Mukherjee, TIAA Wealth Management CIO, joins 'Money Movers' to discuss whether there will be room for the Federal Reserve to cut before year-end, how the playbook for equities plays out, and much more.
Persons: TIAA's Mukherjee Niladri, Neel, Mukherjee Organizations: TIAA Wealth Management, Federal Reserve
A group of current and former OpenAI employees published an open letter Tuesday describing concerns about the artificial intelligence industry's rapid advancement despite a lack of oversight and an absence of whistleblower protections for those who wish to speak up. "AI companies have strong financial incentives to avoid effective oversight, and we do not believe bespoke structures of corporate governance are sufficient to change this," the employees wrote. The letter also details the current and former employees' concerns about insufficient whistleblower protections for the AI industry, saying that without effective government oversight, employees are in a relatively unique position to hold companies accountable. "Ordinary whistleblower protections are insufficient because they focus on illegal activity, whereas many of the risks we are concerned about are not yet regulated." Four anonymous OpenAI employees and seven former ones, including Daniel Kokotajlo, Jacob Hilton, William Saunders, Carroll Wainwright and Daniel Ziegler, signed the letter.
Persons: OpenAI, they've, Daniel Kokotajlo, Jacob Hilton, William Saunders, Carroll Wainwright, Daniel Ziegler, Ramana Kumar, Neel Nanda, Geoffrey Hinton, Yoshua Bengio, Stuart Russell Organizations: Google, Microsoft, Meta, CNBC, Security Locations: Anthropic
A slew of big-box retailers have lowered prices on items in recent weeks, citing moderating inflation and frugal customers. Recent economic data has also suggested that inflation is cooling, after data earlier this year spurred fears that progress had stalled. Yet Americans don’t seem convinced that inflation is moderating or that the economy is as healthy as indicators suggest. Mortgage rates have declined in recent weeks but remain near 7%. Target announced plans to cut prices on thousands of consumer basics as inflation cuts into household budgets.
Persons: aren’t, Charles Schwab’s, , James Kostulias, Charles Schwab, Joe Raedle, Jerome Powell, Powell, Neel Kashkari, “ I’m, Schumer, Chuck Schumer, General Merrick Garland, , Elizabeth Warren, Amy Klobuchar, Bernie Sanders, Dick Durbin, Scott Sheffield, Read, Matt Egan, Mat Ishbia, homebuyers, refinances Organizations: CNN Business, Bell, New York CNN, Walmart, Target, Ikea, Aldi, CPI, “ Traders, Minneapolis Federal, CNBC, Democrats, Justice Department, Oil, Big Oil, DOJ, Big, Federal Trade Commission, United Wholesale Mortgage, Phoenix Suns NBA Locations: New York, Miami , Florida, Minneapolis, Texas, Sens
Treasury yields fall as investors look to key data
  + stars: | 2024-05-30 | by ( Sophie Kiderlin | In | )   time to read: +1 min
ET, the 10-year Treasury yield was down by 3 basis points at 4.594%, falling back below the 4.6% mark it had crossed Wednesday for the first time in a month. The 2-year Treasury yield was last at 4.966% after falling by nearly 2 basis points. U.S. Treasury yields were lower on Thursday as investors looked ahead to key economic data and assessed the state of the economy. Investors awaited key economic data due toward the end of the week, with the latest personal consumption expenditures price index figures due Friday. Policymakers have in recent weeks indicated that interest rate cuts may be a while off, with Minneapolis Fed President Neel Kashkari telling CNBC that it could take "many more months of positive inflation data" before he would support rate cuts.
Persons: Neel Kashkari Organizations: U.S, Treasury, Investors, PCE, Federal, Minneapolis, CNBC
After a brief pullback during much of May, mortgage rates began rising again last week. That had an immediate impact on what had been several weeks of strengthening mortgage demand. As a result, total mortgage application volume fell 5.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Borrowers remain sensitive to small increases in rates, impacting the refinance market and keeping purchase applications below last year's levels. Mortgage rates jumped sharply to start this week, rising 12 basis points just on Tuesday, according to a separate survey from Mortgage News Daily.
Persons: Joel Kan, Kan, Neel Kashkari Organizations: Mortgage, Mortgage News, Minneapolis Federal, CNBC Locations: Austin , Texas
This 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. Nasdaq hits record in muted tradeThe Nasdaq Composite closed above 17,000 for the first time, driven by a surge in Nvidia shares, in an otherwise lackluster day for the market. The yield on the 10-year Treasury note rose following a $70 billion Treasury Department auction of 5-year notes that met with weak demand. T-Mobile plans to use U.S. Cellular's wireless spectrum to improve coverage in rural areas.
Persons: Neel Kashkari, Vasu Raja, Raja, Ryan Salame, Sam Bankman, Salame, Todd Gordon Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Minneapolis Federal, . American Airlines, American Airlines, Mobile, U.S, Cellular, U.S . Cellular, GameStop, Commission
The documentary chronicles the rise and fall of the movie-ticket-subscription company MoviePass, and is based on award-winning reporting from Business Insider . The big storyRetirement mathGetty Images;Alyssa Powell/BIFor some millennials, the reality of their retirement plans is that they're a fantasy. AdvertisementIt's not the first time we've gotten troubling data about millennials' retirement plans. But it's not just a lack of savings working against millennials' plans of riding off into the retirement sunset. AdvertisementAnd if you're hoping for a Hail Mary in the form of a fat inheritance to jumpstart your retirement plans, that's not looking great either.
Persons: , MovieCrash, Alyssa Powell, Jacob Zinkula, William Edwards, we've, it's, millennials, Hail Mary, that's, Juliana Kaplan, It's, Johannes Simon, Neel Kashkari, Sam Altman, Justin Sullivan, Oliver Mulherin, Scarlett Johansson, Altman, Jensen Huang, Adam Neumann, Neumann, WeWork, Moviegoing, there's, BI's Peter Kafka, Sheryl Sandberg, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, HBO, Max, Business, Hail, Reserve Survey, Consumer, Wall, Minneapolis, UBS, Google, Nvidia, BI, Hollywood, HP Locations: Swiss, BI Denmark, New York, London
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Dow Jones Industrial Average fell more than 200 points after hawkish comments from Minneapolis Federal Reserve President Neel Kashkari. Fed's Kashkari seeks more inflation dataThe Federal Reserve should wait for significant progress on inflation before cutting interest rates, Kashkari told CNBC on Tuesday. GameStop soarsShares of GameStop jumped more than 20% after the video game retailer announced it raised $933 million from a share offering. [PRO] Riding the AI boomCNBC's Todd Gordon analyzes a cybersecurity company that could benefit from investor enthusiasm for artificial intelligence-related stocks.
Persons: Neel Kashkari, Fed's Kashkari, Kashkari, Vasu Raja, Raja, Korea's, Hang Seng, Todd Gordon Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Minneapolis Federal, Federal, American Airlines, GameStop, Japan's Nikkei, China's CSI, International Monetary Fund Locations: Minneapolis, Asia, Pacific
10-year Treasury rises as investors weigh state of economy
  + stars: | 2024-05-29 | by ( Sophie Kiderlin | In | )   time to read: +1 min
ET, the yield on the 10-year Treasury was up by over two basis points to 4.5639%, holding above the 4.5% mark it initially crossed Tuesday. The 2-year Treasury yield was last less than one basis points higher to 4.9580%. U.S. Treasury yields were higher on Wednesday as investors considered the state of the economy and digested a weak auction on the five-year note. Yields climbed higher Tuesday after a Treasury Department auction of 5-year notes worth $70 billion saw weak demand. Investors also considered how the economy is faring and awaited fresh economic data due throughout the week which could inform Federal Reserve policymaking.
Persons: Neel Kashkari Organizations: Treasury, U.S, Treasury Department, Federal, Minneapolis, Tuesday, CNBC, Fed
The Nasdaq finished at a record while the Dow tumbled. Nvidia soared but the broader market weakened amid a fresh spike in Treasury yields. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks finished mixed on Tuesday, with the Nasdaq at a record but the Dow Jones Industrial Average sliding more than 200 points. Weighing on shares during the session was a jump in Treasury yields as the latest auction was met with lukewarm demand.
Persons: Dow, , Neel Kashkari, Elon Musk Organizations: Nasdaq, Nvidia, Service, Dow Jones, Federal Reserve, Minneapolis
LONDON — The Federal Reserve should wait for significant progress on inflation before cutting interest rates, Minneapolis Federal Reserve President Neel Kashkari told CNBC Tuesday. Asked what conditions were needed for the Fed to cut rates once or twice this year, Kashkari said: "Many more months of positive inflation data, I think, to give me confidence that it's appropriate to dial back." He said the central bank could potentially even hike rates if inflation fails to come down further. He noted that the central bank may consider raising its target rate in the future, but said it was not appropriate to "move the goal posts" at this stage. The Bank of England is also broadly expected to cut rates this summer.
Persons: Neel Kashkari, Kashkari Organizations: Minneapolis Federal, CNBC, Fed, European Central Bank, ECB, Bank of England Locations: U.S
Interest-rate hikes aren't out of the question, Minneapolis Fed President Neel Kashkari said. "If we get surprised by the data, then we would do what we need to do," he said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAs markets debate the timing of when interest rates could finally ease, investors shouldn't be so sure rate hikes won't resume. According to Minneapolis Federal Reserve Bank president, Neel Kashkari, monetary policy is likely restrictive enough for now, but no central banker can say with certainty that more rate hikes are completely out of the question.
Persons: Neel Kashkari, , shouldn't Organizations: Service, Minneapolis Federal Reserve Bank, Business Locations: Minneapolis
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed will have to raise rates if inflation strays from the target, says Stifel’s Lindsey PiegzaLindsey Piegza, Stifel chief economist, joins 'Squawk Box' to discuss Minneapolis Federal Reserve President Neel Kashkari's recent comment on rate hikes, her expectations from the Fed, and more.
Persons: Stifel’s Lindsey Piegza Lindsey Piegza, Neel Kashkari's Organizations: Minneapolis Federal
The Nasdaq hit a record in early trading on Tuesday while other indexes were mixed. Traders are awaiting PCE inflation data on Friday. Markets will also digest housing data and revised GDP numbers for the first quarter. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAlso this week, another round of Fed speakers will deliver commentary on the path of the economy, inflation, and interest rates.
Persons: , Neel Kashkari, Kashkari Organizations: Nasdaq, Traders, Service, PCE, Minneapolis, CNBC, Wedbush, Apple
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNo need to hurry into rate cuts, Fed's Kashkari says: 'We should take our time and get it right'Minneapolis Federal Reserve President Neel Kashkari says he wants to see "many more months" of positive inflation numbers before interest rates start to come down — and refused to rule out a rate hike if needed.
Persons: Fed's Kashkari, Neel Kashkari Organizations: Minneapolis Federal Locations: Minneapolis
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