DIRS.INFO The most relevant business & tech news

☆ Russia can rely on China for the yuan, but China can't rely on anyone else
▼ + stars: | 2024-10-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Western sanctions have forced Russia to rely on the Chinese yuan for reserves and trade. China's financial system is deeply tied to the greenback, limiting diversification options. These include the entrenched role of the greenback in the global commodities trade and much larger foreign reserves than Russia, wrote Greene, a former senior advisor at the US Treasury. However, many CIPS participants are highly connected to the dollar financial system and potentially subject to the reach of US sanctions. The dollar is still kingIn short, China just can't copy Russia's sanctions-proofing playbook and is likely to continue orbiting around the dollar financial system in the near-term.

Persons: —, China —, Robert Greene, Greene, China's, It's, dollarization, James Lord, Morgan Stanley's, Michael Zezas Organizations: Service, Carnegie Endowment Asia, US Treasury, Patomak Global Partners, Federal Reserve Bank of Boston Locations: Russia, China, Beijing, Russia's, Ukraine

☆ Activist Jana has a stake in Rapid7. There are two paths to bolster value at the cybersecurity company
▼ + stars: | 2024-06-29 | by ( Kenneth Squire | ) www.cnbc.com time to read: +8 min

Rapid7 Managed Threat Complete is the company's flagship offering, and it includes the Rapid7 Managed Detection and Response program. Activist Commentary: Jana is a very experienced activist investor founded in 2001 by Barry Rosenstein. The firm made its name taking deeply researched activist positions with well-conceived plans for long term value. Rapid7 is a cybersecurity company that expands the expertise of its clients' security operations. In addition, to shift from pure growth to a profitable software company, Rapid7 has focused on meeting targets for $160 million in free cash flow and improved margins.

Persons: Rapid7, Jana, Barry Rosenstein, Rosenstein, Tenable, It's, Corey Thomas, Cannae, Bradstreet, Ken Squire Organizations: VM, National Security Telecommunications Advisory, Federal Reserve Bank of Boston, Foreign Relations, of Massachusetts, LPL Financial, Vanderbilt University, Francisco Partners, Sumo, Cannae Holdings, 13D Locations: Splunk, Rapid7

☆ The great wealth transfer has started — but millennials, Gen Z may not inherit as much as they anticipate
▼ + stars: | 2024-05-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

There's a massive wealth transfer underway. "It has started and it's only going to accelerate," said Liz Koehler, head of advisor engagement for BlackRock's wealth advisory business. And yet, some millennials and Generation Z may not be inheriting as much as they think. Recent reports show a growing disconnect between how much the next generation expects to receive in the "great wealth transfer" and how much their aging parents plan on leaving them. However, 55% of baby boomers who plan to leave behind an inheritance said they will pass on less than $250,000, Alliant found.

Persons: Liz Koehler, Gen Zers, Alliant, Isabel Barrow Organizations: Finance, Alliant Credit Union, Federal Reserve Bank of Boston, Edelman, Edelman Financial Locations: millennials

☆ A Texas millennial wasn't satisfied with his dating life. He said things changed when he started earning $100,000 a year.
▼ + stars: | 2024-03-17 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

A Texas millennial says his dating life improved when he started making more money as a pharmacist. AdvertisementWhen Benjamin Gibson was in his early 20s, he didn't have much success in the dating scene. Gibson isn't the only American who thinks a strong career and financial profile could help their dating success. "I do feel better because it took me time to have confidence, even after I started working as a pharmacist." Has career success helped your social or dating life?

Persons: —, Benjamin Gibson, Gibson, he'd, Pinghui Wu, he's, doesn't Organizations: Service, Business, Bureau of Labor Statistics, Federal Reserve Bank of Boston, Boston Fed Locations: Texas, Virginia

☆ To shore up Social Security, this controversial proposal calls for limiting retirement plan tax perks
▼ + stars: | 2024-02-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

But a new research proposal published by the Center for Retirement Research at Boston College by experts at the opposite ends of the political spectrum has sparked considerable opposition. Together, they call for limiting current tax preferences for retirement savings plans, and instead redirecting those funds to help shore up Social Security. How retirement plan tax incentives workIn 2024, the limit for total employee and employer contributions to a defined contribution plans such as 401(k)s is $69,000 in 2024. By rolling back the tax incentives provided through defined contribution retirement plans, the money saved could be used to help fix a portion of Social Security's funding gap, the researchers argue. "We now have an industry and a policy based on 401(k)s and defined contribution plans that has been, relatively speaking, successful," Fichtner said.

Persons: Andrew Biggs, Alicia Munnell, Biggs, Munnell, Michael Wicklein, Jason Fichtner, Fichtner Organizations: Istock, Getty, Center for Retirement Research, Boston College, American Enterprise Institute, Federal Reserve Bank of Boston, Social Security, U.S, Mercatus, George Mason University, Cato Institute, National Association of Plan, Center, Board

☆ Older Americans explain how they're spending their retirements working in the gig economy as Uber and Lyft drivers to make ends meet
▼ + stars: | 2023-12-05 | by ( Jacob Zinkula | Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

Some of these semi-retired workers are gig drivers for companies like Uber and DoorDash. Over half of the missing gig workers were aged 60 or older, and over 40% of them described themselves as "retired." Many of these semi-retired workers are gig drivers for companies like Uber and DoorDash. Business Insider previously spoke with six gig drivers about why they're driving during their retirement and the strategies they're using to make money. As her pay-per-ride declines and the cost of maintenance skyrockets, she's been forced to find other types of gig work.

Persons: Uber, —, boomers, didn't, Robert A, Peterson, John Fleming, Charles Rosenblatt, Jeff Hoenig, he'd, Jeff Hoenig Jeff Hoenig, Wesley Johnson, San Francisco Uber, Johnson, Omar Ford, Omar Ford Omar Ford Ford, he's, Germaine, she's, it's, Bill, Rich Organizations: Service, Hebrew University, Federal Reserve Bank of Boston, Survey, AARP, The University of Texas, Business, Hertz, Security, North Carolina, BI, Arizona Uber, Uber, Social Locations: Austin, Myrtle Beach , South Carolina, San Francisco, South Florida, New York City, Florida, North, Arizona

☆ Fed Officials Thought Rates Could Rise More if Inflation Stayed Stubborn
▼ + stars: | 2023-11-21 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +2 min

Wall Street is keenly focused on what officials will do next. Fed policymakers had predicted one more 2023 rate move as of their September economic projections, but investors think that there is little chance they will raise rates at their final meeting of the year on Dec. 12-13. Those, together with remarks from Fed Chair Jerome H. Powell, could provide important clues about the future. As of now, market pricing suggests that Wall Street expects policymakers to begin lowering interest rates at some point in the first half of 2024. Several central bankers have been clear in recent weeks that they aren’t sure they are done raising interest rates.

Persons: Jerome H, Powell, ” Susan Collins Organizations: ”, Federal Reserve Bank of Boston, CNBC

“Any time we’ve had a serious cut to the inflation rate, it’s come with a major recession," Goolsbee said in an interview with The Associated Press. “And so the golden path is a ... bigger soft landing than conventional wisdom believes has ever been possible. Last week, the government reported that inflation cooled in October, with core prices — which exclude volatile food and energy prices — rising just 0.2% from September. The year-over-year increase in core prices — 4% — was the smallest in two years. The Fed tracks core prices because they are considered a better gauge of inflation's future path.

Persons: Goolsbee, we’ve, ” Goolsbee, “, Susan Collins, ” Collins, hasn't Organizations: WASHINGTON, Federal Reserve Bank of Chicago, Associated Press, Wall, Federal Reserve Bank of Boston

Federal Reserve Bank of Boston President Susan Collins stands behind the Jackson Lake Lodge in Jackson Hole, where the Kansas City Fed holds its annual economic symposium, in Wyoming, U.S., August 24, 2023. Collins joins a growing set of Fed officials who have started preaching patience in considering any further rate hikes. But, she said, "there's been some promising evidence of inflation coming down," with goods price increases moderating, and shelter inflation likely to ease as well. There has been less progress on services inflation, Collins said, adding "I don't take off the table the possibility" that rates may need to rise again. I remain optimistic that we can bring inflation down in a reasonable amount of time without requiring a large increase" in unemployment, she said.

Persons: Susan Collins, Ann Saphir, Collins, there's, Howard Schneider, Dan Burns, David Gregorio Our Organizations: Reserve Bank of Boston, Kansas City Fed, REUTERS, Rights BOSTON, Boston Federal, Fed, Thomson Locations: Jackson, Wyoming, U.S

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSummaryCompanies Wells Fargo gains as Q3 profit risesJPMorgan Q3 profit rises on interest income boostBlackRock reports Q3 profit growthUnitedHealth gains on Q3 profit beatFutures: Dow flat, S&P down 0.18%, Nasdaq down 0.43%Oct 13 (Reuters) - Futures tracking Wall Street's main indexes fell on Friday as investors assessed earnings from big U.S. banks, while Treasury yields eased following a spike in the previous session. JPMorgan Chase(JPM.N), the biggest U.S. bank, posted a jump in third-quarter profit as higher interest rates boosted its income from loans. BlackRock (BLK.N) reported a 13% rise in third-quarter profit on a rebound in markets. UnitedHealth (UNH.N) advanced 2.5% after beating third-quarter profit estimates, helped by lower-than-expected medical costs for the healthcare conglomerate. Traders put the chance of interest rates remaining unchanged in November and December at around 92% and around 69%, respectively, according to CME's FedWatch tool.

Persons: Brendan McDermid, JPMorgan Chase, Wells Fargo, Rob Swanke, Patrick Harker, Susan Collins, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Organizations: New York Stock Exchange, REUTERS, Companies Wells, JPMorgan, BlackRock, Dow, Nasdaq, U.S, Citigroup, Commonwealth Financial Network, Fed Bank of Philadelphia, Federal Reserve Bank of Boston, Traders, University of Michigan's, Dow e, Investors, Hamas, Exxon Mobil, Chevron, Callon Petroleum, Occidental Petroleum, Dollar, Boeing, Thomson Locations: New York City, U.S, BLK.N, Israel, Gaza City, Bengaluru

☆ Futures edge lower ahead of big bank earnings
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

SummaryCompanies Futures down: Dow 0.02%, S&P 0.11%, Nasdaq 0.25%Oct 13 (Reuters) - Futures tracking Wall Street's main stock indexes edged lower on Friday as investors looked ahead to earnings reports from big U.S. banks, while Treasury yields eased after a spike in the previous session. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) are scheduled to report quarterly numbers before the opening bell. Asset manager BlackRock (BLK.N), health insurer UnitedHealth Group (UNH.N) and regional lender PNC Financial (PNC.N) are also slated to report earnings. Remarks from Fed Bank of Philadelphia President Patrick Harker, a voting member on the rate-setting Federal Open Market Committee (FOMC) this year, would also be on investors' radar during the day. On the data front, a preliminary estimate of the University of Michigan's October Consumer Sentiment Index is due at 10 a.m.

Persons: JPMorgan Chase, Rob Swanke, Patrick Harker, Susan Collins, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Saumyadeb Organizations: Dow, Nasdaq, JPMorgan, Citigroup, BlackRock, UnitedHealth, PNC Financial, Commonwealth Financial Network, Fed Bank of New, Fed Bank of Philadelphia, Market, Federal Reserve Bank of Boston, Traders, Treasury, University of Michigan's, Dow e, Hamas, Thomson Locations: Wells Fargo, Fed Bank of New York, U.S, Israel, Gaza City, Bengaluru

☆ Fed's Collins says CPI data drives home uneven progress on restoring price stability
▼ + stars: | 2023-10-12 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

Collins appeared to view higher borrowing costs as buying the Fed some space to take in incoming data. If the rise in yields persists, “it likely reduces the need for further monetary policy tightening in the near term,” Collins said. It showed progress on underlying price pressures but the overall reading rose by 3.7% versus a year ago, the same gain as August. “Today’s CPI release is a reminder that restoring price stability will take time,” and it remains a question whether inflation is moving sustainably on a path back to the target, the official said. Collins added that the core service prices stripped of housing factors have yet to make much progress toward lower levels.

Persons: Susan Collins, Ann Saphir, ” Collins, Collins, “, Michael S, Mark Porter Organizations: Reserve Bank of Boston, Kansas City Fed, REUTERS, Federal Reserve Bank of Boston, Fed, Thomson Locations: Jackson, Wyoming, U.S

☆ Two key Fed officials express support for keeping interest rates high
▼ + stars: | 2023-09-22 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Two Federal Reserve policymakers expressed support Friday for keeping interest rates elevated as the battle against too-high inflation continues. In separate speeches, Governor Michelle Bowman and Boston Fed President Susan Collins said there's still the possibility that the Fed will have to raise rates further if economic data doesn't cooperate. The commentary comes two days after the rate-setting Federal Open Market Committee decided not to raise rates following its two-day meeting. While choosing not to raise rates, officials indicated they still see one more increase coming this year, then potentially two cuts in 2024, assuming moves of 0.25 percentage point at a time. "There are some promising signs that inflation is moderating and the economy rebalancing," Collins said.

Persons: Susan Collins, Michelle Bowman, there's, Bowman's, Bowman, Collins, it's Organizations: Federal Reserve Bank of Boston, National Association of Business Economics, Federal, Boston Fed, Market Locations: Washington , DC, Vail , Colorado, Maine

As a result, they’re almost sure to leave their key interest rate unchanged when their meeting ends Wednesday. Claudia Sahm, a former Fed economist, said she thinks a “soft landing,” in which the Fed manages to curb inflation without causing a recession, remains possible. But she cautioned that inflation might stay higher for longer than the central bank expects. Or, she suggested, the cumulative effects of the Fed's 11 rate hikes could ultimately tip the economy into recession. “I expect we’ll need to hold rates at restrictive levels for some time,” said Susan Collins, president of the Federal Reserve Bank of Boston.

Persons: they’re, Jerome Powell, Claudia Sahm, ” Sahm, “ They’re, ”, Christopher Waller, Powell, “, They're, Jose Torres, Susan Collins, Lorie Logan, William English Organizations: WASHINGTON, Federal, Wall Street, Fed, Fed's, Governors, CNBC, Interactive, Federal Reserve Bank of Boston, Dallas Fed, European Central Bank, Bank of England, Bank of Japan, “, Yale School of Management Locations: Jackson Hole , Wyoming, Ukraine, U.S

☆ Fed's Collins says policymakers can 'proceed cautiously' on future rate hikes
▼ + stars: | 2023-09-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Boston Federal Reserve President Susan Collins on Wednesday advocated a patient approach to policymaking while saying she needs more evidence to convince her that inflation has been tamed. In remarks that aligned with sentiment from other key central bankers, Collins said the Fed may be "near or even at the peak" for interest rates. Both also supported the patient approach while cautioning that they view recent positive developments on inflation with caution and are ready to approve additional rate hikes if needed. Collins also spoke on the lags with which Fed policy is thought to work. Generally, economists believe it takes a year to a year and a half for rate hikes to seep through the economy.

Persons: Susan Collins, Collins, Jerome Powell, Christopher Waller, Waller, it's Organizations: Reserve Bank of Boston, Kansas City Fed, Boston Federal, Wednesday, CNBC, Market, Group Locations: Jackson, Wyoming, Boston

☆ Fed's Collins says now is time to be patient, deliberate with policy
▼ + stars: | 2023-09-06 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Federal Reserve Bank of Boston President Susan Collins stands behind the Jackson Lake Lodge in Jackson Hole, where the Kansas City Fed holds its annual economic symposium, in Wyoming, U.S., August 24, 2023. Fed officials generally agree high levels of inflation are coming down, even as price pressures are still elevated. On the jobs front, Collins said demand for workers continues to outstrip supply and wage growth remains elevated. The current stance of monetary policy should “temper” demand and “I do not believe a significant slowdown is required,” Collins said. Reporting by Michael S. Derby; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Susan Collins, Ann Saphir, ” Collins, they’ll, what’s, Collins, “, Michael S, Chizu Organizations: Reserve Bank of Boston, Kansas City Fed, REUTERS, Federal Reserve Bank of Boston, Fed, Market Committee, Thomson Locations: Jackson, Wyoming, U.S

Money market funds, on the other hand — while also generally safe — are a bit riskier, experts said. Investors who prefer money market funds may opt for government money market funds, which carry slightly less risk, Elliott said. YieldMoney market funds tend to pay a slightly higher interest rate relative to high-yield savings accounts, Elliott said. TaxesInterest income for both high-yield savings and money funds is taxed as regular income, experts said. However, some money market funds may carry tax benefits, said Eric Bronnenkant, head of tax at Betterment.

Persons: Kamila Elliott, Elliott, Greg McBride, They've, McBride, Treasurys —, Eric Bronnenkant, Bronnenkant Organizations: Wealth Partners, CNBC, Bankrate, Federal Reserve, Deposit Insurance Corporation, Treasury, Lehman, Federal Reserve Bank of Boston, Investor Protection Corporation, Investors, Data, Federal, Consumers, U.S Locations: Atlanta

☆ Fed's Collins: May be at a place where Fed can hold steady - Yahoo Finance
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] Federal Reserve Bank of Boston President Susan Collins stands behind the Jackson Lake Lodge in Jackson Hole, where the Kansas City Fed holds its annual economic symposium, in Wyoming, U.S., August 24, 2023. REUTERS/Ann Saphir Acquire Licensing RightsNEW YORK, Aug 24 (Reuters) - Federal Reserve Bank of Boston President Susan Collins said Thursday the central bank may be in a place where it doesn't need to raise rates again, while keeping open the option for more action. "We may be near, we could even be at a place where we would hold" and not raise rates further, Collins said in an interview on Yahoo Finance's video channel. Collins spoke on the sidelines of the Kansas City Fed's annual research conference in Jackson Hole, Wyo. Reporting by Michael S. DerbyOur Standards: The Thomson Reuters Trust Principles.

Persons: Susan Collins, Ann Saphir, Collins, Michael S Organizations: Federal Reserve Bank of Boston, Kansas City Fed, REUTERS, Yahoo, Kansas City, Market Committee, Derby, Thomson Locations: Jackson, Wyoming, U.S, Kansas

☆ Why Prices, Inflation Are Still Soaring: Corporate Price Gouging
▼ + stars: | 2023-05-02 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +16 min

While many of the problems that helped trigger the upward spiral have abated, prices are still high and getting higher. The idea that companies are taking advantage of disruptions to push price increases on consumers has many names — greedflation, excuseflation, price gouging, corporate profiteering — but the gist is the same. Supply-chain issues and other disruptions made sense as drivers of higher prices, Chris Becker, a senior economist and the associate director of policy and research at the Groundwork Collaborative, told me. "Working people are suffering thanks to corporate greed, so we need to enact tougher rules to ensure corporations pay a price when they price gouge." Working people are suffering thanks to corporate greed, so we need to enact tougher rules to ensure corporations pay a price when they price gouge.

☆ I'm a millennial who's quitting my job because I'm overworked and underpaid — and feel underqualified to grow my career
▼ + stars: | 2023-04-13 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

A millennial working as a meat cutter told Insider he's underpaid and had no room for career growth. I've been a meat cutter at a grocery store since 2017. When I became a meat cutter, I thought there'd be more room for growth, that I might one day manage a department or be a director. On top of that, the compensation difference between a regular meat cutter and a manager is pretty minimal. That's in addition to constantly being floated from store to store to plug in staffing gaps.

☆ Fed's Collins leans toward one more rate hike then hold for rest of year
▼ + stars: | 2023-03-30 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Collins said she supported the Fed’s decision last week to raise its overnight target rate by 25 basis points to between 4.75% and 5.00%. That the Fed is not on track for more rate rises owes to troubles in the banking system, which has contributed uncertainty to the monetary policy outlook, the official said. “While the banking system remains strong and resilient, recent developments will likely lead banks to take a somewhat more conservative outlook and tighten lending standards, thus contributing to slowing the economy and reducing inflationary pressures,” Collins said. “These developments may partially offset the need for additional rate increases.”The Fed bank leader said the Fed is monitoring market conditions and “is prepared to use all tools at its disposal in keeping the banking system safe and sound.”In her remarks, Collins said that she views the banking system as resting on solid footing. As the Fed moved toward its last meeting, regional bank failures spurred fears about financial sector liquidity as authorities worked to ease those worries, while banks drew historic amounts of liquidity from the Fed.

☆ An overworked engineer says he's an example of men taking on too much because of their 'bigger egos.' It could be why so many of them are leaving the workforce.
▼ + stars: | 2023-03-21 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

He speculated a lot of men burned out at work because of a fear of seeking help. Garfield's move was similar to the "quiet quitting" phenomenon sweeping the workforce, in which employees do the work they're paid for and no more. For these men, jobs aren't just a source of income; they're a source of social status, Wu found, something that's especially true for white men and younger men. "I think too many men don't want to say they are overloaded or have too much on their plate," Garfield said. "I think men have bigger egos and don't want to look weak, and unfortunately, companies use this to their advantage."

☆ Fed Collins reiterates more rate rises need to squish inflation
▼ + stars: | 2023-03-03 | by ( Michael S. Derby | ) www.reuters.com time to read: 1 min

NEW YORK, March 3 (Reuters) - Federal Reserve Bank of Boston leader Susan Collins reiterated in comments made public Friday that more central bank rate rises will be needed to lower high inflation levels. "We have more work to do to bring inflation back down” to the central bank's 2% target, Collins said in a video for a speech on March 1 published on the bank's website Friday. Collins, who is not currently a voting member of the rate setting Federal Open Market Committee, did not comment on the tactics of rate rises, but she did say that when the Fed gets to its stopping point, it will likely need to stay there for a potentially extended period of time. The necessary path of rate rises will likely create some softness in the job market, Collins said. Reporting by Michael S. DerbyOur Standards: The Thomson Reuters Trust Principles.

☆ Forget 'quiet quitting': Men earning six figures are openly cutting their work hours more than their coworkers
▼ + stars: | 2023-01-31 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

Men earning with college degrees earning at least $100k a year are clocking fewer hours at work. That's as men without degrees have been quitting due to perceived low social and financial prospects. Highly paid men typically work more hours than their peers, Yongseok Shin, an economist who co-wrote the paper, told Insider. Fueling that figure are young men without college degrees, according to the Boston Fed. Higher-paid men with college degrees have more financial mobility, and likely a stronger social self-estimation.

☆ Forget 'quiet quitting:' High-income men are openly cutting their work hours more than their coworkers
▼ + stars: | 2023-01-31 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

Higher-earning men with college degrees are clocking fewer hours at work. That's as men without degrees have been quitting due to perceived low social and financial prospects. Highly paid men typically work more hours than their peers, Yongseok Shin, an economist who co-wrote the paper, told The Wall Street Journal's Courtney Vinopal. Fueling that figure are young men without college degrees, according to the Boston Fed. Higher-paid men with college degrees have more financial mobility, and likely a stronger social self-estimation.

Search resuls for: "Reserve Bank of Boston"

25 mentions found