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☆ What’s open and closed on Veterans Day 2024
▼ + stars: | 2024-11-10 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Veterans Day honors active and former US service members annually on November 11, the anniversary of the end of World War I. Here’s what’s open and closed on Veterans Day 2024. The New York Stock Exchange and Nasdaq will be trading on Veterans Day. Postal servicesUPS will be operating as normal on Veterans Day. Make sure to double-check if your local services are open that day.

Organizations: New, New York CNN, Veterans, Retail, Target, Walmart, Kroger, Costco, Roadhouse, Bank of America, Citibank, Bank, Federal, The New York Stock Exchange, Nasdaq, UPS, Veterans Day, FedEx, FedEx Express Locations: New York, Wells Fargo

☆ The world is about to get some much-needed clarity on the US economy’s future
▼ + stars: | 2024-11-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

One bit of clarity they’re sure to get: The Federal Reserve’s latest interest rate decision, due to be announced Thursday. The Fed lowered borrowing costs in September for the first time in more than four years while signaling additional rate cuts. But a slew of economic figures have been released since the decision, which is important because the Fed’s decision are guided by what those figures show. Investors are betting with near certainty that the Fed will deliver a quarter-point cut, according to futures. Lower rates could entice home buyers to come off the sidelines, and for businesses it could continue plans that have “baked in” lower rates.

Persons: Kamala Harris, Donald Trump, Jerome Powell’s, America’s, Harris, Harris ’, ” “, Lawrence Yun, ” Yun, they’re, It’s Organizations: Washington CNN, Federal, Fed, The Wall Street, US, Trump, Federal Reserve, Duke University, Institute for Supply, National Association of Realtors

☆ US businesses are suffering from election uncertainty — and it could be hurting the economy
▼ + stars: | 2024-10-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

That’s helped push uncertainty among small business owners to an all-time high since the nearly 40-year inception of a monthly survey the National Federation of Independent Business conducts to gauge small business sentiment. The scale of firms whose investment plans are impacted by election uncertainty is “pretty remarkable” compared to prior elections, said Daniel Weitz, survey director at the Atlanta Fed. The Fed’s Beige Book, a quarterly collection of survey responses from businesses compiled by the 12 regional Fed banks published Wednesday, highlighted a wide range of businesses that are suffering because of election uncertainty. But the blowback that businesses are facing from the election uncertainty should subside once the policy path ahead becomes more clear, at which point we could start to see a rebound in hiring and capital investment businesses make, Meyer told CNN. The combination of these three major unknowns is shaping small business owners’ uncertain outlooks, said Holly Wade, executive director of the NFIB Research Center.

Persons: Kamala Harris, Donald Trump, That’s, ” “, Duke, Daniel Weitz, ”, hesitancy, Brent Meyer, Harris, Meyer, that’s, They’re, Holly Wade, “ We’re, Wade Organizations: New, New York CNN, National Federation of Independent Business, Reserve, Atlanta and Richmond Federal, Duke University’s Fuqua School of Business, Fortune, Atlanta Fed, Cleveland Fed, Fed, Richmond Fed, Dallas Fed, Trump, CNN, Federal Reserve, NFIB Research Locations: New York, ’

☆ US employers have good reasons not to hire more workers now
▼ + stars: | 2024-09-08 | by ( Bryan Mena | Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

That’s because employers might be putting some of their hiring plans on hold — and for good reason. Businesses consider many factors when deciding to hire, but across a wide spectrum of industries, the economic outlook carries always great deal of weight. Both those factors are prompting employers to think twice about hiring more workers now, according to economists and recent comments from businesses around the country. But she’s proposing raising the corporate tax rate to 28%. So when interest rates are as elevated as they are right now, monthly debt payments could be too costly for many firms.

Persons: there’s, ” Kathy Bostjancic, Reserve Banks, Kamala Harris, Donald Trump, Trump, Harris, ”, Sean Snaith, Julia Pollak, ZipRecruiter’s, ” Pollak, “ It’s, Pollak Organizations: CNN, Labor Department, Federal Reserve, Nationwide, “, Reserve, Trump, America, Economic, of New, Institute for Economic, University of Central, Fed, Treasury Locations: China, of New York, University of Central Florida

☆ People aren't spending like they used to and it's forcing companies like Nike and Walgreens to make drastic changes
▼ + stars: | 2024-06-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. People are still spending money, but there's an uncomfortable awareness that years of price hikes mean each dollar doesn't go as far as it used to. "This consumer remains very cautious, specifically when you think about larger ticket discretionary purchases," he told Oppenheimer analysts Wednesday. "Why have people who are having a hard time paying their rent have to pay more for our drink?"

Persons: —, they're, Joseph Lewis, Marvin Ellison, Oppenheimer, John David Rainey, Federal Reserve Banks, San Francisco Fed, Don Vultaggio Organizations: Service, Business, Bloomberg, Nike, Walgreens, Walmart, Federal Reserve, San Francisco, Philadelphia Fed, Iced Tea Locations: San Francisco, Philadelphia

☆ For those without college degrees, more paths are opening to better-paying jobs
▼ + stars: | 2024-03-08 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

New York CNN —For decades, not having a college degree has often been a barrier for workers seeking a higher-level, better-paying job. That means the lack of college degrees can’t be ignored, since Blacks and Hispanics are least likely to have a bachelor’s degree. “[D]espite the limited progress to date, our analysis shows that, for those who embrace it, skills-based hiring … yields tangible, measurable value. Skills-based hiring boosts retention among non-degreed workers hired into roles that formerly asked for degrees,” they said. The tool is aimed at lower-wage workers without college degrees.

Persons: Joe Biden, Ken Frazier, ”, George Floyd’s, Frazier, Debbie Dyson, Keith Wardrip Organizations: New, New York CNN, Census Bureau, ”, Merck, Blacks, MIT, Accenture, Yum ! Brands, Harvard Business School, Glass Institute, Directionally, Federal, Occupational Mobility, Philadelphia Fed, Federal Reserve Bank of Philadelphia Locations: New York, America, workforces, Philadelphia, Cleveland, Cincinnati

☆ The workplace is transforming because workers want good jobs, not just jobs
▼ + stars: | 2023-12-05 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +7 min

Despite threats to job security such as layoffs, the rise of return-to-office mandates, and the prospect of artificial intelligence taking over jobs, workers have realized what's akin to letting a genie out of the bottle: Their jobs don't have to be just jobs. The push to make jobs back into careers, and good jobs, is just beginning. "And we've also seen just the massive gap between CEO salaries and frontline worker pay." Even so, there's been what Bruno called a "national consciousness raising" around what a quality job is. And thinking toward a future full of quality jobs is a message workers are taking to heart.

Persons: Ingrid Vilorio, She's, Vilorio, It's, Rob Bruno, Bruno, what's, —, Julie Su, Biden, Biden administration's, Su, there's, Zers —, Federal Reserve Banks, Keith Wardrip, Wardrip Organizations: University of Illinois, Workers, Treasury Department, Gallup, United Auto Workers, BI, Federal Reserve, Federal Reserve Bank of Philadelphia Locations: California, University of Illinois Urbana, Champaign, America, Philadelphia, Atlanta

☆ How Rising Profits Could Prevent the Economy From Faltering
▼ + stars: | 2023-12-03 | by ( Justin Lahart | ) www.wsj.com time to read: 1 min

Cyclical industries such as manufacturing often drive profit cycles. That makes a comedown for the U.S. economy seem less likely. The Commerce Department on Wednesday reported that before-tax corporate profits rose 1.1% from a year earlier in the third quarter. This compares with a decline of 6% in the second quarter. Exclude the Fed, and corporate profits rose by 6.7% in the third quarter compared with a gain of 1.6% in the second.

Persons: Brian Kaiser Organizations: Bloomberg, Commerce Department, Federal Locations: U.S

☆ What’s open and closed on Veterans Day 2023
▼ + stars: | 2023-11-10 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Veterans Day honors active and former US service members. However, since that day falls on a Saturday this year, some will observe the holiday on Friday, November 10. Here’s what will be open and closed on Veterans Day 2023 and the day on which some will observe it. On Friday, the day before Veterans Day, FedEx will operate as normal except for modified service for FedEx Express and FedEx Ground Economy. On Saturday, FedEx will close FedEx Ground, FedEx Ground Economy and FedEx Freight.

Persons: JPMorgan Chase, Wells, Justin Sullivan, Mario Anzuoni, Joe Raedle Organizations: New, New York CNN, Veterans, Banking Federal, Governors, Bank of America, Saturday, JPMorgan, Bank, Citibank, The New York Stock Exchange, Nasdaq, Veterans Day, FedEx, FedEx Express, Economy, FedEx Freight, United States Postal Service, Reuters Government, Miami - Dade Public Library, Getty, Target, Walmart, Kroger Locations: New York, Wells Fargo, San Bruno , California, ”, Miami, Miami , Florida

☆ Fed has yet to face final reckoning two years after trading scandal
▼ + stars: | 2023-10-04 | by ( Michael S. Derby | ) www.reuters.com time to read: +6 min

But at the regional level, the IG has yet to weigh in on the trading activities of Rosengren, Kaplan and current Atlanta Fed President Raphael Bostic. Both Rosengren and Kaplan have said they followed the Fed rules that governed trading at the time, and their disclosures were approved by Fed lawyers. Conti-Brown praised the central bank's new ethics regime as likely the best in government, which he said casts the IG's work in an even worse light. They have proposed legislation that would make the Fed IG position a presidential appointment requiring confirmation by the Senate, something Bialek has publicly opposed. During a hearing in the Senate in May, Bialek said the Fed had never interfered in his work.

Persons: That's, Jerome Powell, Eric Rosengren, Robert Kaplan, Mark Bialek, Elizabeth Warren, Rick Scott, Peter Conti, Brown, Powell, Richard Clarida, Kaplan, Raphael Bostic, Rosengren, Bostic, Conti, Warren, Scott, Bialek, Clarida, she's, There's, Michael S, Dan Burns, Paul Simao Organizations: Dallas, Boston Federal Reserve, U.S . Congress, Boston Fed, Dallas Fed, Fed, Democratic, Wharton School, University of Pennsylvania, Reserve Bank, Rosengren, Atlanta Fed, Senate, Committee, Thomson Locations: U.S

☆ Even the Fed is cutting jobs — for the first time in a decade
▼ + stars: | 2023-09-22 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

The Federal Reserve system is cutting approximately 300 jobs through the end of the year, a Fed spokesperson confirmed to CNN on Friday. The Fed system employs about 21,000 people across its 12 regional reserve banks. The job cuts will mostly focus on support positions, including technology roles that are no longer needed, the Fed spokesperson said. Reflecting that optimism, Fed officials upgraded their forecast for economic growth and lowered their projection for unemployment. However, Powell also conceded that cooling inflation back to healthy levels will likely require “some softening” of the jobs market and he warned that a soft landing is no guarantee.

Persons: Jerome Powell, Powell, ” Powell, ” Organizations: New, New York CNN, Federal, CNN, Reuters, Fed Locations: New York, headcount

The spokesperson, who would not speak for direct attribution, said the staff cuts represented a combination of attrition, including retirements, and layoffs. While small compared to the size of the Fed, it is the first time budgeted headcount has fallen since 2010. SELF-FUNDEDThe staff reductions are happening at a sensitive time for the Fed. Unlike federal agencies that spend tax dollars allocated by Congress, the Fed is self-funding. In most years the Fed generates a profit that is turned over to the U.S. Treasury.

Persons: Howard Schneider, Dan Burns, Paul Simao Organizations: U.S . Federal, Fed, of Governors, Reuters, Governors, Congress, U.S . Treasury, Thomson Locations: U.S, Washington, Congress

☆ $10,000 bill from Great Depression era sells for $480,000 at auction
▼ + stars: | 2023-09-20 | by ( Amarachi Orie | ) edition.cnn.com time to read: +2 min

CNN —A rare $10,000 bill dating back to the Great Depression has sold for $480,000 at auction. Issued in 1934, the Federal Reserve note was certified by Paper Money Guaranty (PMG) and was Exceptional Paper Quality (EPQ) graded, according to Dallas-based auction house Heritage Auctions. A rare 1899 double eagle $20 gold coin featuring a portrait of the head of Liberty topped the Coins auction. Heritage AuctionsTopping the house’s parallel coins auction was a rare 1899 double eagle $20 gold coin featuring a portrait of the head of Liberty. Only 84 coins of its kind were issued, and only about 30 are thought to still be around, according to the auction house.

Persons: Lincoln’s, Salmon, “, ”, Dustin Johnston, ” Johnston, Todd Imhof Organizations: CNN, Money Guaranty, Treasury, Heritage, Federal, Museum of American Finance, US, of Engraving, Liberty Locations: Dallas, Boston

Aug 8 (Reuters) - State banks that are a member of the U.S. Federal Reserve system should obtain a written supervisory nonobjection from the Fed before issuing, holding or transacting in dollar tokens used to facilitate payments, such as stablecoins, the central bank said in a new supervisory letter Tuesday. The Fed also said it is creating a new supervisory program to oversee the activities of the banks it supervises related to cryptocurrency, blockchain technology and tech-driven nonbank partnerships, with the aim of complementing its existing supervisory process and strengthening the oversight of tech-driven activities. Prior attempts by major mainstream companies to launch stablecoins have met fierce opposition from financial regulators and policymakers. For banks to receive a written nonobjection to be able to engage with stabelcoins, banks should demonstrate appropriate risk management, including having systems in place to identify and monitor any potential risks, including cybersecurity and illicit finance threats, according to the Fed. After receiving a written nonobjection, state member banks engaging in dollar token-related activities will continue to be subject to supervisory review as well as heightened monitoring of those activities, the Fed said.

Persons: Hannah Lang, Chris Reese, Jonathan Oatis Organizations: U.S . Federal, Federal Reserve, PayPal, ., Fed, Thomson Locations: Washington

☆ Motor vehicles, building materials lift US retail sales in May
▼ + stars: | 2023-06-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

WASHINGTON (Reuters) - U.S. retail sales unexpectedly rose in May as consumers stepped up purchases of motor vehicles and building materials, which could help to stave off a dreaded recession in the near term. Retail sales increased 0.3% last month after rising 0.4% in April, the Commerce Department said. SLOWER MOMENTUMExcluding automobiles, gasoline, building materials and food services, retail sales gained 0.2% last month. Data for April was revised slightly lower to show these so-called core retail sales rising 0.6% instead of the previously reported 0.7%. With price pressures easing in May, economists estimated that core retail sales increased 0.2% after adjusting for inflation.

Persons: ”, Robert Kavcic, Mike Graziano, Ben Ayers, Unadjusted, Conrad DeQuadros, Tim Quinlan Organizations: WASHINGTON, Federal Reserve, Fed, Wednesday, BMO Capital Markets, Commerce Department, Reuters, Saks Fifth, REUTERS, RSM, Consumers, Nationwide, Labor Department, Treasury, Atlanta Fed, Writers Guild of America, Brean, Manufacturing, Federal Locations: Minnesota, U.S, Toronto, New York City, Columbus , Ohio, Texas, California, Writers Guild of America . Georgia, Florida , Illinois , Indiana , Connecticut, New York, Philadelphia, Wells, Charlotte , North Carolina

☆ Lawmakers are infuriated with Fed's inaction in its insider trading investigation
▼ + stars: | 2023-05-17 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

CNN —Congressional lawmakers grilled Federal Reserve Inspector General Mark Bialek Wednesday over possible insider trading among Fed officials in 2020, accusing the nation’s central bank of inaction. The heads of the Boston and Dallas Federal Reserve banks retired early in 2021 after trades they made before and during the pandemic came to light. Bialek told lawmakers there was no conflict of interest and that he was still able to conduct fair, independent investigations. This is not acceptable.”The Office of Inspector General declined to comment Wednesday night. A separate Fed investigation into SVB’s collapse, not involving Bialek, faulted Fed supervisors.

☆ San Francisco Fed Ties to S.V.B. Chief Attracts Scrutiny to Century-Old Setup
▼ + stars: | 2023-05-15 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +1 min

The collapse of Silicon Valley Bank has drawn attention to the relationship between the Federal Reserve Bank of San Francisco, which was in charge of overseeing safety and soundness at the lender, and the bank’s former chief executive, Greg Becker, who for years sat on the San Francisco Fed’s board of directors. The bank’s collapse on March 10 has prompted criticism of the Fed, whose bank supervisors were slow to spot and stop problems before Silicon Valley Bank experienced a devastating run that necessitated a sweeping government response. Mr. Becker’s position on the San Francisco Fed board would have given him little formal power, according to current and former Fed employees and officials. The Fed’s 12 reserve banks — semiprivate institutions dotted across the country — each has a nine-person board of directors, three of whom come from the banking industry. Those boards have no say in bank supervision, and serve mainly as advisers for the Fed bank’s leadership.

☆ Lending Slowed, Economy Cooled After Bank Failures, Fed Report Shows
▼ + stars: | 2023-04-20 | by ( Gabriel T. Rubin | ) www.wsj.com time to read: 1 min

Illustration: Jacob Reynolds. Consumers and businesses borrowed less as overall economic growth flattened in the weeks since two mid-March bank failures sparked financial turmoil, the Federal Reserve said in a report Wednesday. Banks in several parts of the country tightened lending standards and raised concerns about liquidity and uncertain expectations for future growth after Silicon Valley Bank and Signature Bank collapsed, some of the Fed’s 12 regional reserve banks reported.

A bank run took down Silicon Valley Bank on March 10, as depositors withdrew $42 billion in a single day. And that’s why we’ve gone to community banks and regional banks such as SVB,” Bradley said. SVB’s collapse could spark future change, entrepreneur saysBecause of these disparities, entrepreneurs also seek funding from venture capitalists. In the early 2010s, Hamilton intended to start her own tech company — but as she searched for investors, she saw that White men control nearly all venture capital dollars. That experience led her to establish Backstage Capital, a venture capital fund that invests in new companies led by underrepresented founders.

☆ BlackRock Communications Specialists Exit As Fink Scrutiny Mounts
▼ + stars: | 2023-03-29 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

At least nine people have left or are transitioning out of BlackRock's communications group. The corporate communications team has some 90 employees globally, up from 48 in 2019, a BlackRock spokesperson said. "We're fortunate the BlackRock communications team includes some of the most talented professionals in the industry and that we have continued to attract top talent as the team has grown in recent years," Badenhausen said in a statement to Insider. Jonathan Posen, a veteran speechwriter who worked as former Treasury Secretary Tim Geithner's chief writer on the financial crisis and other economic matters, joined BlackRock's communications group in 2013. The criticism reached new heights in 2022 as Republican state officials coordinated attacks on Fink and BlackRock and some pulled their investments.

☆ Fed’s self-scrutiny starts off on the wrong foot
▼ + stars: | 2023-03-22 | by ( John Foley | ) www.reuters.com time to read: +7 min

Banks with assets worth $100 billion or more face elaborate reviews, which involve a body called the Large and Foreign Banking Organization Management Group. Supervisors had previously noted, and reflected to the Fed group, which vets bank ratings, that SVB had made progress in tackling some of its weaknesses. The central bank doesn’t even acknowledge the existence of the LFBO Management Group on its public-facing website. Rather than just investigate itself, the Fed board could learn from the companies it regulates. SVB was part of the Fed’s “Large and Foreign Banking Organization” supervisory regime, which covers firms with more than $100 billion of assets.

☆ The State of Payment Methods: More Choice and Economic Changes Are Affecting Consumers Spend
▼ + stars: | 2023-03-21 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +3 min

Although debit still reigns supreme, with consumer preferences moving toward digital, cash and checks will continue to be displaced in the US. But even though cash usage is dwindling, the Federal Reserve reports that 79% of US adults still hold cash daily. Cash and check usage may be dwindling, but debit and credit cards are seeing upticks among economic uncertainty. As consumers become more concerned about the economy and job security while also steadily adopting new digital solutions, we are seeing shifts away from traditional payment methods. Curious to learn more about the state of payment methods?

New York CNN —Global banks just suffered their worst week since 2008. Credit Suisse and First Republic: Two more banks wobbled but remained upright through the week. Meanwhile, First Republic bank received a $30 billion lifeline on Thursday from some of the largest banks in the United States. US-traded shares of Credit Suisse were down nearly 7% and First Republic shares plunged by about 33% on Friday. That doesn’t mean that banks taking money from the FHLB and participating in the Federal Reserve’s emergency Bank Term Lending Program, which lent out $12 billion to banks this week, are in big trouble.

☆ The State of Payment Methods: More Choice and Economic Changes Are Affecting How Consumers Spend
▼ + stars: | 2023-03-16 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +3 min

☆ U.S. Federal Reserve governors to hold closed-door Monday
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: 1 min

March 12 (Reuters) - The U.S. Federal Reserve said it will hold a closed-door meeting of its board of governors under expedited procedures on Monday. The meeting from 11:30 a.m. (0330 GMT) will primarily review and determine the advance and discount rates to be charged by the Federal Reserve banks, the Fed said in a statement. The central bank offered no further details, but the move follows Friday's collapse of Silicon Valley Bank (SIVB.O), was the biggest failure since the 2008 financial crisis. It roiled global markets, walloped banking stocks and left California tech entrepreneurs worrying about how to make payroll. Reporting by Mrinmay Dey in Bengaluru; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

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