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Valerie Plesch | Picture Alliance | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Sentiment in markets, it seems, was buoyed by encouraging comments from the Fed. The Fed, in other words, is keeping a close eye on the economy and wants to make sure it maintains its smooth landing. It's as if Stephen Sondheim's musical "Into the woods to get the money," markets are merrily singing.
Persons: Valerie Plesch, Gregory Daco, Goldman Sachs, Stephen Suttmeier, Philip Jefferson reemphasized, we're, Mike Bailey, Stephen Sondheim's, Jeff Cox, Samantha Subin, Sarah Min Organizations: Federal Reserve, Getty, CNBC, Brent, Bank of America, Dow Jones Industrial, Nasdaq, Apple, Micro Computer, Fed, FBB Capital Partners Locations: USA, Washington, Florida, U.S, Israel
However, Republican-backed states, including Arkansas, Florida and Missouri, filed lawsuits against the SAVE plan earlier this year, putting that relief in jeopardy. watch nowBorrowers likely won't learn more until after the presidential election in November, said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. Chevron ruling may limit Education DepartmentMeanwhile, a recent Supreme Court ruling is expected to make it harder for the Education Department to deliver relief to student loan borrowers. Valerie Plesch | Bloomberg | Getty ImagesThat could make Biden's do-over effort at sweeping student loan forgiveness more difficult, Kantrowitz explained. With Biden's future at risk, so is student loan aidBiden has forgiven more student debt than any other president, Kantrowitz said.
Persons: Perry, Brandon Bell, Biden, Scott Buchanan, servicers, Buchanan, Mark Kantrowitz, Pramila Jayapal, Valerie Plesch, Kantrowitz, Biden's, Donald Trump, he's, Kamala Harris Organizations: Castaneda, University of Texas, Getty, Biden, Republican, Student Loan, Alliance, CNBC, Education Department, Bloomberg Locations: Austin, Austin , Texas, Arkansas, Florida, Missouri, Kansas, Chevron, Washington, Washington , DC
"I think the message that's coming through is that they have no idea what's going on," Howard said on CNBC's "Squawk Box Europe" on Wednesday. Fed Governor Christopher Waller on Tuesday said that he needed to see further data evidence that inflation was softening before supporting rate cuts. Waller's comments were echoed by other Fed officials on Tuesday, including Boston Fed President Susan Collins. 'A credibility problem'But Fed officials have not come out with a clear message about their expectations or to address why inflation remains elevated, GAM's Howard said. "And now [policymakers] think inflation is coming down but its not coming down fast enough," he said.
Persons: Valerie Plesch, Julian Howard, Howard, Christopher Waller, Waller's, Susan Collins, GAM's Howard, They've Organizations: Eccles Federal, Bloomberg, Getty, Federal, GAM, Fed, Peterson Institute for International Economics, Boston Fed, Atlanta Federal Reserve Locations: Washington , DC, U.S, Washington
In a letter days before the Fed’s decision Wednesday to hold interest rates steady at a 23-year high, Democratic US senators blasted the central bank for America’s housing woes. In 2021 when the Fed’s key interest rate was near zero, home-price growth soared at a historic double-digit pace, according to the S&P CoreLogic Case-Shiller National Home Price Index. Divounguy said that the average 30-year fixed mortgage rate will likely not fall below 6% this year. That way we can actually start heading in the right direction with affordability and have that be sustainable and not just a short-term interest rate phenomenon,” she said. Richmond Fed President Thomas Barkin delivers remarks.
Persons: Valerie Plesch, Orphe Divounguy, Freddie Mac, it’s, Fannie Mae, Divounguy, ” Daryl Fairweather, Trump, Jerome Powell, Donald Trump, Powell, David Goldman, Alexandra Ross, ” Trump, Maria Bartiromo, Joe Biden, Estee Lauder, Tyson, Raphael Bostic, Eli Lilly, Loretta Mester, Walt Disney, Adriana Kugler, Thomas Barkin, Michelle Bowman, Ralph Lauren, Armour Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Democratic, Eccles Federal Reserve, Bloomberg, Getty, CNN, National Association of Realtors, Fox Business, Bureau of Labor Statistics, Trump, Fed, Caterpillar, Tyson Foods, P Global, Institute for Supply Management, Atlanta Fed, Toyota, UBS AG, Chipotle, Cleveland Fed, Walt, CVS, PayPal, Brands, Fox, The Carlyle, News Corporation, New York Times Company, Mattel, Spirit Airlines, US Commerce Department, China’s National Bureau of Statistics, ConocoPhillips, Unilever, Duke Energy, Expedia, Warner Music Group, Tenet Healthcare, Richmond Fed, Pepsico, Honda Locations: Washington, Washington , DC, CAVA
London CNN —The outlook for the global economy is brightening, the International Monetary Fund said Tuesday as it upgraded its growth forecast for 2024. It expects global growth in gross domestic product — a key measure of economic activity — to pick up slightly to 3.2% next year. Despite the IMF’s upgrades, its projections for global growth for 2024 and 2025 are below the annual average of 3.8% clocked up over the first two decades of this century. The longer and costlier journeys have raised fears of a renewed rise in global inflation. An escalation in the Israel-Hamas war into a wider conflict in the Middle East would threaten global growth, the fund added.
Persons: Pierre, Olivier Gourinchas, Valerie Plesch Organizations: London CNN, International Monetary Fund, IMF, Federal Reserve, Bloomberg, Getty Images, Hamas Locations: Ukraine, Red, United States, India, Washington , DC, Getty Images Iran, Israel
The Federal Reserve, by slowing its bond runoff, can reduce pressure on long-term interest rates. Photo: Valerie Plesch/Bloomberg NewsThough the Federal Reserve stopped raising interest rates last summer, it is quietly tightening monetary policy through another channel: shrinking its $7.7 trillion holdings of bonds and other assets by around $80 billion a month. Now that, too, may change. Fed officials are to start deliberations on slowing, though not ending, that so-called quantitative tightening as soon as their policy meeting this month. It could have important implications for financial markets.
Persons: Valerie Plesch Organizations: Federal, Bloomberg, Federal Reserve
"In a different cycle, when inflation hadn't spiked so much, I think the Fed would have been cutting rates already. "If the real fed funds rate continues to go higher as I expect it will, then you'd want to offset that through rate cuts. And the amount of rate cuts I think they're going to have to do is a relatively large amount." "I think there's a real risk of a hard landing if the Fed doesn't start cutting rates pretty soon," the head of Pershing Square Capital Management added. However, even some of the historically more dovish Fed officials aren't showing their hands on when they think cuts will come.
Persons: Valerie Plesch, Kathy Jones, Charles Schwab, Christopher Waller, Michelle Bowman, Waller, Bowman, Joseph LaVorgna, Donald Trump, Chris Marangi, Bill Ackman, Ackman, David Rubenstein, Raphael Bostic, Thomas Barkin Organizations: Eccles Federal, Bloomberg, Getty, Federal Reserve, Fed, Nikko Securities America, National Economic Council, CME Group, Stocks, Gabelli, Market, Pershing, Capital Management, Atlanta Federal Reserve, Richmond Locations: Washington , DC, Atlanta
Valerie Plesch| Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wholesale prices in October, as measured by the producer price index, fell 0.5% for the month against the expected 0.1% increase. And that, to put it mildly, "may be at least a tad optimistic," Cox wrote. Expectations of a rate cut forced down Treasury yields Tuesday (though they rose again yesterday).
Persons: Valerie Plesch, Jeff Cox, Cox, Quincy Krosby, Henry Allen, Organizations: Eccles Federal, Bloomberg, Getty, CNBC, Major, Nasdaq, Dow Jones Industrial, Federal Reserve, Investors, Treasury, LPL, Deutsche Bank, Fed Locations: Washington , DC, Major U.S
Valerie Plesch | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wholesale prices in October, as measured by the producer price index, fell 0.5% for the month against the expected 0.1% increase. And that, to put it mildly, "may be at least a tad optimistic," Cox wrote. Expectations of a rate cut forced down Treasury yields Tuesday (though they rose again yesterday).
Persons: Valerie Plesch, Jeff Cox, Cox, Quincy Krosby, Henry Allen, Organizations: Eccles Federal, Bloomberg, Getty, CNBC, Major, Nasdaq, Dow Jones Industrial, Federal Reserve, Investors, Treasury, LPL, Deutsche Bank, Fed Locations: Washington , DC, Major U.S
CHANTILLY, Va.—The Republican Party’s great hope sat scrunched in the back of his gubernatorial SUV, acknowledging the high-stakes gamble he has undertaken. Virginia Gov. Glenn Youngkin has put all his political capital on the line in Tuesday’s statehouse elections, hoping to prove that a bluish state can be persuaded to go for conservative governance and restrictions on abortion. “I don’t know how to hedge my bets,” said Youngkin, the lanky, affable former private-equity executive elected in 2021. I think that we are driving towards an outcome that I think is best for Virginia, and therefore I’m going to go to work with everything I have in order to try to deliver.”
Persons: Republican Party’s, Glenn Youngkin, , , Youngkin Organizations: Republican, Virginia Gov, Tuesday’s statehouse Locations: CHANTILLY, Va, Virginia, Tuesday’s
Stocks, Bonds Extend Post-Fed Meeting Rally
  + stars: | 2023-11-03 | by ( Jack Pitcher | ) www.wsj.com   time to read: 1 min
Indications that the job market remains hot could complicate the Fed’s interest-rate plans and send yields higher again. Photo: Valerie Plesch/Bloomberg NewsStocks rose broadly Thursday, gaining for a second day after Federal Reserve Chair Jerome Powell signaled that the central bank may be done lifting interest rates for now. The S&P 500 rose 1.9% in its biggest gain since April. The Dow Jones Industrial Average added more than 560 points, or 1.7%, while the Nasdaq Composite was 1.8% higher.
Persons: Valerie Plesch, Jerome Powell Organizations: Bloomberg, Stocks, Federal, Dow Jones, Nasdaq
Rep. Jim Jordan of Ohio was removed as GOP nominee for speaker in a secret ballot after he lost his third bid. Rep. Kevin McCarthy, the previous speaker, was ousted three weeks ago. Mike Johnson of Louisiana was chosen as House Republicans’ latest nominee for speaker in a conference vote late Tuesday, hours after the party elected and then derailed a different member in its search for the elusive candidate who can actually win the gavel. At the end of a marathon day of internal debate and votes, Johnson, the vice chairman of the House Republican conference, bested Byron Donalds of Florida, a Trump ally popular with many of the House’s most conservative lawmakers. In a shift, lawmakers left the Capitol on Tuesday night optimistic that Johnson could unite them after a series of failed attempts to find a successor to former House Speaker Kevin McCarthy (R., Calif.), who was ousted three weeks ago.
Persons: Jim Jordan of, Kevin McCarthy, Valerie Plesch, Mike Johnson of, Republicans ’, Johnson, Byron Donalds of Organizations: Bloomberg WASHINGTON —, Republicans, House Republican, Trump, Capitol Locations: Jim Jordan of Ohio, Mike Johnson of Louisiana, Byron Donalds of Florida, Calif
Rep. Jim Jordan of Ohio was removed as GOP nominee for speaker in a secret ballot after he lost his third bid on Friday. Rep. Kevin McCarthy, the previous speaker, was ousted three weeks ago. Photo: Valerie Plesch/BloombergWASHINGTON—Republicans sought to end a three-week-old political crisis by picking a House speaker nominee who could finally garner a majority of the chamber, with plans to hold a party vote Tuesday morning and hopes to move to the floor as soon as later in the day. Weary from weeks of fighting and embarrassing setbacks, House Republicans will meet behind closed doors to choose from among eight Republicans currently running to serve as House speaker. Lawmakers are eager to get back to work, with many wanting to pass aid to Israel and address a looming government funding deadline, neither of which can be done until a new leader is approved by the full chamber.
Persons: Jim Jordan of, Kevin McCarthy, Valerie Plesch Organizations: Bloomberg WASHINGTON —, Republicans Locations: Jim Jordan of Ohio, Israel
Rep. Jim Jordan of Ohio was removed as GOP nominee for speaker in a secret ballot after he lost his third bid on Friday. Rep. Kevin McCarthy, the previous speaker, was ousted more than two weeks ago. Photo: Valerie Plesch/BloombergWASHINGTON—Senate Republicans want changes to the Biden administration’s request for $106 billion in emergency funds for Ukraine, Israel and Taiwan and to manage the flow of migrants at the U.S. border, setting up tricky negotiations that could imperil the bill even before it runs headlong into the currently paralyzed House. The administration’s proposal includes about $61 billion for Ukraine, another $14 billion for Israel for security needs, and about $9 billion for humanitarian assistance to both conflict theaters, among other requests. It also includes about $2 billion for security assistance in the Indo-Pacific and $14 billion for the border, which would pay for more efficient processing of migrants seeking asylum, more border patrol agents and asylum officers, and reimbursements to cities and private organizations that have set up shelters.
Persons: Jim Jordan of, Kevin McCarthy, Valerie Plesch, Biden Organizations: Bloomberg WASHINGTON — Locations: Jim Jordan of Ohio, Ukraine, Israel, Taiwan, U.S
Rep. Jim Jordan of Ohio was removed as GOP nominee for speaker in a secret ballot after he lost his third bid on Friday. Rep. Kevin McCarthy, the previous speaker, was ousted nearly three weeks ago. Photo: Valerie Plesch/BloombergWASHINGTON—House Majority Whip Tom Emmer (R., Minn.) dropped his bid to serve as House speaker just hours after he was narrowly elected as the Republican nominee, as stiff resistance from hard-right conservatives reinforced by former President Donald Trump sank the party’s latest pick to run the chamber. His withdrawal put the Republicans back to square one for the fourth time, three weeks after hard-liners engineered the ouster of former Speaker Kevin McCarthy (R., Calif.). Republicans regrouped again late Tuesday to map out their next steps, assembling another slate of candidates and holding a fresh forum in the evening.
Persons: Jim Jordan of, Kevin McCarthy, Valerie Plesch, Tom Emmer, Donald Trump Organizations: Bloomberg WASHINGTON —, Republican, Republicans Locations: Jim Jordan of Ohio, Minn, Calif
Rep. Jim Jordan of Ohio was removed as GOP nominee for speaker in a secret ballot after he lost his third bid on Friday. Rep. Kevin McCarthy, the previous speaker, was ousted three weeks ago. Photo: Valerie Plesch/BloombergWASHINGTON—Republicans narrowly chose House Majority Whip Tom Emmer (R., Minn.) as their nominee for speaker on Tuesday, but his bid to win the gavel immediately ran into trouble, with hard-line conservatives and former President Donald Trump inveighing against him. The developments set the stage for an exasperating replay of previous rounds in the speaker drama, in which a nominee won the party’s nod only to be derailed by a determined band of holdouts, threatening to extend a three-week-old political crisis that began with the ouster of former Speaker Kevin McCarthy (R., Calif.) at the start of month.
Persons: Jim Jordan of, Kevin McCarthy, Valerie Plesch, Tom Emmer, Donald Trump inveighing Organizations: Bloomberg WASHINGTON — Republicans Locations: Jim Jordan of Ohio, Minn, Calif
Rep. Jim Jordan of Ohio was removed as GOP nominee for speaker in a secret ballot after he lost his third bid on Friday. Rep. Kevin McCarthy, the previous speaker, was ousted more than two weeks ago. Photo: Valerie Plesch/BloombergWASHINGTON—A bid by House Majority Whip Tom Emmer (R., Minn.) to serve as the House Republicans’ pick to be speaker will test whether the strong ties he built recruiting candidates and counting votes will overcome doubts from some anti-establishment lawmakers aligned with former President Donald Trump. Candidates are expected to pitch their colleagues at a forum on Monday evening ahead of an internal vote to designate a new Republican speaker nominee as soon as Tuesday morning. Beyond winning the GOP ballot, the speaker nominee will face the uphill battle to unite almost all Republicans to have a chance of winning the House vote, given Republicans’ narrow 221-212 majority.
Persons: Jim Jordan of, Kevin McCarthy, Valerie Plesch, Bloomberg WASHINGTON —, Tom Emmer, Republicans ’, Donald Trump Organizations: Bloomberg, Republicans, GOP, Locations: Jim Jordan of Ohio, Minn
Rep. Jim Jordan of Ohio was removed as GOP nominee for speaker in a secret ballot after he lost his third bid on Friday. Rep. Kevin McCarthy, the previous speaker, was ousted more than two weeks ago. Photo: Valerie Plesch/BloombergHouse Republicans haven’t settled on a consensus candidate for speaker, but many emerged from a meeting Monday with guarded optimism that they will be able to rally behind whoever clinches the nomination after three weeks of public feuding. Lawmakers met Monday night to hear proposals from candidates who explained their strategy for unifying a fractured group and executing legislative priorities such as cutting federal spending and increasing border security. A GOP vote to select the party’s nominee is scheduled for Tuesday morning, with a floor vote of the full House expected in coming days.
Persons: Jim Jordan of, Kevin McCarthy, Valerie Plesch, Republicans haven’t, Lawmakers Organizations: Bloomberg, Republicans, GOP Locations: Jim Jordan of Ohio
Rep. Jim Jordan of Ohio was removed as GOP nominee for speaker in a secret ballot after he lost his third bid on Friday. Rep. Kevin McCarthy, the previous speaker, was ousted more than two weeks ago. Jim Jordan withdrew his bid to become House speaker after the fiery conservative lost both a public and private vote Friday, sending divided House Republicans back to the starting line in their weekslong quest to elect a leader and pass urgent legislation. Jordan’s defeat marked the latest fallout from the ouster earlier this month of Speaker Kevin McCarthy (R., Calif.), with House Majority Leader Steve Scalise (R., La.) and now Jordan winning the party’s nod only to fall short of the gavel because of internal GOP opposition.
Persons: Jim Jordan of, Kevin McCarthy, Valerie Plesch, Jim Jordan, Steve Scalise Organizations: Bloomberg WASHINGTON — Rep, Republicans, Jordan Locations: Jim Jordan of Ohio, Calif, Israel, Ukraine
Katie Hobbs at Google's September announcement of a a new $600 million data center in Mesa, Arizona. The amount of electricity needed to power data centers in the U.S. is expected to more than double by 2030, according to McKinsey. "With data centers, you're going to do all of the above to have capacity to meet those loads." Utilities struggle to meet data center loads while cutting carbonThe utility-level impact of the data center industry's energy demand reaches beyond Phoenix. In preliminary documents, it has identified data centers as "the major source of load growth during 2023-2038."
Persons: Karla Moran, Moran, Katie Hobbs, you've, Terry Boston, James Glynn, Glynn, Caryn Potter, it's, OPPD, that's, David Corbin, Corbin, Valerie Plesch, Aaron Ruby, Devon Smiley, Smiley, Lee Kestler, Ruby, George Frey, Wendy Bridges, Bridges, Jill Hanks, Hanks, Potter, Meghin Delaney, Reno, Kestler, EdgeCore, Hunter Holman, Delaney, Holman Organizations: Microsoft, Google, Digital Realty, Arizona Gov, McKinsey, PJM, Columbia University's Center, Global Energy Policy, Southwest Energy Efficiency, Utilities, Omaha Public Power, Sierra Club's, The Washington, Getty, Dominion Energy, Dominion, Blackstone, KKR, APS, Phoenix, Goodyear, NV Energy, Reno, Bay Area, Silver State, Western Resource Locations: Phoenix, Salt, Mesa , Arizona, City, Mesa, U.S, Arizona, Phoenix . Omaha , Nebraska, New York, Sierra Club's Nebraska, Woodbridge , Virginia, Virginia, Nebraska, OPPD, Eagle Mountain , Utah, Brookfield, Seattle, Goodyear, Bay, Nevada, Reno, Las Vegas, North
Supreme Court to Hear Case on Trump Hotel
  + stars: | 2023-05-15 | by ( Jess Bravin | ) www.wsj.com   time to read: 1 min
The Supreme Court will weigh in a case examining issues surrounding the Trump International Hotel that formerly operated in the Old Post Office on Pennsylvania Avenue in Washington, D.C. Photo: Valerie Plesch/Bloomberg NewsWASHINGTON—The Supreme Court said Monday it would decide whether members of Congress can sue to obtain agency records about former President Donald Trump’s now-ended deal to operate a Trump International Hotel in a landmark Washington building owned by the federal government. Separately, the justices said they would review a lower-court finding that a South Carolina congressional district is an illegal racial gerrymander and must be redrawn. Both cases will be argued in the court’s next term, which begins in October.
Last spring Dina Sosa Cruz sat with her parents and sister in the family’s living room and reviewed her options: a full academic ride to the University of the District of Columbia, or an apprenticeship in the insurance industry. The college route meant at the end of four years the 22-year-old would have a degree, a little debt and no work experience. The apprenticeship would leave her with a two-year degree, money in the bank and training in a profession that appealed to her.
WASHINGTON—Mahsa Zahrabi, an Afghan teenager who was evacuated to the U.S. on her own after being separated from her family at Kabul airport last year, was sleeping on the floor in her aunt’s unfinished basement in Virginia when a healthcare worker visited the home. The healthcare worker, who had been called to check on the girl after Mahsa went to a local hospital with a panic attack, was alarmed by her living conditions. The healthcare worker tapped into her network of churches and volunteers and found her a foster family instead.
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