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There's little appetite on Wall Street for undermining the central bank or ousting Jerome Powell. On Friday, billionaire Elon Musk endorsed a suggestion to let the president control the Federal Reserve, which is run by Chair Jerome Powell. Advertisement"He seems to be someone who has the ear of the president," Mark Spindel, an investment manager who co-wrote a history of Fed independence, told Business Insider of Musk's influence. Many Wall Streeters are concerned that undermining Fed independence would undercut investors' faith in the stock and bond markets. Trump is, Siegel said, extremely attuned to the stock market and uses it as a barometer of his success.
Persons: Elon Musk, Jerome Powell, , Powell, Mark Spindel, Trump, Jeremy Siegel, he'd, Stocks, reappoint Powell, Scott Bessent, Peter Orszag, Obama, Lazard, Wharton's Siegel, Gallup, Siegel, Spindel, Musk's, Volodymyr Zelenskyy Organizations: Federal Reserve, Service, Wall Street Journal, Wharton School, University of Pennsylvania, Fed, Trump, Bloomberg, Federal, Treasury, Congress Locations: Powell, Europe, Japan, U.S, Trump
“The Federal Reserve is one of many examples of how we’ve deviated from the Constitution in that regard,” Lee added. Challenging the Fed’s independence“The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail. That’s empowered Fed officials to make interest rate decisions that aren’t necessarily popular but could help the nation’s economy in the long run. But on the campaign trail, Trump floated requiring Fed officials to consult with him on interest rate decisions. That could lead to pressure on Fed officials to keep rates lower to satisfy Trump’s wishes, which in turn could reignite inflation.
Persons: Donald Trump’s, it’ll, Elon Musk, Republican Sen, Mike Lee, ” Lee, Jerome Powell, Trump, , Vance, Karoline Leavitt, Ron Paul, Thomas Massie of, Lee, ” Leavitt, it’s, That’s, Powell, , briskly, hasn’t Organizations: New, New York CNN, Federal Reserve, Trump, Republican, Fed, Federal, CNN, Treasury Department, National Association of Black Journalists, Republicans, Consumer Financial, Product Safety, Fed’s, of Governors, Consumer, Safety Locations: New York, Thomas Massie of Kentucky
Powell to Trump: Go ahead, make my day
  + stars: | 2024-11-08 | by ( Elisabeth Buchwald | ) edition.cnn.com   time to read: +5 min
That’s essentially what Federal Reserve Chair Jerome Powell is experiencing with President-elect Donald Trump’s return to the White House. When a reporter asked the Fed chair if he’d resign if Trump asked him to, Powell didn’t miss a beat. Removing a Fed chair isn’t so simpleIf Trump, or any president for that matter, were to try to remove a Fed chair, they would encounter a steep uphill battle. Ultimately, the Supreme Court could have the final say on what merits a “for cause” firing of a Fed chair. Trump has tried testing the limits anywayNevertheless, Trump threatened to fire Powell on several occasions when he was first president.
Persons: That’s, Jerome Powell, Donald Trump’s, Trump, he’d, Powell didn’t, , , curtly, ” Powell, Powell, won’t, Powell doesn’t, Joe Biden, ” Trump Organizations: New, New York CNN, Federal, Trump, Republican, Bloomberg, Economic, of Chicago Locations: New York
Fed Chair Jay Powell said Thursday that he would not resign if president-elect Donald Trump asked him to. Asked whether he would step down amid chatter that Trump's advisors had suggested he do so, Powell replied, "No." Trump himself nominated Powell as Federal Reserve chairman in 2017 in his first administration. Powell made the comments during his regularly scheduled remarks following the release of the Federal Open Market Committee's latest statement on interest rate policy. Representatives for Trump did not immediately respond to a request for comment.
Persons: Jay Powell, Donald Trump, Powell, Trump, readying, ” Trump, Scott Bessent, Kevin Warsh Organizations: Federal, Trump, Bloomberg, Chicago Economic, Reuters, CNN, NBC News, CNBC
Reporters asked Fed Chair Jerome Powell whether he would resign if President-elect Trump asked him to. Powell responded with one word: "No." Trump has been critical of Powell, but the law does not permit a president to fire a Fed official without cause. AdvertisementFederal Reserve chair Jerome Powell has no plans to leave the central bank prematurely under President-elect Donald Trump. "We don't guess, we don't speculate, and we don't assume," Powell said.
Persons: Jerome Powell, Trump, Powell, , Donald Trump, Biden, Joe Biden Organizations: Service, Federal, Market, Trump, Fed, Street, Bloomberg, Federal Reserve, Congress
New York CNN —An umbrella organization of civil rights groups is alerting the public to “digital voting disinformation” and imploring social media companies to take action. Wiley’s coalition, representing more than 200 civil rights interest groups and other organizations, wants companies like Elon Musk’s X and Mark Zuckerberg’s Meta to more clearly separate fact from fiction. “Social media companies should be vigilant,” Wiley said, observing that information platforms don’t have to be overwhelmingly polluted. The Leadership Conference’s Center for Civil Rights and Technology decided to speak out after social networks were swamped with lies about Hurricanes Helene and Milton earlier this fall. The conduct of social media firms is of interest to civil rights groups; candidates and campaigns; government agencies; and election technology suppliers, just to name a few.
Persons: Maya Wiley, Elon, Zuckerberg’s Meta, ” Wiley, Musk, Donald Trump’s, Zuckerberg, Milton, , Organizations: New, New York CNN, Conference, Civil, Human, Wiley’s, Social, Republican, Conference’s Center for Civil Rights, Technology, Hurricanes, Dominion Voting Systems, Fox, Dominion, for Civil Rights Locations: New York, United States
The Fed Under Trump 2.0
  + stars: | 2024-07-17 | by ( Andrew Ross Sorkin | Ravi Mattu | Bernhard Warner | ) www.nytimes.com   time to read: +1 min
Trumponomics and the FedOne of the hot debates on Wall Street this election cycle is how Donald Trump would deal with the Fed if he is re-elected and, in particular, if he would fire or demote Jay Powell as chair, The Times’s Jeanna Smialek writes for DealBook. In an interview with Bloomberg Businessweek conducted before last weekend’s assassination attempt, Trump said that he did not plan to fire Powell, allowing him to serve out his term. Trump appointed Powell, but turned on him over interest rate policy. The former president was displeased when the central banker refused to cut rates to bolster economic growth. President Biden reappointed Powell to a new four-year term that started in 2022.
Persons: Donald Trump, Jay Powell, Smialek, Trump, Powell, it’s, Biden Organizations: Bloomberg Businessweek, Trump
The US Supreme Court is hearing arguments in a case that will decide whether the Biden administration's communication with social media companies during the Covid-19 pandemic violated free speech. The legal question: Whether the US government unconstitutionally pressured social media platforms into censoring users’ speech — particularly when the government flagged posts to the platforms that it believed violated the companies’ terms of service. How we got here: The states of Missouri and Louisiana, along with five social-media users, brought the lawsuit against various federal officials. In July 2023, a federal judge issued a preliminary injunction ordering federal agencies and more than a dozen top officials not to communicate with social media companies about taking down “content containing protected free speech." The Supreme Court paused that injunction from going into effect in October 2023 until it heard the case.
Persons: Biden Organizations: Biden Locations: Missouri, Louisiana
Washington CNN —A video on Facebook manipulated to suggest that President Joe Biden behaves inappropriately toward women can remain on the platform, but only because of a problematic loophole in Meta’s “incoherent” policies, the company’s Oversight Board said Monday. The Board reviewed the case after a user who reported the video appealed Meta’s decision not to remove the content. Meta’s manipulated media policy applies only to video that has been altered by artificial intelligence and that makes it appear as if a person said something they did not. Because Biden video did the things portrayed in the video – even if it was heavily edited to create a false impression – the video was allowed to stay on the platform. Meta’s policy on manipulated media provides exemptions for parody and satire, as well as selectively edited content that omits or changes the order of words said in a video.
Persons: Joe Biden, Biden, Meta’s, Meta, , , Nancy Pelosi, factchecker, Pelosi Organizations: Washington CNN, Facebook, Meta
AdvertisementA few months later, Bloomberg gave the opposite assessment of the platform, declaring that "LinkedIn is cool now." In 2024, the platform is poised for more growth - and LinkedIn creators will play a major role in its development. Most of that content comes from LinkedIn creators, many of whom have built strong followings and some of whom are monetizing their audiences. "Cringe" can be lucrativeHeavy LinkedIn users aren't just older, they're also well-educated. While LinkedIn has long been central to B2B social marketing strategies, B2C marketers are increasing investment, driving up ad prices and spending.
Persons: Gen, Jasmine Enberg, , Jordan Davis, I'm, Davis, Zers, they're, Snoop Organizations: Intelligence, Service, LinkedIn, Bloomberg, Facebook, Microsoft, Twitter, Pew Research Center
Five takeaways from the New Hampshire primary
  + stars: | 2024-01-23 | by ( Eric Bradner | ) edition.cnn.com   time to read: +9 min
But she’ll be battling history: In modern presidential campaign history, no non-incumbent has won the Iowa caucuses and New Hampshire primary without going on to win his party’s nomination. Here are five takeaways from the New Hampshire primaries:Trump wants Haley out — nowIn what were expected to be celebratory remarks Tuesday night in New Hampshire, Trump instead sounded annoyed that Haley had not yet dropped out of the Republican primary race. There are dozens of states left to go,” Haley told supporters in her election night speech Tuesday in New Hampshire. Haley waves to the audience as she speaks at a New Hampshire primary night rally, in Concord, New Hampshire, on Tuesday. (Trump skipped all five Republican primary debates, and has shown no indication he’d consider participating in one.)
Persons: Donald Trump, Nikki Haley, Haley, she’ll, Trump, seethed, , Joe Biden, , , Vivek Ramaswamy, South Carolina Sen, Tim Scott, ” Ramaswamy, Haley’s, “ megadonors, Scott, Tim, ” Trump, ” Scott, Julie Chavez Rodriguez, won’t, ” Haley, What’s, Ron DeSantis, Mark Harris, Charles Krupa, Biden, Haley outperforms, ” Biden, Biden’s, Evelyn Hockstein, Dean Phillips, Marianne Williamson, Jen O’Malley Dillon, Mike Donilon Organizations: CNN, New, South Carolina Gov, Republican, Trump, White House, Republicans, America, South Carolina Republican, Senate, , South Carolina —, Florida Gov, , Haley, SFA Fund, Republicans ’, South, Trump’s, New Hampshire Republican, Democratic, Democratic National Committee, Hylton Performing Arts Center Locations: New Hampshire, South Carolina, Iowa, Virginia, , “ New Hampshire, Nevada, Florida, North Charleston, Concord , New Hampshire, CNN’s, America, Manassas , Virginia, Minnesota, Wilmington
Takeaways from the Iowa Republican caucuses
  + stars: | 2024-01-16 | by ( Eric Bradner | ) edition.cnn.com   time to read: +8 min
The former president won the Iowa Republican caucuses by an unprecedented margin, kickstarting his bid to win his party’s third consecutive presidential nomination. He did so despite skipping the GOP primary debates and eschewing the retail politicking grind typically demanded by Hawkeye State voters. Here are six takeaways from the Iowa GOP caucuses:‘Very smart, very capable people’Trump speaks at his caucus night watch party in Des Moines. “I can safely say, tonight, Iowa made this Republican primary a two-person race,” she told supporters. Video Ad Feedback GOP strategist on what Iowa caucuses result reveals about Republican voters 00:50 - Source: CNNTrump remains hard to beatEntrance polls showed the breadth of Trump’s support across the GOP’s key constituencies.
Persons: Donald Trump, it’s, Ron DeSantis, Nikki Haley, Haley, ’ Trump, Brian Snyder, Trump, DeSantis, Vivek Ramaswamy, couldn’t, “ It’s, ” Trump, Ramaswamy, It’s, hasn’t, “ We’ve, He’s, , bode, Joe Biden, Biden, Jeenah, “ Trump, Alyssa Pointer, he’d, he’s, DeSantis ’, Grassley ” —, Republican Sen, Chuck Grassley, Kim Reynolds, Bob Vander Plaats, who’d, Pete Buttigieg, Vermont Sen, Bernie Sanders Organizations: CNN, Republican Party, Iowa, Hawkeye State, Florida Gov, South Carolina Gov, Trump, Iowa GOP, Reuters, Republican, CNN Trump, College, Biden, West Des Moines, Nevada GOP, South Carolina, DeSantis, GOP, Des Moines Register, Democratic National Committee Locations: New Hampshire, Iowa, Des Moines, Florida, South Carolina, South Carolina –, West Des Moines, West Des, Nevada, Vermont, demote Iowa
What to watch for in the Iowa caucuses
  + stars: | 2024-01-15 | by ( Eric Bradner | ) edition.cnn.com   time to read: +11 min
CNN —Iowa Republicans who are willing to brave record-low temperatures are set to kick off the party’s 2024 presidential nominating process with Monday night’s caucuses. Now, Iowa voters will render the first verdict of the 2024 election, weighing in on which Republican should take on President Joe Biden in November. Here are five things to watch in the Iowa caucuses:Will Trump top 50%? The Iowa caucuses have a history of paring down both parties’ fields of presidential contenders. Iowa will once again test whether any other Republican can break Trump’s hold on those voters, who have historically been a crucial bloc in the caucuses.
Persons: Donald Trump, Nikki Haley, Ron DeSantis, Joe Biden, Will, Trump, Haley, DeSantis, who’s, who’d, It’s, ” DeSantis, ‘ Darling, ” Trump, he’s, , ” Haley, “ Donald Trump’s, Nikki Haley’s, , she’s “, CNN’s Dana Bash, , Michele Bachmann, Pennsylvania Sen, Rick Santorum, Mike Huckabee —, Kentucky Sen, Rand Paul, Kim Reynolds, Vivek Ramaswamy, Asa Hutchinson, Ramaswamy, Hutchinson, Mike Pence, Bob Vander Plaats, Koch, Huckabee, Santorum, Texas Sen, Ted Cruz, what’s, “ He’s, they’re, ” “ That’s, I’m Organizations: CNN, Iowa Republicans, South Carolina Gov, Florida Gov, Republican, Will Trump, GOP, Des Moines Register, NBC, Trump, United Nations, Minnesota, Iowa, Arkansas Gov, Kentucky, South Carolina —, Prosperity, Texas, Democratic, New Hampshire —, Praetorian Guard, Fox News Locations: Florida, Iowa, Dubuque, , Indianola, New Hampshire, South Carolina, DeSantis, Des, “ Iowa, Haley , Iowa, Pennsylvania, Waukee, , Iowa
Elon Musk is facing backlash from business leaders after he appeared to endorse an antisemitic conspiracy theory. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementElon Musk is facing backlash from the business community after he appeared to endorse an antisemitic post on X. AdvertisementAnother Tesla bull, Gary Black, whose Future Fund invests in Tesla, similarly reported that clients had reached out to him regarding Musk's comments. While the backlash escalates, Musk's chosen X CEO Linda Yaccarino is left to clean up the growing mess.
Persons: Elon Musk, , Elon, Musk, Musk's, Dustin Moskowitz, Marc Bodnick, Andrew Left, Tesla, Ross Gerber, I've, Gary Black, Kristin Hull, Nia, demote, Bravo —, Linda Yaccarino Organizations: IBM, Service, Buffalo, Elon, SpaceX, BMW, CNBC, EV, Tesla, Nia Impact, Employees, Media, Apple, Oracle Locations: Pittsburgh
"This is a joke," another person wrote on a forum for website owners . No longer is it "helpful content written by people, for people," but simply, "Helpful content written for people." She watched pages that previously ranked first for certain terms tumble to fifth, sixth, or seventh place in Google search results. Spotting AI content is impossibleIt's unclear how much of the content that has been bumped up is AI-generated, or whether this is just other content written differently by humans. AdvertisementAdvertisementGoogle continues to say that content built entirely for the purpose or ranking high in search results will be punished.
Persons: Morgan Overholt, I've, , Barry Schwartz, Overholt, they've, John Mueller, Schwartz, Mueller, Johannes Vermeer Organizations: Google, Service Locations: Wall, Silicon
CNN —X, the platform formerly known as Twitter, is hiring for its safety and elections teams ahead of the 2024 US presidential election and will again allow political ads for the first time since 2019. Shortly after his takeover, Musk laid off huge swaths of the company’s staff, including many employees responsible for safety, platform manipulation and election policy. It also follows criticism by Musk about how the platform’s previous leadership handled political discourse, including claims of censorship. X added that it is following through on a commitment to allow expanded political advertising. On Tuesday, X said promoted political posts would again be allowed and that the ads would be subject to certain policies.
Persons: , Elon Musk, Musk, , ” X, X Organizations: CNN, Twitter, Digital Services Locations: X’s
Tentoglou wins long jump gold after more late drama
  + stars: | 2023-08-24 | by ( Mitch Phillips | ) www.reuters.com   time to read: +2 min
Tentoglou is no stranger to such things, having won Olympic gold with his final jump in Tokyo after being out of the medals after five rounds. Tentoglou got Thursday's final off to a flier as he produced a huge season’s best 8.50 with his opening jump, only for Pinnock to match it in the second round. That put Pinnock, who flew to a world-leading 8.54 metres on his opening jump in Wednesday's qualifying and a personal best by 17cm, in the lead on the back of having the best second jump by one centimetre. In the final round, though, Tentoglou hit the board perfectly to soar ahead and Pinnock was unable to improve on his final attempt. I had to test my legs to see that I was fine and then I went for it in the final jump after having felt no pain.
Persons: Miltiadis Tentoglou, Jamaica's Wayne Pinnock, Tentoglou, Wang Jianan, Pinnock, It's, Jamaica's Tajay Gayle, Carey McLeod, McLeod, Mitch Phillips, Ed Osmond, Ken Ferris Organizations: Thomson Locations: BUDAPEST, Greece, Tokyo, Eugene, China
Amazon employees are mocking the company's return-to-office policy in a very Amazon way. But the company's aggressive return-to-office policy , which has become a contentious issue internally , has caused some employees to enjoy mocking the famous principles. Earlier this week, an Amazon employee shared a satirical version, titled "Leadership Principles for RTO," on an internal staff forum. Leaders demote other leaders to individual contributor if they aren't willing to relocate to a hub office. There are extra points for growing headcount as long as it's in a hub office.
Persons: Andy Jassy, it's, didn't, blinders, It's, Butts Organizations: Amazon, Burn
One-two punch barely fazes Uncle Sam
  + stars: | 2023-08-02 | by ( Ben Winck | ) www.reuters.com   time to read: +4 min
Former U.S. President and Republican presidential candidate Donald Trump speaks at a campaign event in Council Bluffs, Iowa, U.S., July 7, 2023. Fitch Ratings knocked the U.S. government from its perfect AAA grade, becoming the second major ratings agency to demote the country’s debt. Just minutes later, Donald Trump was indicted for his attempts to overturn the 2020 election. Yet despite the latest one-two punch, a resilient economy and the dollar’s global standing make it hard to bet against Uncle Sam. Former U.S. president Donald Trump was indicted on Aug. 1 for his sweeping efforts to overturn the results of the 2020 presidential election.
Persons: Donald Trump, George Washington’s “, It’s, Treasury Department ., Uncle Sam, Trump, Peter Thal Larsen, Sharon Lam Organizations: U.S, Republican, Reuters, Fitch, AAA, Bank for International, Treasury Department, Treasury Department . Fitch reckons, Former U.S, Trump, Thomson Locations: Bluffs , Iowa, U.S, WASHINGTON, Washington, American
Stefani Reynolds | Afp | Getty ImagesThe U.S. has accused discount shopping site Temu of possible data risks after its Chinese sister app was pulled from Google's app store over "malware" — but analysts say they're not that worried. Google called it an "identified malicious app" and urged users to uninstall the Pinduoduo app, but the Chinese online retailer denied those claims. Kevin Reed chief information security officer, Acronis"There should be no need for biometric data to be stored on an e-commerce website or app. Data risksIn a report on Chinese "fast fashion" platforms published in April, the U.S.-China Economic and Security Review Commission accused Temu and Shein of posing possible data risks. Shein and Temu "primarily rely on U.S. consumers downloading and using Chinese apps to curate and deliver products," said the report.
ByteDance allowed a Chinese Communist Party unit to censor content and access data, a new lawsuit alleges. ByteDance built a "backdoor channel" to enable CCP access to US user data, the suit alleges. An explosive new lawsuit claims TikTok owner ByteDance built a "backdoor channel" in its code that allowed Chinese Communist Party members access to user data hosted in the US. Yu is a former engineering lead for ByteDance in the US who worked at the company between 2017 and 2018. The complaint alleges the "Committee continued to have access" to US user data even after ByteDance walled off access for individual engineers in China.
ByteDance allowed a Chinese Communist Party unit to censor content and access data, a new lawsuit alleges. ByteDance built a "backdoor channel" to enable CCP access to US user data, the suit alleges. An explosive new lawsuit claims TikTok owner ByteDance built a "backdoor channel" in its code that allowed Chinese Communist Party members access to user data hosted in the US. Yu is a former engineering lead for ByteDance in the US who worked at the company between 2017 and 2018. The complaint alleges the "Committee continued to have access" to US user data even after ByteDance walled off access for individual engineers in China.
Over the weekend, numerous high-profile people announced — with apparent despair — that they too had been “punished” with verification badges. Twitter Verified account seen in an iPhone screen in Vancouver, Canada, on Dec. 9 2022. Instead of conveying authenticity, Twitter verification is now fraught with multiple conflicting messages. For weeks, many legacy verified users had signaled they would not be paying for Twitter Blue. It doesn’t benefit Twitter for celebrity accounts to be buried along with the other non-paying accounts Musk has said the platform will demote.
Musk's actions since closing the deal last year have illuminated how he sees the balance internet platforms must strike in protecting free expression versus user safety. The Supreme Court has yet to decide if or when to hear the cases, though many expect it will take them up at some point. The Age-Appropriate Design Code requires internet platforms that are likely to be accessed by kids to mitigate risks to those users. Google said such a change would also make the internet less safe and less hospitable to free expression. The Supreme Court of the United States building are seen in Washington D.C., United States on December 28, 2022.
TikTok Is Bad, but WeChat Is Worse
  + stars: | 2023-01-25 | by ( Seth D. Kaplan | ) www.wsj.com   time to read: +1 min
WeChat is the most popular communications platform in the world for Chinese speakers. Congress banned the use of TikTok on government devices recently, and the Biden administration is reportedly seeking to go further by, for instance, limiting access to user data to mitigate the app’s dangers. Given the zeal to address threats emanating from a Chinese app, why is WeChat being ignored? But since it is a China-based technology product, WeChat is also a prominent part of Beijing’s mass-surveillance network. User activity is tracked, analyzed, censored and handed over to the government in line with Communist Party mandates.
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