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☆ The Fed probably won’t cut rates in March. Here’s what that means for markets
▼ + stars: | 2024-02-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Investors now expect that the Fed will begin easing back rates in May or June, according to the CME FedWatch Tool. Before the Bell: What does the Fed’s signal that it won’t cut rates in March mean for markets? I think what’s important for the markets themselves is the fact that the Fed has signaled they’re going to cut rates. So, they’re going to cut rates at some point this year, probably May or June is going to be the first cut that we get. There’s a lot of areas where your earnings … start to reaccelerate higher, and that’s a good thing.

Persons: Stocks, Jerome Powell, Bell, Matt Orton, I’ve, We’re, it’s, Matt Egan, Read, Price Organizations: CNN Business, Bell, New York CNN, Investors, Fed, Raymond James Investment Management, The Conference, Conference, Avis Budget Group, Hasbro, Cola, Molson Coors, The, Labor Statistics, Kraft, Heinz, The Commerce Department, National Association of Home Builders, University of Michigan Locations: New York, Wells Fargo

☆ Israel’s credit rating downgraded because of war with Hamas
▼ + stars: | 2024-02-09 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —Israel’s prolonged war with Hamas is going to become a significant economic and political burden for the country over the long haul, Moody’s said Friday. So the agency downgraded Israel’s credit rating. Moody’s Investors Service downgraded Israel’s debt rating from A1 to A2 on Friday, underscoring the economic damage of the country’s war with Hamas, which has resulted in thousands of human casualties and stoked geopolitical tensions around the world. In mid-October, less than two weeks after Hamas’ deadly attack on Israel on October 7, Moody’s warned that Israel’s credit rating was in danger of a downgrade. “Conflict with Hezbollah would pose a much bigger risk to Israel’s territory,” Moody’s said.

Persons: CNN —, Moody’s, ” Moody’s, Matt Egan Organizations: CNN, Moody’s, Hamas Locations: Israel, Gaza, “

☆ How empty office space became the new bogeyman on Wall Street
▼ + stars: | 2024-02-09 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

And yet Wall Street is suddenly freaking out about bad real estate loans and empty office buildings. One regional lender — New York Community Bancorp — has seen its stock price implode and its credit rating slashed to junk in part because of its exposure to bad office loans. Japan’s Aozora Bank startled investors by blaming bad loans linked to US offices for a projected loss. That’s a major problem for an industry like real estate known for piling on debt. Importantly, Zandi said these bank failures will be limited to smaller lenders — the ones sitting on suddenly shaky office loans.

Persons: —, ” they’re, It’s, ”, Ed Mills, Raymond James, gameplan, Paul Volcker, That’s, Spencer Platt, ” Alessandro DiNello, NYCB, Powell, Janet Yellen, Jerome Powell, “, ” Mills, Mark Zandi, ” Zandi, Zandi, ” Banks Organizations: New, New York CNN, —, York Community Bancorp, Japan’s, Bank, Federal Reserve, Fed, Regulators, New York Community Bancorp, York Community Bank, Getty, Moody’s, CNN Locations: New York, sweatpants, Washington, Brooklyn, New York City

☆ Yellen: It’s ‘obvious’ that empty office buildings will create banking stress and losses
▼ + stars: | 2024-02-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New York CNN —High commercial real estate vacancies are expected to create some stress for smaller banks, Treasury Secretary Janet Yellen said Thursday. However, she said she does not see them as causing a systemic risk to the nation’s financial system. “It’s obvious that there’s going to be a stress and losses that are associated with this,” Yellen said. On Tuesday, Yellen said she does “have a concern about commercial real estate.” She noted that higher interest rates and rising vacancy rates in office buildings have combined to cause problems — especially as real estate loans come due. New York Community Bancorp recently disclosed a surprise loss and a spike in loan losses as commercial real estate loans go bad.

Persons: Janet Yellen, Yellen, ” Yellen, ”, CNN’s Matt Egan Organizations: New, New York CNN —, Banking Committee, Silicon Valley Bank, New York Community Bancorp, Moody’s Investors Service, Bank Locations: New York, Silicon

☆ CEOs are feeling more confident about economy — and concerned about the election
▼ + stars: | 2024-02-08 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —US business leaders are feeling more bullish about the direction of the economy — even as their worries about the upcoming presidential election mount. The survey found 36% of CEOs expect economic conditions to improve in the short term, up significantly from 19% last quarter. In another sign that recession fears are ebbing, just 27% of the CEOs expect economic conditions to worsen over the next six months. However, business leaders are growing concerned about how the political situation could impact their businesses. About one-third (32%) of the CEOs report economic conditions to be better than six months ago, up from just 18% at the end of last year.

Persons: That’s, ” Roger Ferguson Organizations: New, New York CNN, The Conference, Conference Board, Business, Conference Locations: New York

☆ UPenn submits documents to Congress in antisemitism investigation
▼ + stars: | 2024-02-07 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

CNN —The University of Pennsylvania submitted documents Wednesday evening to the Congressional committee investigating antisemitism on campus, beginning what could be a weekslong process of turning over documents. Nick Barley, a spokesperson for the House Committee on Education and the Workforce, confirmed to CNN the committee received documents from UPenn and is currently reviewing them. The university told CNN on Tuesday that it planned a “rolling production” of documents that would take place over the next few weeks. Last month, the committee wrote a letter to UPenn demanding a slew of documents to aid that investigation. “We have grave concerns regarding the inadequacy of Penn’s response to antisemitism on its campus,” Rep. Virginia Foxx, the Republican chairwoman of the Education Committee, wrote to UPenn leaders last month.

Persons: Nick Barley, It’s, UPenn, Liz Magill, Virginia Foxx Organizations: CNN, The University of Pennsylvania, Education, Workforce, Ivy League, Harvard University, Massachusetts Institute of Technology, ” Rep Locations: UPenn, Palestinian

☆ House gives Harvard one-week deadline to turn over antisemitism documents or face subpoena
▼ + stars: | 2024-02-07 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —Turn over a trove of documents about antisemitism on campus or face a subpoena. “If the above priority requests are unfulfilled by the deadline set above, the Committee is prepared to issue a subpoena,” Foxx wrote. Garber, who replaced Claudine Gay after she stepped down last month, has signaled Harvard will cooperate with the House investigation. That document is a set of recommended goals and steps to address antisemitism by Harvard’s antisemitism advisory group. Most of the documents Harvard has turned over are publicly available, including more than a thousand pages of student handbooks and university rules, according to the House committee.

Persons: Virginia Foxx, Foxx, ” Foxx, Alan Garber, Penny Pritzker, Garber, Claudine Gay, Crimson, “, ” Organizations: CNN, House Education, Workforce Committee, Harvard University, Wednesday, Harvard, Ivy League, Harvard Corporation, Defamation Locations: Israel, Harvard

☆ UPenn to start producing documents on Wednesday in response to House antisemitism investigation
▼ + stars: | 2024-02-06 | by ( Matt Egan | ) edition.cnn.com time to read: 1 min

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☆ Department of Energy is investigating Harvard after Palestinian and Muslim students file complaint
▼ + stars: | 2024-02-06 | by ( Rene Marsh | Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —The Department of Education on Tuesday announced a new investigation into Harvard University’s handling of alleged discrimination on its campus after a federal civil rights complaint was filed late last month against Harvard on behalf of Muslim and Palestinian students. The students said in the complaint that the school failed to protect them from harassment and intimidation, according to the Muslim Legal Fund of America. The Department of Education is already investigating the Harvard and other universities over alleged incidents of antisemitism and Islamophobia on campus. “They are trying to walk the campus but they’re getting accosted because they look like someone who might be Palestinian or Muslim. Earlier this month, Harvard Interim President Alan Garber launched a presidential task force designed to fight Islamophobia and anti-Arab bias.

Persons: Christina Jump, they’re, ”, MLFA, “ We’ve, ” MLFA, Alan Garber, ” Garber Organizations: CNN, Department of Education, Harvard, Muslim, Fund of America, University, of Education, Civil Litigation Department, ” CNN Locations: Israel

☆ Janet Yellen: Some banks may be ‘quite stressed’ by empty office building trouble
▼ + stars: | 2024-02-06 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

“I will never forget it,” Yellen told lawmakers during a hearing before the House Financial Services Committee, referring to the weekend after Silicon Valley Bank failed. Although the bank crisis subsided after federal regulators launched emergency programs, some regional banks have come under renewed pressure in recent days. Yellen said bank regulators are “quite focused” on this problem, including by working with banks to manage risks, build up reserves to cover losses, adjust dividend policies and maintain liquidity. “It’s critically important that the US be on a fiscally sustainable path,” Yellen told lawmakers during the hearing. “We are doing better” than the rest of the world, Yellen told lawmakers Tuesday.

Persons: Janet Yellen, ” Yellen, “, Yellen, Maxine Waters, “ I’m, Larry Kudlow, It’s, Joe Biden, Jerome Powell, “ It’s, ” Powell Organizations: New, New York CNN, Valley Bank, Financial Services, Bank, New York Community Bancorp, Financial, Trump, Federal Locations: New York, Valley, United States, Japan

☆ New York Community Bancorp’s credit rating downgraded to junk on real estate concerns
▼ + stars: | 2024-02-06 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

CNN —Embattled regional bank New York Community Bancorp suffered another blow Tuesday evening as Moody’s Investors Service downgraded its credit rating to junk status. Shares of New York Community Bancorp tumbled 17% in after-hours trading Tuesday evening after the downgrade. Moody’s is keeping New York Community Bancorp’s credit rating on review, signaling further downgrades are possible. New York Community Bancorp did not immediately respond to a request for comment. Treasury Secretary Janet Yellen declined to specifically comment on New York Community Bancorp’s troubles during a hearing on Tuesday.

Persons: Moody’s, ”, Wall, ” Moody’s, Janet Yellen, Yellen, “ I’m, ” Yellen Organizations: CNN, New, New York Community Bancorp, Moody’s Investors Service, Community Bancorp, New York Community, Silicon Valley Bank, York Community Bancorp, Financial Services Committee Locations: New York, New, Silicon

☆ US sends top Treasury officials to China to discuss economy
▼ + stars: | 2024-02-05 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —A team of five US Treasury Department officials is traveling to Beijing this week for a series of meetings on the economy with their counterparts in China, a Treasury official told CNN on Monday. The trip by senior officials comes ahead of a planned return to China by Treasury secretary Janet Yellen later in 2024. Specifically, the Treasury delegation plans to raise China’s use of non-market economic practices and industrial overcapacity, the official said. The visit marks the first time that the economic working group is meeting in Beijing since it was launched last September after Treasury Secretary Janet Yellen’s trip to China. However, there is nothing to suggest the latest US-China meeting is in direct response to the renewed concerns about China’s economy and financial markets.

Persons: New York CNN —, Janet Yellen, Jay Shambaugh, Donald Trump, Yellen, Janet Yellen’s, ” Yellen, “, Jerome Powell, ”, Powell, ” Powell Organizations: New, New York CNN, US Treasury Department, Treasury, CNN, Shanghai, Weibo, The New York Times, China Business Council’s, Federal, United Locations: New York, Beijing, China, Treasury’s, Washington, Hong Kong, Evergrande, United States

☆ Harvard taps ex-Merck CEO Ken Frazier to join embattled board
▼ + stars: | 2024-02-05 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Former Merck CEO Ken Frazier and KKR co-CEO Joseph Bae are joining Harvard University’s top board as the Ivy League school seeks to turn the page on a tumultuous period. Harvard announced the changes on Sunday evening, saying Frazier will start Wednesday to fill the open seat on the Harvard Corporation, the powerful yet secretive board under fire its handling of the recent controversies. Frazier, who graduated Harvard Law School in 1978, served as CEO of Merck and sat on the board of ExxonMobil, is widely respected in the business community. In 2017, Frazier quit former President Donald Trump’s manufacturing council in response to Trump’s initial failure to condemn white supremacists. Bae graduated from Harvard in 1994 and today he’s one of the most powerful private equity executives in the world.

Persons: Ken Frazier, Joseph Bae, Frazier, Bae, Paul Finnegan, Claudine Gay, ”, Alan Garber, Penny Pritzker, ” Harvard, Pritzker, megadonor, Gay, Donald Trump’s, Catalyst, Garber Organizations: New, New York CNN, Merck, KKR, Harvard University’s, Ivy League, Harvard, Harvard Corporation, Corporation, Democratic Party, Harvard Law School, ExxonMobil Locations: New York, Asia

☆ How Maurice Sendak Lived With His Own Wild Things
▼ + stars: | 2024-02-01 | by ( Elisabeth Egan | ) www.nytimes.com time to read: +1 min

On a frigid Wednesday afternoon, sunbeams poured into Maurice Sendak’s studio in Ridgefield, Conn., crisscrossing one another with the precision and warmth of the children’s books that were born in this room. Sendak died almost 12 years ago, but his studio is exactly as he left it. Standing among Sendak’s books, art and ephemera, it was easy to imagine that he’d stepped out for his daily three-mile jaunt down Chestnut Hill Road. Surely he’d come back, pop in a Mozart CD and get cracking on a new project. There were his walking sticks by the front door; there were his poster paints, wearing price tags from an art store that closed in 2016.

Persons: sunbeams, Maurice Sendak’s, Sendak, he’d Locations: Ridgefield, Conn, cardigan, Chestnut

☆ Banks are being rocked again as real estate losses mount
▼ + stars: | 2024-02-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

The regional lender set aside $552 million in the fourth quarter to absorb loan losses, up from $62 million in the previous quarter. The increase was driven partly by expected losses on a loan used to finance an office building, it said. ET as shares in NYCB, as well as other regional banks, suffered sharp losses. Much bigger players are girding themselves for losses linked to commercial real estate. Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, is up 23% since a low in late March.

Persons: Thomas Cangemi, Brendan McDermid, Julius Baer, Philipp Rickenbacher, Arnd Wiegmann, Reuters Philip Lawlor, ”, “, ” Lawlor, CNN’s Matt Egan Organizations: London CNN, Credit Suisse, New York Community Bancorp, New York Stock Exchange, Japan’s Aozora Bank, Federal Reserve, ”, CNN, Signa Group, Chrysler, Reuters, Deutsche Bank, Bank, Suisse —, UBS, Wilshire Indexes, KBW Locations: Europe, New York, Tokyo, Zurich, California, Republic, NYCB, Banc, Swiss, Austrian, Switzerland

☆ Like Her Parents, Michele Norris Is a Person of Letters
▼ + stars: | 2024-02-01 | by ( Elisabeth Egan | More About Elisabeth Egan | ) www.nytimes.com time to read: +2 min

They read, simply, “Race. : “My beautiful Black boys deserve HOPE!” Eventually Norris created a website, The Race Card Project, where correspondents could share their stories. “The post office was full of people of color who were strivers like my parents,” Norris said. “They had stuff that didn’t get where it was supposed to go, and the post office would sell it if no one claimed it,” Norris said. “My parents would give us a small amount of money, which seemed like a lot of money to me.

Persons: Michele Norris, “, ”, ” Norris, Barbara Cooney’s, Norris, — Norris Locations: Starbucks, Bowie, Md, Minneapolis, Ames , Iowa

☆ Baltimore Orioles agree to be sold to a group led by David Rubenstein for $1.7 billion
▼ + stars: | 2024-01-30 | by ( Matt Egan | David Goldman | ) edition.cnn.com time to read: +2 min

The Orioles have been mediocre — or straight-up awful — throughout most of Angelos’ ownership. The new owner, Rubenstein, is a Baltimore native and co-founder of The Carlyle Group, a Washington, DC-based private equity giant. If the sale is approved, Rubenstein will become the controlling partner in the ownership group, the key decision-maker. After the 94-year-old Angelos dies, the Rubenstein group will own all 100% of the club. The Orioles’ $1.7 billion valuation is nearly triple what the team was worth in 2014, according to Forbes.

Persons: Peter Angelos, David Rubenstein, Angelos, Hall, Cal Ripken, Jr, Rubenstein, Angelos ’, Michael Arougheti Organizations: CNN, Baltimore Orioles, Orioles, Major League Baseball, Baltimore, Hall of Famer, American League East, AL, The Carlyle Group, longtime Orioles, Ripken, Ares Management, Forbes, Milwaukee Brewers, Colorado Rockies Locations: Baltimore, Washington, DC

☆ $500 million Harvard megadonor halts donations, says elite schools produce ‘whiny snowflakes’
▼ + stars: | 2024-01-30 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

At a conference in Miami on Tuesday, Griffin expressed deep frustration with the state of American universities, including the disastrous testimony before Congress by the presidents of Harvard, MIT and UPenn. Griffin, the founder of hedge fund Citadel, said he is no longer supporting Harvard financially but would like that to change. The donor backlash at Ivy League schools raises questions about the sway wealthy individuals hold over educational institutions. Just last April, Griffin made a $300 million gift to Harvard’s Faculty of Arts and Sciences (FAS). Griffin suggested that students at elite schools are “just caught up in the rhetoric of oppressor and oppressee and… just like whiny snowflakes.”The billionaire also reiterated that he won’t hire students who signed an anti-Israel statement issued by Harvard organizations in October.

Persons: Ken Griffin, ” Griffin, Griffin, CNBC’s Leslie Picker, ”, “, “ Will, it’s “, Leslie Wexner, Len Blavatnik Organizations: New, New York CNN —, Harvard University, Harvard, University of Pennsylvania, MIT, UPenn, Citadel, MFA Network Miami, Ivy League, Harvard’s Faculty of Arts and Sciences, FAS, Harvard College, Bloomberg Locations: New York, Columbia, Miami, microaggressions, Israel

☆ NY AG sues Citibank for failing to protect customers from fraud
▼ + stars: | 2024-01-30 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —New York Attorney General Letitia James filed a lawsuit against Citibank on Tuesday, alleging the big bank failed to do enough to protect and reimburse victims of fraud. The lawsuit argues that New York customers lost millions of dollars — in some cases their entire lifesavings — to scammers and hackers because of Citi’s weak security and anti-fraud measures. According to the NY AG, Citi does not do enough to prevent unauthorized account takeovers, illegally refuses to reimburse fraud victims and “misleads” customers about their rights after their accounts are hacked. “Our actions have reduced client wire fraud losses significantly, and we remain committed to investing in fraud prevention measures to help our clients secure their accounts against emerging threats,” the Citi spokesperson said. Last year, federal regulators alleged Citi illegally discriminated against Armenian Americans for years, singling them out on credit card applications based on their last names.

Persons: Letitia James, “, Banks, James, “ Banks, ” Organizations: New, New York CNN — New York, Citibank, NY AG, Citi, Court, Southern, of, AG, “ Citi, CNN, Armenian Locations: New York, of New York

☆ Palestinian and Muslim students demand investigation into Harvard for allegedly failing to protect them from harassment
▼ + stars: | 2024-01-29 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —A federal civil rights complaint was filed on Monday against Harvard University on behalf of Muslim and Palestinian students who say the school failed to protect them from harassment and intimidation, according to the Muslim Legal Fund of America. The complaint, filed with the Department of Education’s Office for Civil Rights, calls for an immediate investigation into Harvard, the legal group said. “They are trying to walk the campus but they’re getting accosted because they look like someone who might be Palestinian or Muslim. Last fall, the Education Department launched a federal investigation into Harvard and other universities over alleged incidents of antisemitism and Islamophobia. In October, the names and faces of Harvard students allegedly linked to an anti-Israel statement were plastered on a mobile billboard truck that drove near campus.

Persons: MLFA, ”, Christina Jump, “, they’re, “ We’ve, ” MLFA, Alan Garber, ” Garber Organizations: New, New York CNN, Harvard University, Muslim, Fund of America, Department of Education’s, Civil Rights, Harvard, Civil Litigation Department, CNN, Education Department Locations: New York, Israel

☆ Bill Ackman accuses Harvard of ‘election interference’ and Mark Zuckerberg wades into board battle
▼ + stars: | 2024-01-29 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Each January, Harvard University alumni are eligible to gather enough signatures to run for the university’s Board of Overseers. Mark Zuckerberg is throwing his support behind former Facebook exec Sam Lessin, a venture capitalist calling for significant reform to Harvard. Ackman, who led the campaign to oust former Harvard president Claudine Gay, is drawing attention to the tedious process of gathering signatures from alumni. “In the securities world, the SEC would come in an prosecute a company that made it this difficult to vote for an alternative slate,” Ackman wrote. It’s not more complicated than that.”During the virtual event on Friday, Zuckerberg said Lessin is the “type of person” he’d want governing Harvard.

Persons: Mark Zuckerberg, Sam Lessin, Lessin, Penny Pritzker, Bill Ackman, Ackman, Claudine Gay, Gay, “, ” Ackman, ” Harvard, Bill, ” Lessin, ”, they’ve, Zuckerberg, Josh Kushner, Alfred Lin, Mark, He’s, It’s, Sam, ” Zuckerberg Organizations: New, New York CNN, Harvard University, university’s, Harvard, Facebook, Harvard Corporation, SEC, “, CNN, Sequoia Locations: New York, Harvard, Israel

☆ Elizabeth Warren rips Fed for fueling affordability crisis in housing, calls for rate cuts
▼ + stars: | 2024-01-29 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —America has a housing affordability crisis and Elizabeth Warren blames Jerome Powell and his colleagues at the Federal Reserve. To fight inflation, the Fed spiked interest rates at the fastest pace since the early 1980s. However, the Fed’s war on inflation set off shockwaves in the housing market. The one-two punch of elevated borrowing costs and record-high home prices has made the housing market historically unaffordable. “High interest rates have aggravated the country’s crisis of housing access and affordability,” the Senate Democrats wrote.

Persons: Elizabeth Warren, Jerome Powell, Powell, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, Freddie Mac, “, Tom Barkin didn’t, ” Organizations: New, New York CNN, Federal Reserve, CNN, Democratic, Democrats, Fed, National Association of Home Builders, Mortgage Bankers Association, National Association of Realtors, Richmond Fed Locations: New York, America, White

☆ House GOP threatens Harvard with subpoena, considers expanding antisemitism investigation to Cornell and Columbia
▼ + stars: | 2024-01-29 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

A spokesperson for the committee provided CNN a list of the 24 documents Harvard turned over to Congress, noting that all of them were already available publicly. Asked if she has considered adding other schools including Cornell University and Columbia University to the investigation, Foxx said yes. We are quite well aware of Cornell and Columbia,” Foxx said, adding that Columbia President Minouche Shafik was invited to testify but was unable to attend. White-shoe law firm WilmerHale is aiding UPenn in the House investigation, a university spokesperson told CNN. But that had nothing to do with our investigation,” Foxx said.

Persons: Virginia Foxx, Harvard, ” Foxx, Foxx, Jason Newton, “, ” Newton, ” Cornell, Minouche Shafik, WilmerHale, UPenn, Liz Magill, Anna Rose Layden, Derek Penslar, Larry Summers, ”, “ We’re, Penslar “, Gay, Claudine Gay Organizations: New, New York CNN — Rep, House Education, Workforce Committee, Harvard University, CNN, Harvard, Columbia, MIT, University of Pennsylvania, Cornell University, Columbia University, Cornell, Department of Education, House, Rep, U.S, Capitol, American Academy for Jewish Research, National, Gay Locations: New York, Washington , DC, Israel, Penslar

☆ Having too many options can paralyze investors. Here's how you can overcome 'choice overload'
▼ + stars: | 2024-01-29 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Humans get overwhelmed by too many options, a behavioral finance concept known as "choice overload." How investors encounter choice overloadChristopher Ames | E+ | Getty ImagesIt's not just investing: The choice paradox can extend to things like ice cream flavors and apparel, for example. Given these behavioral biases, retailers and others have evolved, making it less likely consumers will experience choice overload "in the wild" today, said Dan Egan, vice president of behavioral finance and investing at Betterment. Do-it-yourselfers may have about one to two dozen investment options, at most, from which to choose, reducing the choice friction. If you don't give people an easy choice, "it's really hard for them," Blanchett said.

Persons: Philip Chao, Brian Scholl, David Blanchett, Samantha Lamas, Christopher Ames, Sheena Iyengar, Mark Lepper, Dan Egan, Egan, that's, Blanchett Organizations: Sdi, U.S . Securities, Exchange Commission, Investor, Morningstar, Finance Locations: John , Maryland

☆ Joe Biden is not coming for your gas stove
▼ + stars: | 2024-01-29 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +4 min

Your gas stove is safe. The US Energy Department announced new energy efficiency standards for ovens and stoves, and the big takeaway is: Not much is changing. The department assured that the vast majority of gas stoves on the market – 97% – already meet the standards. Trumka had confirmed to CNN that “everything’s on the table” when it comes to gas stoves, but stressed that any ban would apply only to new gas stoves, not existing ones. “I can tell you the last thing that would ever leave my house is the gas stove that we cook on.”CNN’s Matt Egan contributed to this story.

Persons: ”, Andrew deLaski, Richard Trumka Jr, Trumka, ” Trumka, it’s, Democratic Sen, Joe Manchin, “, ” CNN’s Matt Egan Organizations: New, New York CNN, Biden, Consumer Product Safety, US Energy Department, DOE, Energy Department, US Consumer Product Safety, CNN, Consumer Product Safety Commission, Consumers, Democratic, Twitter Locations: New York, West Virginia

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