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☆ Treasury Secretary Janet Yellen accidentally ate hallucinogenic mushrooms in China
▼ + stars: | 2023-08-15 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +2 min

Treasury Secretary Janet Yellen inadvertently consumed magic mushrooms during a visit to China. CNN previously reported that following Yellen's visit the mushroom dish was selling out at Yi Zuo Yi Wang other locations across China. Yi Zuo Yi Wang means In and Out in English, but the Chinese chain bears no connections to the California burger giant. Instead of animal style fries, Yi Zuo Yi Wang specializes in Yunnan food, according to CNN it is a popular cuisine in southwestern China. Yellen visited Yi Zuo Yi Wang as part of a group dinner during a visit that sought to rebuild relations between the world's two largest economies.

Persons: Janet Yellen, Yellen, CNN's Erin Burnett, Biden, Yi Zuo Yi Wang Organizations: Service, Biden Cabinet, CNN Locations: China, Wall, Silicon, California, Yunnan, Washington, Beijing

☆ Gold under pressure from elevated U.S. dollar, bond yields
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: +2 min

Gold prices eased on Tuesday as the dollar benefited from elevated bond yields and China's economic concerns, with markets now looking ahead to U.S. retail sales data that could shed light on the impact of higher rates on consumer spending. Gold prices fell as the U.S. dollar and Treasury yields were pushed higher, with investors assessing potential policy actions from Chinese regulators to address mounting financial and property risk, according to NAB Commodities Research. U.S. 10-year Treasury yields were near their highest levels since November. Attention is now turning to U.S. retail sales data due later in the day and the Federal Reserve's July policy meeting minutes on Wednesday. Sabrin Chowdhury, head of commodities at BMI, expects a boost in gold prices, lately under pressure from a strong U.S. dollar, only towards the last quarter of 2023.

Persons: Sabrin Chowdhury, Janet Yellen, Joe Biden's Organizations: U.S ., Treasury, NAB Commodities Research, U.S, BMI Locations: China's, U.S

☆ Treasury Secretary Janet Yellen says China's slump has spillover risks but her US outlook is still positive
▼ + stars: | 2023-08-15 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Treasury Secretary Janet Yellen said China's economic snags pose some risks to the US. "China's slowdown will have the largest impact on its Asian neighbors, but there will be some spillovers to the United States." She maintained that the US labor market remains strong while inflation trends downward after the Federal Reserve's 11 interest rate hikes. "When Americans are asked about their own personal financial situation, 70% or more say they feel very good," Yellen said. The Treasury chief's comments follow President Joe Biden's remarks that China's economy is a "ticking time bomb," given its growth and demographic issues.

Persons: Janet Yellen, Yellen, they're, Joe Biden's, They've, Biden, David Dollar Organizations: Service, Bloomberg, Federal, Reuters, Brookings Institution Locations: United States, Wall, Silicon, Las Vegas, Utah, Beijing, China

☆ Phishing scams targeting small business on social media including Meta are a 'gold mine' for criminals
▼ + stars: | 2023-08-15 | by ( Ellen Sheng | ) www.cnbc.com time to read: +6 min

CNBC quarterly surveys of small business owners in recent years have indicated that many do not rate the risk of cyberattack highly, yet the FBI says that in recent years a wave of hacks has targeted small business. Small business owners say social media giants such as Meta have done little to help them address the problem. Malware can target victims through email phishing, browser extensions, ads and mobile apps and various social media platforms. According to SCORE, a nonprofit partly funded by the U.S. Small Business Administration, nearly half of small business owners cited social media as their preferred digital marketing channel. And social media accounts of small businesses are like a gold mine," said Joseph Steinberg, a cyber security privacy and AI expert, who sees small business social media accounts as "low hanging fruit."

Persons: it's, Pat Bennett, Pat's Granola, Bennett, hasn't, Pat Bennett Bennett's, Joseph Steinberg, Bryan Palma, Europol, Palma, Cai Dixon, Dixon Organizations: Facebook, Meta, CNBC, FBI, SCORE, U.S . Small Business Administration, YouTube Locations: Cleveland, Europe

☆ Yellen upbeat on US economy, says Bidenomics is driving investment, job growth
▼ + stars: | 2023-08-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +5 min

U.S. Treasury Secretary Janet Yellen speaks during a press conference at the U.S. embassy in Beijing, China, July 9, 2023. Yellen said China's slowing growth, Russia's war in Ukraine and climate change could still pose risks to the U.S. economy and did not rule out a recession, but she felt upbeat. "I feel very good about U.S. prospects overall," Yellen told reporters, noting that inflation and the unemployment rate had both dropped below 4%, and that the U.S. economy was continuing to expand. "These are real Americans back at work – able to put food on the table, support their families, and save for retirement." Reporting by Andrea Shalal in Las Vegas; Editing by Diane Craft, Matthew Lewis and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Thomas Peter, Joe Biden's, Yellen, Biden, Andrea Shalal, Diane Craft, Matthew Lewis, Sonali Paul Organizations: Treasury, U.S, REUTERS, Thomas, Thomas Peter Companies Ipsos, LAS, International Brotherhood of Electrical Workers, National Conference of State Legislators, Workers, International Energy Agency, Thomson Locations: Beijing, China, Nevada, Vegas, United States, Ukraine, U.S, Las Vegas

☆ Yellen says the U.S. economy is on track for stable growth thanks to Inflation Reduction Act boost
▼ + stars: | 2023-08-14 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

US Treasury Secretary Janet Yellen attends an event on the Inflation Reduction Act after visiting the site of a new paperless processing initiative in McLean, Virginia, on August 2, 2023. WASHINGTON — Treasury Secretary Janet Yellen on Monday said the Inflation Reduction Act, the 2022 law that spurred major investments in infrastructure, manufacturing and climate goals, has propelled the U.S. economic recovery. "Over the past year, our task has been to transition the economy from rapid recovery to stable growth," Yellen said. "Our path so far shows that we are on the right track, even as we remain vigilant about potential challenges and uncertainties." The term emerged on the political landscape in the past year, first used by Republicans to describe high inflation and the interest rate hikes that were meant to cure it.

Persons: Janet Yellen, Yellen, Joe Biden, Joe, Barack Obama Organizations: WASHINGTON —, Treasury, Brotherhood of Electrical Workers, Training, Infrastructure Law, IRA, GOP Locations: McLean , Virginia, Las Vegas

☆ Yellen warns of risks of over-concentration of clean energy supply chains
▼ + stars: | 2023-08-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

"As we move away from fossil fuels, we remain concerned about the risks of over-concentration in clean energy supply chains," she said in excerpts of the speech obtained by Reuters. "Today, the production of critical clean energy inputs – from batteries to solar panels to critical minerals – is concentrated in a handful of countries." "The IRA is helping re-shore some of the production that is critical to our clean energy economy," she said. "Accelerating these transitions can mean greater demand for U.S. clean energy technologies produced by American workers. It can also bolster global clean energy supply chains.”Yellen will speak at a training center operated by the International Brotherhood of Electrical Workers (IBEW) union.

Persons: Janet Yellen, Thomas Peter, laud, Yellen, Joe Biden, Biden, Andrea Shalal, Diane Craft Organizations: Treasury, U.S, REUTERS, Thomas, Thomas Peter Companies Ipsos, LAS, Reuters, International Energy Agency, Democratic, International Brotherhood of Electrical Workers, Thomson Locations: Beijing, China, United States, U.S, Las Vegas, Democratic Republic of Congo, Indonesia, Australia, Chile, Nevada

The long-awaited rule is expected to require that real estate professionals such as title insurers report the identities of the beneficial owners of companies buying real estate in cash to the Treasury's Financial Crimes Enforcement Network (FinCEN). Criminals have for decades anonymously hidden ill-gotten gains in real estate, Treasury Secretary Janet Yellen said in March, adding that as much as $2.3 billion was laundered through U.S. real estate between 2015 and 2020. That debate has slowed down FinCEN's work on the real estate reporting rule, one of the sources said. PATCHWORKWhile banks have long been required to understand the source of customer funds and report suspicious transactions, no such rules exist nationwide for the real estate industry. FinCEN implemented GTOs in 2016 after the New York Times revealed that nearly half of luxury real estate was bought by anonymous shell companies.

Persons: Janet Yellen, Erica Hanichak, FinCEN, Jodi Vittori, Guo Wengui, Guo, Donald Trump, Steve Bannon, Howard, David Szakonyi, Luc Cohen, Chris Prentice, Amy Stevens, Michelle Price, Matthew Lewis Organizations: U.S . Treasury Department, FACT Coalition, Association, New York Times, Carnegie Endowment, International Peace, Nardello, Government, Office, George Washington University, New, Thomson Locations: New York, Miami, Los Angeles, Chinese, Jersey, Manhattan

☆ Yellen to tout U.S. economy's resilience, jobs recovery in major speech
▼ + stars: | 2023-08-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, Aug 10 (Reuters) - U.S. Treasury Secretary Janet Yellen will highlight the U.S. economy's continuing resilience in a major speech in Las Vegas on Monday, touting the creation of 13 million new jobs and progress in driving down inflation, a Treasury official said. Yellen will speak at a training center operated by the International Brotherhood of Electrical Workers (IBEW) union after touring its cutting-edge clean energy training programs where workers learn how to install solar panels. The Treasury official said Yellen will say the U.S. economy is on the right track toward stable growth, while underscoring the need to remain vigilant on potential challenges. She will note that the resilience of the U.S. economy - which she hailed in a major speech last July - has lasted over the past year despite many naysayers, who warned it could not last, the official added. Yellen will argue that the IRA is making the U.S. less vulnerable to fossil fuel price shocks and strengthening clean energy supply chains, while creating good-paying jobs, the official said.

Persons: Janet Yellen, Yellen, Joe Biden, Biden, Andrea Shalal, Jonathan Oatis Organizations: . Treasury, Treasury, International Brotherhood of Electrical Workers, Reuters, U.S, Thomson Locations: Las Vegas, Nevada, U.S

☆ Is it time to worry about stagflation?
▼ + stars: | 2023-08-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

CNN —For the past two years, economists have been worrying about the risks of high inflation rates. But far less attention has been given to inflation’s sibling: stagflation. Stagflation is the combination of high inflation and a slowing economy. The current state of stagflation: Last year, then-World Bank President David Malpass warned that stagflation risks were high because of supply chain disruptions stemming from lockdowns in China and bans on Russian oil. What’s happening now: The risk of stagflation varies significantly across different regions of the globe.

Persons: Stagflation, David Malpass, Janet Yellen, ”, Lan Ha, stagflation, Andrew Kenningham, “, That’s, ” Kenningham, ” Ha, Ha, Parija Kavilanz, don’t, Dallin Hatch, Biden, Joe Biden, Trump, Matt Egan, It’s Organizations: CNN Business, Bell, CNN, Federal, World Bank, Euromonitor, Capital Economics, Bank of England’s, National Institute of Economic, Social Research, Trump Locations: Israel, lockdowns, China, Europe, Germany, Ukraine, Saudi Arabia

☆ How Warner Bros. Discovery's MotorTrend beat the odds and went from magazine publisher to a 9-figure video and digital business
▼ + stars: | 2023-08-08 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Digital and video content has become a nine-figure business with shows aimed at a broad audience. Building on its linear channel MotorTrend TV and DTC business MotorTrend+, it launched Warner Bros. Discovery's first free, ad-supported TV (FAST) channel last October, and it's slated to roll out its first Spanish-language FAST TV channel, MotorTrend Veloz TV, in August. Discovery formed a joint venture in 2017 of MotorTrend and its cable channel Velocity (since renamed MotorTrend TV). MotorTrend's FAST channel launch last fall on Samsung TVs coincided with Samsung launching its own automotive channel, Ride or Drive, for example.

Persons: Kevin Hart's, Hart, It's, MotorTrend, Alex Wellen, Discovery's, MotorTrend MotorTrend, jumpstart MotorTrend, Discovery, Wellen, Rob Corddry, Mike Suggett, Suggett, Kevin Hart, there's, — Organizations: MotorTrend Group, Warner Bros, Automobile, Harvard Business, Discovery Communications, Scripps Networks Interactive, HGTV, Food Network, CNN Worldwide, FAST, Samsung, YouTube Locations: MotorTrend, That's

☆ Fitch US credit downgrade: Former Treasury secretaries react
▼ + stars: | 2023-08-06 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +4 min

CNN —The US economy is resilient, but policymakers need to take the long view on the country’s fiscal challenges, three former Treasury secretaries told CNN’s Fareed Zakaria on Sunday. “But it’s in some ways a very important wake-up call.”The downgrade came after a last-minute bipartisan deal in June that suspended the US debt ceiling until early 2025. I strongly disagree with Fitch’s decision, and I believe it is entirely unwarranted,” Treasury Secretary Janet Yellen said Wednesday. Meanwhile, the Biden administration is preparing new rules that could restrict investment in certain sectors in China, according to reports. When asked about US-imposed tariffs on China, Paulson said “we are working to close markets at the same time that China is doing business with more and more of the world.”“China is a major, major competitor,” he added.

Persons: CNN’s Fareed Zakaria, ” “, ”, Henry Paulson, George W, Bush, Janet Yellen, Paulson, “, ” Timothy Geithner, Geithner, ’, ” Robert Rubin, Bill Clinton, Zakaria, Biden, –, Jennifer Hansler, Gan, Juliana Liu Organizations: CNN, Fitch, AAA, Treasury Department, Capitol, Poor’s Locations: United States, China

☆ America's credit score got slashed – but that's not the economic disaster it sounds like
▼ + stars: | 2023-08-03 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Ratings agency Fitch cut America's credit score in a surprise move Tuesday. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Fitch's downgrade is like an individual's credit score slipping from exceptional to merely very good. If you need more convincing that Fitch's downgrade is no big deal, look no further than the stock market. In other words, Fitch slashed the US's credit score, and Wall Street shrugged.

Persons: Fitch, Joe Biden, Biden, Janet Yellen, who's, Kevin McCarthy, didn't, – Organizations: Service, Washington DC, Canada, Democrats, Republicans, Bank of America Locations: Canada, Wall, Silicon, Washington, United States, France

☆ Jamie Dimon, Larry Summers blast Fitch's shock US downgrade as 'ridiculous' and 'bizarre and inept'
▼ + stars: | 2023-08-03 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +5 min

Fitch's downgrade of the US government's credit score on Tuesday has come as a shock to markets. Here's how 8 top voices have reacted, including Jamie Dimon, Warren Buffett and Larry Summers. But the decision of a credit rating agency today, as the economy looks stronger than expected, to downgrade the United States is bizarre and inept," Summers said in a post on X. Fitch rating services down grades US credit rating from AAA to AA+. I strongly disagree with Fitch's decision, and I believe it is entirely unwarranted," Yellen said.

Persons: Jamie Dimon, Warren Buffett, Larry Summers, Fitch, Berkshire Hathaway, Treasurys, Buffett, Dimon, Jeenah, Summers, Mohamed El, Erian, Paul Krugman, Krugman, Robert Kiyosaki, Rich Dad, Brace, Janet Yellen, Patrick Semansky, Yellen, Mark Haefele, Haefele Organizations: AAA, Service, Biden, Wall, Berkshire, CNBC, JPMorgan, Allianz, Fitch, AA, Fed, Treasury, AP, UBS Global Wealth Management Locations: Wall, Silicon, U.S, United States, States

☆ US IRS to allow full digital document submissions for 2024 tax season
▼ + stars: | 2023-08-02 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, Aug 2 (Reuters) - The U.S. Internal Revenue Service plans to allow taxpayers to submit all documents and correspondence to the agency digitally for the 2024 tax filing season and will convert all paper tax returns to digital documents by the 2025 season, the Treasury Department said on Wednesday. The initiative, part of a decade-long, $60 billion program to modernize systems and improve tax enforcement, will allow taxpayers to digitally submit all correspondence, non-tax forms and responses to IRS notices, the Treasury said. Most U.S. tax returns are already filed digitally, which results in faster refunds. But the COVID-19 pandemic and associated filing delays and staffing shortages saddled the IRS with a massive backlog of 22.5 million unprocessed paper tax returns by February 2022 that needed some form of manual processing. U.S. Treasury Secretary Janet Yellen said in excerpts of remarks at an IRS facility in McLean, Virginia, that taxpayers will always have the choice to submit documents by paper.

Persons: Janet Yellen, Yellen, David Lawder, Christian Schmollinger Organizations: Internal Revenue Service, Treasury, U.S, IRS, Congress, Thomson Locations: McLean , Virginia

☆ Treasury Secretary Yellen says surprising Fitch downgrade is 'entirely unwarranted'
▼ + stars: | 2023-08-02 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

Treasury Secretary Janet Yellen testifies before the House Financial Services Committee on the state of the international financial system, in the Rayburn House Office Building on Capitol Hill in Washington, DC on June 13, 2023. WASHINGTON — Treasury Secretary Janet Yellen on Wednesday denounced Fitch's decision to downgrade the United States' longstanding credit rating that caused stocks to tumble. Yellen, who spoke during a visit with Danny Werfel, commissioner of the IRS, called the move "surprising" considering the nation's strong economic recovery from the Covid pandemic. Fitch cited "expected fiscal deterioration over the next three years," and "repeated debt-limit political standoffs" when it downgraded the nation's rating to AA+ from AAA. "I strongly disagree with Fitch's decision, and I believe it is entirely unwarranted," Yellen said.

Persons: Janet Yellen, Fitch's, Danny Werfel, Fitch, Yellen, we've Organizations: Financial, WASHINGTON —, AAA, CNBC Locations: Rayburn, Washington , DC, States

☆ New IRS paperless system will help reduce deficit significantly over 10 years, Yellen says
▼ + stars: | 2023-08-02 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — Treasury Secretary Janet Yellen praised a new initiative by the IRS that she said will help reduce the federal deficit by $2.6 trillion over the next 10 years — an extension of the Biden administration's pledged $1 trillion in deficit reduction from the Inflation Reduction Act. The initiative is a "key" to unlocking other system improvements, said Yellen, including error reductions in tax processing and secure data access for taxpayers. "I urge Congress to provide stable and sufficient annual appropriations for the IRS in order to sustain and build on this progress," Yellen said. The agency has already recovered roughly $38 million from about 175 delinquent tax cases for millionaires, said Yellen. CORRECTION: This story has been updated to say that the IRS paperless system will help with the Biden administration's effort to cut into the federal deficit by $2.6 trillion over the next 10 years.

Persons: Janet Yellen, Johns, Biden administration's, Yellen, Biden Organizations: Johns Hopkins University’s School, International, WASHINGTON —, IRS, Biden Locations: Washington , DC

☆ Fitch's US debt-rating downgrade is bad news for stocks. Here's everything you need to know.
▼ + stars: | 2023-08-02 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

The downgrade comes two months after Joe Biden and House Republicans reached an 11th-hour deal to stop a catastrophic default. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Here's everything you need to know about the ratings agency's shock move. Fitch said the last-minute debt-ceiling deal after months of shutdown had failed to convince it that Congress will be able to avert future calamities. As debt-ceiling negotiations dragged on earlier this year, the White House warned stocks could crash 45% if the government ever failed to repay its debts – so even a downgrade is bad news for the market.

Persons: Fitch, Joe Biden, Stocks, Joe Biden's, Biden, it's, AJ Bell's, Laith Khalaf, Fitch's, Janet Yellen, Larry Summers Organizations: House Republicans, Service, AAA, Social Security, House, Nasdaq, CME Group, Dow Jones, P Global, Biden Locations: Wall, Silicon, Europe, Asia

☆ IRS unveils 'paperless processing initiative' for taxpayers. Here’s what to expect
▼ + stars: | 2023-08-02 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The IRS has unveiled plans to offer digital correspondence for the 2024 tax season, building on the agency's decade-long overhaul of improved service, technology and compliance. By 2025, the agency aims to achieve "paperless processing" for tax returns and so-called information returns, used by employers and financial institutions. The IRS expects to eliminate up to 200 million pieces of paper every year, slash processing times by half and speed up refunds by several weeks, the U.S. Department of the Treasury announced on Wednesday. "This paperless processing initiative is the key that unlocks other customer service improvements," Treasury Secretary Janet Yellen said in a speech on Wednesday. "It will enable taxpayers to see their documents, securely access their data and save time and money."

Persons: A.I, Janet Yellen Organizations: IRS, U.S . Department of, Treasury, Finance, Ivy League, Social

☆ Fitch official confirms that January 6 Capitol riot was partially behind its controversial US downgrade
▼ + stars: | 2023-08-02 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

A top official with Fitch Ratings said January 6 influenced its controversial downgrade of US credit. "I strongly disagree with Fitch Ratings' decision," Treasury Secretary Janet Yellen said in a statement. "The change by Fitch Ratings announced today is arbitrary and based on outdated data." The juxtaposition of Fitch's decision and January 6 became inadvertently apparent as soon as their decision was announced. News of former President Donald Trump's indictment related to his efforts to overturn the election broke just as Fitch's downgrade became public.

Persons: Fitch's, Richard Francis, Francis, Fitch, Janet Yellen, Larry Summers, Biden's, Donald Trump's Organizations: Fitch, Reuters, The Treasury Department, Service, Treasury Department, Biden, Congressional Republicans, White, Twitter Locations: Wall, Silicon, United States, States

☆ Yellen calls Fitch downgrade 'entirely unwarranted' amid US economy's strength
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +3 min

U.S. Treasury Secretary Janet Yellen speaks during a climate finance roundtable discussion at the U.S. Embassy in Beijing, Saturday, July 8, 2023. "Fitch's decision is puzzling in light of the economic strength we see in the United States," Yellen said. "I strongly disagree with Fitch's decision, and I believe it is entirely unwarranted." Fitch had cited a deterioration in U.S. governance that started during the prior Trump administration in making its decision, according to U.S. Treasury officials. The company has a contract to develop scanning technology to convert paper documents so that they can be digitally processed.

Persons: Janet Yellen, Mark Schiefelbein, MCLEAN, Biden, Yellen, Joe Biden's, Fitch, Trump, Richard Francis, Donald Trump, Francis, Biden's, David Lawder, Paul Simao Organizations: Treasury, U.S, Embassy, . Treasury, Fitch, Internal Revenue Service, Reuters, U.S . Capitol, AAA, Republicans, Century Technologies, Thomson Locations: Beijing, Virginia, Washington, United States, U.S, McLean , Virginia

U.S. Capitol police stand outside the Capitol building as the Senate votes on debt ceiling legislation to avoid a historic default at the U.S. Capitol in Washington, U.S., June 1, 2023. Fitch downgraded the United States to AA+ from AAA, citing fiscal deterioration over the next three years and repeated down-the-wire debt ceiling negotiations that threaten the government’s ability to pay its bills. With the downgrade it becomes the second major rating agency after Standard & Poor’s to strip the United States of its triple-A rating. Investors use credit ratings to assess the risk profile of companies and governments when they raise financing in the debt capital markets. Other analysts had pointed to the risk that another downgrade by a major rating agency could affect investment portfolios that hold top-rated securities.

Persons: Evelyn Hockstein, Fitch, Joe Biden, Janet Yellen, Biden, Karine Jean, Pierre, Keith Lerner, Raymond James, Ed Mills, Mohamed El, Davide Barbuscia, Jyoti Narayan, Lewis Krauskopf, Saeed Azhar, Megan Davies, Arun Koyyur, David Gregoiro, Gerry Doyle Organizations: Capitol, U.S, REUTERS, White, AAA, Standard, Democratic, Republican, Treasury, Advisory Services, ” Treasury, Fitch, AA, Queens ' College, Thomson Locations: Washington , U.S, States, United States, Atlanta, New York, Bengaluru

☆ Fitch downgrades US credit rating citing 'steady deterioration' of US governance amid frequent debt ceiling battles
▼ + stars: | 2023-08-01 | by ( Brent D. Griffiths | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Fitch downgraded the US's credit rating on Tuesday, citing "steady deterioration in standards of governance." The downgrade comes two months after the latest debt ceiling battle and brinkmanship. Fitch's move echoes what S&P did in 2011 when that major rating agency downgraded US credit in the wake of a different debt ceiling fight. However, Fitch's assessment comes after the lastest deal — which guarantees some debt ceiling relief through the next presidential election — was brokered. "They've repeatedly put the full faith and credit of our nation on the line, and now, they are responsible for the second downgrade in our credit rating," they wrote.

Persons: Fitch, Joe, Janet Yellen, acquiescing, Biden, —, They've Organizations: Democrats, Service, Tuesday, White, Social Security, AAA, Fitch, Republicans, GOP, Lawmakers Locations: Wall, Silicon

It will be based in Los Angeles and led by Banc of California CEO Jared Wolff. Shares of PacWest surged 34% after the market close, while Banc of California jumped 9%. PacWest stockholders will receive 0.6569 Banc of California shares for each PacWest share they currently own. Meanwhile, the two private equity firms will be issued new Banc of California stock worth $400 million at a price of $12.30 per share. PacWest had total assets of $44 billion at the end of March, while Banc of California had assets of $10 billion, according to separate company filings.

Persons: Warburg Pincus, Centerbridge, Jared Wolff, PacWest, Timothy Coffey, Janney Montgomery Scott, Janet Yellen, Ares Management, Wolff, We've, David Smith, Nomura, Niket, Nupur Anand, David French, Pete Schroeder, Tatiana Bautzer, Megan Davies, Lananh Nguyen, Arun Koyyur, Jonathan Oatis, Sonali Paul Organizations: PacWest Bancorp, Warburg, Centerbridge Partners, midsize, RARE, Bank, Pacific Western Bank, Federal Deposit Insurance Corporation, Autonomous Research, U.S, Thomson Locations: Banc, California, Los Angeles, U.S, Bengaluru, New York

☆ The Fed no longer thinks a recession will happen this year
▼ + stars: | 2023-07-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Fed Chair Jerome Powell said the central bank no longer forecasts a recession this year. It's a shift from previous meetings when the committee left the potential for a recession on the table. However, he punted recession concerns by saying that the Fed staff no longer forecasts a recession in 2023. This differs from previous Federal Open Market Committee meetings, during which the staff did leave a recession on the table. The most recent inflation data were quite encouraging."

Persons: Jerome Powell, Powell, Janet Yellen, Yellen Organizations: Service, Fed, Bloomberg Locations: Wall, Silicon

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