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☆ 12 Republican senators so far have broken with their party to support a bill that would protect same-sex marriage. Final passage is expected Tuesday night.
▼ + stars: | 2022-11-29 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

The Senate will vote on a bill to protect same-sex marriage on Tuesday night. Twelve Republican senators so far have voted to advance the bill. Senators have tweaked the bill, which passed the Democratic-controlled House in July, to get GOP support. So far, 12 Republicans have cast votes in support of advancing the bill, and more could emerge when the final version comes up. A Gallup poll from June 2021 found that 70% of Americans — including 55% of Republicans — support same-sex marriage.

☆ Senate passes landmark bill protecting same-sex marriage nationwide. It's expected to pass the House and be signed into law by Biden
▼ + stars: | 2022-11-29 | by ( Eliza Relman | Bryan Metzger | ) www.businessinsider.com time to read: +2 min

The Senate on Tuesday passed a landmark bill that would recognize same-sex marriage nationwide. Twelve Republicans voted with Democrats for the legislation. The bill will head to the House, which is expected to pass it. Twelve Republicans voted with all Democrats for the legislation, which also protects interracial marriage. Large majorities of the American public support same-sex marriage rights.

☆ GOP Sens. Bill Cassidy and Susan Collins condemn Trump for dinner with 'racist antisemites' Nick Fuentes and Kanye West
▼ + stars: | 2022-11-28 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +2 min

Trump recently dined with Kanye West and Nick Fuentes, who have both spewed anti-Semitic statements. "President Trump hosting racist antisemites for dinner encourages other racist antisemites," said Cassidy. "President Trump hosting racist antisemites for dinner encourages other racist antisemites," wrote Sen. Bill Cassidy of Louisiana on Twitter. "The president should never have had a meal or even a meeting with Nick Fuentes." The controversy began on November 22, when Trump had dinner with both Fuentes and West.

Critical shortages of the ADHD drug Adderall and the antibiotic amoxicillin have left families reeling as the medicines their loved ones need become harder to find. In the case of amoxicillin, demand has become particularly acute amid a so-called tripledemic of Covid, respiratory syncytial virus, or RSV, and the flu that are converging this season. The Food and Drug Administration's website currently lists amoxicillin and Adderall, also known as mixed amphetamine salts, as being in short supply. NBC News reached out to two of the drugmakers responsible for producing both Adderall and amoxicillin. In 2020, Congress passed the Mitigating Emergency Drug Shortages Act, which aimed to address some of these issues.

☆ INDIA RUPEE Rupee drops as COVID woes keep Chinese yuan pinned
▼ + stars: | 2022-11-21 | by ( Anushka Trivedi | ) www.reuters.com time to read: +2 min

MUMBAI, Nov 21 (Reuters) - The Indian rupee declined against a steady U.S. dollar on Monday, tracking the Chinese yuan's plunge on stringent COVID curbs in the country. The rupee eased to 81.8850 per dollar by 0441 GMT, as against its previous close of 81.6850. The onshore yuan slipped 0.6%, prompting a 0.2% to 1% decline in Asian currencies, while the rupee held up relatively better than its peers. Regional stocks were also lower as Chinese equities (.SSEC) and Hong Kong shares (.HSI) dropped 0.8% and 2%, respectively. The dollar and U.S. yields have stabilised over the past week as Fed officials made hawkish remarks.

☆ U.S. job market little affected by pandemic, say researchers
▼ + stars: | 2022-11-19 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Almost all of the hit the U.S. labor market took in 2020, when COVID-19 struck, was tied to temporary layoffs which were swiftly rescinded, said the paper presented on Saturday. Adjusted for these temporary shifts, “the labor market remained surprisingly tight throughout the crisis, despite the dramatic job losses” and by the spring of this year had recovered and returned to extremely tight conditions. The U.S. unemployment rate rode a virtual rollercoaster in 2020. As part of that effort Fed officials recognize their actions could push the economy into recession and will very likely drive up the unemployment rate. Collins was optimistic there is a pathway to price stability that entails only a modest unemployment rate increase.

☆ U.S. job market little affected by pandemic, says researchers
▼ + stars: | 2022-11-19 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The Dow Jones Industrial Average (.DJI) rose 199.37 points, or 0.59%, to 33,745.69, the S&P 500 (.SPX) gained 18.78 points, or 0.48%, to 3,965.34 and the Nasdaq Composite (.IXIC) added 1.11 points, or 0.01%, to 11,146.06. For the week, the S&P 500 fell 0.7%, retreating modestly after a strong month-long rally spurred by softer-than-expected inflation data that sparked hopes the central bank could temper its market-punishing rate hikes. "We are not likely to see any real evidence in terms of potentially declining wage pressure or inflation pressure for another couple of weeks.”Defensive groups led the way among S&P 500 sectors, with utilities (.SPLRCU) up 2%, real estate (.SPLRCR) rising 1.3% and healthcare (.SPXHC) 1.2% higher. The S&P 500 posted 8 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 62 new highs and 141 new lows. About 9.7 billion shares changed hands in U.S. exchanges, compared with the 12 billion daily average over the last 20 sessions.

The S&P 500 has retreated this week after a month-long rally following softer-than-expected inflation data that sparked hopes the central bank could temper its market-punishing rate hikes. “What is driving all equities of course is Fed policy and the gravitational force that rising interest rates have on the equity complex as a whole," Goodwin said. Energy fell 1.7%, most among S&P 500 sectors, as oil prices dropped, stemming from concern about weakened demand in China and further increases to U.S. interest rates. Gap Inc (GPS.N) shares rose about 5% after the company beat Wall Street estimates for quarterly sales and profit. The S&P 500 posted 7 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 49 new highs and 112 new lows.

Traders' bets of a 75-bps rate hike in December have gone up to 24.2% from 19.4% the previous week, according to the CME Group's FedWatch tool. The benchmark S&P 500 (.SPX) and the Nasdaq (.IXIC) have lost 17% and nearly 29%, respectively, so far this year on worries that the aggressive rate hikes could push the economy into a recession. Among S&P 500 sectors, defensive stocks advanced on Friday, with utilities (.SPLRCU) and health (.SPXHC) rising 1.5% and 0.9%, respectively, and in the lead. Advancing issues outnumbered decliners by a 1.19-to-1 ratio on the NYSE and for a 1.01-to-1 ratio on the Nasdaq. The S&P index recorded seven new 52-week highs and two new lows, while the Nasdaq recorded 45 new highs and 96 new lows.

☆ Fed's Collins: Another 75-bps hike could be ahead
▼ + stars: | 2022-11-18 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

Collins said Friday that the Fed's September projections for rates was a "reasonable range." Fed policymakers will issue new forecasts in December, and "there will be new data between now and then so that'll influence my own thinking." "I do not see clear, significant evidence that the overall inflation rate is coming down at this point." Collins, who votes on the Fed's interest rate decision in December, said it is still possible that the Fed can bring inflation down without causing too much trouble for the economy. "I look at current conditions and remain optimistic that there is a pathway to reestablishing price stability with a labor market slowdown that entails only a modest rise in the unemployment rate,” Collins said.

☆ Markets are watching for more clues on Fed hikes and the economy in the week ahead
▼ + stars: | 2022-11-18 | by ( Patti Domm | In | ) www.cnbc.com time to read: +7 min

Investors may be a bit more cautious in the week ahead, with stocks seeking direction in quiet trading and the bond market's warnings about recession getting louder. "That's going to cause its own pressure on markets because markets never look through a profit recession." In the past week, Fed officials maintained their tough tone and some even sounded more hawkish. A rallying stock market is a sign of looser financial conditions. "The stock market is complicating the Fed's objective," said Lyngen.

☆ Fed's Collins says more rate rises lie ahead for central bank
▼ + stars: | 2022-11-18 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

BOSTON, Nov 18 (Reuters) - Federal Reserve Bank of Boston leader Susan Collins said on Friday the central bank has more rate rises ahead of it as it seeks to lower inflation, while adding she hopes the likely path for monetary policy will not wound the U.S. economy too badly. “Restoring price stability remains the current imperative and it is clear that there is more work to do,” Collins said in a speech text to open a conference on the labor market at her bank. From a near-zero federal funds rate in March, the current target rate range now stands at between 3.75% and 4%. Still, the bank president said she hopes the Fed can bring inflation down without causing too much trouble for the economy. Collins noted in her remarks that understanding the relationship between inflation and unemployment has grown more complex in the wake of the coronavirus pandemic.

"Initially when that (Bullard commentary) came out, you saw the market sell off and then there was some discussion about was he being over-reactive?" Equities had seen strong gains last week after a softer-than-expected inflation report boosted hopes of smaller rate hikes from the Fed. Most of the 11 major S&P 500 sectors advanced, with defensive utilities (.SPLRCU) and real estate (.SPLRCR) leading gains, up about 1% each. The S&P index recorded six new 52-week highs and no new low, while the Nasdaq recorded 34 new highs and 60 new lows. Reporting by Shubham Batra, Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Shounak Dasgupta and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Boston Fed President Susan Collins: Restoring price stability remains the current imperative
▼ + stars: | 2022-11-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBoston Fed President Susan Collins: Restoring price stability remains the current imperativeCNBC's Steve Liesman joins 'Squawk Box' to discuss the latest comments from new Boston Federal Reserve President Susan Collins on potential interest rate hikes and more.

☆ Morning Bid: Cat, mouse and 5%
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike Dolan. The cat-and-mouse game between the Fed and financial markets has intensified around 5% peak interest rates next year as next week's Thanksgiving holiday hoves into view. In Europe, the euro , euro bond yields and bank stocks (.SX7P) climbed on Friday as the European Central Bank prepared for the start the biggest withdrawal of cash from the euro zone's banking system in its short history. The crypto world continued to lick its wounds amid unfolding revelations and reverberations surrounding the collapse of exchange FTX. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Fed's Collins says she see pathway to cutting inflation without big hit to labor market
▼ + stars: | 2022-11-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed's Collins says she see pathway to cutting inflation without big hit to labor marketBoston Fed President Susan Collins joins 'Squawk on the Street' to discuss the pathway to bringing inflation down without a significant downturn in unemployment, the economic importance of bringing inflation down, and the risks associated with ongoing inflationary pressures.

☆ Employers are planning pay increases of 4.6% in 2023, slightly above this year's 4.2%, study shows
▼ + stars: | 2022-11-18 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

Violetastoimenova | E+ | Getty ImagesThe Fed aims for a 2% annual rate of inflationWhile inflation is a normal part of an economy, the current rate is far above the Federal Reserve's target of 2%. So far this year, the Fed's rate-setting committee has boosted a key interest rate six times in its ongoing effort to bring down the rate of inflation. The general idea is that by raising the cost of borrowing money, spending will decline and there will be less inflationary pressure due to lower consumer demand. Nevertheless, although there's been an uptick in layoffs, the unemployment rate is relatively low at 3.7%, according to the latest reading. watch nowBoston Federal Reserve President Susan Collins expressed confidence Friday that inflation can be tamed without a big jump in unemployment.

☆ Fed's Collins expresses hope that inflation can be tamed without hitting jobs
▼ + stars: | 2022-11-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Boston Federal Reserve President Susan Collins expressed confidence Friday that policymakers can tame inflation without doing too much damage to employment. In her remarks, Collins noted the importance of bringing down inflation and recognized that the Fed's moves could exact a price. "Sufficiently restrictive" is a benchmark the Fed has set in determining where rates need to go to bring down inflation. "At the Fed we are committed to returning inflation to the 2 percent target in a reasonable amount of time. Only when inflation is low and stable can the economy in general — and the labor market in particular — work well for all Americans," Collins said.

☆ What Cramer is watching Friday — Fed plays good cop, bad cop and off-price retailers shine
▼ + stars: | 2022-11-18 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Rival Ross Stores (ROST) gets multiple price target increases. Citi raises BJ's Wholesale (BJ) price target to $83 per share from $81 after earnings beat. Multiple price target raises on Club Bullpen name Palo Alto Networks (PANW). Barclays raises Applied Materials (AMAT) price target to $90 per share $80 but keeps neutral rating. Piper Sandler starts DraftKings (DKNG) with an overweight (buy) rating and a $21-per-share price target, which implies about 40% upside from Thursday's close.

☆ Same-sex marriage protection bill clears initial hurdle in U.S. Senate
▼ + stars: | 2022-11-17 | by ( Moira Warburton | ) www.reuters.com time to read: +3 min

It would serve as a legal backstop against any future Supreme Court action by requiring the federal government to recognize any marriage that was legal in the state it was performed. It would not block states from banning same-sex or interracial marriages if the Supreme Court allows them to do so. All 50 Democrats and 12 Republican senators voted to advance the bill in the 100-member Senate. Speaking before Wednesday's vote, Republican Senator Thom Tillis, another key negotiator, called the bill "a good compromise... based on mutual respect for our fellow Americans." In a mark of how far the country has moved on the issue, the Mormon church - once a virulent opponent of legalizing same-sex marriage - came out in support of the bill.

☆ Dow futures fall slightly as investors assess the prospect of higher interest rates
▼ + stars: | 2022-11-17 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Futures tied to the Dow Jones Industrial Average ticked lower Thursday night as investors continued evaluating earnings reports and tougher language from Federal Reserve speakers. The S&P 500's futures traded near flat, while Nasdaq-100 futures jumped 0.1%. But investors also had to consider comments from more than half a dozen Fed speakers at events across the country. Notably, St. Louis Federal Reserve President James Bullard said Thursday that "the policy rate is not yet in a zone that may be considered sufficiently restrictive." That move alarmed investors who are worried that rising rates could trigger a recession.

WASHINGTON — Senate Minority Leader Mitch McConnell was re-elected as Republican leader on Wednesday, defeating a challenge from Sen. Rick Scott of Florida that reflects growing angst within the party after it underperformed in the midterm elections. It is the most serious challenge McConnell has faced for his position after leading the Republican caucus for 15 years. “I welcome the contest.”McConnell is now on track to become the longest-serving Senate caucus leader in history. “That option is represented by Rick Scott currently.”Scott's challenge has rankled some in the Republican caucus, who attribute the 2022 defeats to his handling of the NRSC. “Rick Scott must really love to lose,” griped one Senate GOP aide.

☆ U.S. Senate to hold initial vote on bill protecting same-sex marriage
▼ + stars: | 2022-11-16 | by ( Moira Warburton | ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 16 (Reuters) - The U.S. Senate on Wednesday will hold an initial vote on legislation to protect the right to same-sex marriage, spurred by concerns that a conservative Supreme Court could reverse its earlier decision that made it legal nationwide. The bill, which is expected to pass the Senate, would serve as a legal backstop against any future Supreme Court action by requiring the federal government recognize any marriage that was legal in the state it was performed. However, it would not block states from banning same-sex or interracial marriages if the Supreme Court allows them to do so. Supporters of same-sex marriage were spurred to act when Supreme Court Justice Clarence Thomas wrote that the court should also reconsider the legality of same-sex marriage, in a concurring opinion to the court's overturning of federal protections for abortion in June. The bill will have to jump through several more procedural hoops in the Senate before going back to the House for final approval.

☆ Four Republican senators so far have broken with their party to support a bill codifying same-sex marriage
▼ + stars: | 2022-11-16 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

The Senate is set to take a procedural vote Wednesday on a bill codifying same-sex marriage into law. Four Republican senators are publicly backing the bill so far, but more could emerge this week. Senators tweaked the bill, which sailed through the Democratic-controlled House in July, to get GOP support. A Gallup poll from June 2021 found that 70% of Americans — including 55% of Republicans — support same-sex marriage. Republican Sen. Lisa Murkowski of Alaska is broadly supportive of same-sex marriage, while retiring Republican Sens.

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