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Rep. Patrick McHenry, R-N.C., sharply criticized other politicians on Tuesday for making public comments about what the Federal Reserve should do with its interest rate policy. McHenry, the outgoing chair of the House Financial Services Committee, said it was an '"outrage" that some politicians are publicly lobbying the central bank about rate cuts. "Senators that are trying to direct the Fed on rate policy are really demeaning their role. McHenry's comments came one day before the U.S. central bank is widely expected to start cutting interest rates for the first time since 2020. Coming in the middle of a presidential election cycle, the change in Fed policy has stirred speculation as to whether the central bank would be influenced by political considerations.
Persons: Patrick McHenry, Kevin McCarthy, McHenry, , Jerome Powell, Joe Biden, Democratic Sens, Elizabeth Warren of, John Hickenlooper of, Sheldon Whitehouse, Warren, Whitehouse, Trump, Sen, Mike Lee, Trump's Organizations: Rep, U.S, Capitol, Federal, Financial Services, Senators, United, Trump, Democratic, Fed, Republicans, Georgetown University's Psaros, Financial Markets Locations: R, Washington, United States, U.S, Elizabeth Warren of Massachusetts, John Hickenlooper of Colorado, Rhode, Utah
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat the Fed wants and what markets want are 'different things,' strategist saysMorgane Delledonne, head of investment strategy at Global X ETFs, discusses how the Federal Reserve's interest rate policy and economic data impacts markets.
Persons: Morgane Delledonne Organizations: Fed, Global
Companies can face data-security challenges with cloud storage and access management. Dan Benjamin, the senior director of product management at Prisma Cloud, a cloud-security platform made by Palo Alto Networks, said that incorporating data-security posture management into cybersecurity strategies could help solve many of these problems. This is crucial, as an IBM report published in 2023 estimated that 82% of data breaches involved data stored in the cloud. Organizations also often use several cloud systems and sometimes lack a solid security strategy for maintaining, updating, and securing data. Liat Hayun, the vice president of product management and research of cloud security at the cybersecurity company Tenable, said cloud environments' flexibility makes them attractive to companies.
Persons: , Dan Benjamin, Benjamin said, Liat Hayun, Tenable, they're, Hayun, haven't, Benjamin, DSPM, Julie Madhusoodanan, Madhusoodanan Organizations: Service, Palo Alto Networks, LinkedIn, Companies Locations: DSPM, Normalyze
Now, the retail giant is turning to generative AI to drive more same-day shipping. But not all the changes that generative AI may bring to the e-commerce giant are positive. Robots and new rolesThe number of Amazon warehouse robots grew from 350,000 in 2021 to more than 750,000 in 2023, according to the company. "They're using generative AI and computer vision to avoid obstacles and find the right place to stop," Armato said. Amazon's AI is three times better at identifying damaged products than humans are, the company said.
Persons: Steve Armato, Armato, Lisa Setyon, Tom Forte, Forte, it's, Katie Tarasov Organizations: Amazon, CNBC, Amazon's, Maxim, Senate Locations: California, Tracy, U.S, Tracy , California, Richmond , California
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Snapchat creators can now add user replies as stickers. "Creators go deeper on Snapchat, I think because the money's there," referencing how some influencers have made tens of thousands of dollars directly through the platform . AdvertisementNow, creators in this program can choose what engagement and demographic data they share with companies they want to work with. "I always tell creators that with Snap, you can be a big fish in a small pond."
Persons: , Brooke Berry, Alix Earle, Berry, Brooke Monk, Snap Berry, they're Organizations: Service, Business, YouTube, School
Circuit U.S. Court of Appeals sounded unconvinced Monday that the TikTok “sale or ban” law, signed by President Joe Biden in April, was unconstitutional. TikTok and ByteDance have since condemned the practice and said that three employees involved were terminated, with an additional employee resigning. Pincus also said that the data TikTok collects from American users is anonymized and is comparable to other Chinese companies, like major e-commerce platforms. TikTok creators and users in the U.S. have responded overwhelmingly negatively to the proposed ban. Trump then expressed support for TikTok following Biden’s passage of the national security package that included the provision to ban TikTok.
Persons: Joe Biden, TikTok, , Andrew Pincus, , it’s, Pincus, Pincus didn’t, Judge Neomi Rao, ” Rao, Biden, Kamala Harris, Kamala, Donald Trump’s, TAYLOR SWIFT, ” Trump, Trump Organizations: Circuit U.S, Chinese Communist Party, Oracle, Forbes, Palestine Information Office, ByteDance, Justice Department, “ Biden Locations: U.S, Texas, Oracle’s U.S, China, Palestine, Tibet
Amazon is requiring its workers to return to the office full time. He noted that the company's three-day-a-week policy, instituted in 2023, had only reinforced the view that a full return was necessary. Amazon joins a growing list of major U.S. firms returning to a five-days-a-week office policy, including Boeing, JP Morgan Chase and UPS. However, according to data from FlexIndex, a firm that tracks company office policies, a majority of U.S. firms still offer hybrid arrangements. "As we have grown our teams as quickly and substantially as we have the last many years, we have understandably added a lot of managers," Jassy said.
Persons: Andy Jassy, Jeff Bezos, Jassy, JP Morgan Chase, it’s, ” Jassy, It’s Organizations: Amazon, Boeing, UPS Locations: FlexIndex, U.S
Is TikTok trying to secretly influence Americans at the behest of the Chinese government? And an analysis of the ownership structure of TikTok parent company ByteDance, obtained by NBC News, argues that the company is deeply entangled with some of China’s major government propaganda organs. The most recent one, published last month, found that TikTok suppresses anti-China content compared to YouTube and other social media platforms. In recent years, according to media reports, Chinese government entities have increasingly taken golden shares in technology companies. “This report establishes that TikTok algorithms actively suppress content critical of the Chinese Communist Party (CCP) while simultaneously boosting pro-China propaganda and promoting distracting, irrelevant content,” the researchers wrote.
Persons: , TikTok’s, China —, , TikTok, ” Democratic Sen, Mark Warner, — Casey Blackburn, National Intelligence —, , ByteDance, Blackburn, Strider, ” Strider, Wu Shugang, Organizations: Congress, D.C, Justice Department, NBC News, Network, Research, Rutgers University, YouTube, Department, U.S ., Appeals, District of Columbia, Supreme, Strider Technologies, Communist Party of China, ” Democratic, U.S, of Economic Security, Emerging Technology, National Intelligence, TikTok, Chinese Communist Party, CCP, Net Investment, Technology, Communist Party, China Central Radio, Television Station, Beijing State, Administration, Investment, China’s Ministry of Education Locations: United States, Washington, U.S, China, Tibet, TikTok, People’s Republic of China, Tiananmen, Hong Kong, , Xinjiang, Beijing
A new report commissioned by a labor-backed group is examining a problem many Democrats might rather ignore: the exodus of working-class voters from the party they used to call home. Some voices on the left have downplayed the significance or even denied the loss of working class voters, but the data is increasingly clear and signs of realignment are everywhere. “We take the right wing and Republican Party seriously when they say they want to be the party of the working class,” Mitchell said. Too often, the report argues, working-class voters are thought of as white men without college degrees, likely involved in a trade like plumbing. If nothing else, Mitchell hopes the research will push Democrats to take seriously the erosion with working class voters and to move beyond one-size-fits all stereotypes when thinking about how to talk to working-class voters.
Persons: Donald Trump, , Ohio Sen, JD Vance, Donald Trump’s, “ I’ve, MAGA, , Maurice Mitchell, it’s, ” Mitchell, Harris, Mitchell Organizations: Republican, Republicans, Working Families Party, Working, Democratic, NBC News, Republican Party, HIT, Biden Locations: Ohio, New York,
“If you could find us,“ she asked, “why didn’t they?”Do you have a story to share about the use of unclaimed bodies for research? Dr. Douglas Hampers, the CEO of National Bioskills Laboratories — which had leased Honey’s torso — said he was disturbed to learn his company had received unclaimed bodies. He said his company would ensure that it no longer accepted unclaimed bodies and would adopt policies to make certain future specimens were donated with families’ permission. To curb this ghastly 19th-century practice, states adopted laws giving schools authority to use unclaimed bodies for student training and experiments. Each of the 44 that answered said they don’t use unclaimed bodies — and some condemned doing so.
Persons: Fran Moore, Carl Yenner, , , Victor Honey —, , Brenda Cloud, didn’t, DePuy, Johnson, Medsystems, Medical Sciences —, Douglas Hampers, Thomas Champney, Tim O’Hare Organizations: NBC, Army, University of North Texas Health Science, Health Science Center, Health Science, NBC News, Health, Dallas, U.S . Army, Johnson, Boston Scientific, University of Arkansas, Medical Sciences, University of North, National Bioskills Laboratories, American Association for Anatomy, University of Miami Miller School of Medicine Locations: Texas, Dallas, Tarrant, Fort Worth, North Texas, University of North Texas, Dallas County, Tarrant County
Antimicrobial resistance happens when pathogens like bacteria and fungi develop the ability to evade the medications used to kill them. A death attributable to antimicrobial resistance was directly caused by it, while a death associated with AMR may have another cause that was exacerbated by the antimicrobial resistance. For this combination – the antibiotic methicillin and the bacteria S. aureus – the number of attributable deaths nearly doubled from 57,200 in 1990 to 130,000 in 2021. The researchers estimated that, in 2050, the number of global deaths attributable to antimicrobial resistance could reach 1.9 million, and those associated with antimicrobial resistance could reach 8.2 million. Strathdee saw firsthand the effects that antimicrobial resistance can have on health when her husband nearly died from a superbug infection.
Persons: , Chris Murray, Murray, , ” Murray, it’s, Samuel Kariuki, Kariuki, Steffanie Strathdee, Strathdee, who’s, It’s, Strathdee’s, Tom Patterson, Patterson, baumannii, ” Strathdee, Dr, Sanjay Gupta Organizations: CNN, World Health Organization, AMR, Institute for Health Metrics, University of Washington, Global, Kenya Medical Research Institute, University of California San Diego School of Medicine, Center, Therapeutics, UC San Diego, CNN Health Locations: South Asia, Latin America, Caribbean, Africa, Kenya, Egypt, Germany
The startup, Smartcat, just raised $43 million in Series C funding led by New York-based VC firm Left Lane Capital with Lead Edge Capital also participating. Smartcat previously raised a $4.5 million seed round in 2017, a $7 million Series A in 2018, and a $15 million Series B in 2020, according to PitchBook data. VC investment in AI startups is continuing to go gangbusters, topping out at a whopping $24 billion in the second quarter of 2024 — the biggest quarter for AI funding in recent years, according to Crunchbase. AdvertisementWhile some consumer and healthcare AI startups have raised eye-popping rounds, the tech is creating plenty of opportunities in the B2B space. Check out the six-slide presentation Smartcat used to raise $43 million in Series C funding.
Persons: , Smartcat, Ivan Smolnikov, Smolnikov Organizations: Service, Left Lane, Lead Edge Capital, Marbruck Investments, Chrome, Business Locations: New York, Koro, Smartcat
ARM is seeing a lot of growth in its data centers, says CEO Rene HaasARM CEO Rene Haas joins 'Mad Money' host Jim Cramer to talk power demands for AI data, software demand, how its benefiting from the AI hype cycle and more.
Persons: Rene Haas, Jim Cramer
Gold prices at all-time highs as traders eye deeper U.S. rate cut
  + stars: | 2024-09-16 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices climbed to a two-week high on Thursday as U.S. Federal Reserve Chair Jerome Powell opened the door to cutting interest rates as early as September. Gold prices surged to record highs on Monday, driven by a softer dollar and expectations of a larger interest rate reduction by the U.S. Federal Reserve this week. Spot gold was up 0.5% at $2,588.29 per ounce, as of 0551 GMT, after hitting an all-time high of $2,589.23 earlier in the session. This would be Fed's first rate cut since 2020. Zero-yield bullion tends to be a preferred investment amid lower interest rates and geopolitical turmoil.
Persons: Jerome Powell, Tim Waterer, Donald Trump Organizations: Federal, U.S . Federal Reserve, KCM, Bank of England, Bank of Japan, Republican, FBI Locations: China, Japan, Indonesia, Malaysia, South Korea
Shares of India's Bajaj Housing Finance more than doubled Monday on their market debut, reflecting strong demand from investors looking to play the country's growing real estate sector. Bajaj Housing Finance's blockbuster IPO last week drew bids worth $39 billion, with shares being oversubscribed nearly 64 times. After Monday's debut the total market cap of the company was pegged at about $15.6 billion (1,331.59 billion rupees), exchange data showed. Bajaj Housing Finance, headquartered in Pune, caters to more than 88.11 million customers across the country, according to the company's website. It also provides loans against property for business or personal needs as well as working capital for business expansion purposes.
Organizations: India's Bajaj Housing Finance, National Stock Exchange, Bajaj Housing, Bajaj Housing Finance, Bajaj Finance Locations: India, Pune
Stock futures were flat Monday evening as Wall Street readied for key retail sales data and the start of the Federal Reserve's September policy meeting. Futures tied to the S&P 500 hovered near the flatline, along with futures linked to the Dow Jones Industrial Average . Investors on Tuesday will parse retail sales data for August for one final glimpse into the health of the U.S. consumer ahead of the Fed rate decision. The results could affect the rate cut outcome. She is forecasting additional 25 basis point cuts in November and December.
Persons: Biden, Dow, Dow Jones, Seema Shah Organizations: Intel, Futures, Dow Jones, Nasdaq, Apple, Fed, CME Group's, September's National Association of Home Builders Housing
Intel CEO Pat Gelsinger holds a sample of a wafer during his keynote speech at the Computex conference in Taipei on June 4, 2024. Intel shares jumped 8% in extended trading Monday after the company said it plans to turn its foundry business into an independent unit with its own board and the potential to raise outside capital. Gelsinger said the restructuring would allow the foundry business to "evaluate independent sources of funding," and comes days after Intel's board met to assess the direction and future of the company. The foundry business, which Intel plans to use to manufacture chips for other customers, has been a big drag on its bottom line, with the company spending roughly $25 billion on it in each of the last two years. With a standalone "operating board" and a cleaner corporate structure, the mechanics of a separation become far easier than trying to turn a fully integrated unit into a separate company.
Persons: Pat Gelsinger, Pat Gelsinger's, Gelsinger Organizations: Intel, Nvidia Locations: Taipei, Altera
While that may give some investors pause, veteran tech investor Trent Masters continues to see promise, revealing four stocks he has a "high degree of conviction" in. They are: Nvidia , Motorola Solutions , Trane Technologies and Sherwin-Williams . Trane Technologies Beyond the traditional tech plays, Masters is betting on Trane Technologies, a company specializing in heating, ventilation, air-conditioning and refrigeration systems. The average price target for Trane Technologies is $361.46, according to FactSet data, giving it a 0.8% discount. Sherwin-Williams Outside tech, Masters likes paint manufacturer Sherwin-Williams thanks to its "very strong ... business (with a) good returns profile."
Persons: Trent Masters, Sherwin, Williams, CNBC's, Jensen Huang's, Masters, — CNBC's Jim Cramer Organizations: Nvidia, Motorola Solutions, Trane Technologies, Sydney, Alphinity Investment Management, Motorola, Land Mobile
Apple — The technology stock fell more than 2% following analyst reports that early shipping data may signal softer demand for iPhone 16 Pro models. Intel — The semiconductor stock rose 1.3% before on the bell. Micron Technology — The semiconductor stock slid 2.8% after Morgan Stanley cut its price target by a whopping $40 to $100. ASE Technology — The semiconductor packager added 1.7% on the heels of a Morgan Stanley upgrade to overweight from equal weight. Zillow — The real estate stock rose more than 2% after an upgrade to outperform from neutral from Wedbush.
Persons: Donald Trump, Bausch, Morgan Stanley, Morgan Stanley's, Wells, Ally, downgrades, Zillow, , Jesse Pound, Sarah Min, Sean Conlon, Samantha Subin Organizations: Trump Media & Technology, Republican, Holdings, Apple, Financial Times, Alcoa, Intel, Bloomberg, Micron Technology, Technology, Colgate, Palmolive, Bank of America, Zillow Locations: California, Wells Fargo
Washington CNN —It’s a pivotal week for the US economy, with the Federal Reserve expected to cut interest rates for the first time since 2020. Fed officials and investors have long anticipated that borrowing costs would come down in 2024 — at some point — according to their economic forecasts. But nine months in, rate cuts still haven’t happened, drenching Wall Street’s parade and leaving US consumers squeezed by elevated interest rates. Here’s why the Fed didn’t cut soonerIt’s simple: The Fed didn’t cut interest rates sooner because it could have reignited inflation or left it stuck above the central bank’s target. Bond yields, which move in anticipation of the Fed’ decisions on rates, have come down over the past several weeks based on signs encouraging the Fed to cut rates, such as weaker-than-expected employment data and cooling inflation.
Persons: Washington CNN — It’s, it’s, ” Oscar Muñoz, ” Muñoz, Jerome Powell, Powell, Donald Trump, Joe Biden, “ Jerome Powell’s, ” Philipp Carlsson Organizations: Washington CNN, Federal Reserve, Fed, Wall, TD Securities, CNN, Kansas City, Capitol, White, Boston Consulting Group Locations: , Jackson Hole , Wyoming
The Federal Reserve is expected to start lowering rates this week, and mortgage rates are down as a result. But will mortgage rates drop further once the Fed cuts rates? See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile.
Persons: they've, Freddie Mac Organizations: Federal, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs Locations: Chevron
Currencies listless as markets waffle over Fed rate cut
  + stars: | 2024-09-16 | by ( ) www.cnbc.com   time to read: +4 min
A quarter-point reduction by the Fed as it kicks off its rate cuts is still seen as the slightly more likely outcome, but only marginally so. Futures price a total of 125 basis points in rate cuts in 2024. Investors are also looking to the Bank of Japan's interest rate decision on Friday, when it is expected to keep its short-term policy rate target steady at 0.25%. Bank of Canada Governor Tiff Macklem meanwhile opened the door to stepping up the pace of interest rate cuts, the Financial Times reported on Sunday. The BoC, after keeping its key policy rate at 5%, a more than two-decade high, for a year, has trimmed it by a quarter point three times in a row since June.
Persons: Chris Weston, Fumio Kishida, Sanae Takaichi, Christine Lagarde, Philip R, Lane, Luis de Guindos Organizations: U.S, Bank of England, Bank of Japan, Treasury, Fed, FedWatch, Bank of, Liberal Democratic Party, Sterling, European Central Bank, ECB, Bank of Canada, Financial Times, BoC Locations: Japan, Asia, China, South Korea
Russia's oil revenue has plummeted as global crude prices fall. Oil sales dropped to $1.44 billion in the week ending September 8, per data cited by Bloomberg. AdvertisementRussia's oil business has taken a hit, with the nation's crude revenue dropping to its lowest levels in seven months, according to Argus Media data cited by Bloomberg. Urals crude, Russia's flagship oil blend, has edged lower to $67.61 a barrel, down around 20% from its peak in the spring of this year. Russia is set to make even steeper oil production cuts later in 2024, as part of OPEC's goal to boost crude prices.
Persons: , Russia's Organizations: Bloomberg, Service, Argus Media, Russia's Energy Ministry Locations: Moscow, Russia, Hungary, Asia
A view of the Navigli in Milan, Italy on May 20, 2024. LONDON — European stocks were set to open higher Monday as investors prepared for a bumper week of interest rate decisions from the U.S Federal Reserve and the Bank of England. The FTSE 100 was seen opening 4 points higher at 8,278, Germany's DAX up 27 points at 18,713, France's CAC 7 points higher at 7,468 and Italy's FTSE MIB up 30 points at 33,583, according to IG data. The pan-European Stoxx 600 closed higher on Friday and added 1.09% for the week as positive momentum returned to the market. With a U.S. rate cut now all but guaranteed, investors are waiting to see by how much the Fed will cut rates on Wednesday, and what guidance chair Jerome Powell will give on the future path for monetary policy.
Persons: Germany's DAX, Jerome Powell Organizations: LONDON, U.S Federal Reserve, Bank of England, CAC Locations: Milan, Italy
Read previewMithu Storoni, a neuroscientist and expert on mental stress, made three "radical" changes to the way she works after writing her latest book on optimizing workflow. Data suggests the brain is better at performing certain tasks at certain times of the day, Storoni said. AdvertisementSchedule tasks around brain rhythmAs much as possible, Storoni now schedules her working day around the type of tasks she needs to do. But provided you have at least some agency over when you do which tasks, this idea could be applied to a typical working day, she said. AdvertisementWhen she's doing focused or creative work, Storoni puts her phone face down on silent, pauses her email notifications, and doesn't read anything.
Persons: , Storoni, Slack, it's, Daniel de la, I'm Organizations: Service, Business, Creative Locations: Australia, France, Germany, Japan
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