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☆ Russian ultranationalists think Putin's response to the Moscow drone attacks and border raids shows he's 'out of touch with reality'
▼ + stars: | 2023-06-01 | by ( Chris Panella | ) www.businessinsider.com time to read: +3 min

Russian ultranationalists say Putin's response to recent attacks shows he's "out of touch with reality." The ISW says responses to the drone attacks and cross-border raids haven't satisfied war-hawks. To the ultranationalists Russia allows to criticize the war, it is evidence that Russian leader Vladimir Putin is "out of touch with reality." Former Russian officer and ultranationalist Igor Girkin said Putin was "out of touch with reality" and criticized "an absence of an honest conversation with" Russian society. According to ISW, both Girkin and other ultranationalists also criticized Putin's response to recent border raid attacks in the Belgorod and Kursk oblasts of Russia.

Persons: he's, Putin, —, Vladimir Putin, Igor Girkin, Girkin, ISW Organizations: Service, Institute, Twitter, Kremlin Locations: Moscow, Belgorod, Ukraine, Russia, Russian, Kyiv, Kursk

The debt deal clears the HouseThe debt-ceiling deal is a step closer to becoming law after its breezy passage in the House last night, making the prospect of a U.S. default all the more remote. Investors expressed relief, sending global markets and U.S. stock futures higher this morning. The bill now heads to a final vote in the Democratic-controlled Senate. The House vote was always seen as riskier, but the bill’s passage in the upper house is by no means a fait accompli. And some fiscal hawks in his party see the deal as a betrayal.

Persons: Rand Paul, Bernie Sanders, Biden’s, Mitch McConnell, Kevin McCarthy, McCarthy, Jim Jordan of Organizations: Democratic, Republican, The Times, Republicans Locations: U.S, Kentucky, Vermont, Jim Jordan of Ohio

☆ Euro zone inflation tumbles, fuelling ECB rates debate
▼ + stars: | 2023-06-01 | by ( Balazs Koranyi | ) www.reuters.com time to read: +4 min

Some economists argued that the bigger than forecast drop in underlying inflation suggests that not much work is left to be done. "Underlying inflation has probably passed its peak," Commerzbank economist Christoph Weil said. "This supports our expectation that the ECB will raise key interest rates by 25 basis points for the last time in June." Services inflation slowed to 5.0% from 5.2% while price growth for industrial goods eased to 5.8% from 6.2%, still excessive but both moving in the right direction. Euro zone wage growth is hovering in the 5% to 6% range, twice the rate that would be consistent with the ECB's inflation target.

Persons: Christine Lagarde, Christoph Weil, Nordea, Balazs Koranyi, John Stonestreet Organizations: FRANKFURT, European Central Bank, ECB, Thomson Locations: Germany, Netherlands, Ireland

☆ Inflation in Europe drops to lowest level since Russia invaded Ukraine
▼ + stars: | 2023-06-01 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Inflation in Europe has fallen to its slowest pace since Russia invaded Ukraine, bolstering the case for the region’s central bank to bring interest rate hikes to an end soon. That’s the lowest rate of inflation since February 2022, when Moscow launched a full-scale invasion of its neighbor, sending global energy prices soaring. The pace of food price rises eased for the second month running in May, while energy prices actually fell. Inflation has fallen sharply in Germany, France, Italy and Spain, national data published Wednesday showed. Separate data published Tuesday showed lending by banks in the euro area stagnated further in April, with loans to households barely growing at all.

Persons: Price, Christine Lagarde, ” Lagarde, ” Franziska Palmas, ”, Bert Colijn Organizations: London CNN, Russia, European Central Bank, ECB, US Federal Reserve, Bank of, Capital Economics, ING Locations: Europe, Ukraine, Moscow, Germany, France, Italy, Spain, Bank of England, Palmas

☆ Investors are losing hope for a Fed pause and bracing for another interest-rate hike instead. Here's what 8 experts have predicted.
▼ + stars: | 2023-05-31 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +6 min

Investors are losing hope that the Federal Reserve will pause its interest-rate hikes in June. For example, several market experts have warned the commercial real estate industry is at risk if the Fed keeps raising borrowing costs. "But I do think it's possible they're going to raise a little more. Ed Yardeni, market veteran"The market has been remarkably resilient, mostly because the economy has been remarkably resilient," Yardeni said in a CNBC interview. "So I think they're where they want to be – and I think they're going to keep it here."

Persons: They're, —, Mohamed El, David Solomon, Goldman Sachs, Solomon, It's, Jamie Dimon, Dimon, Ed Yardeni, Yardeni, Doom, Roubini, Mark Zandi, Zandi, Mark Nash, Nash Organizations: Federal, Service, Bank, Signature Bank, First Republic, Fed, Erian, Allianz, CNBC's, JPMorgan, CNBC, Bloomberg, NYU Stern, Jupiter Asset Management

☆ Coco Gauff says Miami Heat star Jimmy Butler offered her tickets to the NBA Finals before beginning of playoffs
▼ + stars: | 2023-05-31 | by ( Ben Morse | ) edition.cnn.com time to read: +3 min

But according to tennis star and Heat fan Coco Gauff, Butler is either excellent at predicting the future or just extremely confident. In the lead up to the French Open, Gauff hinted she had a “funny story” about Butler but was “going to save it” to avoid jinxing it. Butler drives to the basket during Game 7 of the Eastern Conference Finals against the Boston Celtics. 8 seed Heat’s miraculous run to the NBA Finals, beating the No. The NBA Finals begin on Thursday in Denver.

Persons: Jimmy Butler’s, Coco Gauff, Butler, Gauff, Roland Garros, Brian Babineau, ”, “, I’ll, ’ ” Gauff, ’, ” Gauff, Jimmy Butler, Rebeka Masarova Organizations: CNN, Miami Heat, Boston Celtics, NBA, Denver Nuggets, Eastern, Hawks, Celtics, Milwaukee Bucks, New York Knicks Locations: Madrid, Rome, France, Denver

☆ US seeks to curb investment in Chinese chips, AI and quantum computing
▼ + stars: | 2023-05-31 | by ( Karen Freifeld | ) www.reuters.com time to read: +2 min

WASHINGTON, May 31 (Reuters) - New rules under consideration would restrict the flow of U.S. investments and know-how into Chinese companies working on advanced semiconductors, artificial intelligence and quantum computing, a U.S. Treasury official said on Wednesday. Reuters reported in February that the Biden administration plans to ban investments in some Chinese technology companies and increase scrutiny of others, three sources said, as part of its plan to crack down on the billions that American firms have poured into sensitive Chinese sectors. China hawks in Washington blame U.S. investors for transferring capital and valuable know-how to Chinese tech companies that could help advance Beijing's military. Separately, Republican Senator Bill Hagerty asked about efforts to restrict the supply of U.S. origin goods to Chinese telecommunications company Huawei. Reporting by David Shepardson and Daphne Psaledakis in Washington, and Karen Freifeld in New York; Writing by Chris Sanders; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Paul Rosen, Biden, Bill Hagerty, Thea Rozman Kendler, Kendler, David Shepardson, Daphne Psaledakis, Karen Freifeld, Chris Sanders, Daniel Wallis Organizations: Treasury, Reuters, Republican, Huawei, Exports, Commerce, Thomson Locations: U.S, China, Washington, New York

☆ Jim Cramer says the Fed needs to slow down before making a rash decision
▼ + stars: | 2023-05-31 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer told investors on Wednesday that the Federal Reserve needs to calm down before it makes a rash decision about rate hikes that could make the market even worse. With two weeks to go before its next meeting, Cramer stressed the need for prudence, not recklessness, in times of market confusion. "There are plenty of Fed heads who believe they need to keep raising interest rates, rather than take their time to assess the situation," Cramer said. Maybe the Fed needs to tighten more, but would it kill them to wait another month or two?" Cramer stressed that many industry giants are sending out warning signs that the central bank should not ignore, especially brick-and-mortar retailers, which are seeing "discouraging earnings and almost uniformly tepid forecasts."

Persons: CNBC's Jim Cramer, Cramer, —, I'm, Patrick Harker Organizations: Federal Reserve, American Airlines, Philly Fed, Costco, Meta

☆ Explainer: What is the U.S. debt ceiling?
▼ + stars: | 2023-05-29 | by ( Jason Lange | ) www.reuters.com time to read: +4 min

WHEN WAS THE DEBT CEILING REACHED? IS THE DEBT CEILING GOOD FOR ANYTHING? Few counties in the world have debt ceiling laws and Washington's periodic lifting of the borrowing limit merely allows it to pay for spending Congress has already authorized. Others argue the debt ceiling itself violates the U.S. Constitution. In a 2011 showdown, House Republicans successfully used the debt ceiling to extract sharp limits on discretionary spending from Democratic President Barack Obama.

CNN —The Miami Heat closed out the Boston Celtics in the NBA’s Eastern Conference Finals on Monday, winning a deciding Game 7 103-84 to advance to the NBA Finals against the Denver Nuggets. The Nuggets have not played a game in a week after sweeping the Los Angeles Lakers in the Western Conference Finals last Monday. 1-seeded Milwaukee Bucks in the first round, before winning a war of attrition against the Knicks in the Eastern Conference semis. This brought the Heat and the Celtics together in the Eastern Conference Finals. Back-to-back blowouts meant that Boston took the series back to Miami for Game 6 – the most crucial game of the series so far.

☆ Central bankers face a balance sheet reckoning
▼ + stars: | 2023-05-26 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

LONDON, May 26 (Reuters Breakingviews) - Central banks’ balance sheets have exploded in size since 2008. That’s not a problem, we’re told, since central banks are not bound by ordinary accounting rules. Ferguson and his colleagues examined fourteen central bank balance sheets over a period of 400 years. Central bank hawks on the other hand, are typically slow to expand their balance sheets during crises. Central banks with weak balance sheets are less credible bastions of a fiat currency.

☆ Fed's hawks make a pitch against a rate-hike pause
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

On Thursday, rate-futures markets reflected a one-in-three chance of a June rate hike, compared with a one-in-10-chance seen a week ago. The Fed has lifted borrowing costs at each meeting since March 2022, bringing them from near zero to a 5.00-5.25% range as of early this month. Consumer price inflation, for instance, edged down to a 4.9% annual pace in April but is still far above the Fed's 2% goal. However, his embrace of the idea that there is still a lot of policy tightening in the pipeline suggests he could be comfortable with a pause. Dallas Fed's Logan had the opposite presumption.

☆ Debt conundrum gives Italy weak hand in EU talks
▼ + stars: | 2023-05-18 | by ( Lisa Jucca | ) www.reuters.com time to read: +6 min

After inflation hit 40-year highs in the West last year, global rate-setters, including the European Central Bank, launched a dramatic series of interest rate hikes. Unless there is a sudden series of interest rate cuts, the cost of servicing Italy’s debt could stay well above 4% of GDP for years. To fight that, Meloni’s government will have to shrink the public deficit and bring Italy back to the healthy pre-pandemic habit of keeping a primary budgetary surplus excluding debt interest payments. As long as Italy’s debt is not spiralling out of control, markets won’t worry too much. Yet even if Meloni chooses a milder approach, Italy’s unresolved debt challenge risks giving her a weak negotiating hand in Brussels.

☆ Opinion | Against Despair: An Open Letter to Graduates
▼ + stars: | 2023-05-15 | by ( Margaret Renkl | ) www.nytimes.com time to read: +3 min

As you enter the world, remember, too, how beautiful this place is. It will make you feel better about the mess your species has made of things if you can find a way to help. Being in the wild world will make you feel better. I promise you will feel better. Fall in love with the wild world, and you are taking the first step toward saving it.

Indeed a third U.S. central banker speaking early in the day, Governor Michelle Bowman, signaled she feels further policy tightening may yet be appropriate, unless inflation drops more convincingly. The Fed has raised its benchmark interest rate five full percentage points over the past 14 months - the fastest pace of tightening in 40 years. Yes," Fed Governor Philip Jefferson said at a monetary policy conference at the Hoover Institution. That's notable from a policymaker who was among the first and most vocal to push for sharp rate hikes to fight inflation, back in mid-2021. But since then, he said, the Fed's rate hikes have helped bring down what had been a worrying rise in inflation expectations that, if left unchecked, could have sent actual inflation spiraling out of control.

☆ Dollar weakens, euro edges higher after inflation data
▼ + stars: | 2023-05-10 | by ( Laura Matthews | ) www.reuters.com time to read: +3 min

U.S. Labor Department data showed April inflation cooled to 4.9%, the smallest year-over-year increase in two years. However, so-called core inflation remained sticky at 5.5%, suggesting interest rates may need to stay high for some time to tame it. "The U.S. dollar did soften modestly on the news that core U.S. CPI inflation edges a little lower in April. Economists polled by Reuters expected core U.S. consumer prices to rise 5.5% on a year-on-year basis for April. Fed funds futures traders are pricing in a pause before expected rate cuts in September.

☆ Russia's war on Ukraine latest: EU to discuss sanctions on Chinese and Iranian firms
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +3 min

May 10 (Reuters) - European Union states hold a first discussion on Wednesday on proposed new sanctions over Russia's war in Ukraine that would target Chinese and Iranian firms and allow export curbs on third countries for busting existing trade restrictions. GRAIN EXPORTS* The United Nations said inspections resumed on Tuesday of outbound vessels under a deal allowing the safe Black Sea export of Ukraine grain, which Moscow has threatened to quit on May 18 over obstacles to its own grain and fertilizer exports. CONFLICT* The governor of Russia's Voronezh region said on Wednesday that two drones attempted to attack a military facility in his region, but failed. * Russia's air defence forces shot down an "enemy" drone in the Kursk region bordering Ukraine, its governor said, adding that falling debris damaged a gas pipeline and a house. * Arman Soldin, a 32-year-old video journalist for Agence France Presse (AFP) in Ukraine, was killed on Tuesday by Grad rocket fire near Chasiv Yar, in eastern Ukraine, AFP said on Twitter, citing AFP colleagues who witnessed the incident.

☆ No quick deal in sight as EU countries start talks on new Russia sanctions
▼ + stars: | 2023-05-10 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

Widely differing perspectives mean a quick deal is not expected, several diplomats said. She added the EU would stop transit via Russia of more of its exports, including advanced tech products and aircraft parts. Diplomatic sources familiar with the proposal - drafted by von der Leyen's Commission - said it also included blacklisting "tens" of new companies, including from China, Iran, Kazakhstan and Uzbekistan. NO SWIFT DEAL SEENAll 27 EU countries must agree for new sanctions to take effect in what would be the bloc's 11th round of such measures since Russia invaded Ukraine in February 2022. A diplomatic source from an EU country hawkish on Russia was frustrated the Commission's proposal did not include stopping Russian diamond imports or nuclear energy cooperation.

☆ Democrats are so desperate to win in Florida that they are considering NBA legends Dwyane Wade and Grant Hill for the Senate
▼ + stars: | 2023-05-09 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Some prominent Florida Democrats are eyeing former NBA stars in a bid to reverse their losing streak. NBC News reported that Democrats have talked to Grant Hill and tried to coax Dwyane Wade into running. Democrats are searching for a challenger to Sen. Rick Scott, who is up for reelection in 2024. Having Wade County is great," Wade told the publication. He hasn't been officially approached, but he is on the list of four or five dream candidates to challenge Rick Scott.

Both hiked interest rates a quarter point - but only the ECB said more was to come. Without committing to it, the Fed signalled a pause in its 13-month, five percentage point tightening campaign. Money markets do partly agree with Lagarde - seeing one more quarter point rate rise in the pipeline. They now see the so-called terminal ECB rate at 3.5% in September - still a chunky 175 bps below peak Fed rates if you assume that at 5.25%, those have now reached the end of the line. "The extent of policy tightening delivered by the ECB to date is already sufficient to cause a recession," said Fidelity International's Anna Stupnytska.

"We are not pausing - that is very clear," ECB President Christine Lagarde told a press conference. NOT FED DEPENDENTShe also dismissed the notion that the ECB would have to pause if its U.S. counterpart did so, saying the ECB was "not Fed-dependent". The German 10-year yield , the euro zone benchmark, fell as much as 7 basis points to a one-month low of 2.18%. "In a nod to the hawks, the ECB hinted at 'future decisions' in the plural," Holger Schmieding at Berenberg said. Firms in the services sector especially have complained of labour shortages, suggesting that more wage pressures could come this summer.

A 25 basis point move, a slowdown after three straight 50 basis point hikes, appears the most likely outcome, although the bigger increase is still a possibility at what is almost certainly not the end of a historic tightening cycle. Markets see an 80% chance of a 25 basis point move while the vast majority of economists polled by Reuters were also betting on the smaller hike. Supporting a possible ECB downshift, the U.S. Federal Reserve lifted rates by 25 basis points on Wednesday and signalled it may pause further increases. At 3%, the ECB's deposit rate is already restricting economic activity, and underlying inflation has also stopped rising - at least for the time being. The ECB will announce its policy decision at 1215 GMT and Lagarde will hold a press conference at 1245 GMT.

☆ Australian Rules-Tasmania savours victory in 'hard fight' to secure AFL team
▼ + stars: | 2023-05-03 | by ( Ian Ransom | ) www.reuters.com time to read: +4 min

The state government signed off on commitments to secure the AFL's 19th team license and has targeted the 2028 season to launch in the Australian Rules top flight. "This has been a hard fight ... by many, many Tasmanians over a number of generations," state Premier Jeremy Rockliff said in the state capital Hobart. The AFL targeted richer eastern states and continues to spend a fortune propping up expansion teams in territory long owned by rugby league. AFL clubs relying on league distributions balked at the prospect of another drain on the league's coffers. ($1 = 1.5006 Australian dollars)Reporting by Ian Ransom in Melbourne; Editing by Peter RutherfordOur Standards: The Thomson Reuters Trust Principles.

☆ Opinion | How Donald Trump and Tucker Carlson Upended the G.O.P. Foreign Policy Apparatus
▼ + stars: | 2023-05-03 | by ( Rosie Gray | ) www.nytimes.com time to read: +3 min

Mr. Trump has a talent for the populist art of reflecting supporters’ instincts, feeding off them and intensifying them. Mr. DeSantis, instead of intuiting this potential, merely mirrored a position to an audience already primed to accept it. Mr. Trump, with his bloodhound’s nose for potential weakness in his competition, dismissed Mr. DeSantis as a copycat who is merely “following” him. “Whatever I want, he wants,” Mr. Trump said in March after Mr. DeSantis’s initial statement on Ukraine. Ms. Haley, Mr. Trump’s former ambassador to the U.N., who is herself running for president this cycle, also accused Mr. DeSantis of “copying” Mr. Trump.

The Fed's meeting will be followed with expected rate increases by the European Central Bank on Thursday and the Bank of England next week. But the U.S. central bank is furthest along in the process, and may signal that this week's rate increase is the last, at least for now. Inflation has been edging down, gradually, with the main price index the Fed watches still more than double the central bank's 2% target. The anticipated quarter-percentage-point increase on Wednesday will put the target federal funds rate at roughly the same spot, between 5% and 5.25%. With this rate increase, Fed officials will hit a level that will be about 1 percentage point above the rate they consider to have a neutral impact on economic activity.

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