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☆ The Fed gives the US its first jumbo interest-rate cut in 4 years
▼ + stars: | 2024-09-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

It's the first time the Federal Reserve has cut rates since March 2020. The unemployment rate also ticked down in August, giving the Fed the data it needed to cut rates. AdvertisementAccording to CME FedWatch, which estimates interest-rate changes based on market predictions, a rate cut was all but certain; the question was how big of a cut the Fed would implement. Additionally, some economists and Democratic lawmakers had for months been calling for a rate cut of at least 50 basis points. "They're going to cut rates this week," Bharat Ramamurti, a senior advisor for economic strategy at the American Economic Liberties Project, told reporters during a Monday briefing.

Persons: —, Jerome Powell's, Skanda Amarnath, Democratic Sens, Elizabeth Warren, John Hickenlooper, Sheldon Whitehouse, Powell, delinquencies, Bharat Ramamurti Organizations: Service, Federal, Market Committee, Federal Reserve, Business, CME FedWatch, Democratic, Fed, American Economic Liberties Locations: Jackson Hole , Wyoming, America

☆ Powell: We're not discarding any piece of economic data
▼ + stars: | 2024-09-18 | 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 EmailPowell: We're not discarding any piece of economic dataFederal Reserve Chair Jerome Powell takes questions from reporters after announcing that the Central Bank has lowered interest rates by half a point, its first cut since 2020.

Persons: Powell, We're, Jerome Powell Organizations: Central Bank

☆ Fed Chair Powell on additional rate cuts: We're making decisions 'meeting by meeting'
▼ + stars: | 2024-09-18 | 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 Chair Powell on additional rate cuts: We're making decisions 'meeting by meeting'Federal Reserve Chair Jerome Powell takes questions from reporters after announcing that the Central Bank has lowered interest rates by half a point, its first cut since 2020.

Persons: Powell, Jerome Powell Organizations: Central Bank

☆ Gen Z's love of discount stores could send these 3 retail stocks soaring as much as 18%, Bank of America says
▼ + stars: | 2024-09-18 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Millennials and Gen Z are increasingly shopping at discount stores like TJ Maxx, Burlington, and Ross. AdvertisementGen Z wants more bang for their buck, and their love of a good deal could drive shares of some discount retailers up nearly 20%, Bank of America says. AdvertisementThe report from BofA on Wednesday attributes the rise in popularity among discount stores to inflation weariness. The analysts see Burlington and Ross Stores shares rising 16% and 18% from Wednesday highs, respectively. "Off-price has attracted the customer, helped by the quest for value amidst persistent multi-year inflation pressures," Bank of America's analysts wrote.

Persons: Millennials, TJ Maxx, Ross, —, Ross . Younger Organizations: Service, Bank of America, TJ Maxx, Goods, Burlington, Ross Stores, Bank of Locations: Burlington, Millennials, BofA

☆ Fed slashes interest rates by a half point, an aggressive start to its first easing campaign in four years
▼ + stars: | 2024-09-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The matrix of individual officials' expectations pointed to another full percentage point in cuts by the end of 2025 and a half-point in 2026. In all, the dot plot shows the benchmark rate coming down about 2 percentage points beyond Wednesday's move. On core inflation, the committee took down its projection to 2.6%, a 0.2 percentage point reduction from June. In fact, the last time the monthly hiring rate was this low – 3.5% as a share of the labor force – the unemployment rate was above 6%. At his press conference following the July meeting, Powell remarked that a 50 basis point cut was "not something we're thinking about right now."

Persons: Michelle Bowman, Jerome Powell, Powell Organizations: WASHINGTON, Federal Reserve, Market, Dow Jones, Fed, Gross, Atlanta Fed

☆ These are the '50 best hotels' in the world for 2024
▼ + stars: | 2024-09-18 | by ( Chris Dwyer | ) www.cnbc.com time to read: +7 min

That's the collective view of 600 anonymous global voters, comprising travel journalists, hoteliers and seasoned travel specialists, which determined the results of " The World's 50 Best Hotels ," announced Tuesday in London's historic Guildhall. Capella Bangkok is the new "best hotel" in the world, according to the 50 Best organization. It has long produced rankings in the culinary world, releasing "The World's 50 Best Restaurants" since 2002, and 'The World's 50 Best Bars' since 2009. The Art of Hospitality Award went to Morocco's Royal Mansour, and the Best Beach Hotel Award went to Soneva Fushi in The Maldives. Members of the 50 Best organization "do not vote and do not control the composition of the list," Emma Sleight, head of content for The World's 50 Best Hotels told CNBC.

Persons: Mauro Colagreco, Bangkok's Chao, John Blanco, it's, Josephine Ping, It's, Hong Kong Cheval, Singapore Aman, Japan Soneva, France Chablé, Italy Borgo, São, Japan Mount, Carlyle, Eden, Royal Mansour, Lisciano, Italy Suján, India Singita –, Brando, Tetiaroa, Mount Nelson, Bulgari, Morocco's Royal Mansour, Soneva, Aman, Sonia Cheng, Emma, — Organizations: Michelin, Capella, CNBC, Italy Rosewood, Hong Kong Raffles, Maldives Atlantis, Thailand Raffles, UAE Rosewood, Hyatt Kyoto, Seasons Madrid, Spain Capella Singapore, Surf, Bel, Scotland, Kruger, Park, Australia Kokomo, Asia — Capella, America Rosewood, Oceania, Raffles London, Atlantis, Hospitality, Morocco's, Eco, luxe, Rosewood Hotel, Hotels Locations: London's, Capella Bangkok, Kings, Italy's Lake Como, Bangkok, Thailand, Lake Como, Italy, Italy Rosewood Hong Kong, Hong Kong, Hong Kong Cheval Blanc , Paris, France, Hong Kong Raffles Singapore, Singapore, Singapore Aman Tokyo, Tokyo, Japan, Japan Soneva Fushi, Maldives, Dubai, UAE, Sumba, Sumba Island, Indonesia Claridge's, London, Thailand Raffles London, Chao Phraya, Crillon, Paris, Chocholá, Mexico, Antibes, Maya, Florence, Amalfi, Bali, Indonesia, Lana, Paulo, São Paulo, Brazil, Brisbane, Australia, Siam, Kyoto, Japan Mount Nelson, Cape Town , South Africa, Riviera Nayarit, Carlyle , New York, U.S, Mamounia, Marrakech, Morocco, Madrid, Spain, Surfside, Los Angeles , U.S, St, Barths, Caribbean Aman New York , New York, Galle, Sri Lanka, Bristol, Auchterarder, Lisciano Niccone, Italy Suján Jawai, Rajasthan, India, South, Zighy, Oman, Connaught, UK, Polynesia, Tulum, Tasman, Hobart, Yaukuve Levu, Fiji, Asia, Europe, North America, Africa, Oceania, South America, Asia — Capella Bangkok, America, Yucatan, America Rosewood Sao Paulo, New York, Bulgari Tokyo, Istanbul, The Maldives

☆ Traders got their big-rate-cut wish and markets still couldn't rally
▼ + stars: | 2024-09-18 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Wall Street got the big rate cut it wanted, but markets failed to sustain a rally. The Federal Reserve on Wednesday cut its key overnight lending rate by a half percentage point . Ryan Sweet, chief U.S. economist at Oxford Economics, noted that the half-point cut suggests slowing growth is increasingly concerning Fed policy makers. "The Fed is likely worried that labor demand would weaken more, causing additional stress points in the labor market." "A larger cut probably was not needed out of the gate, but that should support risk-on asset allocation."

Persons: Ryan Sweet, Sweet, Nancy Tengler, Tengler, Scott Helfstein, Jeff Cox, Michelle Fox Organizations: Federal Reserve, Oxford Economics, Fed, Global

☆ I lived and traveled abroad for 7 months using credit-card points. My stash of miles meant I barely had to pay anything out of pocket.
▼ + stars: | 2024-09-18 | by ( Anny Caba | ) www.businessinsider.com time to read: +5 min

Read previewThe idea to move from New Jersey to Buenos Aires came to me one afternoon while watching the Diego Maradona (famed Argentine soccer player) biopic series on Amazon Prime. Within a year, I had enough to book a one-way United flight to Buenos Aires for 33,000 miles (plus $5 in taxes). AdvertisementMy points took me all around Argentina — and into other South American countriesMy home base for the next seven months was Buenos Aires in Argentina. One of the highlights of my seven months abroad was celebrating Argentina's World Cup win at the Obelisco Buenos Aires and chanting the national song alongside 5 million local fans. They don't pay for everything, but they make massive undertakings (like moving abroad for seven months) more seamless than ever before.

Persons: —, Diego Maradona, Anny, I've, El, São Paulo, Anny Caba, Mendoza Organizations: Service, Amazon Prime, Business, Venture, United Airlines, Argentina — Locations: New Jersey, Buenos Aires, Argentine, Dominican, Argentina, South America, Brazil, Chile, Bariloche, Iguazu, Mendoza, Ushuaia, Rio de Janeiro, Dominican American Spanish, Anny

☆ Amazon's RTO commandment and the office work shibboleth
▼ + stars: | 2024-09-18 | by ( Alistair Barr | ) www.businessinsider.com time to read: +7 min

In those ancient times, tech companies embraced remote work as an unstoppable innovation revolution. Remote work benefitsRemote work supports a more diverse employee base by helping companies hire more easily in different locations. In December, she described a study that found collaborating in person produced more breakthroughs than remote work. The truth is that in-office work is a shibboleth. But Benioff is at least admitting the reality of how employees work in the modern world.

Persons: —, Marc Benioff, they're, Andy Jassy, Insider's Aki Ito, Jassy, Goldman Sachs, David Solomon, Solomon, James Hamilton, he'd, I've, it's Organizations: Service, Amazon, Business, Google, Jassy's AWS, BI, Employees, Hamptons, Bloomberg, Fortune, Starbucks, Staff Locations: Seattle, Hawaii

☆ The 'Fed put' is back. Here's why central bankers will want to support the stock market, according to Fundstrat's Tom Lee.
▼ + stars: | 2024-09-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

That's because the Fed wants a "healthy economy," a big component of which is a strong stock market, he said. AdvertisementThe "Fed put" is back, and stock investors may not be fully pricing in the good news, according to Fundstrat's head of research Tom Lee. The prominent stock bull pointed to the idea that central bankers could move to further ease monetary policy at any sign of weakness in the stock market. AdvertisementA healthy economy, though, hinges on consumer and business confidence, which is largely tied to the stock market, Lee said. We could be seeing turbulence for the next 8 weeks, but this is also in the context of a very strong stock market in 2024," he added.

Persons: Tom Lee, That's, —, Lee, There's Organizations: Fed, Service, Wednesday

The best iPhone 16 Pro screen protectors provide lasting protection against damage and include a kit or tool for effective and effortless application. Our top pick among the best iPhone 16 Pro screen protectors is the Zagg Glass Elite screen protector, which offers the best overall value and long-term protection. AdvertisementWhat should I look for in an iPhone 16 Pro screen protector? AdvertisementWill an iPhone 15 Pro screen protector fit an iPhone 16 Pro? If you're looking to equip the previous model instead, check out our guide to the best iPhone 15 Pro screen protectors.

Persons: we've Organizations: Business, Apple

☆ UniCredit's bid for Commerzbank is next 'logical step' for the bank's strategy, analyst says
▼ + stars: | 2024-09-18 | 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 EmailUniCredit's bid for Commerzbank is next 'logical step' for the bank's strategy, analyst saysArnaud Journois, senior vice president of European Financial Institution Ratings at Morningstar DBRS, says there is "double logic" behind UniCredit's bid for Commerzbank as the Italian lender seeks to grow its business.

Persons: Arnaud Journois, Morningstar DBRS Organizations: Commerzbank, European, Morningstar

☆ UK inflation holds steady in August, matching expectations
▼ + stars: | 2024-09-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Anadolu | Getty ImagesLONDON — U.K. inflation held steady during the month of August, data from the Office for National Statistics showed Wednesday, and matched analyst expectations. Headline CPI had come in at 2% in May and June, in line with the Bank of England's target rate. Services inflation — which is closely watched by the BOE, given its dominance within the U.K. economy and its reflection of domestically-generated price rises — rose to 5.6% in August from 5.2% in July. Core inflation, excluding energy, food, alcohol and tobacco, came in at 3.6%, up from the 3.3% recorded in July. "Despite recent data showing a stagnation in UK economic output and easing wage growth, core inflation remains sticky, with services inflation rising from 5.2% to 5.6% which will weigh heavily on the BOE's decision-making," Carter said in a note.

Persons: BOE, Richard Carter, Cheviot, Carter Organizations: Anadolu, Getty, Office, National Statistics, Headline CPI, Bank of, U.S . Federal Reserve

☆ 3 reasons why today's Fed rate cut is the beginning of a more aggressive cutting spree than investors expect: chief economist
▼ + stars: | 2024-09-18 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Read previewThe Federal Reserve is expected to slash interest rates today for the first time since 2020 as the labor market and inflation continue to cool. AdvertisementAssuming a 25-basis-point cut at every FOMC meeting until next July, that would leave an extra 75 basis points the central bank would have to work into its policy adjustments over that time. One is that the consumer could be weaker than they appear, and the labor market is likely to deteriorate further. AdvertisementWhile the Fed hopes to stimulate spending with rate cuts, Tombs is skeptical that they'll the impact the central bank wants. Advertisement"New mortgage rates need to drop by about 250bp before they will undershoot the average outstanding mortgage rate," Tombs wrote.

Persons: —, Jerome Powell's, Samuel Tombs, Tombs Organizations: Service, Business, Macroeconomics Locations: Jackson Hole , Wyoming

☆ Treasury yields inch higher as investors look to Fed rate decision
▼ + stars: | 2024-09-18 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The 2-year Treasury yield was last at 3.6046% after adding over one basis point. U.S. Treasury yields were little changed on Wednesday as all eyes were on the Federal Reserve's interest rate decision expected for later in the day. The focus on Wednesday will be on the Federal Reserve's latest interest rate decision and guidance for the monetary policy outlook. While a interest rate cut is all but guaranteed, traders are divided about the size of the rate reduction. Investors are also hoping for hints about what Fed interest rate policy could look like for the remainder of the year and if more cuts are on the horizon.

Persons: Jerome Powell, Dow Jones Organizations: Treasury, Federal, Investors

☆ Here's what Morgan Stanley, Wells Fargo stand to gain from lower interest rates
▼ + stars: | 2024-09-18 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

The Club has stayed with Morgan Stanley on expectations that its investment banking outfit will flourish again. At Wells Fargo , the Club's other financial name, lower rates should help its burgeoning investment banking business. Wells Fargo shares year-to-date have performed better than Morgan Stanley, gaining 11%. WFC YTD mountain Wells Fargo (WFC) year-to-date performance The Corporate and Investment Banking division makes up 23% of overall revenue. To be sure, Wells Fargo management said during July's second-quarter earnings call that the bank will continue to de-risk its office portfolio.

Persons: Banks, Erica Groshen, Morgan Stanley, Morgan, Jim Cramer, Jim, Goldman Sachs, Charlie Scharf, Wells, July's, Jim Cramer's, Jerome Powell, William McChesney Martin, Chip Somodevilla Organizations: Federal Reserve, New York Fed, CNBC, Cornell University, Fed, Investment, Morgan Stanley's Institutional Securities, Morgan Stanley's, Wells, Investment Banking, CIB, Federal Reserve Bank, Getty Locations: Wells Fargo, Wells, Washington ,

☆ Fed Chair Powell: We're not declaring victory over inflation with 50 bps rate cut
▼ + stars: | 2024-09-18 | 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 Chair Powell: We're not declaring victory over inflation with 50 bps rate cutFederal Reserve Chair Jerome Powell takes questions from reporters after announcing that the Central Bank has lowered interest rates by half a point, its first cut since 2020.

Persons: Powell, We're, Jerome Powell Organizations: Central Bank

☆ UN members vote to demand Israel end occupation of Palestinian territories within 12 months
▼ + stars: | 2024-09-18 | by ( Christian Edwards | ) edition.cnn.com time to read: +3 min

CNN —United Nations members voted overwhelmingly on Wednesday to demand that Israel end its occupation of Palestinian territories within 12 months. Fourteen countries voted against, including the United States, Hungary, Israel, Argentina, Czechia, Fiji, Malawi, Micronesia, Nauru, Palau, Papua New Guinea, Paraguay, Tonga, and Tuvalu. In its advisory opinion, the ICJ said Israel should end its occupation “as rapidly as possible.” The UN’s resolution gives a 12-month timeline. During the 1967 war, Israel captured the West Bank, East Jerusalem, the Gaza Strip and the Golan heights from neighboring Arab states. The Palestinians want the West Bank and Gaza for a future state, with East Jerusalem as its capital.

Persons: Riyad Mansour, Danny Danon, Benjamin Netanyahu, Mahmoud Abbas, ” Louis Charbonneau, Israel, ”, Agnes Callamard Organizations: CNN — United Nations, UN, International Court of Justice, West Bank, Assembly, Palestinian, Human Rights Watch, HRW, Amnesty International Locations: Israel, United States, Hungary, Argentina, Czechia, Fiji, Malawi, Micronesia, Nauru, Palau, Papua New Guinea, Paraguay, Tonga, Tuvalu, East Jerusalem, Palestinian, Palestine, New York, UN, Gaza, Jerusalem

☆ Meet the ex-Googler joining Goldman Sachs to build tech and optimize its investment banking and trading business
▼ + stars: | 2024-09-18 | by ( Bianca Chan | ) www.businessinsider.com time to read: +8 min

As the incoming global head of technology engineering for Goldman Sachs' global banking and markets division, the ex-Googler will run the engineering team for Goldman's investment banking and sales and trading units. And lots of different challenges in the space given how much is being invested in this particular business," Goldman told Business Insider, referring to efforts to build systems that can handle the firm's anticipated growth in a compliant and resilient way. Goldman Sachs' core business of advising companies through mergers, acquisitions, and raising capital, has come under the spotlight recently as investment-banking activity continues to be slow. AdvertisementWith an anticipated decline in trading volumes across Wall Street, Goldman's sales and trading business will continue to lean on technology to win market share among institutional investors. During her first stint at Goldman, she managed various tech teams and was named managing director in 2008.

Persons: Melissa Goldman, Goldman Sachs, Goldman, she's, couldn't, You've, I'm, I've Organizations: Service, Goldman, Google, JPMorgan, Wall, Big, Bank of America Locations: Wall, Bermuda, Big Tech

☆ Stock futures rise as traders weigh Fed’s super-sized rate cut: Live updates
▼ + stars: | 2024-09-18 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +1 min

U.S. stock futures rose Wednesday night as traders digested the Federal Reserve's earlier decision to lower interest rates by a half percentage point. Dow Jones Industrial Average futures rose 100 points, or 0.2%. Futures tied to the S&P 500 and Nasdaq 100 climbed 0.4% and 0.5%, respectively. Both the S&P 500 and 30-stock Dow initially rallied to new record highs right after the Fed announced its interest rate cut decision. "The market was thinking to itself, if you go 50, another 50 has a high likelihood.

Persons: Tom Porcelli, that's, he's, Porcelli, homebuilder Lennar Organizations: New York Stock Exchange, Federal, Dow Jones Industrial, Nasdaq, Fed, Dow, Darden, FedEx, homebuilder, Traders Locations: U.S

☆ Fed Chair Powell: A 50 bps cut is 'a sign of our commitment not to get behind'
▼ + stars: | 2024-09-18 | 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 Chair Powell: A 50 bps cut is 'a sign of our commitment not to get behind'Federal Reserve Chair Jerome Powell takes questions from reporters after announcing that the Central Bank has lowered interest rates by half a point, its first cut since 2020.

Persons: Powell, Jerome Powell Organizations: Federal, Central Bank

☆ Fed Chair Powell: Risk of downturn not heightened following rate decision
▼ + stars: | 2024-09-18 | 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 Chair Powell: Risk of downturn not heightened following rate decisionFederal Reserve Chair Jerome Powell takes questions from reporters after announcing that the Central Bank has lowered interest rates by half a point, its first cut since 2020.

Persons: Powell, Jerome Powell Organizations: Central Bank

☆ What to do with your money as interest rates drop
▼ + stars: | 2024-09-18 | by ( Business Insider | ) www.businessinsider.com time to read: +4 min

The last time the Federal Reserve Board cut interest rates was in 2020. Read more on buying a house after interest rates drop »Read more on refinance rates after an interest rate drop »Your savings ratesExpect: Savings account and CD rates to start falling. Remember, though: High-yielding money market and savings accounts continue to outearn regular bank accounts even as rates drop. Read more on savings rates after an interest rate drop »Compare Banking OffersYour investmentsExpect: Short-term fluctuations that shouldn't affect long-term strategies. Read more on investing after an interest rate drop »Your credit card debtExpect: More of the same.

Persons: We're, Read, you've Organizations: Federal Reserve Board, Fed, overreacting, Federal

☆ European markets set for lower open as investors weigh UK inflation data
▼ + stars: | 2024-09-18 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Italy's FTSE MIB meanwhile was set to fall by around 39 points to 33,784. LONDON — European markets were headed for a lower open on Wednesday as investors considered key data from the region and looked to the U.S. Federal Reserve interest rate decision. In Europe, U.K. inflation figures for August were published Wednesday, coming in at 2.2% according to data from the Office for National Statistics. The data comes ahead of the Bank of England meeting and interest rate policy decision scheduled for later this week. The Fed is all but guaranteed to announce an interest rate cut on Wednesday, which would be its first since it started hiking rates in March 2022.

Persons: Germany's DAX Organizations: CAC, LONDON, U.S . Federal, Office, National Statistics, Bank of England, Bank of Japan, U.S . Federal Reserve, Traders Locations: Europe, Asia, Pacific

☆ The Fed’s rate cuts could have unintended consequences for the housing market
▼ + stars: | 2024-09-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

The market had become all but impenetrable after mortgage rates went from historic lows in 2020 to their highest levels in a generation last year. “And I think if we even go down to 5.9%, that would be really psychologically impactful to the housing market. The current 6.2% mortgage rate average is, of course, preferable to last year’s peak of 7.8% — a difference that could translate to hundreds of dollars in monthly payments. As my colleague Samantha Delouya wrote this week, a drop in mortgage rates could be a double-edged sword. “A further drop in mortgage rates could bring a surge of demand that makes it tougher to actually buy a house.”

Persons: ” Daniel Alpert, Alpert, “, ” Daryl Fairweather, Samantha Delouya, ”, Greg McBride Organizations: New, New York CNN, Federal Reserve, Westwood Capital, Fed, Bankrate Locations: New York

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