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☆ Morning Bid: Tesla, Netflix underwhelm
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +4 min

[1/2] A Tesla logo is seen outside a showroom of the carmaker in Beijing, China May 31, 2023. REUTERS/Thomas Peter/File PhotoA look at the day ahead in U.S. and global markets from Mike DolanAn overdue cold shower? July 20 (Reuters) - The first of the supercharged Big Tech firms to report in this earnings season - Tesla and Netflix - seemed to underwhelm markets overnight, cutting across the enthusiastic reception for big banks and knocking back bulled-up Wall St from 2023 highs. Although electric car giant Tesla (TSLA.O) comfortably beat second quarter profit forecasts, markets seized on plans for continued price discounting and squeezed margins as a reason to drag its shares down almost 4% in overnight trading. In the fixed income world, Treasury yields crept back higher ahead of next week's Federal Reserve meeting.

Persons: Thomas Peter, Mike Dolan, Dow Jones, McLennan, Philip Morris, WR, DR Horton, Janet Yellen, John Organizations: REUTERS, Big Tech, Netflix, Overseas, Citizens, US Bancorp, Energy, Healthcare, Abbott Laboratories, Johnson, Blackstone, Truist Financial, American Airlines, Marsh, WR Berkley, CSX, Philadelphia Federal Reserve, Treasury, Reuters Graphics Housing, Reuters Graphics Reuters, Thomson, Reuters Locations: Beijing, China, U.S, Russia, Britain, Newmont, Freeport, McMoRan, DR, Philadelphia, Turkey, South Africa, Vietnam

Like many, they home in on the outsized drop in used-car prices - one of the key aggravators of 'core' inflation that at 4.8% is still well above the now sub-3% headline CPI rate. Pointing to four straight months of ebbing 'trimmed mean' inflation measures of core inflation - which strip out high and low outliers - the Morgan Stanley team doubt June was a bum steer and see core disinflation more "a trend rather than a headfake". Inflation surprisesFed estimates of R* natural interest rateReuters Graphics Reuters GraphicsR-STAR GAZINGOthers doubt the optimism, of course. And it's the latter that homes in on the prospect of an inflation undershoot. Further Fed tightening after this month, then, could well see markets start to consider inflation actually undershooting 2% targets after all - but dragging recession back onto the dashboard to boot.

Persons: it's, Morgan Stanley, Christopher Waller, Guneet Dhingra, Allen Liu, Janet Yellen jived, Mike Dolan Organizations: Federal Reserve, Reuters, Barclays, Global, Bank of America, Treasury, Twitter, Thomson Locations: Ukraine, Intriguingly

☆ Morning Bid: Big Tech weighs in, UK relieved
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Netflix logo is shown on one of their Hollywood buildings in Los Angeles, California, U.S., July 12, 2023. REUTERS/Mike Blake/File PhotoJuly 19 (Reuters) - A look at the day ahead in U.S. and global markets from Mike DolanJuly is heating up and cooling down at the same time - and it's not just the extraordinary weather. Red-hot, Big Tech mega caps that have driven Wall St stocks to their highest in more than year start to clock second-quarter updates later on Wednesday, while world markets were buoyed again as Britain finally starts to join the disinflation club. Tesla and Netflix - both part of New York's 10-stock FANG+TM index (.NYFANG) of leading tech and digital giants that has almost doubled so far this year - will report after the bell on Wednesday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Blake, Mike Dolan, it's, Goldman Sachs, Morgan Stanley, Tesla, Kinder Morgan, Baker Hughes, Bernadette Baum Organizations: REUTERS, Big Tech, Netflix, IBM, United Airlines, Halliburton, T Bank, Northern Trust, Zions Bancorp, US Bancorp, Citizens Financial, Nasdaq, Discover Financial, Steel Dynamics, U.S, Treasury, Reuters Graphics Reuters, Reuters, Thomson Locations: Los Angeles , California, U.S, Britain, New, United

☆ Morning Bid: Retail, housing and banks test jaunty July
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in U.S. and global markets from Mike DolanThe benign July investment environment gets tested on Tuesday by updates on U.S. retail sales and housing while the corporate earnings season kicks back into gear with another sweep of bank reports. Consensus forecasts are for a modest rise in retail sales and industrial output last month, while the NAHB homebuilder index is expected to have ticked higher in July to underline the recent housing market recovery more broadly. U.S. stock futures were flat going into the open and 10-year Treasury yields ticked down to their lowest level of the month so far. Crude oil prices tried to find their footing after Monday's sharp drop and continue to sustain year-on-year losses of more than 25%. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, Wall, HSI, Evergrande, Goldman Sachs, Janet Yellen, Morgan Stanley, Lockheed Martin, Charles Schwab, JB Hunt, Michael Barr, Christina Fincher Organizations: New York Federal, Bank of America, Bank of New, Mellon, Novartis, Sandoz, Bank of New York Mellon, Lockheed, PNC Financial, Synchrony, JB, Federal, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Hong Kong, Treasuries, Canada

☆ More Dollars Follow Ohio Students
▼ + stars: | 2023-07-17 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: But some in the GOP don't like the picks. Images: Getty Images/Zuma Press Composite: Mark KellyPennsylvania’s Democratic Gov. Josh Shapiro sold students out by backing down on a school voucher proposal this month, but his Republican neighbor Gov. Mike DeWine is doing better in Ohio. The Governor and the GOP Legislature recently narrowed the funding gap between charter and district schools and opened a state voucher program to all families, making the Buckeye State the latest to offer universal school choice.

Persons: Mark Kelly Pennsylvania’s, Josh Shapiro, Mike DeWine Organizations: Mark Kelly Pennsylvania’s Democratic, Republican, Gov, GOP, Buckeye State Locations: Ohio

☆ Morning Bid: China falls short and oil ebbs but banks impress
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +4 min

Sub-forecast and sharply slowing retail sales growth for June likewise offset a more upbeat industrial output readout for the months. Even though falling import and export prices in June reinforced the disinflation picture, two-year Treasury yields recouped some of the week's steep declines. LUXURY FIRMSU.S. stock futures were little changed ahead of Monday's open, but two-year Treasury yields edged back lower to 4.72%. Elsewhere, shares of Richemont (CFR.S) dropped nearly 7% after the world's second-biggest luxury firm reported a miss in its sales and amid the China growth dampener. U.S. Treasury Secretary Janet Yellen said she was working with India on energy transition and "eager" to work with China on debt workouts.

Persons: Mike Dolan China's, Wells, Morgan Stanley, Janet Yellen, Mike Dolan, Alison Williams Organizations: Hong, Reserve, Nasdaq, Treasury, JPMorgan, Citi, Bank of America, Tesla, Netflix, York Federal, governor's, . Treasury, Reuters, Thomson Locations: U.S, China, Hong Kong, Tokyo, Asia, Shanghai, Wall, Richemont, India, Russia, China . U.S

☆ Detroit Takes On Problems That Were Once Beyond Reach
▼ + stars: | 2023-07-16 | by ( Mitch Smith | More About Mitch Smith | ) www.nytimes.com time to read: +1 min

“Did I ever think I ever could go to a mayor eight years ago and present to him a wedding party venue? I was trying to get trash trucks.”Detroit remains a place with abundant problems. And, according to census data that the mayor disputes, Detroit’s decades-long population decline has persisted, with about 620,000 residents today. In 1950, the city’s population peaked at more than 1.8 million. The waterfront on the Detroit River, once an unwelcoming mass of concrete, now features scenic walkways and fishing spots shared by residents and tourists.

Persons: Mr, Dick said, “, ”, Mike Duggan Locations: Detroit, Chicago, ”

☆ Morning Bid: Banks lob earnings into giddy markets
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +4 min

But there's likely to be a scattering of the herd in terms of performance during that three months. For universal banks such as JPMorgan and Wells Fargo that serve retail consumers and firms, earnings per share are expected to have jumped more than 40% over the previous year. Overall, the U.S. earnings season is expected to show S&P500 profits down 6.4% from the same period a year earlier - with revenue down a more modest 0.8%, according to Refinitiv research. Stock markets around the world and S&P500 futures held most of their outsize weekly gains, however, and were mostly flat into the open. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, Wells, behemoths Goldman Sachs, Morgan Stanley, Christopher Waller, that's, Toby Chopra Organizations: Federal Reserve, JPMorgan, Citigroup, Bank, Export, Stock, Nasdaq, Bank of Japan, University of Michigan, European Union, Brussels Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Wells Fargo, BlackRock, China, Brussels

LONDON, July 14 (Reuters) - An accelerating dollar slide could be a U.S. gift to its allies by helping them catch up with its impressive disinflation. A dollar slide of this size and speed has typically elicited yelps of pain from U.S. trading partners. Euro zone headline inflation - which peaked about one percentage point above and three months later than the U.S. equivalent last year - was still 2.5 points above it last month. The ECB will likely stay shy of peak Fed rates, but an expected move to 4.0% policy rates by year-end will involve two quarter point hikes after the Fed has stopped. A time-limited dollar drop now may be more benign than a simple reversion to a new 'currency war'.

Persons: Goldman Sachs, Mike Dolan, Josie Kao Organizations: Reserve, Monetary, Sterling, Bank of England, European Central Bank, ECB, Fed, Transatlantic, Reuters, Twitter, Thomson Locations: U.S, Europe, Britain, Swiss

☆ Morning Bid: Markets bet July 2023 is 'peak Fed'
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanSurprise news of a 2%-plus print on U.S. headline inflation rate for June has world markets betting the peak of the Federal Reserve's interest rate campaign will now be this month. Either way, the latest inflation cheer means U.S. rate futures have wiped out bets of another Fed rate hike after a final quarter-point move to 5.25-5.50% at July 26's meeting. Although they see peak rates held there to year-end, futures now price as much as a full percentage point of cuts by this time in 2024. The VIX "fear index" (.VIX) fell back below 14 to its lowest of the month so far. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, That's, Christopher Waller, Mary Daly, Joe Biden, Christine Lagarde, Toby Chopra Organizations: Fed, Nasdaq, PepsiCo, Delta Airlines, Bank of, Swiss, Bank of Canada, Federal Reserve, San Francisco Fed, Nordic, European Central Bank, . Treasury, Reuters, Thomson Locations: U.S, Beijing, Jackson, Fastenal, Helsinki, Brussels, Japan

☆ Morning Bid: Dollar swoons in upbeat inflation vigil
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanWorld markets leaned positively into another critical U.S. inflation report later on Wednesday, seeding a dollar (.DXY) slide to two-month lows that's revved-up yen and sterling gains. And June's CPI readout should be a marker if the consensus forecast for almost a full percentage-point drop in the headline inflation rate to two year lows of just 3.1% is borne out. Still, encouraged by a screed of other positive disinflation signals this week, U.S. markets are relatively buoyant going into the release and still feel the end of the Fed rate rise campaign is nigh. UK bank stocks pushed higher on the rates view and a relatively clean bill of health from Wednesday's financial stability report from the BOE. The Reserve Bank of New Zealand paused its long-running rate rise campaign early on Tuesday.

Persons: Mike Dolan, BOE, Thomas Barkin, Raphael Bostic, Neel Kashkari, Loretta Mester, Joe Biden, Nick Macfie Organizations: Federal Reserve, Fed, yearend, Treasury, Bank of Japan, Bank of, recoiling, Reserve Bank of New Zealand, Bank of Canada, Japan's Nikkei, Microsoft, Activision, Richmond Federal, Atlanta Fed, Minneapolis Fed, Cleveland Fed, NATO, . Treasury, Reuters, Reuters Graphics, Thomson Locations: U.S, Asia, Shanghai, Hong Kong, British, Vilnius

Former BoE policymaker Kate Barker told the Financial Times this weekend that targetted and temporary tax rises on top earners may be the most effective and fairest way to go. "We're asking monetary policy to do all the work," she said. But the political sensitivity of income tax likely dictates the way forward, however cogent the economics. Yet the more general point of fiscal policy helping with the final throes of the inflation battle continues to be made. "Fiscal Policy should remain aligned with monetary policy in the fight against inflation," the Fund concluded.

Persons: BoE policymaker Kate Barker, President Biden, Mike Dolan, Matthew Lewis Organizations: International Monetary Fund, Bank for International, U.S, Bank of, Financial Times, Fed, U.S . Bureau of Labor Statistics, Britain's, National Statistics, Reuters Graphics Reuters, Reuters, Republicans, Twitter, Thomson Locations: Britain, London

☆ Morning Bid: Bond yields recoil on disinflation buzz
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanA volte face in Treasury yields has improved investors' mood considerably this week as excitement about U.S. disinflation builds despite conflicting signals from around the world. After bumpy start to the third quarter, stocks and bonds rallied together on Monday - with both two- and 10-year Treasury yields recoiling sharply back below 5% and 4% thresholds respectively. Spurred by more signs of ebbing U.S. inflation ahead of Wednesday's critical June consumer price report, Wall Street stocks also recovered ground on Monday. A New York Fed survey showed on Monday that household inflation expectations for the year ahead fell to 3.8% last month, the lowest in more than two years. But if the U.S. inflation picture is looking more optimistic, it's much harder to read around the world.

Persons: Mike Dolan, Russell, Michael Barr, John Williams, Joe Biden, Jane Merriman Organizations: Wall, Federal, Japan's, New York Fed, Fed, Bank of England, Treasuries, York Federal, NATO, Treasury, Reuters Graphics Reuters, Thomson, Reuters Locations: U.S, ., China, Britain, Hong Kong, Vilnius

☆ Alaska, America's worst state for business, pins hopes on a post-oil boom in carbon offsets
▼ + stars: | 2023-07-11 | by ( Scott Cohn | ) www.cnbc.com time to read: +2 min

More than any other state, Alaska is dependent on oil. As much as 85% of the state's unrestricted general fund revenue comes from oil production, according to state estimates. But oil production has been in long-term decline in the state, which was once America's No. Alaska's crude production in 2022 was roughly equal to that of Oklahoma, and it hit the lowest level since 1976, according to Energy Department data. This trend helps explain why Alaska's economy performed worse than any other state last year, according to the Commerce Department, shrinking by 2.4%.

Persons: that's, Mike Dunleavy, Dunleavy Organizations: Energy Department, Commerce Department, Frontier, Business, Education, Alaska, Republican, SB Locations: Alaska, Texas, New Mexico, North Dakota, Oklahoma, States

☆ Morning Bid: Bruised bonds relying on disinflation
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

While that data took the edge off the red-hot private-sector jobs readout the previous day, it left a bruised bond market still wary of further Federal Reserve interest rate rises and praying disinflation may stay its hand after one more hike later this month. Although Treasury bond volatility (.MOVE) backed off six-week highs on Friday, its weekly rise was the biggest since the wild swings around the banking stress in March. Stock futures were in the red again ahead of Monday's open despite gains in Chinese and European bourses. British markets - where the UK government bond market selloff last week had been worse than in Treasuries - remained edgy. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, disinflation, Janet Yellen, Joe Biden, Jeremy Hunt, Andrew Bailey, Michael Barr, Mary Daly, Loretta Mester, Raphael Bostic, Ed Osmond Organizations: Wednesday's, Treasury, NATO, HSBC, Sunday . Bank of England, Federal, San Francisco Fed, Cleveland Fed, Atlanta Fed, Bank of England, . Treasury, Graphics Reuters, Reuters, Thomson Locations: U.S, China, Vilnius, British, Treasuries, South Korea, Ukraine

☆ Morning Bid: Data-hit bond markets end summer lull
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +4 min

On top of that, there were signs that activity at dominant U.S. service sector firms picked up steam again last month too. Friday's release of the Labor Department's monthly national payrolls report will seal the picture. U.S. Treasury yields hit 16-year highs above 5%, German equivalents hit their highest in 15 years and British gilt yields scaled 2008 peaks. The VIX (.VIX) gauge of implied Wall St volatility - which had been peculiarly subdued right through last month - jumped to its highest since June 1. Crucially, 2-year Treasury yields edged back below 5%.

Persons: Mike Dolan, Lorie Logan, payrolls, HSI, Janet Yellen's, Elon, Lorrie Logan, Christine Lagarde, Joachim Nagel, Bank of England policymaker Catherine Mann, Emelia Sithole Organizations: readouts, Federal, Labor, Dallas Fed, Fed, Treasury, Nikkei, Twitter, Meta, Dallas Federal, Central Bank, Bank of England, NATO, Vilnius Reuters Graphics, Reuters Graphics Reuters, PMI Reuters Graphics Reuters, Thomson, Reuters Locations: U.S, China, Canada, New York, Vilnius Reuters

LONDON, July 7 (Reuters) - Unsure which way the cookie crumbles from here - investors are being tempted to drop the bond. The broadest measures of government and corporate bonds have just stuck in mud. Two-year government bond yields are soaring. With June U.S. jobs growth going up yet another gear, U.S. Treasury yields hit 16-year highs above 5%, German equivalents hit their highest in 15 years and British gilt yields scaled 2008 peaks. For all but longer-term pension and insurance funds or banks, bonds may be neither fish nor fowl for a while to come.

Persons: hasn't, Stocks, midyear underperformance, Mike Dolan, Josie Kao Organizations: Global, Bloomberg U.S, Treasury, Bank of, JPMorgan, Europe, Reuters, Twitter, Thomson

☆ Morning Bid: Markets labor on China, three jobs gauges
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanWorld markets have taken a hit from a deepening selloff in China as they await critical health checks on U.S. employment over the next two days. Although Fed futures pricing for the year ahead changed little overnight, two-year U.S. Treasury yields edged up closer to 5%. ADP's June take on private sector payrolls, the latest weekly jobless claims numbers and details of May job openings all hit the slate later. Consensus forecasts have ADP reporting another 228,000 jobs last month, jobless claims ticking higher last week and vacancies falling in May. Events to watch for later on Thursday:* U.S. June ADP private sector jobs report, weekly jobless claims and May JOLTS job openings data.

Persons: Mike Dolan, Janet Yellen, Goldman Sachs, restating, John Williams, Elon Musk, Lorrie Logan, Elaine Organizations: U.S, Treasury, Goldman, Federal, New York Fed, Labor Department's, Dallas Federal, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, China, Beijing, Hong Kong, Shanghai, Tokyo, Seoul, British, Europe

☆ Morning Bid: Minutes meted, China crunch
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanAs U.S. markets return from Independence Day, the Federal Reserve's slightly awkward deliberations are laid bare again just as China's markets shrink from more unnerving economic signs. The Fed minutes out later will sketch out how close that is to the thinking in Washington. Going into the release, futures markets are 80% priced for another quarter-point policy rate rise to 5.5-5.75% this month and have 33 basis points of hikes pencilled in by November. The dollar (.DXY) was steady to firmer, with China's offshore yuan reversing all of Tuesday's gains. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, Janet Yellen, HSI, Goldman Sachs, John Williams, Christina Fincher Organizations: Independence, U.S, Treasury, Bank, Reserve Bank of Australia, Federal, New York Fed, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, China, Shanghai, Hong Kong, Beijing, Washington, Monday's, Saudi Arabia, Russia

LONDON, July 5 (Reuters) - Dismissal of this year's much-scorned equity market rally as the frothy preserve of a handful of AI-fuelled stocks may be both misleading and also one of its strengths. Or, put another way, if you remove the top 10 stocks, the other 490 would only have gained 4%. And an eye-popping 75% surge in the high-octane 10-stock FANG+TM index (.NYFANG) - mega cap U.S. digital and tech stocks including Apple, Microsoft, Nvidia and Tesla - underlines that. In short, they're hard to avoid unless you dodge either U.S.-listed companies or equity markets altogether. "While stock market investments may be risky in the short run, when viewed against inflation they have offered far more certainty in the long run," he told clients.

Persons: Russell, Andrew Lapthorne, Japan's, Germany's DAX, Italy's, Duncan Lamont, Lamont, Mike Dolan, Mark Potter Organizations: Nasdaq, Apple, Microsoft, Nvidia, Tesla, H1 Stock, Japan's Nikkei, MIB, McKinsey, Bank, Big Tech, Reuters, Twitter, Thomson Locations: Europe, Japan, U.S, United States

☆ Morning Bid: Second-half lift, Tesla beat
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +4 min

The news was a bit less rosy for America's largest cap stock Apple (AAPL.O), which last week became the first ever company to top a $3 trillion market capitalization. Aided by loose monetary policy, the exporting-fillip of a weakening yen and new chip-sector alliances, Japan's Nikkei (.N225) closed at a 33-year high. U.S. stock futures were a fraction higher again, with Tuesday's Independence Day holiday likely to keep trading volumes subdued. Two-year Treasury yields rose as high as 4.96%, their highest in almost 4 months. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, Tesla, Italy's, Delfin, Janet Yellen, Toby Chopra Organizations: Nasdaq, Monday's Financial Times, Apple, Japan's Nikkei, MIB, Treasury, Federal, Reuters, Thomson Locations: U.S, bourses, Asia, Europe, Beijing

☆ Morning Bid: Midyear market mettle, Nike clipped
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +4 min

U.S. jobless claims posted their biggest drop in 20 months last week, first-quarter economic growth was revised higher and inflation below forecast. The Federal Reserve's favoured PCE inflation gauge for May is due for release later. The constellation of resilient growth, a tight labour market, buoyant consumer confidence and a rebounding housing market are pushing back recession fears despite sharply rising interest rates that the Fed is signalling could rise twice more. The offshore yuan hit its weakest since Nov. 4 as pressure for lower domestic interest rates builds - in contrast to the U.S. direction of travel. Events to watch for later on Friday:* U.S. May personal income, spending and PCE inflation gauge.

Persons: Mike Dolan, Federal Reserve's, Russell Organizations: Federal, Nasdaq, International Monetary Fund, Dallas Fed PCE, Chicago, PMI, University of Michigan's, Constellation Brands, Reuters Graphics, Thomson, Reuters Locations: U.S, Britain, Pakistan, Brussels

☆ Affirmative Action Ruling May Upend Hiring Policies, Too
▼ + stars: | 2023-06-30 | by ( Noam Scheiber | ) www.nytimes.com time to read: +2 min

But “employment decisions are more often individualized decisions,” focusing on the fit between a candidate and a job, she said. The more meaningful effect of the court’s decision is likely to be greater pressure on policies that were already on questionable legal ground. Those could include leadership acceleration programs or internship programs that are open only to members of underrepresented minority groups. For example, a company’s policy may encourage recruiters to seek a more diverse pool of candidates, from which hiring decisions are made without regard to race. That is partly because of the growing attack from the political right on corporate policies aimed at diversity in hiring and other social and environmental goals.

Persons: ” Pauline Kim, Louis, ”, Mike Delikat, ” Mr, Delikat, “, ’ Organizations: Washington University Locations: St

LONDON, June 30 (Reuters) - The economic pain of higher interest rates seems duller than many had braced for only late last year - and subdued household debt burdens may be at least partly responsible. More interest rate sensitive countries with more flexible loan rates - such at Canada, Australia and Sweden - are already turning higher. What's more, the overall impact of higher borrowing rates is partly offset by rising interest rates on savings. And so net of interest income, JPMorgan points out, interest costs are up only 0.2 percentage point of disposable personal income since the start of the Fed hiking cycle early last year. Higher costs are still coming with a lag for many and will drag on the economies further from here.

Persons: Jerome Powell, JPMorgan's Joseph Lupton, Maia Crook, Lupton, Crook, it's, Mike Dolan, Alison Williams Organizations: Federal Reserve, JPMorgan, Reuters, Twitter, Thomson Locations: Canada, Australia, Sweden, Britain, Central

☆ Morning Bid: Fed turns screw, Micron pops
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +3 min

But as investors hit the half-year mark tomorrow, the tightening credit environment tempered fresh risk-taking. Two-year Treasury yields crept higher to 4.77% on Thursday after all the news, with the dollar (.DXY) firmer too and S&P500 futures marginally positive - helped by Micron. The VIX (.VIX) volatility gauge remains subdued at 13.6. Powell's relative hawkishness was mostly matched by counterparts at the European Central Bank and Bank of England yesterday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, Jerome Powell's, Powell, Riksbank, Jerome Powell, Raphael Bostic, Paychex, Elaine Hardcastle Organizations: Federal Reserve, Micron, European Central Bank and Bank of England, Atlanta Fed, Nike, McCormick, Paychex Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Asia, Europe, Japan, China, Madrid, Dublin, Brussels

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