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☆ Dollar falls after weak services data
▼ + stars: | 2023-06-05 | by ( Karen Brettell | ) www.reuters.com time to read: +3 min

NEW YORK, June 5 (Reuters) - The dollar fell on Monday on news that the U.S. services sector barely grew in May as new orders slowed, ending an initial rally sparked by strong jobs growth. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the economy. The dollar index fell to 104.00, down 0.13% on the day, after climbing as high as 104.40. The Aussie dollar edged higher before the Reserve Bank of Australia (RBA) is due to announce its interest rate decision on Tuesday. "We expect the RBA to hike tomorrow and guide for more, leading to a ~25-bp upgrade to terminal rate pricing and a sharp AUD rally."

Persons: Bill Adams, Brian Daingerfield, Philip Jefferson, Daingerfield, Wells, Erik Nelson, Jack Boswell, Iain Withers, Kirsten Donovan, Richard Chang Organizations: YORK, Institute for Supply Management, Reuters, Comerica Bank, Reserve, NatWest Markets, Reserve Bank of Australia, U.S ., Thomson Locations: Stamford , Connecticut, U.S, London

☆ Gold eases as firmer dollar offsets support from bets on Fed pause
▼ + stars: | 2023-06-05 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged lower in rangebound trading on Monday as the dollar firmed after a strong U.S. payrolls report, overshadowing support from prospects that the Federal Reserve would pause its rate hikes this month. Spot gold was down 0.2% at $1,944.69 per ounce as of 0256 GMT, trading in a $6 range. But the unemployment rate surged to a seven-month high of 3.7% from a 53-year low of 3.4% in April. Asian shares extended a global rally on optimism that the Fed would pause its rate hikes this month, while oil prices jumped. Spot silver inched down 0.2% to $23.53 per ounce, platinum rose 0.2% to $1,005.00 per ounce, while palladium shed 0.6% to $1,412.46.

Persons: nonfarm, Philip Jefferson, Matt Simpson Organizations: Argor Hebaeus SA, Federal, Reuters, Index, U.S . House Locations: Swiss, Budapest, Hungary, U.S

☆ Somehow 32 school districts in Mississippi are still under federal orders to desegregate
▼ + stars: | 2023-06-03 | by ( Michael Goldberg | Associated Press | ) www.businessinsider.com time to read: +6 min

But 69 years later, 32 school districts in Mississippi are still under federal desegregation orders. (AP) — There are 32 school districts in Mississippi still under federal desegregation orders, the US Department of Justice's Civil Rights Division's assistant attorney general said Thursday. "In our ongoing efforts to fulfill the promise of Brown vs. Board of Education, we currently have 32 open cases with school districts here in Mississippi," Clarke said. In addition to school districts, Clarke said at least five Mississippi jails and prisons have come under federal scrutiny. Clarke declined to offer more details about the case, citing an ongoing federal civil rights investigation.

Persons: Brown, —, Kristen Clarke, Clarke, Rogelio V, Solis Mississippi, Michael Corey Jenkins, Jill Collen Jefferson, JULIAN, Bonita Streeter, Mitzi Dease Paige, Solis, Jefferson Organizations: Service, US Department of Justice's, US Department of Justice's Civil Rights, Justice Department, of Education, Holmes, Community, Justice Department's Civil Rights Division, AP, The Justice Department, Mississippi Delta, Penitentiary, South Mississippi Correctional Institution, Central Mississippi Correctional Facility, Correctional, Sheriff's Deputies, Southern, Southern District of, Solis An Associated Press, Lexington Police Department, The, Department, FBI Locations: Mississippi, LEXINGTON, Miss, Lexington, Jackson, Parchman, Wilkinson, Hinds, Rankin, Southern District, Southern District of Mississippi, Solis An

☆ Stocks gain, dollar stumbles as US averts default and Fed skip bets rise
▼ + stars: | 2023-06-02 | by ( Alun John | ) www.reuters.com time to read: +5 min

Markets are now focused on U.S. jobs data due at 0830 EST (1230 GMT), the most significant macroeconomic release of the week, for more cues on the Federal Reserve's rate hike path. European mining stocks (.SXPP) increased 4.4%, boosted by a Bloomberg report China is working on new measures to support its property market. Copper prices were heading for their first weekly gain since April with other metals trading higher too. Spot gold was up marginally at $1,979 an ounce, but set for its biggest weekly gain in nearly two months, as a softer dollar and lower yields bolstered the bullion's appeal. Reporting by Ankur Banerjee; Editing by Lincoln Feast, Kim Coghill, Sriraj Kalluvila and Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid LONDON, Jefferson, Jeff Schulze, payrolls, Philip Jefferson, Joe Biden, Phil Shucksmith, We've, Brent, Ankur Banerjee, Lincoln, Kim Coghill, Sriraj Kalluvila, Andrew Heavens Organizations: New York Stock Exchange, REUTERS, U.S, Labor, U.S . Senate, Bloomberg, Asia Pacific, Japan's Nikkei, Nasdaq, Senate, Newton Investment, Investors, U.S . Treasury, European Central Bank, ECB, Thomson Locations: New York City, U.S, China, Japan

☆ Dollar sags as Fed bets ebb, debt bill passes; Aussie soars
▼ + stars: | 2023-06-02 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The Australian dollar surged after an increase in the minimum wage stoked bets for the central bank to raise rates again next week. A day earlier, Fed Governor Philip Jefferson had said that "skipping a rate hike at a coming meeting would allow the committee to see more data before making decisions about the extent of additional policy firming." "Maybe they hike in June, maybe in July, or maybe they don't hike any more." Money markets currently see about 29% odds of a hike, down from near 70% earlier in the week. Traders currently lay about one-third odds on a quarter-point rate hike on Tuesday.

Persons: Patrick Harker, Philip Jefferson, Shinichiro Kadota, Christine Lagarde, Joe Biden, Monday's, Ray Attrill, NAB's, Kevin Buckland, Sam Holmes Organizations: U.S, Federal Reserve, Australian, Philadelphia Fed, Barclay, European Central Bank, National Australia Bank, Traders, Thomson Locations: TOKYO, U.S, Tokyo

☆ Dollar sags as chances grow for Fed 'skip,' debt bill passes
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: +2 min

Hundred dollar bills are seen in this photo illustraiton in Warsaw, Poland on Sept. 21, 2022. The Australian dollar surged after an increase in the minimum wage stoked bets for the central bank to raise rates again next week. The dollar index, which measures the U.S. currency against six others, has dropped nearly 0.8% this week, its biggest weekly loss since mid-January. Money markets are pricing in a roughly 29% chance of a hike, down from near 70% earlier in the week. The dollar was last up slightly at 138.74 yen.

Persons: Fiona Cincotta, let's, Patrick Harker, Philip Jefferson Organizations: Federal Reserve, Australian, City Index, Philadelphia Fed Locations: Warsaw, Poland, U.S, City

☆ The job market held up in May. But the Fed may have already decided to pause
▼ + stars: | 2023-06-02 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —The US labor market picked up momentum in May, once again defying expectations of a slowdown. Many economists, including those at the Fed, still expect a recession later in the year. The labor market and signs of future disinflationThe May jobs report mostly showed that the labor market held up. Some top economists have argued that the strong labor market has had a minor, albeit growing, impact on inflation. Hawkish Fed officials still think the Fed’s job isn’t done.

Persons: That’s, Joe Biden’s, ”, Philip Jefferson, Patrick Harker, “, ” Harker, It’s, ” Julia Pollak, ZipRecruiter’s, you’ve, you’d, Dave Gilbertson, hasn’t, Ben Bernanke, ” Jack Macdowell, Louis President James Bullard, Bullard, Louis Fed’s, Louis, Jerome Powell, there’s, Ian Shepherdson, Eugenio Alemán, Raymond James Organizations: DC CNN, Federal, Fed, Federal Reserve Bank of Philadelphia, National Association for Business Economics, CNN, Employers, of Labor Statistics, BLS, UKG, The Palisades Group, Hawkish Fed, Federal Reserve Bank of St, Louis Fed, Pantheon Locations: Washington, Washington ,

☆ Fed 'skip' chatter triggers dollar's biggest weekly fall since January
▼ + stars: | 2023-06-02 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

The Australian dollar surged after an increase in the minimum wage there stoked bets for another raise in rates next week. The dollar index , which measures the U.S. currency against six others, has dropped nearly 0.8% this week, its biggest weekly loss since mid-January. Philadelphia Fed President Patrick Harker said on Thursday "it's time to at least hit the stop button for one meeting and see how it goes", referring to the June 13-14 Fed meeting. Money markets are pricing in a roughly 29% chance of a June hike, down from near 70% earlier in the week. Even if a hike doesn't happen next week, markets expect one by autumn.

Persons: Fiona Cincotta, let's, Patrick Harker, Philip Jefferson, Guy Miller, Christine Lagarde, Joe Biden, Monday's, Ray Attrill, Dhara Ranasinghe, Kevin Buckland, Mark Heinrich, Mark Potter, Andrew Heavens Organizations: Federal Reserve, Australian, City Index, Philadelphia Fed, Reuters, Zurich Insurance, European Central Bank, U.S . Senate, National Australia Bank, NAB, Traders, Reserve Bank of Australia, Thomson Locations: U.S, City, April's, London, Tokyo

The Hang Seng (HSNGY)closed 4% higher, notching its biggest one-day gain in three months. Brent crude, the benchmark for global oil prices, gained almost 1.6% to trade at $75.46 a barrel. Hang Seng reboundsIn Hong Kong, the two best-performing stocks were Chinese real estate developers Longfor Group (LNGPF) and Country Garden Services, soaring 17% and 12% respectively. Citing people familiar with the matter, Bloomberg reported Friday that China was working on such measures. Elsewhere in Asia, South Korea’s Kospi index ended the day 1.3% up, Japan’s Nikkei 225 was 1.2% higher, and the Shanghai Composite Index gained 0.8%.

Persons: Philip Jefferson, Joe Biden, “, ”, Richard Hunter, ” Dow, Germany’s DAX, DAX Organizations: London CNN — Global, US, Markets, Treasury, Interactive, Nasdaq, CAC, Brent, Longfor, Garden Services, Bloomberg, Nikkei Locations: Hong Kong, London, China, France, Qingdao, Asia, South, Shanghai

Since the release of their last economic projections in March, the unemployment rate has fallen and inflation has largely moved sideways. She expects the Fed to keep its policy rate steady this month "while hinting at potential further hikes," a way to compromise among different views and keep pressure on financial conditions. Fed Chair Jerome Powell and others insist that sort of erratic path is not their base case. The intent, rather, is to reach a "sufficiently restrictive" policy rate and remain at that level until it is clear inflation is falling towards the Fed's 2% target. "I do think they are done" with rate increases, he said, but "I cannot rule out another hike in June."

Persons: they've, Tiffany Wilding, PIMCO, Jerome Powell, Philip Jefferson, Larry Meyer, Ian Shepherdson, Howard Schneider, Paul Simao Organizations: Federal Reserve, Market Committee, Reuters Graphics Reuters, North, Fed, Consumer, Reuters, Reuters Graphics, Labor Department, Pantheon, Thomson Locations: U.S, North American, Washington

The bill to suspend the $31.4 trillion debt ceiling headed to the Senate, which must enact the measure before a Monday deadline, when the government is expected to run out of money to pay its bills. With signs of progress in the debt ceiling saga, focus will now shift to the Labor Department's closely watched jobs report for May, due on Friday, that will help determine whether the Federal Reserve will stick with its aggressive interest rate-hiking cycle. The odds favoring a pause in rate hikes at the Fed's June 13-14 policy meeting were around 71% after the day's datasets. FEDWATCH"We're at the potential beginning of a soft landing," said David Russell, vice president of Market Intelligence at TradeStation. "When you look at the debt ceiling apparently being resolved, we could be in a situation where we wake up from the nightmare of inflation and the risk of a default to the soft landing."

Persons: Goldman Sachs, Chuck Schumer, Philip Jefferson, David Russell, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Federal Reserve, ADP, Senate, Democratic, Labor, Federal, Fed, Market Intelligence, Dow Jones, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, Macy's Inc, Dollar General Corp, NYSE, Thomson Locations: Bengaluru

LONDON/TOKYO, June 1 (Reuters) - Global shares rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling. The Euro STOXX 600 index (.STOXX) rose 0.8% after closing at a two-month low in the previous session. The MSCI world equity index (.MIWD00000PUS), which tracks shares in 47 countries, added 0.2%. Also bolstering the mood were U.S. Federal Reserve officials including governor and vice chair nominee Philip Jefferson pointing to a rate hike "skip" at the Fed's June 13-14 policy meeting. However, shortly after, the Fed's Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision.

Persons: Joe Biden, Ray Attrill, Philip Jefferson, Sandrine Perret, Jefferson, Patrick Harker, It's, it's, Tony Sycamore, Tom Wilson, Kevin Buckland, Simon Cameron, Moore, Lincoln, Emelia Organizations: U.S . House, Republicans, National Australia Bank, Federal, Fed, Philadelphia Fed, IG Markets, Treasury, Thomson Locations: TOKYO, U.S, Unigestion, Asia, London, Tokyo

☆ Asia stocks gain as Fed hike bets recede, debt vote eases nerves
▼ + stars: | 2023-06-01 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

TOKYO, June 1 (Reuters) - Most Asia-Pacific stock markets rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage of the U.S. debt ceiling bill through the House. Treasury yields rose slightly from nearly two-week lows. ""What this does is it turns the attention to the incoming data and the Fed meeting this month," Attrill added. However, shortly after, the Fed's Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision. Philadelphia Fed President Patrick Harker also said on Wednesday that for now he is inclined to support a "skip" in rate hikes.

Persons: Philip Jefferson, Hong, HSI, Ray Attrill, Attrill, Jefferson, Patrick Harker, Kevin Buckland, Simon Cameron, Moore Organizations: Federal, Treasury, Japan's Nikkei, Republicans, National Australia Bank, Philadelphia Fed, Brent, U.S, West Texas, Thomson Locations: TOKYO, Asia, Pacific, U.S, Tokyo

☆ Premarket stocks: The Fed can't figure out what's happening with the job market
▼ + stars: | 2023-06-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New data out Wednesday showed that job openings and hiring both rose in April, while unemployment sits near 53-year lows. What’s happening: The number of available jobs in the United States rose unexpectedly in April after three months of declines. Job openings climbed to 10.1 million in April, according to data released Wednesday by the Bureau of Labor Statistics. Fed Chair Jerome Powell has said that he wants to see more slack in the labor market. “I love what I do,” Dimon told Bloomberg, adding he’s “quite happy” in his current job.

Persons: won’t, —, Jerome Powell, Philip Jefferson, ”, Jefferson, Mark Hamrick, “, Sam Stovall, David Kotok, Joe Biden, It’s, Mitch McConnell, ” Biden, Biden, Jamie Dimon, Elon Musk, Dimon, he’s, ” Dimon, Matt Egan, he’d Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Bureau of Labor Statistics, BLS, Fed, Index, Commerce Department, FedWatch, Cumberland Advisors, Senate, ”, JPMorgan, Bloomberg Television, Bloomberg Locations: New York, China, Europe, United States, America

☆ We're encouraged by positive developments around two stocks that we really like
▼ + stars: | 2023-06-01 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Stick with Salesforce Club holding Salesforce (CRM) delivered strong numbers for its fiscal 2024 first quarter. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Patrick Harker, Philip Jefferson, Jim, Marc Benioff, Bill Newlands, Bernstein, Newlands, Bud, Jim Cramer's Organizations: CNBC, Constellation Brands, Senate, Investors, Federal, Philadelphia Fed, Salesforce Club, Revenue, Constellation Brands Constellation Brands, Bank of America, Constellation Locations: California

[1/5] Cast members Issa Rae, Lauren Velez, Shameik Moore, Daniel Kaluuya, Jake Johnson and Hailee Steinfeld attend the premiere for Spider-Man: Across the Spider-Verse in Los Angeles, California, U.S., May 30, 2023. For their sequel to 2018's "Spider-Man: Into the Spider-Verse," they have sought to build new worlds to immerse audiences in a web of animated adventure. The voice cast includes Issa Rae as Spider-Woman, Oscar Isaac as Spider-Man 2099, Daniel Kaluuya as Spider-Punk and Brian Tyree Henry as Miles' father, Jefferson Davis. The pre-pandemic "Spider-Man: Into the Spider-Verse" raked in over $35 million during its first three days of release and went on to win the 2019 Oscar for best animated feature film. Despite some concerns that those box-office-busting days are far from returning, "Spider-Man: Across the Spider-Verse" is forecast to open with $95 to $130 million in the U.S. and Canada.

Persons: Issa Rae, Lauren Velez, Shameik Moore, Daniel Kaluuya, Jake Johnson, Hailee Steinfeld, Mario, Christopher Miller, Phil Lord, Miller, they've, Miles Morales, Gwen Stacy, Brian Michael Bendis, Sara Pichelli, Gwen, Oscar Isaac, Spider, Brian Tyree Henry, Miles, Jefferson Davis, unapologetically, Rae, Henry, Oscar, Andy Warhol, Stephen Hawking, Owen Gleiberman, Danielle Broadway, Rollo Ross, Jorge Garcia, Mary Milliken, Rosalba O'Brien Organizations: REUTERS, Sony, Miles Morales Marvel, Reuters, Rotten, Variety, Thomson Locations: Los Angeles , California, U.S, ANGELES, Los Angeles, Canada

"The bill now moves to the Senate, where we believe it will clear the 60-vote hurdle after some political and procedural posturing," analysts at BTIG said. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 10 points, or 0.24%, and Nasdaq 100 e-minis were up 22.5 points, or 0.16%. The S&P Global manufacturing PMI and the Institute for Supply Management's (ISM) manufacturing PMI for May will also be on the watch list. C3.ai Inc (AI.N) slumped 22.8% after the artificial intelligence company forecast annual revenue outlook below street estimates. Reporting by Shreyashi Sanyal and Shristi Achar A in Bengaluru; Editing by Shounak Dasgupta and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: BTIG, Philip Jefferson, Patrick Harker, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Republicans, Senate, Dow e, U.S . Federal Reserve, Labor, P Global, PMI, Institute for Supply, Fed Governor, Philadelphia Fed, Dow Jones, Nordstrom, Macy's Inc, Dollar General Corp, Thomson Locations: Bengaluru

☆ Here's what to watch out for in Friday's jobs report for May
▼ + stars: | 2023-06-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Joe Raedle | Getty ImagesWatching the monthly jobs reports this year has been something of a waiting exercise, with economists and market participants looking for a downturn that never seems to arrive. But judging by the way these reports have been going, the risk is probably to the upside in a jobs market that has been nothing if not resilient. "The labor market still looks tight. Defying the FedThe tight labor market and the pressure that has put on wages and inflation has bedeviled the Federal Reserve. A 'fully staffed' jobs market?

Persons: Joe Raedle, Dow Jones, We're, Joseph LaVorgna, LaVorgna, payrolls, we're, Donald Trump, Philip Jefferson Organizations: Labor Department, Nikko Securities America, National Economic Council, Federal Reserve Locations: Miami , Florida

☆ Morning Bid: Plotting policy paths for Europe and the US
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

Jefferson said he favoured "skipping" a rate hike at the upcoming meeting and that term has started to displace "pause" among Fed officials. Some Fed watchers believe this conveys a slightly more hawkish nuance. Reuters Graphics Reuters GraphicsBets for ECB tightening have been knocked back, too, most recently by weaker-than-expected CPI data from Germany and France. Traders currently foresee slightly more than 50 basis points of ECB tightening left before an expected peak in January. That's a strong indication that the bill could get through the Senate before the weekend.

Persons: Kevin Buckland, Philip Jefferson, Jefferson, Christine Lagarde, That's, Edmund Klamann Organizations: Graphics Reuters, Traders, Reuters Graphics, U.S . House, Thomson Locations: Germany, France, Hanover, Britain, United States, Asia, Spain, Italy

☆ Morning Bid: Hot, cold and skipping a beat
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +4 min

Like a patient with a virus, incoming data appears to blow hot and cold at the same time. Private sector and full national snapshots of payroll growth for May are due later today and on Friday. But a renewed rise in U.S. staff vacancies in April showed the labor market tightening again if anything - even a Chicago manufacturing survey alarmed with a sharp contraction in factory activity last month. The central bank's "Beige Book" on economic conditions said on Wednesday that the labor market "continued to be strong" in May "with contacts reporting difficulty finding workers across a wide range of skill levels and industries." U.S. Treasury yields crept back up on Thursday after the debt ceiling vote overnight and despite the mixed economic picture.

Persons: Mike Dolan, Philip Jefferson, Larry Fink, Klaas Knot, Patrick Harker, President Biden, Emelia Sithole Organizations: Federal Reserve, Fed, BlackRock, Treasury, U.S, San, Central Bank, Philadelphia Federal, Broadcom, Dollar, Hormel, Cooper Companies, Republicans, Reuters Graphics, Thomson, Reuters Locations: U.S, Chicago, Salesforce, San Francisco

☆ US rate futures expect Fed pause in June in sharp turnaround from earlier
▼ + stars: | 2023-05-31 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +2 min

The big catalyst were comments from Fed Governor and vice chair nominee Philip Jefferson and Philadelphia Fed President Fed Harker who both touted skipping a June rate hike. That said, data due on Friday about the U.S. job market "may change my mind." The Job Openings and Labor Turnover Survey, or JOLTS report, also showed layoffs declined significantly last month. After the JOLTS report, rate futures had priced in a nearly 70% chance of a rate increase next month. Some things seem like a little bit loose and so if the Fed is going to be on pause, it's time.

Persons: Refinitiv's, Philip Jefferson, Fed Harker, Jefferson, Harker, Ellis Phifer, Raymond James, Gertrude Chavez, Dreyfuss, Diane Craft Organizations: YORK, Federal Reserve, Fed Governor, Philadelphia Fed, Labor Department, Labor, Survey, Thomson Locations: Memphis , Tennessee

The rate hike "skip" has now become jargon for an emerging compromise between concerns inflation is not yet controlled with fears the economy may slow sharply as banks pull back on credit. "I don't really see a compelling reason to pause," Cleveland Fed president Loretta Mester said in an interview published Wednesday in the Financial Times. Jefferson acknowledged inflation remains "too high" and that "by some measures progress has been decelerating recently." While Jefferson does not expect a recession, he noted that there are reasons to be careful after 15 months in which the policy rate was raised by 5 percentage points. Reporting by Howard Schneider; Editing by Paul Simao, Nick Zieminski and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Philip Jefferson, Jefferson, Jerome, Powell, Krishna Guha, Patrick Harker, Harker, Loretta Mester, Michelle Bowman, Howard Schneider, Paul Simao, Nick Zieminski, Daniel Wallis Organizations: Federal Reserve, Fed, U.S . Senate, Philadelphia Fed, Cleveland Fed, Financial Times, Thomson Locations: U.S, Washington

The Labor Department reported that U.S. job openings unexpectedly rose in April, pointing to persistent strength in a labor market that suggests pressure on both wages and inflation. Futures traders raised to 70% the probability of a 25 basis points hike at the Fed's June 13-14 policy meeting. FEDWATCHFed Governor and vice chair nominee Philip Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision. The Labor Department's closely watched May unemployment report, due on Friday, could decide whether a rate hike occurs. Intel was the biggest gainer on the S&P 500 as the chipmaker said it was on track to hit the upper end of its second-quarter revenue forecast.

Persons: Brendan McDermid, Joe Biden, it's, Brad Conger, Callaghan, Conger, FEDWATCH, Philip Jefferson, Patrick Harker, Tim Ghriskey, we've, Nvidia Corp's, Herbert Lash, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Senate, Co, Labor Department, Philadelphia Fed, Inverness, Labor, Dow Jones, Nasdaq, Technology, Federal Deposit Insurance Corporation, Parts Inc, Genuine, O'Reily, Hewlett Packard Enterprise Co, Nvidia, Intel, Thomson Locations: New York City, U.S, Conshohocken , Pennsylvania, New York, Bengaluru

☆ US stocks slide as traders wait for lawmakers to vote on debt ceiling deal
▼ + stars: | 2023-05-31 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Stocks slid on Wednesday ahead of a House vote to resolve the debt-ceiling crisis. The price of credit default swaps linked to US debt show investors think a default is possible, though unlikely. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The deal, negotiated by President Joe Biden and House Speaker Kevin McCarthy over the weekend, passed the House Rules Committee with a 7-6 vote on Tuesday night, with a full House vote scheduled for Wednesday evening. Markets have lowered their expectations of a US debt default, though the price of credit default swaps tied to US debt still show that investors think a default is possible.

Persons: Stocks, —, Joe Biden, Kevin McCarthy, Philip Jefferson, Patrick Harker Organizations: Dow, Service, Dow Jones, Nasdaq, Philadelphia Fed Locations: China

☆ Morning Bid: China factory fright, dollar surges
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +4 min

The yuan , now down more than 3% from its early May peaks, skidded to its lowest level of the year against the dollar as investors considered the possibility of further credit easing by the Chinese central bank. The dollar index hit its highest level since mid-March, with the European inflation news and China demand picture knocking the euro to its lowest in two months too. German import prices fell at an annual rate of 7% in April and the ECB's financial stability report warned about a "disorderly" hit to house prices from higher mortgage rates. The House Rules Committee voted 7-6 on Tuesday to approve the rules allowing a debate and vote by the full chamber. Overall, stock markets slipped back slightly - with Hong Kong's Hang Seng index the big underperformer after the Chinese factory release.

Persons: Mike Dolan, Loretta Mester, Philip Jefferson, Susan Collins, Patrick Harker, Christine Lagarde, Jane Merriman Organizations: Federal Reserve, Cleveland Fed, Wednesday's Financial, European Central Bank, Dallas Fed, Boston, Philadelphia Fed, Consumer, Thomson, Reuters Locations: U.S, Europe, China, Italy, Chicago

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