DIRS.INFO The most relevant business & tech news

☆ The Homestretch—Jeff Marks on recession worries and the probability of a Fed rate hike next month
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: 1 min

The Homestretch—Jeff Marks on recession worries and the probability of a Fed rate hike next monthStocks were lower Wednesday afternoon on recession fears, while the market looks ahead to the U.S. government's monthly non-farm payroll report on Friday. Softer employment data could allow the Federal Reserve to slow interest-rate hikes. Indeed, Fed Governor Philip Jefferson suggested Wednesday the central bank may pause rate increases when it convenes in June, while warning that would not constitute the end of its monetary-policy tightening.

Persons: Jeff Marks, Philip Jefferson Organizations: Federal Reserve

☆ Fed Gov. Jefferson: Skipping rate hike at the coming meeting would allow committee to see more data
▼ + stars: | 2023-05-31 | 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 Gov. Jefferson: Skipping rate hike at the coming meeting would allow committee to see more dataCNBC’s Steve Liesman reports on the latest remarks from Federal Reserve Governor Philip Jefferson on rate hikes.

Persons: Steve Liesman, Philip Jefferson Organizations: Jefferson, Federal

☆ 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

☆ Debt limit bill would speed completion of controversial West Virginia gas pipeline
▼ + stars: | 2023-05-30 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

Lengths of pipe wait to be laid in the ground along the under-construction Mountain Valley Pipeline near Elliston, Virginia, September 29, 2019. A bipartisan debt limit bill struck by President Joe Biden and House Republicans over the weekend would expedite approval of all permits for a West Virginia natural gas pipeline and curtail environmental reviews under one of the country's landmark environmental laws. The Mountain Valley Pipeline, which has been promoted by Sen. Joe Manchin, D-W.Va., would transport natural gas 303 miles from West Virginia to the Southeast, and part of it would cross through the Jefferson National Forest. The construction of the $6.6 billion pipeline is nearly done, though plans have been delayed for several years amid legal setbacks. Proponents say the pipeline is vital to bolstering U.S. domestic energy security, and that the plan was already near completion and set to move forward.

☆ Next week promises any debt deal relief may prove short-lived with jobs report, Fed decision looming
▼ + stars: | 2023-05-26 | by ( Scott Schnipper | ) www.cnbc.com time to read: +5 min

"The overhangs on the market this year [are] the debt ceiling negotiation, hawkish Fed commentary and a banking crisis. It appears we are going to get a debt ceiling deal over the weekend, which should help the market to stabilize." The problem for many on the Street is the action in the S & P 500 Tech Index, up more than 5% this week; the Nasdaq Composite , ahead about 2.5%; and the S & P 500 , with a 0.3% gain, masks so much weakness beneath the surface. The S & P 500 consumer staples, materials, health care and utilities were all down between 2.4% and 3.2% this week, and the Dow Industrials were lower 1%. Although the S & P 500 is 9.5% higher so far in 2023, only a few stocks are doing well. "

☆ Supreme Court Criticism
▼ + stars: | 2023-05-22 | by ( David Leonhardt | ) www.nytimes.com time to read: +2 min

Many Republicans view the recent criticism as unhinged and damaging to American democracy. According to this view, the liberals criticizing the court are sore losers trying to subvert legitimate court decisions with which they disagree. Republicans and the judges they appointed have decided to use hardball tactics to shape the law, including the stonewalling of Obama’s last court nominee and the aggressive rulings of the current court. Roosevelt failed to pass his so-called court packing bill, but his criticism of the court — and his popularity — nonetheless seemed to influence the justices: They reversed course in his second term and stopped overruling major New Deal programs. But the harsh recent criticism is intended to be an early step in a long campaign to constrain the court.

"The risks of doing too much or doing too little are becoming more balanced and our policy adjusted to reflect that," Powell said. Ahead of a June 13-14 policy meeting "we haven't made any decisions about the extent to which additional policy firming will be appropriate." U.S. policymakers remain on the fence about their upcoming rate decision, and Powell's appearance on Friday was a moment that could have provided clarity. But the central bank will still receive important jobs and inflation data in coming weeks that could sway the debate. If an actual U.S. debt default is the result, the central bank may even be pushed towards emergency steps to ease the burden on the economy.

WASHINGTON, May 19 (Reuters) - Wall Street, small businesses and potential homebuyers may all breath a sigh of relief if the Federal Reserve chooses not to raise interest rates at its policy meeting next month, as many traders and analysts expect. If an actual U.S. debt default is the result, the central bank may even be pushed towards emergency steps to ease the burden on the economy. "I would say it was a pause, but a pause could be a 'skip,' or it could be a hold," Bostic said. Data on inflation, jobs, and the banking industry since then have done little to clarify the situation, with nothing seeming to change very fast. Reporting by Howard Schneider; Editing by Dan Burns and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Watch Fed Chairman Jerome Powell speak live on monetary policy
▼ + stars: | 2023-05-19 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Federal Reserve Chairman Jerome Powell speaks Friday at the "Perspectives on Monetary Policy" panel at the Thomas Laubach Research Conference the central bank is hosting in Washington, D.C. The remarks come with markets suddenly divided on where the Fed goes from here. Market pricing Friday morning indicated about a 35% probability the Fed might approve another interest rate hike when it meets in June, according to the CME Group. The Fed next week will release minutes from its meeting earlier in May at which it approved its 10th interest rate hike since March 2022. Read more:Dallas Fed President Logan says current data doesn't justify pausing rate hikes yetFed Governor Philip Jefferson named as new vice chair to succeed Lael BrainardFed increases rates a quarter point and signals a potential end to hikes

☆ George Santos Must Be Held Accountable by Republican Leaders - The New York Times
▼ + stars: | 2023-05-19 | by ( The Editorial Board | ) www.nytimes.com time to read: +2 min

George Santos is far from the first member of Congress to be indicted while in office. agents discovered $90,000 hidden in the freezer of Representative William Jefferson, who was under investigation for bribery. But in one way, Mr. Santos is different from other members of Congress who have demonstrated moral failures, ethical failures, failures of judgment and blatant corruption and lawbreaking in office. These misdeeds erode the faith in the institution of Congress and the electoral system through which American democracy functions. For that reason, House Republican leaders should have acted immediately to protect that system by allowing a vote to expel Mr. Santos and joining Democrats in removing him from office.

☆ Growing debt ceiling deal hopes send stocks higher
▼ + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Advancing issues outnumbered decliners on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio favored advancers. The S&P 500 posted 27 new 52-week highs and seven new lows; the Nasdaq Composite recorded 88 new highs and 83 new lows.

☆ Debt ceiling optimism helps lift S&P 500, Nasdaq
▼ + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Declining issues outnumbered advancers on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored decliners. The S&P 500 posted 23 new 52-week highs and seven new lows; the Nasdaq Composite recorded 77 new highs and 74 new lows.

☆ 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.

President Joe Biden and McCarthy reiterated their aim to strike a deal soon on Wednesday to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. Growth stocks led gains, with Nvidia Corp (NVDA.O), Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) rising between 1% and 4.4%. Bath & Body Works Inc (BBWI.N) gained 9.6% after the beauty and skincare firm raised its annual profit forecast. Declining issues outnumbered advancers for a 1.07-to-1 ratio on the NYSE and for a 1.04-to-1 ratio on the Nasdaq. The S&P index recorded 22 new 52-week highs and four new lows, while the Nasdaq recorded 68 new highs and 50 new lows.

Inflation "is still too high, and by some measures progress has been slowing," Jefferson said in comments prepared for delivery to the National Association of Insurance Commissioners. While his baseline forecast does not include recession, he said he expects job growth to slow and the unemployment rate possibly rise over time. Jefferson did not indicate a preference for holding rates steady or proceeding with further rate increases at the Fed's June meeting, when a rate pause is widely expected. He said, however, he would "consider all these factors" in the context of jobs and inflation data still to be released before the June 13-14 meeting. "There is considerable uncertainty about the magnitude of the impact on household spending and business investment, and this uncertainty complicates economic outlook forecasts," Jefferson said.

☆ Morning Bid: Get ready for the debt ceiling rally
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Kevin BucklandEuropean shares look poised to rally after a wave of optimism that a U.S. debt ceiling deal could be reached as soon as the weekend, which lifted stocks on Wall Street and in Asia. Analysts highlighted how both parties agreed to new, smaller teams to continue negotiations, which they took as a sign that discussions have moved to a more advanced stage. Cash available at the U.S. Treasury general account, used to pay for all official U.S. obligations, is draining fast as extraordinary measures are exhausted, pending a debt ceiling deal to raise the limit. The Nasdaq is on the cusp of a 13-month peak, and the Dax is hovering near its highest since January of last year. Reporting by Kevin Buckland; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Debt ceiling drama aside, world economy looks shaky
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in U.S. and global markets from Naomi RovnickRisk appetite has perked up on global markets thanks to optimism that U.S. Democrats and Republicans are nearing a deal to raise the debt ceiling and avoid an economically catastrophic default. But while a debt ceiling reprieve could boost markets in coming days, the backdrop of a lacklustre global economy is unchanged, with its twin engines, China and the United States, sputtering. Citi's China economic surprise index is at its lowest since January (.CESICNY), a further sign that the growth outlook has weakened. The S&P 500 is trading at a rich 18 times forecast earnings, buoyed by the tech mega-stocks that dominate the index. Developments that could affect markets on Thursday:* Economic events: U.S. initial jobless claims, U.S. existing home sales, Philly Fed business index.

Dow Jones Industrial Average (.DJI) constituent Cisco Systems Inc (CSCO.O) slipped 1.7% after it said a large backlog of products weighed on demand for new orders from customers. Shares of Walmart Inc (WMT.N) rose 2.8% after the retailer raised its annual sales and profit targets, benefiting from inflation-wary consumers trading down to cheaper groceries. And you got a little follow through from the optimism around getting a (debt ceiling) deal done," said Thomas Hayes, chairman at Great Hill Capital LLC. Bath & Body Works Inc (BBWI.N) gained 8.7% after the beauty and skincare firm raised its annual profit forecast. Declining issues outnumbered advancers for a 2.30-to-1 ratio on the NYSE and for a 1.47-to-1 ratio on the Nasdaq.

☆ Dallas Fed President Logan says current data doesn't justify pausing rate hikes yet
▼ + stars: | 2023-05-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Dallas Federal Reserve President Lorie Logan said Thursday that the economic data points so far don't justify skipping a rate increase at the central bank's next meeting in June. While noting some progress in bringing down inflation and cooling the labor market, Logan said the Fed still has work to do in achieving its goal for price stability. But she expressed concern that what she's seen so far has indicated only modest impact from the Fed rate hikes, which have totaled 5 percentage points. And it's a long way from here to 2% inflation," Logan said, referring to the Fed's longer-run goal. She noted that the Fed's preferred inflation data point, the core personal consumption expenditures price index, ran at a 4.9% annualized pace in the first quarter.

☆ Biden administration grants Mountain Valley Pipeline permit
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - The Biden administration has approved a permit to allow the Mountain Valley natural gas pipeline to run through the Jefferson National Forest straddling Virginia and West Virginia, Senator Joe Manchin said on Tuesday. Manchin, a conservative Democrat of West Virgina, has introduced a bill to speed fossil fuel and renewable energy projects that calls on the administration to approve Equitrans Midstream Corp's (ETRN.N) $6.6 billion Mountain Valley pipeline. The Biden administration has supported Manchin's bill as it would help renewable energy companies reap the benefit of billions of dollars of tax credits contained in last year's Inflation Reduction Act. The Mountain Valley Pipeline has been opposed by environmental activists, but won the backing of Biden administration officials, including Secretary of Energy Jennifer Granholm. The Forest Service is part of USDA.

☆ A Look at Philip Jefferson, the Fed’s Likely Next No. 2 - The New York Times
▼ + stars: | 2023-05-15 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

Philip Jefferson, an economist who joined the Federal Reserve’s Board of Governors in May 2022, was nominated by President Biden on Friday to be its vice chair. I didn’t write about his appointment last year; his proposed elevation gives me a second chance to discuss his ideas. He became a Fed staff economist, a professor and then the vice president for academic affairs and dean of faculty at Davidson College in North Carolina. On the Board of Governors he is considered a centrist. If confirmed as vice chair, as is expected, Jefferson would become the second Black person to serve in the post, following Roger W. Ferguson Jr., who held it from 1999 to 2006.

☆ Fed's Jefferson: inflation 'insidious,' need to bring it down
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: 1 min

PALO ALTO, Calif., May 12 - Federal Reserve Governor Philip Jefferson said on Friday he is just as serious about the central bank's goal of full employment as about its mandate for stable prices, but emphasized that bringing high inflation down is critical. "I care very much about how the labor market performs because for most people in the U.S. economy, their standing in the labor market will very much determine their station in life, so that's something I'm very mindful of," Jefferson said in answer to a question at conference at the Hoover Institution. "But I also am aware that inflation is the most insidious of social diseases, and so it's important to try to get it down," he said. Reporting by Ann Saphir; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

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.

☆ Good news for markets next week. Everyone agrees the debt ceiling 'X-date' is not here yet
▼ + stars: | 2023-05-12 | by ( Scott Schnipper | ) www.cnbc.com time to read: +6 min

Good news for markets next week: no default, no credit agency downgrade, no apocalypse. Worrying 2011 precedent Recent history tells investors that stocks will move more violently during a debt ceiling standoff. Retail sales update Debt negotiations aside, investors get updates next week on the state of American consumer spending when April retail sales are reported Tuesday alongside earnings from Home Depot. Deutsche Bank estimates that April retail sales expanded month over month by 0.7%, the market consensus. Credit Suisse is less optimistic, forecasting that April retail sales grew by 0.6%, but, excluding vehicles, were unchanged.

If confirmed, Kugler, a Colombian-American, would be the first Latino to serve on the Fed board, marking the latest effort by Biden to improve the central bank’s diversity. Kugler, who is currently on leave from Georgetown University, previously worked in the Obama administration as the Labor Department’s chief economist. Getty Images/AlamyJefferson, who joined the Fed as a governor a year ago, has been tapped by Biden to the influential role of vice chair, serving as the No. He joined the Fed board in May 2022, after winning broad bipartisan support during his congressional confirmation process. He taught economics at Swarthmore College, Columbia University and the University of Virginia, and served as a high-ranking administrator at Davidson College.

Search resuls for: "Jefferson"

25 mentions found