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☆ Here's how the U.S. economy could escape a recession in 2023
▼ + stars: | 2022-12-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +12 min

The U.S. economy heads into 2023 facing what might be the most anticipated recession in history. That basically means some parts of the economy will feel like they're in a recession while others won't. "Some areas of the economy may not feel like they actually are in recession. "For certain parts of the economy, it will feel like a very deep recession. For other parts, it will feel like a healthy growth economy, particularly in the parts of the economy where we see strong demand," she said.

☆ Analysis: Will Netanyahu clip the wings of his new cabinet hawks?
▼ + stars: | 2022-12-30 | by ( Dan Williams | ) www.reuters.com time to read: +6 min

Both are West Bank settlers averse to Palestinians' self-rule - let alone their hopes of statehood. Netanyahu's previous 15 years as premier saw him feathering the nests of the hawks in his cabinet - or clipping their wings - as he deemed necessary. But that may have to wait, as Ben-Gvir's portfolio does not grant major powers in the West Bank, which is under the overall control of the military. Arguably, Ben-Gvir, 46, and Smotrich, 42, can afford to shelve some of their agendas for this round with Netanyahu, 73. Smotrich's advocacy of Jewish claims on the West Bank is informed by a doctrinaire faith in Bible prophesy.

☆ 2022 was the year the Overconfidence Man fell back to earth
▼ + stars: | 2022-12-29 | by ( Maureen Tkacik | ) www.businessinsider.com time to read: +22 min

Naturally, Elon Musk, the platonic ideal of the peculiar self-aggrandizing, self-parodying personality type that thrived during the Trump years and peaked during the pandemic, tops this list. By 2022, the media had pronounced him variously the next Warren Buffett, J.P. Morgan and Charles Koch. "bye bye @trussliz Congrats to lettuce", tweeted Putin's one-time stand-in Dmitry Medvedev, to which Elon Musk could not resist replying, "pretty good troll tbh." Elon Musk speaks at the 2020 Satellite Conference and Exhibition in March 2020. Elon MuskIt's weird to recall now that Elon Musk once seemed like, graded on the billionaire curve anyway, a net positive for a cursed American society.

☆ NBA roundup: Zion Williamson's career night propels Pelicans
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +7 min

Mandatory Credit: Stephen Lew-USA TODAY SportsDecember 29 - Zion Williamson scored his team's final 14 points as part of a career-high 43-point night as the host New Orleans Pelicans came from behind to defeat the Minnesota Timberwolves 119-118 on Wednesday night. Trey Murphy III added 21 points, CJ McCollum scored 20, Jonas Valanciunas had 12 points and 11 rebounds, and Naji Marshall scored 12 points as New Orleans won its fourth straight. Nikola Jokic had 40 points, Bones Hyland scored 20, Michael Porter Jr. 19 and Zeke Nnaji 14 for the Nuggets. Saddiq Bey poured in 28 points and added eight rebounds and four assists, while Bojan Bogdanovic had 14 points with five assists. LeBron James matched Butler for a game-high of 27 points, and also added nine rebounds with six assists, but committed six turnovers.

☆ Hope Global Forums rallies business leaders for financial literacy, ‘so that everyone learns the language of money’
▼ + stars: | 2022-12-26 | by ( Frank Holland | In | ) www.cnbc.com time to read: +4 min

"Our goal is that by the time your kids grow up, financial literacy is in school — kindergarten through college — as a requirement so that everyone learns the language of money." To that end, Operation Hope in 2021 launched Financial Literacy for All, a joint initiative with businesses such as Walmart, Bank of America, Disney and many others. Ambassador Andrew Young were among the business leaders joining Bryant on stage at the Hope Global Forums in Atlanta to talk about silver rights and the power of financial literacy. "John Hope Bryant and I have come together to form Financial Literacy for All to take on financial education. Operation Hope is focused on wealth inequality in the Black community and communities of color, and narrowing that gap.

☆ Taiwan, Trying to Fend Off China, to Get Loans, Not Grants, to Buy U.S. Weapons
▼ + stars: | 2022-12-23 | by ( Lindsay Wise | Charles Hutzler | ) www.wsj.com time to read: 1 min

WASHINGTON—Left out of the massive spending bill that Congress raced to finish are hefty grants for weapons transfers to Taiwan, setting back efforts by some lawmakers to bolster a front-line U.S. partner against China. The overall $1.65 trillion spending package passed by the Senate on Thursday includes $2 billion in financing of military sales for Taiwan for the current fiscal year. The assistance, however, comes in the form of loan guarantees, not grants, as security hawks in Congress and some in Taiwan’s government preferred. Also omitted was money for Taiwan to draw from U.S. military stockpiles, as has been done with Ukraine.

☆ Your Decorations Are Cute But Delivery Drivers Can’t Find Your House: ‘I Took My Best Guess and Left It There.’
▼ + stars: | 2022-12-21 | by ( Esther Fung | ) www.wsj.com time to read: 1 min

With one click, shoppers expect items to be shipped to them with alacrity and precision, across continents and oceans. Why then, do so many people make it hard for delivery drivers to find their homes? Tiny house numbers, perhaps OK for hawks or eagles but not human drivers in a moving vehicle, are among the top pet peeves, drivers say. So are Christmas decorations or snow blotting out mailbox numbers. House numbers spelled out in cursive are a pain.

☆ NBA roundup: Thunder spoil Damian Lillard's record night
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +7 min

No Thunder player other than Gilgeous-Alexander scored more than 13 points, but six other Oklahoma City players scored in double figures. He scored 11 points and nailed three 3-pointers in the first six minutes to help the Cavaliers establish control early. Jarrett Allen added 20 points and 11 rebounds, while Darius Garland contributed 17 points and eight assists. Trae Young led the Hawks with 37 points, and he added 13 assists for his 15th double-double of the season. Anunoby returned from a four-game absence to score 13 points and reserve Chris Boucher had 13 points and 10 rebounds for the Raptors, who lost their sixth straight game.

☆ ECB's Nagel pleads with Germans for patience in combating inflation
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 19 (Reuters) - Bundesbank President Joachim Nagel asked the German public for patience in bringing down inflation, warning in an interview with broadcaster N-TV on Thursday that the impact of rate rises could take up to two years to take effect. Nagel, among the ECB hawks who generally favour higher rates, pointed to the bank's four successive hikes this year as evidence it was taking action against inflation but said he did not expect it to fall significantly until 2024. "I need to ask for some patience," Nagel said in the interview. Nagel said the Bundesbank expected lower inflation rates in Germany in December because of a gas price brake, but that they would remain at around 7% in 2023 before going back significantly in 2024. Reporting by Victoria Waldersee, Francesco Canepa, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ What could GOP control of the House mean for U.S.-China tensions?
▼ + stars: | 2022-12-18 | by ( Megan Lebowitz | ) www.nbcnews.com time to read: +10 min

McCarthy also says he plans to create a House select committee on China, the first since the late 1990s. House Republicans will also investigate the origins of the coronavirus and “the CCP’s role in the spread,” the blog post said, although it is unclear whether that investigation would be part of the select committee. Tensions were further inflamed in August by Pelosi’s Taiwan visit, the first by a sitting U.S. House speaker since 1997. The most volatile issue in U.S.-China relations is the status of Taiwan, which Beijing has not ruled out seizing by force. Speaker of the House Nancy Pelosi speaks with Taiwan's President Tsai Ing-wen in Taipei, Taiwan on Aug. 3, 2022.

☆ As Kuroda bows out, Bank of Japan's rising hawks eye end to unloved yield cap
▼ + stars: | 2022-12-16 | by ( Leika Kihara | ) www.reuters.com time to read: +12 min

PUBLIC DISCONTENTAfter a tumultuous year for the world's third-largest economy, Japan's central bank and its leadership face a critical moment. While ruling out the need to ditch the yield cap now, Takata recently said he saw positive developments in wage growth. "The BOJ must start worrying about the possibility of inflation accelerating more than expected," he told Reuters, adding the BOJ may abandon its yield cap as early as next year. Such a reaction was seen in March when the BOJ was forced to pledge unlimited bond buying to defend its yield cap from speculative market attacks. "That's why the BOJ won't provide advance signals and remove the yield cap in a single step."

Poland withdrew last-minute objections to a global minimum corporate tax, unblocking a whole package of linked agreements that includes the loan to Ukraine, invaded by Russia almost 10 months ago. "The next six months will demand even greater efforts from us," Ukrainian President Volodymyr Zelenskiy told the 27 EU leaders gathered in Brussels, asking them for more support from air defences to energy equipment. EU leaders also agreed a ninth package of sanctions against Russia for waging the war against Ukraine, diplomats said. The decision, which requires unanimity, came after EU Russia hawks Poland and Lithuania had warned that proposed exceptions for food security might in fact benefit Russian oligarchs in the fertilizer business. Poorer EU countries want a coordinated response and warned richer member states like Germany against supporting their industries without showing solidarity with the rest of the bloc.

☆ Burkina Faso aware of the dangers of Wagner force -France
▼ + stars: | 2022-12-15 | by ( John Irish | ) www.reuters.com time to read: +3 min

Speaking to reporters alongside U.S. Secretary of State Antony Blinken on Wednesday, Ghana's President Nana Akufo-Addo alleged that Burkina Faso had hired the mercenaries. Burkina Faso has now entered into an arrangement to go along with Mali in employing the Wagner forces there," he said. Prime minister of Burkina Faso in the last 10 days has been in Moscow. Officials from Burkina Faso did not immediately respond to requests for comment. Burkina Faso has not said publicly that it would consider hiring Wagner mercenaries.

But since mid-May, when rates futures markets began to bet outright that the Fed would cut rates in the second half of next year, markets have stabilized. Rates futures have raised the 2023 implied fed funds terminal rate by 400 bps to around 5% and the Fed has raised its 'dot plot' forecasts, in a broadly lockstep move. But since mid-May the implied 2023 terminal rate has been brought forward to the first half of the year, and rate cuts have been priced into the second half. Yet policymakers' 2023 economic growth forecast has slumped to 0.5% - it was 2.25% in March - and they now see unemployment topping 4.5%. Powell's comments are pushing Wall Street lower on Thursday, but interest rate markets largely have dismissed them and continue to price in more than 50 bps of rate cuts next year.

☆ A financial coach shares 9 ways to earn $8,000 a month in passive income to prepare for a recession, inflation, or layoffs
▼ + stars: | 2022-12-15 | by ( Alexandra York | Junior Entrepreneurship Reporter | Read More | ) www.businessinsider.com time to read: +7 min

Andrea outlines 9 of the easiest ways to earn passive income, including resale and blogging. She took her experience building passive income streams and teaching herself the fundamentals of financial literacy to launch the financial-advice blog The Financial Cookbook in February 2021. Julia CheskyAndrea said companies typically contact her about brand partnerships, but she encourages other entrepreneurs to be more proactive when looking for passive income avenues. She recommends selling old clothes, coupons received in the mail, or finds from garage sales or local stores. Nicholas Waskosky, a Poshmark seller, earns five figures a year selling old or upcycled clothes on the platform.

He described the slow rate of economic growth penciled in by Fed officials next year as still "modest." Only two of 19 Fed officials see the benchmark overnight interest rate staying below 5% next year, a sign of a still broad consensus to lean against inflation. In the U.S. Treasury market, which plays a key role in the transmission of Fed policy decisions into the real economy, yields were little changed to slightly lower. Powell said the speed of coming rate rises is less critical now than earlier in the year when the central bank was "front-loading" rate hikes to catch up with accelerating prices. "Our focus right now is really on moving our policy stance to one that is restrictive enough to ensure a return of inflation to our 2% goal over time, it's not on rate cuts," Powell said.

The new projections will put inflation comfortably above 2% in 2024 and just above it in 2025, said the source, who spoke on condition of anonymity because the forecasts are not yet public. Some ECB policymakers, particularly among "hawks" who favour higher rates, have recently voiced scepticism about its forecasts and called for a greater focus on current readings. Economists polled by Reuters foresaw inflation at 6.0% in 2023, 2.3% in 2024 and 1.9% in 2025. The ECB is due to sketch out its QT plan on Thursday. ($1 = 0.9408 euros)Reporting By Francesco Canepa; Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.

☆ ECB will have to stay laggard in bond-buying exit
▼ + stars: | 2022-12-13 | by ( Francesco Guerrera | ) www.reuters.com time to read: +4 min

Rising yields and a still frail euro zone mean that Europe’s so-called quantitative tightening (QT) should be slow. If it stopped reinvesting all maturing debt from March, its bond portfolio would shrink by 287 billion euros next year. If bond yields do spike, the ECB can step in with an emergency bond-buying programme, called the Transmission Protection Instrument. The real dangers of a disorderly exit mean the ECB has little choice but to remove the punchbowl slowly. The shift is a reversal of nearly a decade of monetary stimulus by the ECB as the euro zone went through several crises.

☆ Paul Silas, 3-time NBA champion, longtime coach, dies at 79
▼ + stars: | 2022-12-11 | by ( The Associated Press | ) www.nbcnews.com time to read: +6 min

Silas, whose son, Stephen Silas, is coach of the Houston Rockets, was 79. “We mourn the passing of former NBA All-Star and head coach Paul Silas,” NBA Commissioner Adam Silver said. “Paul’s lasting contributions to the game are seen through the many players and coaches he inspired, including his son, Rockets head coach Stephen Silas. “I coached LeBron for two years, his first two years, and LeBron was unbelievable,” Paul Silas said. “I am deeply saddened to hear of the passing of Creighton legend Paul Silas,” Bluejays coach Greg McDermott said.

☆ Paul Silas, 3-time NBA champion player and coach, dead at 79
▼ + stars: | 2022-12-11 | by ( Homero De La Fuente | ) edition.cnn.com time to read: +3 min

CNN —Former NBA All-Star and longtime head coach Paul Silas has died at the of age 79, the league announced Sunday. “We mourn the passing of former NBA All-Star and head coach Paul Silas. Paul’s lasting contributions to the game are seen through the many players and coaches he inspired, including his son, Rockets head coach Stephen Silas. We send our deepest condolences to Paul’s family,” NBA commissioner Adam Silver said in a statement Sunday. “The Fertitta Family and the Rockets organization are deeply saddened by the passing of Paul Silas, father of Rockets head coach Stephen Silas,” the Rockets said in a statement Sunday.

Headline inflation slowed in November for the first time in 1-1/2 years, to 10%, raising hopes that sky-high price growth has passed. ECB President Christine Lagarde will likely be careful about calling a peak after last year's "big mistake" of insisting surging prices were "transitory," said Pictet's Ducrozet. ECB Chief Economist Philip Lane reckons wages would be a "primary driver" of price inflation even after energy price shocks fade. Closely-watched business activity data points to a mild recession and latest forecasts should show how the ECB views the coming slowdown. Lane believes record price growth will start to subside next year.

☆ The US Navy spent 4 weeks blasting one of its aircraft carriers to figure out how to keep enemies from sinking them
▼ + stars: | 2022-12-08 | by ( Harrison Kass | ) www.businessinsider.com time to read: +7 min

In May 2005, the US Navy sank the decommissioned aircraft carrier America in the Atlantic Ocean. The USS America (CV-66) was one of three Kitty Hawk-class carriers built in the 1960s. Building the USS America of the Kitty Hawk-classUSS America in the Indian Ocean on April 24, 1983. The career of the USS AmericaA U-2 reconnaissance aircraft on the flight deck of the aircraft carrier USS America. A declassified image of USS America sinking after four weeks of live-fire weapons damage tests in May 2005.

☆ VIRTUAL ASSISTANTS: How to start your own business, create a flexible schedule, and make six figures in revenue
▼ + stars: | 2022-12-08 | by ( Alexandra York | ) www.businessinsider.com time to read: +9 min

Virtual assistants joined the workforce in record numbers as the gig sector grew amid the pandemic. "Everyone I know needs a virtual assistant, and everyone I know has a really hard time finding one," she added. Read more: Why virtual assistants are the affordable solution to business owners' labor shortageRead more: I'm a virtual assistant making $10,000 a month. With the increased number of virtual assistants, it's important to differentiate yourself from others in the field, people told Insider. Read more: Founder Finances: A virtual assistant mentor shares the budget that helps her reach $15,000 in monthly sales.

EARLY WARNING SIGNSAfter years of tame inflation, Fed officials and other central bankers say they have faced a chain of disruptive events beyond their control ranging from the COVID-19 pandemic to the Ukraine war. The central bank has made conservative estimates on inflation despite Russia cutting gas supplies to Europe in response to Western sanctions over its invasion of Ukraine. Even as some economists say an inflation peak could now be in sight, central bankers remain far from taming inflation. The concern among some central bankers is that politicians will respond by raising public spending and so aggravate the inflation pressure that their rate-hike cure is intended to heal. If that were to happen, central bankers “would have to reverse course to prevent the debt market from becoming more disorderly," Goodhart told Reuters.

By contrast, the median forecast for a similar poll on the U.S. Federal Reserve is exactly where futures currently price the Fed's terminal rate next year - 5.0%. Any reversion of terminal rate pricing to consensus or below could see the pound wobble again. "That said, we have been stressing downside risks to our terminal rate projection, given the constant dovish messaging from the MPC. BoE poll question on Terminal Rate Risks? Central Bank Rate Hike CampaignSterling volatilityThe opinions expressed here are those of the author, a columnist for Reuters.

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