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☆ Fed Governor Philip Jefferson named as new vice chair to succeed Lael Brainard
▼ + stars: | 2023-05-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Federal Reserve Governor Philip Jefferson will be nominated by President Joe Biden to be vice chairman of the central bank's board, the White House announced Friday. As vice chair, he takes a position last occupied by Lael Brainard, who is now Biden's director of the National Economic Council. Before coming to the Fed, Jefferson was a professor of economics as well as vice president for academic affairs and dean of faculty at Davidson College. The nomination was not unexpected; multiple media outlets had reported that Jefferson was Biden's likely choice as vice chair. If confirmed, Jefferson would be the second Black person to hold the vice chair position.

☆ AMERICAS Debt cap tick-tock leaves eerie calm
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +4 min

The issue dominated much of the G7 finance chiefs meeting in Japan. Dimon claimed any technical default could cause financial panic and JPMorgan had convened a 'war room' internally to deal with the issue. "It's very unfortunate, it's time-consuming, hopefully it won't happen, but it affects contracts, collateral, clearing houses, clients," Dimon said. Chinese stocks underperformed, with the G7 meeting mulling restrictions on investment to the world's second-biggest economy. Bank of England chief economist Huw Pill speaksReuters GraphicsJobless claimsReuters GraphicsReuters GraphicsBy Mike Dolan, editing by Christina Fincher, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

Reuters Graphics Reuters GraphicsReuters Graphics Reuters GraphicsInvestors and analysts took the Labor Department report on the whole as supporting the prospect that the Fed would pause its rate increases at the June 13-14 meeting. The PCE, which is the Fed's preferred gauge for its 2% inflation target, has been running at more than twice that level. Continued readings like the ones in April could weaken the case for pausing rate hikes. That's how increases in its policy rate influence economic activity. FEDSPEAK: OngoingThe Fed's internal communications rules set a "blackout" period around each policy meeting.

☆ Gold holds steady ahead of U.S. inflation print
▼ + stars: | 2023-05-10 | by ( ) www.cnbc.com time to read: +2 min

Gold bars are displayed at a bullion merchant's, Baird & Co., in London, U.K., on Friday, March 14, 2008. Gold prices were flat on Wednesday, as traders positioned themselves for key U.S inflation data due later in the day, which could impact the Federal Reserve's policy stance. Although gold is considered a hedge against inflation, rising interest rates dull non-yielding bullion's appeal. "The outlook of a weak U.S. currency and yields reignite the safe haven status of gold. Spot silver fell 0.1% at $25.58 per ounce, platinum edged 0.1% higher to $1,105.82, and palladium gained 0.1% at $1,571.23.

"When you get into higher interest rates ... you look to your collateral," Rodeheaver said in an interview. "We are tightening on price and profitability ... That is going to slow lending a bit." "The economy has started to slow in an orderly fashion" in response to higher interest rates, Jefferson said, calling tighter credit conditions "part of the transmission mechanism of monetary policy." Powell, however, said he felt the impact of the credit shock "remains uncertain," and his own baseline outlook does not include a recession. Bank lending dipped about 1.7% in the two weeks following SVB's collapse, but has risen since then and recouped about a third of the decline.

Spot gold was unchanged at $2,032.86 per ounce, as of 0201 GMT. Although gold is considered a hedge against inflation, rising interest rates dull non-yielding bullion's appeal. "The outlook of a weak U.S. currency and yields reignite the safe haven status of gold. Worries over the global economy and demand-supply outlook may also support the commodity in the near future," Hareesh added. Spot silver fell 0.1% at $25.58 per ounce, platinum edged 0.1% higher to $1,105.82, and palladium gained 0.1% at $1,571.23.

☆ Fed's Jefferson says economy slowing in "orderly" manner
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 9 (Reuters) - The U.S. economy is slowing in an "orderly fashion" that should allow inflation to decline even as growth continues, Fed Governor Philip Jefferson said on Tuesday. "The economy has started to slow in an orderly fashion...I am of the view that inflation will start to come down and the economy will have the opportunity to continue to expand," Jefferson said in comments to the Atlanta Black Chambers business group. But his remarks did indicate hope for a "soft landing" in which inflation cools without a dramatic drop in economic activity. Jefferson said that the recent tightening of credit standards by banks, reflected in a Fed survey released on Monday, was "typical" for where the U.S. is in the economic cycle and a "natural part" of the Fed's monetary tightening. Reporting by Howard SchneiderOur Standards: The Thomson Reuters Trust Principles.

☆ Treasury yields dip as investors await Fed speaker remarks, inflation data
▼ + stars: | 2023-05-09 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: 1 min

U.S. Treasury yields fell on Tuesday as investors looked to comments from Federal Reserve speakers and inflation data that could provide hints about the outlook for the economy and monetary policy. ET, the yield on the 10-year Treasury was down by around two basis points to 3.4976%. The 2-year Treasury yield was last trading over two basis points lower at 3.9888%. Fed officials including Fed Governor Philip Jefferson and New York Fed President John Williams are expected to give remarks on Tuesday. Investors will be scanning their comments for insights into the central bank's expectations for the U.S. economy and what that could mean for interest rate policy decisions.

☆ Morning Bid: Showdown on the ceiling
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +5 min

With world markets still at an impasse on the extent of the economic slowdown and chance of recession, the U.S. debt ceiling impasse remains unresolved - and Tuesday's showdown at the White House is one of the few opportunities left to resolve it. Biden meets Republican House of Representatives Speaker Kevin McCarthy for the first time since February. There are only six days this month when the House and the Senate are in session when Biden is in Washington. Longer-term Treasury yields remain under wraps, however, with 2-year yields hovering just under 4%. DEBT CEILINGBeyond the debt ceiling row, the picture of the wider economy remains equivocal.

☆ S&P 500 futures are flat as investors await closely followed inflation data: Live updates
▼ + stars: | 2023-05-08 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

S&P 500 futures are little changed Monday night as investors readied for key inflation reports due later in the week. S&P 500 futures inched down by 0.05%, while Nasdaq-100 futures shed 0.1%. The S&P 500 finished 0.05% higher, while the Nasdaq Composite ended with a gain of nearly 0.2%. Fox Corp. and Nikola are among companies set to report quarterly earnings before the bell, followed by Airbnb and Rivian after the market closes. Earnings season is beginning to wind down with more than 85% of the stocks in the S&P 500 done reporting.

☆ Don Sebesky, Arranger Who Helped Broaden Jazz’s Audience, Dies at 85
▼ + stars: | 2023-05-06 | by ( Neil Genzlinger | ) www.nytimes.com time to read: +1 min

Mr. Sebesky’s musical interests ranged far and wide. From the beginning, Mr. Taylor and CTI were on a mission to broaden the audience for jazz by exploring intersections with pop, rock and R&B, and by making music that was more accessible to mainstream audiences than some of jazz’s more esoteric strains. It was an approach that displeased some purists, but it sold records, and Mr. Sebesky’s arranging skills were pivotal to that success. Mr. Sebesky arranged the saxophonist Paul Desmond’s “Bridge Over Troubled Water” (1970), an album of interpretations of Simon & Garfunkel songs. Pairing Mr. Benson with that song was an idea Mr. Sebesky had proposed to Mr. Taylor, but with a twist.

☆ The US has over 4,000 banks
▼ + stars: | 2023-05-05 | by ( ) www.businessinsider.com time to read: +5 min

To protect their communities, many states passed legislation requiring banks to operate out of only one building—thus creating community banks. To make matters worse, the failure of one bank often sparked contagion to other community banks. Community banks were better able to compete with larger banks because they were perceived as safe. They know the community: Smaller banks tend to know the communities they serve very well . But as more community banks face trouble, it’s likely we’ll see intense scrutiny of these smaller institutions, more regulation aimed at them, and potentially a massive outflow of deposits into larger banks.

☆ A Tesla driver was fatally shot following an argument at a charging station
▼ + stars: | 2023-05-04 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +2 min

A Tesla driver in Colorado was fatally shot on Wednesday at a Tesla Supercharger station. The man who allegedly shot the driver left the scene before calling police; he was subsequently taken into custody. A Tesla driver was killed Wednesday following an altercation at a charging station. The man who allegedly shot the Tesla driver left the scene before calling police to report what happened, Fulton said. Tesla Superchargers were previously only available to owners of Tesla vehicles.

☆ Biden expected to nominate Jefferson as next Federal Reserve vice chair -sources
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, May 3 (Reuters) - U.S. President Joe Biden is expected to nominate Federal Reserve Governor Philip Jefferson as the next vice chair, two sources familiar with the matter said on WednesdayIn addition, economist Adrian Kugler is expected to be nominated to an open Fed board seat, with an announcement anticipated in coming days, the sources said. Reporting by Costas Pitas; writing by Jasper Ward; editing by Dan WhitcombOur Standards: The Thomson Reuters Trust Principles.

☆ Opinion | A Push to Reverse ‘Wokeness’ at U.Va.
▼ + stars: | 2023-05-03 | by ( ) www.nytimes.com time to read: +1 min

I served on a committee in 1973 to help the new Black students there adjust to an institution that was clearly not welcoming. If racism is not systemic, how could there have been so little progress for so long? This is a sad story and a tragic denouement for all the efforts of good people at U.Va. I deplore Mr. Ellis’s attempts to further entrench a history of obliviousness to racism at U.Va. Both of us serve today as trustees of Virginia’s best universities, appointed by Virginia governors, though at different schools.

☆ Morning Bid: RBA shock hike starts huge week for central banks
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Asia markets correspondent Kevin Buckland. The Reserve Bank of Australia kicked off a string of major central bank meetings this week by surprising markets with a quarter-point rate hike, when most had been positioned for a pause. The debate among policy makers is whether to opt for another half-point hike or slow to a quarter-point pace. The Fed, meanwhile, is widely expected to hike rates by a final quarter point and then signal a pause. Money markets are still betting on a Fed rate cut before the end of the year.

☆ White House considers two key nominations at the Fed - NYT
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: 1 min

May 1 (Reuters) - U.S. President Joe Biden is closing in on two nominations for the Federal Reserve's Board and is likely to nominate Adriana Kugler for the position of governor and Philip Jefferson as the board's vice chair, the New York Times reported on Monday. Reporting by Mrinmay Dey in Bengaluru, Editing by Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

☆ White House Close to Tapping Philip Jefferson for Fed Vice Chair, Adriana Kugler for Board
▼ + stars: | 2023-05-01 | by ( Andrew Restuccia | Nick Timiraos | ) www.wsj.com time to read: +1 min

Philip Jefferson has indicated support for the Federal Reserve’s efforts to raise interest rates rapidly to slow the economy and bring down inflation. Photo: Ken Cedeno/Press PoolWASHINGTON—President Biden is close to nominating Federal Reserve governor Philip Jefferson to serve as the central bank’s second-in-command and Adriana Kugler, an economist and top World Bank official, to fill a vacancy on the Fed’s board, according to people familiar with the matter. If confirmed, Ms. Kugler, a Colombian-American economist who now serves as the U.S. executive director at the World Bank, would be the first Latino to serve on the board. Mr. Jefferson would be the Fed’s second Black vice chair. Mr. Biden faced pressure from Sen. Robert Menendez (D., N.J.), a senior member of the Senate Banking Committee, to nominate a Latino economist to the central bank, which has never had a Latino serve as a Fed governor or Fed president.

☆ White House Considers Two Key Nominations at the Fed
▼ + stars: | 2023-05-01 | by ( Jeanna Smialek | Jim Tankersley | ) www.nytimes.com time to read: +1 min

WASHINGTON — President Biden is closing in on two nominations for the Federal Reserve’s Board of Governors that would give the Fed its first Latina board member and its second ever Black vice chair, according to several people familiar with the process. Mr. Biden is close to nominating Adriana Kugler, an economist with Colombian heritage who is the U.S. executive director of the World Bank, to the Fed’s only remaining open governor position. In a corresponding move, he is likely to elevate Philip Jefferson, an economist who was confirmed overwhelmingly to the board when Mr. Biden nominated him to an open governor position, to be the board’s vice chair. A White House spokesman declined to comment on Monday. If confirmed by the Senate, Ms. Kugler would fill a governor position recently vacated by Lael Brainard, who became director of the White House National Economic Council in February.

☆ What John Blake discovered when he met the White mother he never knew
▼ + stars: | 2023-04-30 | by ( John Blake | ) edition.cnn.com time to read: +25 min

It’s a story about my mother, and the White relatives who shunned me at birth—and still somehow became family. I now know one of the reasons my family didn’t tell me about my mom’s illness is because they didn’t know how. I vividly recall thinking as I looked at my mom: I didn’t know a White person could suffer like this. I saw White, Black, and brown people hug and call each other “brother” and “sister” after worship service. John Blake is a Senior Writer at CNN and the author of “More Than I Imagined: What a Black Man Discovered About the White Mother He Never Knew.”

☆ The Oldest Mistake in Economics
▼ + stars: | 2023-04-28 | by ( Mary Anastasia O Grady | ) www.wsj.com time to read: +1 min

Ms. O'Grady joined the paper in August 1995 and became a senior editorial page writer in December 1999. She was appointed an editorial board member in November 2005. In 2012 Ms. O’Grady won the Walter Judd Freedom Award from The Fund for American Studies. In 2009 Ms. O'Grady received the Thomas Jefferson Award from The Association of Private Enterprise Education. Ms. O'Grady received a bachelor's degree in English from Assumption College and an M.B.A. in financial management from Pace University.

Alexa Bartell Jefferson County Sheriff's OfficeKarol-Chik allegedly told investigators that he felt “a hint of guilt” after seeing the victim’s car. After circling back, Karol-Chik told investigators Koenig slowed down so that Kwak could take a picture of the car. The court documents said Karol-Chik told investigators the suspects felt “excited” when the rocks hit cars. The friend told investigators that Koenig participated in “destructive behavior” and liked “causing ‘chaos,’” the affidavits said. Karol-Chik told investigators he and Kwak “both collected rocks, and that all three of them threw rocks at moving cars,” the affidavits said.

☆ 3 Teens Charged With Murder in Rock-Throwing Spree That Killed Colorado Driver
▼ + stars: | 2023-04-26 | by ( Johnny Diaz | ) www.nytimes.com time to read: 1 min

Three teenagers have been charged with first-degree murder in connection with a rock-throwing spree on Colorado roads last week that led to the death of one driver, the authorities said. The three suspects, all 18 and identified as Joseph Koenig, Nicholas Karol-Chik and Zachary Kwak, were arrested on Tuesday evening at their homes in Arvada, Colo., for taking part in a series of rock-throwing episodes on April 19 that fatally wounded Alexa Bartell, 20, who was killed when one of the rocks smashed through her windshield and struck her, the Jefferson County Sheriff’s Office announced on Wednesday. In addition to murder, the three men are charged with extreme indifference; other charges to be determined by the First Judicial District Attorney’s Office are expected. It was not immediately clear if the three, who are seniors from different high schools, had lawyers on Wednesday.

☆ Trump isn't the only former president to be embroiled in a hush-money scandal. Here are 10 public figures, including 3 US presidents, who have been accused of making payments to keep people quiet.
▼ + stars: | 2023-04-22 | by ( James Pasley | ) www.businessinsider.com time to read: +1 min

Donald Trump was indicted on 34 felony counts of falsifying documents related to alleged hush-money payments. Several public figures also have similar scandals, including Harvey Weinstein, Michael Jackson, and Bill O'Reilly. US presidents Thomas Jefferson, Warren Harding, and Richard Nixon were all involved in hush money scandals. Other notable politicians who made hush money payments include former treasury secretary Alexander Hamilton and former Sen. John Edwards. Outside of politics, there have been several public figures who made hush money payments including Harvey Weinstein, Michael Jackson, Bill Cosby, Jerry Falwell Jr., and Bill O'Reilly.

☆ Florida prosecutor blamed an 'entry-level' staffer after a document surfaced from his office outlining harsher penalties for 'Hispanic' defendants
▼ + stars: | 2023-04-20 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +5 min

A Florida prosecutor has confirmed to Insider the authenticity of a document that outlined a racist policy in his office. The document called for "Hispanic" defendants to receive stricter penalties for "No Valid Driver's License." The prosecutor, Jack Campbell, blamed the document on a junior staffer who has been "reprimanded." First elected in 2016, Campbell, is the state attorney for the 2nd Judicial District, making him the chief prosecutor for six counties in northern Florida. Hayes, who worked for Campbell as an assistant state attorney, left Florida in January and now works as an assistant district attorney in Philadelphia.

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