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Speaking on CNBC, Boston Fed President Susan Collins also said the U.S. central bank must be "patient and resolute, and I wouldn't take additional firming off the table." Inflation by the Fed's preferred measure was 3.4% in September, down from its 7.1% peak last summer, but above the central bank's target. And he expressed increased confidence that the Fed can meet its inflation goal without the kind of rise in unemployment seen in the U.S. central bank's prior battles with inflation. Speaking on Thursday, Cleveland Fed President Loretta Mester, one of the central bank's more hawkish policymakers, said she had not yet assessed whether she would continue to pencil in a further rate hike. Fresh economic and interest rate projections are due to be the released at the Dec. 12-13 policy meeting.

Persons: Mary Daly, Daly, Susan Collins, Collins, Austan Goolsbee, Loretta Mester, Ann Saphir, Michael S, Pete Schroeder, Dan Burns, Balazs Koranyi, Paul Simao Organizations: Federal, San Francisco Fed, CNBC, Boston, Deutsche Bank, Chicago Fed, Fed, Cleveland Fed, Derby, Thomson Locations: Frankfurt, Germany, U.S

Research prepared for a Boston Federal Reserve labor market conference found that whether driving for Uber to make ends meet or taking piecework jobs in retirement, casual contract workers sometimes don't consider themselves "employed" or even a part of the labor force. The research involved reexamining the detailed responses to a New York Fed survey of "informal work" from 2015 through 2022. Other research looked at how job training and policies towards employing those with a criminal record might help. Their research found many gig workers want additional hours of formal employment, suggesting more untapped labor supply. "And the higher levels of activity and participation can benefit those brought into the labor market, contributing to a vibrant economy that works for all."

Persons: Mike Segar, Uber, Anat Bracha, Mary A, Burke, Bracha, rehashed, Jerome Powell, Susan Collins, Collins, Howard Schneider, Dan Burns, Paul Simao Organizations: REUTERS, Rights BOSTON, Federal, Boston Federal Reserve, Hebrew University Business School, Boston Fed, Fed, New, Labor, Boston, Thomson Locations: New York City , New York, U.S, Jerusalem

☆ Fed's Cook says economic risks two-sided, 'soft landing' possible
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

"I believe that a 'soft landing' is possible, with continued disinflation and a strong labor market, but it is not assured," Cook said in remarks prepared for delivery to a San Francisco Fed conference on Asian economic policy. "I see risks as two-sided, requiring us to balance the risk of not tightening enough against the risk of tightening too much." Meanwhile, Cook noted, other global central banks have also tightened policy rapidly. "But in a world of uncertainty it is hard to judge the exact size of these spillovers." Reporting by Ann Saphir; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Lisa Cook, Jonathan Ernst, Cook, bank's, there's, Ann Saphir, Paul Simao Organizations: Federal Reserve, of Governors, Capitol, REUTERS, FRANCISCO, Federal, San Francisco Fed, U.S, Thomson Locations: Washington , U.S, U.S

☆ Auto strikes sink US manufacturing output in October
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

Manufacturing output fell 0.7% last month, the Federal Reserve said on Thursday. Excluding motor vehicles and parts, manufacturing production edged up 0.1%. Overall industrial production dropped 0.6% in October after edging up 0.1% in September. It is now eight-tenths of a percentage point below to its 1972–2022 average. The operating rate for the manufacturing sector slipped to 77.2% from 77.8% in the prior month and is one percentage point below its long-run average.

Persons: Rebecca Cook, Detroit's, Lucia Mutikani, Paul Simao Organizations: United Auto Workers, Ford Michigan Assembly Plant, Wayne , Michigan U.S, REUTERS, Rights, UAW, Federal Reserve, Reuters, General Motors, Ford, Chrysler, Utilities, Thomson Locations: Wayne , Michigan, U.S

☆ Exclusive: Three Fed governors tell US senator there is room to reduce balance sheet
▼ + stars: | 2023-11-16 | by ( Michael S. Derby | ) www.reuters.com time to read: +5 min

"Under plausible assumptions the size of the balance sheet could decline considerably further before reserves reach the level consistent with the ample reserves operating framework," Jefferson wrote in response to a series of questions from Scott about the roughly $8 trillion balance sheet. The senator also wrote letters to Fed Governors Lisa Cook and Adriana Kugler at the same time. Fed officials who have spoken on the matter have said the balance sheet can be reduced for an extended period. Speaking after the central bank's Oct. 31-Nov. 1 policy meeting, Fed Chair Jerome Powell said it was "not considering changing the pace of balance sheet runoff. Many market participants are eyeing next year or maybe 2025 as a potential time to end the drawdown of the balance sheet.

Persons: Philip Jefferson, Jefferson, Rick Scott, Scott, Lisa Cook, Adriana Kugler, Cook, Kugler, Jerome Powell, Loretta Mester, General, Michael S, Dan Burns, Paul Simao Organizations: Federal, Republican U.S, Fed, Reuters, Federal Reserve, Cleveland Fed, Thomson Locations: Jefferson

But the steady ebbing of inflation hasn't translated into good news for either President Joe Biden or the Federal Reserve when it comes to public opinion. They're just going up at a slower rate," Fed Governor Christopher Waller said last week when asked at a research conference about common public misconceptions. Inflation expectations have fallen, according to a New York Fed survey but remain well above the central bank's 2% target. Both Waller and Fed Governor Lisa Cook took note of the public mood last week in similar comments about the expectation for prices to fall, which they don't frequently do. Reuters GraphicsBut if inflation readings continue to show a slowdown, the Fed could put more weight on sustaining the strength of the job market.

Persons: Joe Biden, They're, Christopher Waller, That's, Biden, Jeff Jones, Waller, Lisa Cook, Derek Tang, Howard Schneider, Dan Burns, Paul Simao Organizations: Federal Reserve, Fed, Reuters, Democratic, Gallup, Reuters Graphics, New, FOCUS, Biden, Thomson Locations: U.S, shutdowns

☆ German economy, auto sector face risks from exposure to China, fund manager says
▼ + stars: | 2023-11-15 | by ( Christoph Steitz | ) www.reuters.com time to read: +2 min

[1/2] A view shows the flags of China and Germany at a booth of a German automaker at the Auto Shanghai show, in Shanghai, China, April 19, 2023. That poses a dilemma for the German government, which is actively trying to get companies to derisk from China, the world's second-largest economy. The fund manager said it was striking that German companies are also increasingly relocating research and development activities to China, while others did the opposite for security reasons. Union Investment holds stakes in virtually all German blue-chip companies, including German carmakers Volkswagen (VOWG_p.DE), BMW (BMWG.DE) and Mercedes-Benz (MBGn.DE) as well as BASF (BASFn.DE), which all have major ties and exposure to the Chinese economy. The exposure means that German carmakers are facing risks such as being squeezed out of the Chinese market as well as seeing increased Asian competition in Europe, the fund manager said.

Persons: Aly, Christoph Steitz, Paul Simao Organizations: Auto, REUTERS, Rights, Union Investment, Reuters, Investment, Volkswagen, BMW, Mercedes, Benz, BASF, Thomson Locations: China, Germany, Auto Shanghai, Shanghai, Japan, South Korea, United States, derisk, German, Europe, Berlin, Beijing

☆ IMF chief urges more proactive push for central bank digital currencies
▼ + stars: | 2023-11-15 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsLONDON, Nov 15 (Reuters) - The head of the International Monetary Fund has urged countries to make a more proactive push to develop central bank digital currencies (CBDC). Eleven countries, including a number in the Caribbean, and Nigeria, have already launched CBDCs. Around 120 others are exploring them, although progress and approaches differ widely and a few have even abandoned the idea altogether. Georgieva said that with technology advancing so rapidly, countries needed to push ahead with development now to avoid getting caught out in future.

Persons: Yuri Gripas, Kristalina Georgieva, Georgieva, Marc Jones, Paul Simao Organizations: Monetary Fund, REUTERS, International Monetary Fund, IMF, Thomson Locations: Washington , U.S, Caribbean, Nigeria, Singapore

☆ US retail sales dip; producer prices post biggest drop in 3-1/2 years
▼ + stars: | 2023-11-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Economists polled by Reuters had forecast retail sales would fall 0.3%. Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.2% in October. Data for September was revised up to show these so-called core retail sales rising 0.7% instead of the previously reported 0.6%. Core retail sales correspond most closely with the consumer spending component of GDP. Goods prices rose 0.8% in September.

Persons: Bill Adams, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: Saks Fifth, REUTERS, WASHINGTON, Federal, Comerica Bank, Commerce, Data, Reuters, United Auto Workers, Treasury, Consumer, Labor Department's Bureau of Labor Statistics, Wednesday, PPI, Reuters Graphics, Fed, Thomson Locations: New York City, U.S, Dallas, Commerce Department's

Whatever is driving it, the sheer size of the record short positions and the pace at which they are growing suggest the reversal, when it comes, could be powerful. Leveraged funds - those more likely to be active in the basis trade - grew their net short position by 149,000 contracts to 2.08 million, a new record. Reuters Image Acquire Licensing RightsIn the two-year space, non-commercial accounts grew their net short position slightly to a new record 1.454 million contracts, and leveraged funds' net short position rose substantially to 1.716 million contracts, also a new record. A short position is essentially a bet that an asset's price will fall, and a long position is a bet that it will rise. Reuters Image Acquire Licensing RightsIf softer inflation and a more dovish U.S. central bank keep yields under downward pressure, funds' short Treasuries position is likely to come under increasing pressure too.

Persons: Dado Ruvic, Jamie McGeever, Paul Simao Organizations: REUTERS, Rights, Federal Reserve, Futures Trading Commission, Reuters, Bank of America, UST, Thomson Locations: Rights ORLANDO , Florida, U.S

☆ US bond rally points to more affordable housing market
▼ + stars: | 2023-11-15 | by ( Amina Niasse | ) www.reuters.com time to read: +3 min

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsNEW YORK, Nov 15 (Reuters) - Growing confidence that U.S. bond yields have hit their peak and could head lower from here looks set to make the housing market more affordable in coming weeks. Some analysts think mortgage rates are positioned to come down even more quickly as the spread between conventional 30-year mortgage rates and the 10-year Treasury yield, now near the largest since the 1980s, normalizes. "That's part of the reason why mortgage rates are so elevated - because of that uncertainty on rates and the volatility of rates," Kiefer said. Reuters GraphicsMeasures of bond market volatility have fallen from earlier this year, and as bond yields show signs of falling further, home affordability may be set to improve. The median mortgage payment has risen steadily since 2022, and is now 11% higher than the current period last year.

Persons: Sarah Silbiger, Freddie Mac, Len Kiefer, Freddie Mac's, Kiefer, Joel Kan, Kan, Amina Niasse, Paul Simao Organizations: REUTERS, Federal, Treasury, Reuters, Mortgage Bankers Association, Thomson Locations: Washington , U.S, Treasuries

☆ Fed's Goolsbee sees inflation falling fast without jobless surge
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

Chicago Fed President Austan Goolsbee speaks as he heads into the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming, U.S., August 24, 2023. A Labor Department report earlier on Tuesday showed the consumer price index rose 3.2% in October from a year earlier, down more than 3 percentage points from January. The Fed targets 2% inflation by a different measure, the personal consumption expenditures price index, which was 3.4% in September. Going forward, Goolsbee said he's focused on inflation data and sees overheating as a lesser risk than an external shock. "The key to further progress over the next few quarters will be what happens to housing inflation," he said.

Persons: Austan Goolsbee, Ann Saphir, Goolsbee, he's, Paul Simao Organizations: Chicago Fed, Kansas City, REUTERS, Chicago Federal, Detroit Economic, Labor Department, Fed, Thomson Locations: Kansas, Jackson Hole , Wyoming, U.S

Companies United States Senate FollowWASHINGTON, Nov 13 (Reuters) - A group of 39 Senate Republicans in a letter on Monday called on major U.S. banking regulators to withdraw a contentious proposal to significantly raise bank capital requirements, warning it could hinder lending and harm the economy. Regulators said stronger cushions will guard against future unforeseen risks, and cited the failures earlier this year of three large U.S. lenders as a warning. * Regulators have said they are continuing to gather data for the proposal, and have given firms more time to provide feedback. * Senator Tim Scott, the top Republican on the Senate Banking Committee and a former presidential candidate, and Senate Minority Leader Mitch McConnell were among the senior Republicans in the chamber to sign Monday's letter. WHAT'S NEXTU.S. banking regulators are due to testify before the Senate Banking Committee on Tuesday, when they are expected to be pressed on the proposal by Republicans.

Persons: Banks, Tim Scott, Mitch McConnell, Pete Schroeder, Paul Simao, Jonathan Oatis Organizations: United States, WASHINGTON, Republicans, Federal Reserve, Federal Deposit Insurance Corporation, Currency, Regulators, Republican, Senate Banking Committee, Fed, OCC, NEXT, Thomson Locations: Basel

☆ Investors wary of lingering Treasury volatility as US stocks rally
▼ + stars: | 2023-11-10 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 10 (Reuters) - A still-jittery bond market is clouding the outlook for a rally in U.S. stocks, analysts tracking measures of market volatility said. At the same time, the Cboe Volatility Index, (.VIX), which measures expectations for stock gyrations, has fallen to a seven-week low of 14.13. That could be a problem if Treasury yields - which move inversely to bond prices - resume a climb that has pressured stocks since the summer. A significant drop in Treasury market volatility would be great news for stock market bulls, Purves said.

Persons: Carlo Allegri, Stocks, Alex Kosoglyadov, Michael Purves, Purves, Saqib Iqbal Ahmed, Ira Iosebashvili, Paul Simao Organizations: New York Stock, REUTERS, Treasury, Equity, Nomura, Capital, Thomson Locations: Manhattan, New York City , New York, U.S

That's the assessment of a new report released on Thursday by the American Academy of Arts and Sciences (AAAS). There is growing concern about a contradiction in the U.S. economy: jobs are plentiful and economic growth is strong, especially compared with other advanced economies, but surveys show many Americans are sour about the outlook. A key part of the report is a new tool developed to measure the well-being of Americans, which combines 11 different measures. Researchers around the world have long sought to find better ways to gauge the well-being of people that look beyond measures such as economic growth or unemployment. Reuters GraphicsOne unique part of the measure is an attempt to quantify the "political voice" of Americans.

Persons: Gaelen Morse, Matthew Slaughter, Nicholas Lemann, there's, Lemann, Jacob Hacker, Timothy Aeppel, Paul Simao Organizations: REUTERS, American Academy of Arts and Sciences, Dartmouth College's Tuck School of Business, Federal Reserve, U.S . Census, Columbia Journalism School, Reuters, Yale University, Thomson Locations: Columbus , Ohio, U.S, America

☆ Fed's Powell resumes speech at IMF after climate activists' protest
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] Climate protesters interrupt an event with Federal Reserve Chair Jerome Powell at the International Monetary Fund, in Washington, DC, U.S., November 9, 2023. REUTERS/Howard Schneider Acquire Licensing RightsCompanies International Monetary Fund FollowNov 9 (Reuters) - Climate activists on Thursday took over a stage inside the secured headquarters of the International Monetary Fund where Federal Reserve Chair Jerome Powell and Israeli central bank Governor Amir Yaron were speaking at a research conference. "End fossil finance," the protesters shouted as Powell was ushered off the stage by security. It was the second time in weeks that an event attended by the Fed chief was disrupted by climate activists. A group took over the stage at an event featuring Powell in New York on Oct. 24.

Persons: Jerome Powell, Howard Schneider, Amir Yaron, Powell, Yaron, Powell's, Spokespeople, Ann Saphir, Mark Porter, Andrea Ricci, Paul Simao Organizations: Federal, International Monetary Fund, REUTERS, International Monetary, Fed, IMF, Thomson Locations: Washington , DC, Israeli, New York

☆ New US jobless claims edge down; continued claims on the rise
▼ + stars: | 2023-11-09 | by ( Dan Burns | ) www.reuters.com time to read: +3 min

Some economists contend the rise in continuing claims reflects difficulties adjusting the data for seasonal fluctuations. That would be consistent with the latest hiring data showing the job market is cooling. A separate report showed that there were 1.5 job openings for every unemployed person in September, down from around 2-to-1 when the job market was the most tight last year. The claims data adds to the case for the U.S. Federal Reserve to keep interest rates on hold for now, economists said. Vanden Houten, however, said she expects job market conditions to soften slowly, and now expects the first Fed rate cut to happen in September rather than May as she had previously forecast.

Persons: Brian Snyder, Nancy Vanden Houten, Dan Burns, Paul Simao, Franklin Paul Organizations: Taylor Party, Equipment Rentals, REUTERS, Labor Department, Reuters, U.S . Federal Reserve, Oxford Economics, Fed, CME Group's, Franklin Paul Our, Thomson Locations: Somerville , Massachusetts, U.S, Vanden Houten

☆ Fed's Williams says US central bank's policymaking now more strategic
▼ + stars: | 2023-11-08 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, U.S., November 6, 2019. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 8 (Reuters) - New York Federal Reserve President John Williams said on Wednesday that the U.S. central bank had made great strides over recent decades in improving how it makes policy over the long run. Fed research analysis three decades ago was largely tactical and "very much about the here and now" of decision making, Williams said in prepared remarks for a speech to a U.S. central bank statistics conference in Washington. But the Fed has now undergone a large transformation both in transparency and how it thinks about making policy as a longer-running strategy, he said. Williams' prepared remarks did not address the monetary policy and economic outlook.

Persons: John Williams, Carlo Allegri, Williams, Michael S, Paul Simao Organizations: Federal Reserve Bank of New, REUTERS, New York Federal, Thomson Locations: Federal Reserve Bank of New York, New York, U.S, New, Washington

☆ Dollar bounces after sharp selloff, weak data hurts euro
▼ + stars: | 2023-11-07 | by ( Karen Brettell | ) www.reuters.com time to read: +4 min

U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken, February 8, 2021. "If you look at the percentage of currencies that have been down versus the dollar over the last 26 weeks, it was approaching 100%, and data also showed very long dollar positioning ... Traders are now pricing in only a slim chance of a further interest rate increase by the Fed and see three 25-basis-point rate cuts by next November. The euro fell 0.20% to $1.0695 after data showed a larger-than-expected fall in German industrial production in September. The yen softened to 151.74 per dollar last week, edging closer to October 2022 lows that spurred several rounds of dollar-selling intervention.

Persons: Dado Ruvic, Marc Chandler, Jerome Powell, Chester Ntonifor, Chandler, Powell, Christopher Waller, Michelle Bowman, Neel Kashkari, Austan Goolsbee, Fiona Cincotta, Karen Brettell, Alun John, Ankur Banerjee, Paul Simao, Mark Heinrich Our Organizations: REUTERS, U.S ., Australian, greenback, Fed, Bannockburn Global, BCA Research, Traders, . Minneapolis, Chicago Fed, PMI, Index, Reserve Bank of Australia, Thomson Locations: Tokyo, U.S, Bannockburn, New York, London, Singapore

"This was an outstanding quarter ... this big blowout number," Waller told an economic data seminar at the St. Louis Fed. So this is something we are keeping a very close eye on when we think about policy going forward." It's clearly calming down," with recent employment gains more in line with the levels seen before the coronavirus pandemic, Waller said. The Fed is in the process of weighing that and other data to determine whether to hike the benchmark policy rate again. However neither Goolsbee nor Minneapolis Fed President Neel Kashkari, who spoke to Bloomberg Television on Tuesday, ruled out further Fed rate increases.

Persons: Christopher Waller, Waller, Louis Fed, Michelle Bowman, Bowman, Lisa Cook, Austan Goolsbee, Goolsbee, Neel Kashkari, Kashkari, Howard Schneider, Lindsay Dunsmuir, Michael Derby, Ann Saphir, Paul Simao, Andrea Ricci Organizations: Federal Reserve, St, Ohio Bankers League, Fed, New York Fed, Atlanta, CNBC, Chicago Fed, Minneapolis, Bloomberg Television, Thomson Locations: U.S

☆ Dollar bounces after sharp selloff, euro dented by weak data
▼ + stars: | 2023-11-07 | by ( Karen Brettell | ) www.reuters.com time to read: +4 min

U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken, February 8, 2021. The dollar index which tracks the U.S. unit against six main peers, was up 0.37% at 105.64. If that continues, he added, attention will turn to how long to keep interest rates at current levels. The euro fell 0.37% to $1.0677 after data showed a larger-than-expected fall in German industrial production in September. The yen softened to 151.74 per dollar last week, edging closer to October 2022 lows that spurred several rounds of dollar-selling intervention.

Persons: Dado Ruvic, Jerome Powell, Marc Chandler, Chester Ntonifor, Chandler, Powell, Neel Kashkari, Austan Goolsbee, Fiona Cincotta, Carol Kong, Karen Brettell, Alun John, Ankur Banerjee, Paul Simao Organizations: REUTERS, U.S ., Australian, Fed, Bannockburn Global, BCA Research, Traders, Minneapolis, . Chicago Fed, PMI, Index, Reserve Bank of Australia, Commonwealth Bank of Australia, Thomson Locations: U.S, Bannockburn, New York, Tokyo, London, Singapore

☆ US finds no major trade partners manipulated currencies
▼ + stars: | 2023-11-07 | by ( David Lawder | ) www.reuters.com time to read: +2 min

REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - The U.S. Treasury on Tuesday said no major trading partners appeared to be manipulating their currencies, but it put Vietnam back onto a foreign exchange "monitoring list," while removing Switzerland and South Korea from the same scrutiny. The Treasury's semi-annual currency reportfor the four quarters ended June 2023 showed that Vietnam, China, Germany, Malaysia, Singapore, and Taiwan were included on its monitoring list. The Treasury said Vietnam was returned to the monitoring list after its global current account surplus shot up to 4.7% of GDP during the monitoring period. Switzerland and South Korea were taken off the monitoring list after they met only one criterion for two monitoring periods in a row. A U.S. Treasury official said that Vietnam does not appear to be "slipping" in its foreign exchange practices nor in its engagement with U.S. authorities on currency issues.

Persons: Kevin Lamarque, Donald Trump's, David Lawder, Paul Simao Organizations: Department of, U.S . Treasury, REUTERS, Rights, U.S, Treasury, Swiss, Thomson Locations: Washington , U.S, Vietnam, Switzerland, South Korea, China, Germany, Malaysia, Singapore, Taiwan, U.S, Japan

☆ Fed is making progress on inflation, Goolsbee says
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

"Over the next couple of months, we might equal the fastest drop in inflation in the last century," Goolsbee said in an interview with broadcaster CNBC. "So we're making progress on the inflation rate. The term premium is the added compensation investors expect for owning longer-term debt and is measured using financial models. Higher yields and more broadly tightening financial conditions help the Fed by tamping down growth and cooling inflation. If that's coming from term premium and it's tightening, then we have got to take that into account," Goolsbee said.

Persons: Austan Goolsbee, Goolsbee, I've, Lorie Logan, Lindsay Dunsmuir, Andrew Cawthorne, Paul Simao Organizations: Federal, Chicago Fed, CNBC, Dallas, Thomson Locations: U.S

OpenAI is calling the customized AI apps "GPTs", which the company said are early versions of AI assistants that perform real-world tasks, such as booking flights, on behalf of a user. In addition to GPTs, OpenAI also released a slew of developer-focused updates, including significant cost slashing, an announcement met with loud cheers from the audience. For its 2 million developers, OpenAI announced a new GPT-4 Turbo model, which compared to its predecessor GPT-4 is several orders of magnitude cheaper and processes much more data. It also launched a beta program for developers to fine-tune GPT-4 models. To address the concerns of big enterprises, OpenAI launched its Custom Models program, offering to create custom GPT-4 models at an "expensive" price.

Persons: OpenAI, Sam Altman, Altman, It's, you'll, Flo Crivello, Crivello, Lindy, Satya Nadella, Krystal Hu, Anna Tong, Paul Simao, Stephen Coates Organizations: FRANCISCO, Anthropic, Google, Microsoft, Thomson Locations: San Francisco, OpenAI

☆ Proxy firm ISS recommends vote in favour of Brookfield-led consortium's Origin Energy bid
▼ + stars: | 2023-11-06 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSYDNEY, Nov 7 (Reuters) - Proxy advisory firm Institutional Shareholder Services (ISS) has recommended investors vote in favour of a Brookfield-led consortium's $10.5 billion bid for Australia's Origin Energy (ORG.AX). Brookfield and EIG Partners has offered A$9.53 per share for Origin Energy. AustralianSuper, which holds a 15.03% stake, has said it believes the consortium's bid substantially "undervalues" Origin and will vote against the offer. Brookfield will take ownership of Origin's energy markets business if the vote is in favour of the bid, while EIG's MidOcean Energy will gain a 27.5% stake in Australia Pacific LNG (APLNG). In that scenario, EIG will own Origin and sell the energy markets business to Brookfield, meaning remaining shareholders, including AustralianSuper, will own only APLNG.

Persons: Dado Ruvic, Scott Murdoch, Paul Simao Organizations: Brookfield, REUTERS, Rights, Services, Origin Energy, EIG Partners, Shareholders, Energy, Australia Pacific LNG, Thomson Locations: Brookfield, Australia, Sydney

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