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☆ Donald Trump says he wouldn’t fire Fed Chair Jerome Powell. Don’t hold your breath
▼ + stars: | 2024-07-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Republican presidential nominee Donald Trump would not fire Federal Reserve Chair Jerome Powell if the former president wins the election in November, according to a Bloomberg interview published Tuesday. Powell, a registered Republican, was first tapped to helm the central bank by Trump in 2017. That still wouldn’t stop Trump from pushing to oust Powell before the Fed head’s term concludes in 2026. “He sued for reinstatement and even though he died while the litigation was pending, the Supreme Court still took up his case. It answers to Congress, not the US president, according to the law that established the central bank.

Persons: Donald Trump, Jerome Powell, he’d, Powell, Trump, “, he’s, reappoint Powell, Powell isn’t, William Humphrey, Franklin Roosevelt, ” Organizations: Washington CNN, Republican, Bloomberg, Trump, Fed, Democratic, House, Federal Trade Commission, Brookings Institution, Fed’s, Governors

☆ ‘Twisters’ chose not to mention climate change. Here’s why
▼ + stars: | 2024-07-16 | by ( Thomas Page | ) edition.cnn.com time to read: +18 min

CNN —Like its titular tornados, “Twisters” blasts through a lot in its 122-minute runtime. Generally, scientists are the least certain about the connection between tornadoes and climate change as it’s unclear how warming temperatures are changing storms themselves or the outbreaks. Cathy, a local farmer, gripes that storms and floods are becoming more frequent, and the price of wheat more expensive, while stopping short of citing climate change. However, for a film populated by scientists and clued-in citizens to not mention climate change is a little like the twisters themselves: there’s a hole at the center. !”“Making a ‘Twisters’ movie in Tornado Alley during storm season, tornado season, it’s kind of perfect.

Persons: Glen Powell’s brawn, –, “, Lee Isaac Chung, “ We’ve, ”, Javi, Anthony Ramos, Kate, Daisy Edgar, Jones, ” Lee, Maura Tierney’s, Cathy, that’s, Lee, Glen Powell, Mark L, Smith, Joseph Kosinski, it’s, we’re, Kevin Costner, Yorgos, Matt Smith, Fabien Frankel, Anya Taylor, Joy, Max, George Miller, Chris Hemsworth, Samsik, Kang, ’, Nicola Coughlan, Luke Newton, Guy, Ryan Gosling, Emily Blunt, David Leitch, stuntmen, Jane Schoenbrun, Justice Smith, Brigette Lundy, Paine, Josh O'Connor, Idris Elba, Adam Pally, Hao Xuande, Sandra Oh, Chan, Henry Cavill, Alex Pettyfer, Guy Ritchie's, Guy Ritchie, Jerry Bruckheimer, Isabella Rossellini, Kristen Stewart, she's, Denis Villeneuve, Frank Herbert's, Jessica Chastain, Austin Butler, Ambika Mod, Leo Woodall, Molly Manning Walker, Bryan Cranston, Matthew Vaughn, Ava DuVernay, Aunjanue Ellis, Taylor, Paul Mescal, Andrew Scott, George Clooney, Pedro Alonso, Penelope Cruz, Laura Garello Ferrari, Adam Driver, Michael Mann, Emma Stone, Bella Baxter, Willem Dafoe, Mark Ruffalo, Ramy Youssef, Imelda Staunton, Dominic West, Ncuti Gatwa, Paul King, Hugh Grant's Oompa, Napoleon, Vanessa Kirby, Ridley Scott, Nicolas Cage, Emerald Fennell, Jacob Elordi, Priscilla, Sofia Coppola, Elvis Presley, Kitty Green, Justine Triet, Sandra Hüller, Palme, Ryu Seungryong, Oppenheimer, Christopher Nolan, Cillian Murphy, Robert Downey Jr, Margot Robbie, Ken, Greta Gerwig, Mattel, Tom Cruise, Christopher McQuarrie, Simon Pegg, Scarlett Johansson, Jason Schwartzman, Adrien Brody, Jeffrey Wright, Wes Anderson, Celine Song, Greta Lee, Halle Bailey, Javier Bardem, Kim Woo, Seung, Cho Ui, seok, Jan de Bont’s, ” Glen Powell, Melinda Sue Gordon, Ramos, Powell, everybody’s weirdly, ” Powell, Tyler Owens, “ I’m, anyone’s Organizations: CNN, ”, Universal Pictures, Warner Bros ., CNN CNN, Ungentlemanly, “ Locations: Midwest, Oklahoma, Arkansas, Korea, Modena, Palme d'Or, “

☆ Why the Fed is stressed about presidential elections
▼ + stars: | 2024-07-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Federal Reserve Chair Jerome Powell sent investors mixed messages on Tuesday during his semiannual testimony to Congress. Powell is stressed about the election: Powell was asked by multiple senators about White House politics, which he dodged. While the Fed head noted that policy decisions are data dependent, “elevated inflation is not the only risk we face,” he said. The September Fed meeting will be “live”: Powell noted multiple times that every Fed policy decision is made “live” using the latest available economic data – in other words, decisions aren’t made in advance. About 75% of investors think the Fed will cut rates, and about 25% think they’ll remain the same.

Persons: Jerome Powell, Powell, “, Donald Trump, reappoint Powell, ”, Joseph Brusuelas, Trump, Gregory Daco, Chris Larkin, Morgan Stanley, Larkin, don’t, aren’t, David Rubenstein, he’ll, Airbnb, Isabelle Chapman, Majlie, Puy Kamp, Audrey Ash, Chris Isidore . Organizations: CNN Business, Bell, New York CNN — Federal, White, “, Reserve, RSM, Federal Reserve, US Consumer, Treasury, Fed, Economics, Washington DC, Jackson, CNN, Boeing, Alaska Airlines Locations: New York, Powell, Washington, Alaska

Powell’s balancing actThe S&P 500 is on a six-day winning streak and closed at another record on Tuesday, as investors grow more confident that the Fed could cut interest rates soon. The market rally came after Jay Powell, the Fed chair, made encouraging comments about inflation and the labor market in his first of two days of testimony on Capitol Hill. Lowering rates prematurely could risk reigniting inflation, and doing so too slowly could undermine growth. “We’re very much balancing those two risks, and that’s really the essence of what we’re thinking about these days,” Powell told the Senate Banking Committee on Tuesday. In something of a rarity in recent months, financial services stocks led the way on Tuesday.

Persons: Jay Powell, that’s, ” Powell, Powell Organizations: Capitol, Senate, Wall

☆ America’s top central banker says the job market is back to normal. Is that true?
▼ + stars: | 2024-06-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington CNN —America’s top central banker recently said the job market now looks the way it did before the Covid-19 pandemic drastically upended society. Before the Bell spoke with Julia Pollak, chief economist at jobs site ZipRecruiter, about her views of the job market. Before the Bell: Do you agree with Chair Powell’s view that today’s job market is back to a pre-pandemic normal? Why is the job market slower now? The number of job openings is higher than it was by around 15% or so, but online job postings are actually lower by ZipRecruiter’s count.

Persons: Washington CNN —, “, Jerome Powell, Powell, it’s, Bell, Julia Pollak, they’re, They’re, Olesya Dmitracova, Emmanuel Macron, Read, Patrick Harker, Lisa Cook, Tom Barkin, Susan Collins, Adriana Kugler, Lorie Logan, Alberto Musalem, Goolsbee Organizations: CNN Business, Bell, Washington CNN, Fed, Labor, EU, National, New York Fed, Manufacturing Index, Reserve Bank of Australia, US Commerce Department, Federal Reserve, National Association of Home Builders, Accenture, Kroger, Darden, Bank of England, US Labor Department, Philadelphia Fed, Richmond Fed, Global, National Association of Realtors Locations: Washington, France, Wells Fargo

☆ Opinion: ‘Hit Man’ does what ‘Double Indemnity’ couldn’t
▼ + stars: | 2024-06-07 | by ( Opinion Noah Berlatsky | ) edition.cnn.com time to read: +7 min

“Hit Man” suggests that when backing away from misogyny, men, too, have more options, more happiness and more love. “Double Indemnity” turned the trope into an indelible archetype for the morally ambiguous world of film noir. Barbara Stanwyck, Fred MacMurray and Tom Powers are pictured in Billy Wilder's "Double Indemnity." The patriarchal world of “Double Indemnity” is as bleakly loveless for men as it is for women. “Hit Man,” and other contemporary noir films, in contrast, are trying to imagine a way out of the “Double Indemnity” double bind.

Persons: Noah Berlatsky, CNN —, ” Phyllis Dietrichson, Barbara Stanwyck, Billy Wilder’s, Wilder, Stanwyck, Phyllis, Noah Berlatsky Noah Berlatsky, Richard Linklater’s “, ”, Women’s, Circe, Walter, Fred MacMurray, Tom Powers, Billy Wilder's, Everett, Walter staggers, Keyes, Edward G, Robinson, “, fatales, John McNaughton’s, there’s, —, Justine Triet’s “, William Oldroyd’s “ Eileen, femme, Eileen, Sandra Hüller, Sandra, Justine Triet's, Maddy Masters, Adria Arjona, she’s, She’s, Maddy, Gary Johnson, Glen Powell, moonlighting, Ron, Gary, Maddy isn’t, Gary doesn’t, Linklater, bleakly loveless Organizations: CNN, Everett, Gary Locations: Chicago, today’s Hollywood

☆ Why Jay Powell really wants to lower interest rates this September
▼ + stars: | 2024-05-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

It’s interesting to me that the equity market is cheering the idea that the Fed is going to be cutting rates. There tends to be a fine line between cutting rates and extending the economic cycle or cutting rates because the cycle is coming to an end (and the economy is softening). When the Fed is cutting rates, it’s cutting rates because a recession is about to happen, right? That’s why I say there’s a fine line between the Fed cutting to extend the cycle and the Fed cutting because a recession is about to happen. The Fed has been in this precarious space where they’re trying to avoid recession while lowering interest rates.

Persons: Dow, stoking, Bell, Tom Porcelli, Jerome Powell, Jay Powell, they’re, that’s, Donald, Goofy, Eva Rothenberg, Mickey Mouse, Snow White, Captain Hook, ”, Kate Shindle, “, Uber, Lyft, Jamie Long, Read Organizations: CNN Business, Bell, New York CNN — Markets, Federal Reserve, Fed, ’ Equity Association, Equity, National Labor Relations Board, Disneyland, Disney, ’ Equity, Walt Disney Company, Uber, Democratic, Minneapolis City Council Locations: New York, Anaheim , California, Minnesota, Minneapolis

☆ Fed’s Powell is unfazed by the latest hot inflation reading
▼ + stars: | 2024-05-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Tuesday’s wholesale inflation data, which jumped to its highest rate in a year, certainly wasn’t a source of comfort. “I wouldn’t call it hot, I would call it sort of mixed,” Powell said Tuesday, referring to the new wholesale inflation data. Federal Reserve Chair Jerome Powell (center) spoke Tuesday at an event hosted by the Foreign Bankers' Association alongside European Central Bank Governing Council member Klaas Knot. Another troubling sign for US central bankers is consumers’ belief that inflation will move higher in the year ahead, according to two surveys Fed officials monitor closely. That can lead to higher prices.

Persons: Jerome Powell, Powell, Price, ” Powell, ”, Klaas, Michelle Bowman Organizations: New, New York CNN, Foreign Bankers ’ Association, European Central Bank Governing, Federal, Foreign Bankers, Association alongside European Central Bank Governing, Foreign Bankers Amsterdam, ” Locations: New York

An effort to give Trump more say on ratesThis week, investors had planned to examine the latest inflation data, due out at 8:30 a.m. Eastern on Friday, for clues about when the Fed would start cutting interest rates. The Wall Street Journal reports that allies of Donald Trump are devising ways of watering down the central bank’s independence if he is re-elected president. But it also raises questions about whether such a plan is possible — or whether Trump’s Wall Street supporters would back it. Among the most consequential would be asserting that Trump had the authority to oust Jay Powell as Fed chair before Powell’s term is up in 2025. While Trump gave Powell the job in 2017, he has since soured on his pick for raising rates, and has publicly said he wouldn’t give Powell a second term.

Persons: Donald Trump, Trump, Jay Powell, Powell, wouldn’t Organizations: Trump, Street Journal, Wall

☆ Fed Chair Powell hints at no interest rate cut in May, keeping rates higher for longer
▼ + stars: | 2024-04-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Interest rates are currently nestled at a 23-year high after the Fed launched an aggressive rate-hiking campaign two years ago. Inflation is down considerably from a four-decade peak reached in the summer of 2022, but recent inflation reports have shown persistent price pressures in services and housing. First rate cut in the summer? Wall Street already wasn’t betting on a rate cut in May, but some analysts are estimating the first cut could come some time in the summer. Analysts at Goldman Sachs, JPMorgan and Nomura are estimating a first rate cut in July.

Persons: Jerome Powell, “, Powell, ”, ” Quincy Krosby, don’t, hasn’t, Goldman Sachs, Philip Jefferson Organizations: Washington CNN, Federal, Wilson, Fed, Congress, LPL, Atlanta Fed, Goldman, JPMorgan, Nomura, Bank of America, Barclays, Deutsche Bank, ” Locations: Wells Fargo, rebalance

☆ Here’s what would happen to the US economy if there are no rate cuts this year
▼ + stars: | 2024-04-16 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

That’s why Fed Chair Powell conveyed on Tuesday the central bank won’t be cutting interest rates any time soon. How would the US economy handle more months of painstakingly high interest rates? Investors are banking on cutsWhen Fed officials initially penciled in three rate cuts at the end of last year, markets hit new highs. But the longer the Fed leaves interest rates higher means more pain could be inflicted on households and businesses, said Goldstein. But not everyone thinks cracks in the economy will widen if the Fed doesn’t cut rates this year.

Persons: Powell, ” Powell, paring, Itay Goldstein, Tesla, Goldstein, ”, Brian Rose, David Mericle, Goldman Sachs Organizations: New, New York CNN — Federal Reserve, Bank of Canada, Tiff, Investors, Dow, Nasdaq, University of Pennsylvania’s Wharton School of Business, CNN, Fed, Treasury, UBS Global Wealth Management Locations: New York

☆ Chair Powell says the Fed isn’t more tolerant of higher inflation. Some economists disagree
▼ + stars: | 2024-03-31 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Some economists interpreted that as a sign that the Fed is now more tolerant of higher inflation. Powell pushed back on the perception that the central bank has grown more comfortable with inflation being higher for longer than expected in his post-meeting news conference. and my sense coming out of this month’s meeting was that Fed Chair Powell wants to get this easing cycle going sooner rather than later. What’s allowing the Fed to be patient or more tolerant of higher inflation? They’re willing to essentially look through some of the bumpiness in the inflation data at the beginning of the year.

Persons: Jerome Powell, That’s, Powell, “, ” Powell, “ We’re, Mohamed El, Erian, ”, Bell, Lydia Boussour, they’re, What’s, we’ve, Nathaniel Meyersohn, Read, Levi Strauss, Tupperware Organizations: Washington CNN, Federal Reserve, Financial Times, Fed, Home Depot, Home, P Global, Institute for Supply Management, Maine Foods, Dave, Buster’s Entertainment, US Labor Department, US Commerce Department, Stanford University Locations: EY, Cal

☆ Fed Chair Jerome Powell signals rate cuts aren’t imminent
▼ + stars: | 2024-03-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

But the Fed is prepared to ignore Wall Street’s hope for a rate cut in June if it feels the economy isn’t ready yet. That’s the message Fed Chair Jerome Powell delivered on Friday. Powell wasn’t fretting about it though, saying that it was “pretty much in line with our expectations.”Why wait to cut then? “This is an economy that doesn’t feel like it’s suffering from the current level of rates,” Powell said. Like Powell, several Fed officials have conveyed they’re more concerned about cutting too soon than prolonging the status quo.

Persons: Jerome Powell, “, ”, Powell, Powell wasn’t, there’s, ” Powell, Raphael Bostic, Powell’s, Donald Trump, he’s, Joe Biden —, Powell — Organizations: New, New York CNN, Federal Reserve, San Francisco Fed, Atlanta Fed, Republican Locations: New York

☆ Premarket stocks: Why another unexpectedly hot jobs report could derail markets
▼ + stars: | 2024-03-08 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —Wall Street was taken aback by the US labor market’s resilience in January. Another unexpectedly hot report could shake things up again. The January jobs report showed that the US economy added a stunning 353,000 jobs that month and the unemployment rate stayed at 3.7%. The new EU regulations force sweeping changes on some of the world’s most widely used tech products, including Apple’s app store, Google search and messaging platforms, including Meta’s WhatsApp. The broad obligations apply only to the EU, which could leave tech users in the United States and other markets looking longingly at some of the features Big Tech is rolling out in response to the European directive.

Persons: Jerome Powell, he’s, “, ” Powell, Bonnie Cash, —, ’ ”, BeiChen Lin, It’s, Loretta Mester, ”, José Torres, Meta’s, Brian Fung, Apple, Bing, Read, Elisabeth Buchwald, NYCB, Steven Mnuchin’s, Alessandro DiNello, ” Read Organizations: CNN Business, Bell, New York CNN, Federal, Financial, Capitol, Reuters, Traders, Russell Investments, ” Cleveland Federal, CNBC, Market, Interactive Brokers, Apple, Google, Union citizens, Big Tech, New York Community Bank, Silicon Valley Bank, Liberty Strategic Capital Locations: New York, Washington ,, United States, NYCB, Silicon

☆ Fed Chair Powell says there’s no rush to cut interest rates
▼ + stars: | 2024-03-06 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —The Federal Reserve is in no rush to cut interest rates, according to Fed Chair Jerome Powell’s written testimony submitted to congressional lawmakers, released Wednesday. Recent economic data showed that price pressures persisted in January, leading investors to recalibrate their expectations for rate cuts this year. Still, the timing and pace of rate cuts remains up in the air. Too soon to cut rates? In a recent interview with CNBC, Richmond Fed President Thomas Barkin said “we’ll see” if the Fed cuts rates in 2024.

Persons: Jerome Powell’s, Powell’s, inflation’s, ”, José Torres, “ Young, there’s, Raphael Bostic, Thomas Barkin, “, “ I’m, Austan Goolsbee, we’re, Adriana Kugler Organizations: DC CNN, Federal, Fed, Financial, “, Interactive Brokers, CNN, Atlanta Fed, CNBC, Richmond Fed, Congress, Chicago Fed, ”, Stanford University Locations: Washington

☆ Premarket stocks: Fed Chair Powell is about to get grilled by Congress. Here’s what markets want to hear
▼ + stars: | 2024-03-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Fed Chair Jerome Powell has a chance to provide more insight when he testifies before Congress on Wednesday and Thursday. Those reports pushed back market bets on when the Fed will start cutting interest rates. Investors will closely listen for any hints from Powell about what the Fed is looking for, data-wise, before it begins to lower interest rates. Powell will also be asked about the economic pain Americans are feeling as a result of elevated inflation and interest rates. When interest rates fall, holding income-paying assets (like bonds) becomes less appealing than owning the precious metal.

Persons: Jerome Powell, there’s, ”, Powell, —, Emanuel Cleaver, Dave Sekera, Claudia Sahm, ” Powell, Krystal Hur, Samantha Murphy Kelly, “, ” Mengmeng Zhang Organizations: CNN Business, Bell, New York CNN, Federal, Investors, Missouri Democrat, Politico, Morningstar, Morningstar . New York Community Bank, Fitch, Moody’s Investors Service, Federal Reserve, Costco, Apple, Counterpoint Research, Huawei, Counterpoint Locations: New York, Missouri, Morningstar ., China

☆ Gold just jumped to a record high. Here’s why
▼ + stars: | 2024-03-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —Gold rose Tuesday after notching a record high the prior day, as investors continue to bet the Federal Reserve will cut rates in the back half of the year. The yellow metal was up about 0.4% on Tuesday morning, stabilizing somewhat after settling at an all-time high of $2,126.30 a troy ounce on Monday. However, some investors also believe gold to be a hedge against inflation, wagering that it will hold its value even if it begins to surge. The Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge, rose 2.4% for the 12 months ended in January. The milestones for both bitcoin and gold come as stocks continue to rally powerfully.

Persons: That’s, Jerome Organizations: New, New York CNN, Federal Reserve, Commerce Department, Investors, Fed, Nasdaq Locations: New York, December’s

☆ Mortgage rates rise for the third week in a row to 6.9%
▼ + stars: | 2024-02-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Mortgage rates climbed for the third week in a row, inching closer to 7%. Mortgage rates have been making smaller moves over the past two months, after coming down from last year’s high, 7.79%, reached in October. Historically, Khater said, the mix of a strong economy and higher rates didn’t meaningfully impact the housing market. “In essence, Federal Reserve officials are seeking more concrete evidence of sustained improvement in inflation before making any changes,” she said. “The recent increase in mortgage rates has the potential to slow the market by disrupting the plans of many buyers, especially in a market where a significant number of consumers are anticipating lower mortgage rates, not higher,” said Xu.

Persons: Freddie Mac, who’ve, “, ”, Sam Khater, Freddie Mac’s, Khater, Jiayi Xu, Powell’s, Xu Organizations: DC CNN —, Federal Reserve, Realtor.com, Federal, Mortgage, Association Locations: Washington

Consumers remained largely sanguine about the economy and inflation in February, according to the latest sentiment survey from the University of Michigan released Friday. The February index rose 0.6 points to 79.6 after posting strong gains in the prior two months. The index of consumer expectations, a forecast of how Americans see the economy in the coming months, is now up 21.6% from a year ago. Expectations for inflation did tick up slightly, with the 12-month level now at 3%, up from 2.9% in January. “The upside surprise in the January PPI report echoes the month’s CPI report,” said Bill Adams, chief economist for Comerica Bank.

Persons: ”, Joanne Hsu, “ Consumers, Hsu, Jerome Powell’s, Ken Tjonasam, Powell, Bill Adams Organizations: University of Michigan, “, PPI, Global, CPI, Comerica Bank, “ Labor

☆ The Fed probably won’t cut rates in March. Here’s what that means for markets
▼ + stars: | 2024-02-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Investors now expect that the Fed will begin easing back rates in May or June, according to the CME FedWatch Tool. Before the Bell: What does the Fed’s signal that it won’t cut rates in March mean for markets? I think what’s important for the markets themselves is the fact that the Fed has signaled they’re going to cut rates. So, they’re going to cut rates at some point this year, probably May or June is going to be the first cut that we get. There’s a lot of areas where your earnings … start to reaccelerate higher, and that’s a good thing.

Persons: Stocks, Jerome Powell, Bell, Matt Orton, I’ve, We’re, it’s, Matt Egan, Read, Price Organizations: CNN Business, Bell, New York CNN, Investors, Fed, Raymond James Investment Management, The Conference, Conference, Avis Budget Group, Hasbro, Cola, Molson Coors, The, Labor Statistics, Kraft, Heinz, The Commerce Department, National Association of Home Builders, University of Michigan Locations: New York, Wells Fargo

☆ Stocks sink after Fed Chair Powell pleads for patience on rate cuts
▼ + stars: | 2024-02-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —US stocks fell Monday morning after Federal Reserve Chair Jerome Powell said Sunday the central bank is not ready to cut interest rates yet. We just want some more confidence before we take that very important step of beginning to cut interest rates,” he said in a “60 Minutes” interview with CBS that aired late Sunday. Traders see a mere 15% expectation that the Fed will cut rates in March, compared to 46% a week ago. Elsewhere, McDonald’s shares fell 3.9% after the fast-food chain reported mixed earnings and said that turmoil in the Middle East is hurting its business. Boeing shares lost 1.2% after a new problem has been found during the production of 737 Max jets that will force Boeing to rework about 50 planes that have not yet been delivered.

Persons: Jerome Powell, ”, Dow, Powell, ’, McDonald’s, Estee Lauder Organizations: New, New York CNN, Sunday, CBS, Nasdaq, Treasury, Traders, Boeing Locations: New York, mull, pare

DETROIT (AP) — Russell Westbrook scored 23 points to become the 25th player in NBA history with 25,000 points, Kawhi Leonard had 21 of his 33 points in the first half and the Los Angeles Clippers put on an offensive show in a 136-125 win over the Detroit Pistons on Friday night. “I’m so grateful to be on this team,” said Westbrook, who immediately fouled Cade Cunningham after his basket and celebrated with his teammates at the bench. Leonard reached 30 points with five minutes left in the quarter when he put Los Angeles ahead 89-80. Powell started the fourth with another 3, and Los Angeles led 108-90 after the first minute of the fourth. Detroit got within 116-109, but the Clippers scored nine points in 74 seconds to ice the game.

Persons: — Russell Westbrook, Kawhi Leonard, Westbrook, James Harden, Harden, “ I’m, ”, Cade Cunningham, “, Tyronn Lue, Williams, Paul George, George, ” Lue, ” Jalen Ivey, Bojan Bogdanovic, Marcus Sasser, didn’t, Leonard, Norman Powell’s, Powell, Ivey, Russ, ” Ivey, He’s, — Organizations: DETROIT, Los Angeles Clippers, Detroit Pistons, Clippers, Pistons, Detroit, Westbrook, NEXT Clippers, Miami Heat, Sunday, Magic Locations: ” Los Angeles, Los Angeles

The firm’s monthly survey showed 107,000 jobs were added, well below the 145,000 estimate. “Progress on inflation has brightened the economic picture despite a slowdown in hiring and pay,” said Nela Richardson, chief economist at ADP. The ADP report comes two days ahead of the Labor Department’s monthly jobs report for January, with consensus estimates for about a 180,000 gain in payrolls after December’s better-than-expected 216,000 increase. “The January jobs report will likely show that the labor market started the year on a solid note,” said Lydia Boussour, EY senior economist. The strong job market and U.S. economic growth in the fourth quarter led the International Monetary Fund to boost its projections of global economic growth this year.

Persons: ”, Nela Richardson, December’s, Lydia Boussour, EY, “, Jerome Powell, José Torres Organizations: ADP, Labor, Federal Reserve, Observers, Interactive, International Monetary Fund, IMF Locations: U.S, payrolls, hawkish, –

☆ Fed meeting walkup: Chair Powell expected to announce rates will hold steady
▼ + stars: | 2024-01-31 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington, DC CNN —The Federal Reserve is widely expected to hold interest rates steady Wednesday for the fourth consecutive meeting, leaving them at a 23-year high as policymakers likely discuss the timing of rate cuts. That’s because, if inflation drifts lower but interest rates remain elevated, it causes “real” interest rates to rise, unnecessarily squeezing the economy and risking job losses. A rapidly weakening economy threatening mass job losses is an obvious reason to cut rates, which most economists aren’t currently forecasting. But another concern that has gained some traction is the rise of inflation-adjusted interest rates, which is an argument for rate cuts. The Fed is set to announce its latest policy decision at 2 pm ET on Wednesday, followed by a press conference from Chair Powell at 2:30 pm ET.

Persons: Jerome Powell’s, —, ” Sarah House, “, ”, Christopher Waller, it’s, Mary Daly, they’re, aren’t, Austan Goolsbee, Subadra Rajappa, Générale, Powell Organizations: DC CNN, Federal Reserve, Fed, CNN, ” San Francisco Fed, Fox Business, Chicago Fed, CNBC, PCE, Labor Department Locations: Washington, Wells, ” San

☆ The Federal Reserve Meets Wednesday. Here’s What to Watch.
▼ + stars: | 2024-01-31 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Federal Reserve officials will conclude their two-day meeting on Wednesday, and they are widely expected to keep interest rates steady at a two-decade high when they release their policy decision at 2 p.m. But investors are likely to closely watch the meeting — particularly Chair Jerome H. Powell’s 2:30 p.m. news conference — for hints of when policymakers might begin to lower interest rates. On the one hand, inflation has come down more swiftly than many economists had expected in recent months. On the other, economic growth is proving stronger than anticipated, which could give companies the wherewithal to keep raising prices into the future. Here’s what to know about this meeting.

Persons: Jerome H Organizations: Federal

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