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☆ The pay gap will get worse for Gen Z women because they're 'so anxious,' an NYU professor says
▼ + stars: | 2023-01-04 | by ( Jacob Zinkula | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Gen Z is facing a "national crisis," according to social psychologist and NYU professor Jonathan Haidt. Haidt told the Wall Street Journal that Gen Z women are going to be less successful than Gen Z men. That's partly because many Gen Z women are facing mental health challenges like anxiety. As Gen Z enters the workforce, the problem could get even worse. "Gen Z women, because they're so anxious, are going to be less successful than Gen Z men," he said.

☆ Men without college degrees are dropping out of the workforce because they viewed their dead-end jobs as a threat to social status
▼ + stars: | 2022-12-11 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

Working-age men without degrees are exiting the workforce because it isn't helping their social status. For these men, jobs aren't just a source of income; they're a source of social status. That's especially true for white men, Wu writes, and younger men, who see a job with limited pay growth — which they believe could affect their marriage prospects and social status — as worse than no job. Why men without college degrees are leaving the workforce to save their social status, and what they can do insteadWu said marriage market anxiety for younger male workers is likely the prime reason for leaving the workforce when their social status declines. Studies show that stress and low-self-esteem linked to lower social status contribute to worse health and early death.

☆ INDIA RUPEE Rupee drops as COVID woes keep Chinese yuan pinned
▼ + stars: | 2022-11-21 | by ( Anushka Trivedi | ) www.reuters.com time to read: +2 min

MUMBAI, Nov 21 (Reuters) - The Indian rupee declined against a steady U.S. dollar on Monday, tracking the Chinese yuan's plunge on stringent COVID curbs in the country. The rupee eased to 81.8850 per dollar by 0441 GMT, as against its previous close of 81.6850. The onshore yuan slipped 0.6%, prompting a 0.2% to 1% decline in Asian currencies, while the rupee held up relatively better than its peers. Regional stocks were also lower as Chinese equities (.SSEC) and Hong Kong shares (.HSI) dropped 0.8% and 2%, respectively. The dollar and U.S. yields have stabilised over the past week as Fed officials made hawkish remarks.

The Dow Jones Industrial Average (.DJI) rose 199.37 points, or 0.59%, to 33,745.69, the S&P 500 (.SPX) gained 18.78 points, or 0.48%, to 3,965.34 and the Nasdaq Composite (.IXIC) added 1.11 points, or 0.01%, to 11,146.06. For the week, the S&P 500 fell 0.7%, retreating modestly after a strong month-long rally spurred by softer-than-expected inflation data that sparked hopes the central bank could temper its market-punishing rate hikes. "We are not likely to see any real evidence in terms of potentially declining wage pressure or inflation pressure for another couple of weeks.”Defensive groups led the way among S&P 500 sectors, with utilities (.SPLRCU) up 2%, real estate (.SPLRCR) rising 1.3% and healthcare (.SPXHC) 1.2% higher. The S&P 500 posted 8 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 62 new highs and 141 new lows. About 9.7 billion shares changed hands in U.S. exchanges, compared with the 12 billion daily average over the last 20 sessions.

The S&P 500 has retreated this week after a month-long rally following softer-than-expected inflation data that sparked hopes the central bank could temper its market-punishing rate hikes. “What is driving all equities of course is Fed policy and the gravitational force that rising interest rates have on the equity complex as a whole," Goodwin said. Energy fell 1.7%, most among S&P 500 sectors, as oil prices dropped, stemming from concern about weakened demand in China and further increases to U.S. interest rates. Gap Inc (GPS.N) shares rose about 5% after the company beat Wall Street estimates for quarterly sales and profit. The S&P 500 posted 7 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 49 new highs and 112 new lows.

☆ Fed's Collins: Another 75-bps hike could be ahead
▼ + stars: | 2022-11-18 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

Collins said Friday that the Fed's September projections for rates was a "reasonable range." Fed policymakers will issue new forecasts in December, and "there will be new data between now and then so that'll influence my own thinking." "I do not see clear, significant evidence that the overall inflation rate is coming down at this point." Collins, who votes on the Fed's interest rate decision in December, said it is still possible that the Fed can bring inflation down without causing too much trouble for the economy. "I look at current conditions and remain optimistic that there is a pathway to reestablishing price stability with a labor market slowdown that entails only a modest rise in the unemployment rate,” Collins said.

☆ Fed's Collins says more rate rises lie ahead for central bank
▼ + stars: | 2022-11-18 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

BOSTON, Nov 18 (Reuters) - Federal Reserve Bank of Boston leader Susan Collins said on Friday the central bank has more rate rises ahead of it as it seeks to lower inflation, while adding she hopes the likely path for monetary policy will not wound the U.S. economy too badly. “Restoring price stability remains the current imperative and it is clear that there is more work to do,” Collins said in a speech text to open a conference on the labor market at her bank. From a near-zero federal funds rate in March, the current target rate range now stands at between 3.75% and 4%. Still, the bank president said she hopes the Fed can bring inflation down without causing too much trouble for the economy. Collins noted in her remarks that understanding the relationship between inflation and unemployment has grown more complex in the wake of the coronavirus pandemic.

"Initially when that (Bullard commentary) came out, you saw the market sell off and then there was some discussion about was he being over-reactive?" Equities had seen strong gains last week after a softer-than-expected inflation report boosted hopes of smaller rate hikes from the Fed. Most of the 11 major S&P 500 sectors advanced, with defensive utilities (.SPLRCU) and real estate (.SPLRCR) leading gains, up about 1% each. The S&P index recorded six new 52-week highs and no new low, while the Nasdaq recorded 34 new highs and 60 new lows. Reporting by Shubham Batra, Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Shounak Dasgupta and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Boston Fed President Says More Rate Increases Needed to Cool Inflation
▼ + stars: | 2022-09-26 | by ( David Harrison | ) www.wsj.com time to read: 1 min

Susan Collins, the new president of the Federal Reserve Bank of Boston, said she is committed to bringing inflation down to 2% even if it means slowing the economy. Ms. Collins, in her first public remarks as Boston Fed leader, said Monday she supported further interest-rate increases as projected by Federal Reserve officials last week. They showed the central bank raising aggressively through next year, despite rising fears of an economic slowdown or a recession.

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