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WASHINGTON (AP) — Inflation is slowing steadily, but it’s too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said in prepared remarks Friday. He added, "It would be premature to conclude with confidence" that the Fed has raised its benchmark interest rate high enough to fully defeat high inflation. Nor is it time to “speculate on when policy might ease," Powell said, referring to the possibility of cuts in the Fed's benchmark interest rate, which affects many consumer and business loans. Political Cartoons View All 1274 ImagesThe Fed's policymakers are expected to leave interest rates alone when they next meet Dec. 12-13. Beginning in March 2022, the Fed raised its key rate 11 times from near zero — to about 5.4%, the highest level in 22 years.
Persons: Jerome Powell, Powell, That's Organizations: WASHINGTON, Federal Reserve, Spelman College Locations: Atlanta
Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on September 20, 2023 at the Federal Reserve in Washington, DC. Federal Reserve Chairman Jerome Powell on Friday pushed back on market expectations for aggressive interest rate cuts ahead, calling it too early to declare victory over inflation. Markets showed little initial reaction to Powell's remarks, with major averages mixed on Wall Street and Treasury yields lower. After inflation hit its highest level since the early 1980s, the Fed enacted a series of 11 interest rate hikes, taking its policy rate to the highest in 22 years at a target range between 5.25%-5.5%. "The strong actions we have taken have moved our policy rate well into restrictive territory, meaning that tight monetary policy is putting downward pressure on economic activity and inflation," Powell said.
Persons: Jerome Powell, Powell, Powell's Organizations: Federal Reserve, Federal, Spelman College, Treasury, Dow Jones, Commerce, Fed Locations: Washington , DC, Atlanta
A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Markets are now fully pricing a rate cut by the May meeting with almost a 50% chance they move in March, according to the CME's FedWatch tool. Reuters GraphicsThe 10-year yield is down around 15 basis points and on Thursday hit its lowest level in 2-1/2 months at 4.247%. On Wednesday, the dollar index , which measures the currency against six major peers, touched its lowest level since Aug. 11 and dropped over 3% last month, its worst month in a year. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Brendan McDermid, Samuel Indyk, Jerome Powell's, Powell, Christopher Waller, Europe's, Fed's, Fed's Cook, ECB's, Fitch, Toby Chopra Organizations: Wall, REUTERS, Federal, Fed, Spelman College, Reuters, COVID, P Global, PMI, Thomson Locations: New York, U.S, France, Greece, Ireland, DBRS, Germany, Spain
While Powell and other officials say they’re not even thinking about cutting rates just yet, some investors expect cuts to begin around the middle of next year. With Treasury yields sliding in recent weeks, so have mortgage rates, and rate cuts next year would help that along. Inflation, spending and mortgagesConsumer spending and inflation both eased in October, the Commerce Department reported Thursday. What Fed officials are sayingFed officials have broadly acknowledged that economic conditions are setting the stage for inflation to continue its descent. While some Fed officials have expressed optimism, others remain unconvinced that the Fed’s job is done.
Persons: Jerome Powell, ” Powell, , Powell, they’re, Freddie Mac, Christopher Waller, John Williams, “ We’ve, Michelle Bowman, Organizations: DC CNN — Investors, Federal, Spelman College, Treasury, Fed, December’s Fed, Commerce Department, , Washington . New York Fed, New York Fed Locations: Washington, Atlanta, September’s, America, doldrums, Washington . New, Salt Lake City
Periods of high inflation would offset those when inflation was low as occurred between the financial crisis and the pandemic. Those concerns may not matter anymore if the pandemic has driven inflation and interest rates chronically higher. Speaking at a Boston Fed labor market conference in November, Kohn said the new framework showed the risks of not keeping inflation at bay to begin with. "Probing" for maximum employment "can't ignore...inflation risks," Kohn said, calling for a return to a strategy disavowed in the last review. "I think preemptive tightening is best-practice central banking, and I hope they return to allowing that."
Persons: Joshua Roberts, Jerome Powell, There's, Miesha Williams, Powell, Charles Evans, Evans, Fed, Loretta Mester, Austan Goolsbee, Goolsbee, Donald Kohn, Kohn, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Federal Reserve, REUTERS, Rights, U.S, Federal, Spelman College, Reuters, Chicago Fed, Chicago, Cleveland Fed, Boston Fed, Thomson Locations: Washington , U.S, Atlanta
Traders' confidence was reinforced earlier this week when Fed Governor Christopher Waller, a hawkish policymaker, flagged a possible rate cut in the months ahead. SOFR FUTURESBond investors also look to the Secured Overnight Financing Rate (SOFR) futures to gauge expectations of Fed rate moves. The June 2024 SOFR futures have priced at least one Fed cut, while the probability of two 25-basis-point rate reductions was at 76%. An OIS transaction involves exchanging an overnight rate such as the federal funds rate for a fixed one. For instance, in a U.S. two-year OIS transaction, one party receives a fixed two-year rate in exchange for paying the fed funds rate daily over the next two years.
Persons: Brendan McDermid, Robert Pavlik, Pavlik, Christopher Waller, Jerome Powell's, It's, Gertrude Chavez, Dreyfuss, Saqib Iqbal Ahmed, Stephen Culp, Alden Bentley, Paul Simao Organizations: Wall, REUTERS, Bond, U.S, Dakota Wealth Management, Fed, Spelman College, Reuters, Thomson Locations: New York, U.S, Fairfield , Connecticut, Atlanta
Fresh data shows price pressures are easing and the labor market is gradually cooling, evidence that the slowdown the Fed has tried to engineer with its rate hikes to date is underway. Still, the unemployment rate at last read was 3.9%, only a few tenths of a percentage point above where it was when the Fed first began raising rates in March 2022. UNCERTAIN PATHTraders have been betting heavily that the Fed will keep its overnight benchmark interest rate steady in the 5.25%-5.50% range for the next several months. "I'm not losing too much sleep" over the market's view "because there's a lot of uncertainty about the future path of policy," Williams said. "I'm not thinking about rate cuts at all right now," Daly said.
Persons: John Williams, Williams, Janet Yellen, I'm, Mary Daly, Daly, Jerome Powell, Christopher Waller, Oscar Munoz, Dan Burns, Michael S, Howard Schneider, David Lawder, Chizu Nomiyama, Paul Simao, Andrea Ricci, Will Dunham Organizations: Federal Reserve, New York Fed Bank, Fed, U.S, Treasury, PATH Traders, San Francisco Fed, Spelman College, Derby, Thomson Locations: U.S, New, Atlanta
"Inflation rates are moving along pretty much like I thought," Fed Governor Christopher Waller, a hawkish and influential voice at the central bank, told the American Enterprise Institute think tank on Tuesday. If the decline in inflation continues "for several more months ... three months, four months, five months ... we could start lowering the policy rate just because inflation is lower," he said. Additional Fed rate increases remain a possibility if upcoming data includes an unexpected resurgence of price pressures, he said. But even Bowman, who like Waller is among the Fed's most hawkish officials, stopped short of outright calling for a further increase in the policy rate. New inflation data will be released on Thursday, and policymakers will also have a fresh monthly jobs report and other data in hand before they gather next month.
Persons: Christopher Waller, Bond, Waller's, Jerome Powell, Michelle Bowman, Bowman, Waller, Austan Goolsbee, Howard Schneider, Ann Saphir, Lindsay Dunsmuir, Andrea Ricci, Paul Simao Organizations: Federal Reserve, American Enterprise Institute, Fed, Spelman College, Utah Bankers Association, Chicago Fed, Conference Board, Thomson Locations: U.S, Atlanta, Salt Lake City
When Georgianne Thomas, 80, an author and adjunct professor of humanities at Clark Atlanta University, pushes aside the yellow bracelet adorning her wrist to reveal a burn mark, the table of people she’s dining with are stunned. “It did something to me, but it didn’t stop me,” Dr. Thomas says, as Stephen Satterfield, 38, the writer and founder of Whetstone Media, wipes tears from his eyes across the table from her. The conversation is part of the second season of Netflix’s “High on the Hog,” a docuseries exploring African American influence on cooking and cuisine in the United States. Over a meal at Paschal’s, a longtime soul food restaurant in Atlanta, Dr. Thomas, Charles Black and Marilyn Pryce Scott, all in their 80s, talk to a visibly moved Mr. Satterfield about joining a protest led by the Rev. Dr. Martin Luther King Jr. demanding service at the segregated Rich’s Department Store.
Persons: Georgianne Thomas, ” Dr, Thomas, Stephen Satterfield, Charles Black, Marilyn Pryce Scott, Satterfield, Martin Luther King Jr Organizations: Clark Atlanta University, Ku Klux, Spelman College, Whetstone Media, Rich’s Locations: Atlanta, United States
On June 24, 1983, Byllye Avery welcomed busloads of Black women to the campus of Spelman College in Atlanta. The women had traveled from Mississippi, New York, Pennsylvania — even as far away as California — for a three-day event billed as the First National Conference on Black Women’s Health Issues. But more than addressing specific illnesses, the conference encouraged Black women to share information and consider how oppression affected their interactions with the health system. Ms. Avery decided to organize the conference when she was researching a paper on Black women’s health. Black women had disproportionately high rates of disease across a swath of ills — hypertension, diabetes, cervical cancer, to name a few.
Persons: Byllye Avery, busloads, Black, Lillie P, Allen, Avery Organizations: Spelman College, First National Conference, Black Locations: Atlanta, Mississippi , New York , Pennsylvania, California
Goldman Sachs has done this program each year since. How does the program work? All finalist teams on stage at the 2023 competition at Goldman Sachs' headquarters. "Something that we look for in all candidates at Goldman Sachs: What is your innovative and creative spirit?" Megan Hogan of Goldman Sachs courtesy of Goldman SachsWhat's the formula for success once accepted?
Persons: Taylor Weekes, That's, Weekes, Goldman Sachs, Goldman, , who's, Zachariah Smith, Megan Hogan, David Solomon, Proctor, Hogan, you've, Smith, hadn't, " Smith, they've, it's Organizations: Howard University, Morehouse College, Alcorn State University Delaware State University Fisk University Florida A, M University Hampton University Howard University Morehouse College Morgan State University North Carolina, T, Prairie View, M University Spelman College Texas Southern University, Goldman, Gamble, L'Oreal, Pepsi, Wall Street, Wall, Black Locations: York, we're
Disney's Hulu has a lot riding on "Black Cake," its adaptation of Charmaine Wilkerson's New York Times bestseller that centers on a Black family and spans decades and geographies from Jamaica to Scotland to California. Several Caribbean bakeries across the US will give out samples of black cake, the rum-soaked treat that's at the heart of the story. Hulu's partnerships start with the audienceMatthews and her team put together about a dozen partnerships a year tied to big releases. For "Black Cake," the book's fan base and defining themes were front and center for Hulu. Customers must be members of Barnes & Noble's Premium Membership ($39.99 a year) to see the "Black Cake" sneak peek, which let the bookseller promote its rewards program.
Persons: Charmaine Wilkerson's, Marissa Jo Cerar, Oprah Winfrey, Aaron Kaplan, Hulu, Noble, Adia Matthews, Matthews, screeners, , Danny Trejo —, Postmates, Selena Gomez's, Cynthia Di Meo, Mabel Mora, Influencers, Barnes Organizations: Hulu, Charmaine Wilkerson's New York Times, Harpo Films, Entertainment, Barnes, Spelman College, Howard University, Hollywood, Con, Samba, Walt Disney Co, Disney Locations: Jamaica, Scotland, California, Caribbean, it's, Southern California, Los Angeles, LA, American, Hollywood
A selection of her work in this vein is currently on display in the exhibition “Harmonia Rosales: Master Narrative” at the Spelman College Museum of Fine Art in Atlanta. At the core of Rosales’ art is the idea that “storytelling is a journey of personal discovery and a reclamation of one’s cultural identity." Elon Schoenholz/Harmonia RosalesAcross 20 oil paintings and a large-scale sculptural installation, Rosales’ work challenges viewers to consider the universality of creation through a Black diasporic lens. Rosales' work demonstrates her journey towards empowerment and self-love, with figures in her artworks painted with features she used to dislike about herself. Every one of these (artworks) tells my stories.”“Harmonia Rosales: Master Narrative” is on display at the Spelman College Museum of Art in Atlanta through December 2.
Persons: Adam, ” Sandro Botticelli’s “, Venus ”, Leonardo da Vinci’s, Harmonia Rosales, Barbara, Rosales, Elon, Rosales ’, Olodumare, orishas —, Lucy Garrett, it’s what’s, ” Rosales, , “ I’m, , Liz Andrews, , Andy Warhol, ’ ” Rosales, ” “, Harmonia Rosales “, I’m, Regla, Harmonia, Black Mary, Virgin Mary, Helen Morales, ” Lucy Garrett, ” Morales, Yemaya, “ They’ve, Angelou, Saint Bartholomew Organizations: CNN, Spelman College Museum of Fine Art, University of California, European, Masters, Spelman College Museum of Art, Andy Warhol Museum, Museum of Contemporary, Memphis Brooks Museum of Art, European Old Masters, Catholic, UCSB Locations: Britannica, Cuban American, Atlanta, Santa, Western Africa, Chicago, Pittsburgh, Brooklyn, Rosales, Cuba, Americas
This started with policies like the Advance Child Tax Credit, which under the Rescue Plan offered monthly payments to families and helped lift 3.5 million children out of poverty. Expanding our labor force is another area where efforts to support communities of color and other underserved communities is helping to unleash economic gains for all Americans. Last year, I visited Orlando, Florida, where the mayor took me on a tour of a workforce training center funded by the President's American Rescue Plan. The benefits of this effort will be particularly powerful in underserved communities. For too long, racism and discrimination have limited the ability of underserved communities to fully contribute to our civic and economic advancement.
The AltFinance Fellowship is the brainchild of top alternative investment firms Ares Management, Apollo Global Management and Oaktree Capital Management. Selected students will also receive a scholarship of up to $10,000 if they're sophomores, while juniors and seniors can receive up to $15,000. Partnering schools include Clark Atlanta University, Howard University, Morehouse College and Spelman College. The private equity, private credit and commercial real estate industry has about $10 trillion in assets under management, according to data provider Preqin. "This is not a charitable activity," Howard Marks, co-chairman of Oaktree Capital Management, told CNBC.
We’re going to win Georgia,” Biden said in response to questions regarding his outlook on the Georgia Senate runoff contest as he exited Air Force One Tuesday night. Share this -Link copiedWarnock defeats Walker in Georgia Senate runoff, NBC News projects Sen. Raphael Warnock has won his second statewide runoff election in the last two years, defeating Republican Herschel Walker in the increasingly purple state of Georgia to capture a six-year term in the Senate, NBC News projected. Share this -Link copiedThe Senate runoff election is still too close to call, but Warnock leads The Senate runoff election between Warnock and Walker is still too close to call, but Warnock leads, NBC News' Decision Desk said just before 10 p.m. Share this -Link copiedPolls close soon in critical Georgia Senate runoff Polls are closing at 7 p.m. ET in the Senate runoff election in Georgia, where Democratic Sen. Raphael Warnock is hoping to fend off a challenge from Republican Herschel Walker.
The turnout in the Senate runoff was nearly 75% to 80% of the entire turnout for the midterm election in November. Share this -Link copiedPolls close soon in critical Georgia Senate runoff Polls are closing at 7 p.m. ET in the Senate runoff election in Georgia, where Democratic Sen. Raphael Warnock is hoping to fend off a challenge from Republican Herschel Walker. Democratic Sen. Raphael Warnock has a massive ad-spending and fundraising advantage over Republican Herschel Walker in the runoff election. In the 2022 general election, Warnock grew his advantage in Henry County, winning it by just over 31 points.
Share this -Link copiedGroups work to mobilize Latino voters in Georgia Senate runoff From giving away bingo-like Mexican lotería cards to Taco Tuesdays and World Cup watch parties, Latino voting mobilization efforts ramped up in Georgia leading into the Senate runoff election. Share this -Link copiedPolls close soon in critical Georgia Senate runoff Polls are closing at 7 p.m. ET in the Senate runoff election in Georgia, where Democratic Sen. Raphael Warnock is hoping to fend off a challenge from Republican Herschel Walker. Democratic Sen. Raphael Warnock has a massive ad-spending and fundraising advantage over Republican Herschel Walker in the runoff election. In the 2022 general election, Warnock grew his advantage in Henry County, winning it by just over 31 points.
It’s a provision that voting rights experts say continues to confuse voters — especially college students or others who already face barriers — and results in many of them voting elsewhere or not at all. Nicks could have brought in another form of identification to vote; under Georgia law, her passport or her New York state identification card would have sufficed, for example. “Students in general often have a more difficult time accessing the ballot box because of all sorts of things. There are at least 10,000 students enrolled at private HBCUs in Georgia. Voting rights experts acknowledge that number of voters in Georgia affected by the provision ultimately represents a narrow slice of the state’s electorate.
Running a successful business is hard – and building a successful business as a Black woman is even harder. Black women are the fastest growing group of entrepreneurs in the U.S., according to JP Morgan, yet they face disproportionate financial barriers. However, Black women founders only average $24,000 in profits. According to Williams, these are the four essential relationships every business owner should have to "scale their impact." I have a trifecta of successful [women] business owners and we meet weekly sharing resources with each other," Williams shares.
23 Black leaders who are shaping history today
  + stars: | 2021-02-01 | by ( Courtney Connley | ) www.cnbc.com   time to read: +39 min
Following the lead of trailblazers throughout American history, today's Black history-makers are shaping not only today but tomorrow. —Cory StiegRosalind Brewer, 58, Walgreens' next CEO and only Black woman to currently lead a Fortune 500 firmWalgreens' next CEO Rosalind Brewer. When she steps into this new role, she will be the only Black woman currently leading a Fortune 500 firm, and just the third Black woman in history to serve as a Fortune 500 CEO. "When you're a Black woman, you get mistaken a lot," she said during a 2018 speech at her alma mater, Spelman College. —Tom Huddleston Jr.Jason Wright, 38, first Black president of a National Football League teamWashington Football Team president Jason Wright.
Persons: Shirley Chisholm, John Lewis, Maya Angelou, Mary Ellen Pleasant, Kamala Harris, Gene Kim, Harris, Shyamala Gopalan Harris, Shyamala, , — Cory Stieg Rosalind Brewer, Rosalind Brewer, Ursula Burns, Mary Winston, Brewer, Kimberly, Clark, she's, — Courtney Connley, Kizzmekia, Corbett, Kizzmekia Corbett, Anthony Fauci, Fauci, Dr, — Cory Stieg Victor J, Glover , Jr, Victor Glover, Amanda Gorman, Joe Biden, Gorman, Abraham Lincoln, Martin Luther King Jr, Lady Jill Biden, Robert Frost, Oprah, Angelou, — Jennifer Liu, Amanda Gorman's, Raphael Warnock, Georgia's, Kelly Loeffler, Warnock, Ebenezer Baptist Church —, — Abigail Johnson Hess Rashida Jones, Rashida Jones, Jones, Kristen Welker, Carole Simpson, Nicolle Wallace's, Dorothy Tucker, Brown, — Taylor Locke Sandra Lindsay, Sandra Lindsay, Lindsay, She's, I'm, Jade Scipioni Nicholas Johnson, Princeton's, Nicholas Johnson, Princeton University's, Johnson, William Massey, — Abigail Johnson Hess Cynthia, Cynt, Marshall, Cynthia Marshall, Cynt Marshall, George Floyd, Marshall —, Mark Cuban, Scipioni, Cynthia Marshall's, Dallas Mavericks Cori Bush, Missouri's, Missouri, Cori Bush, Michael Brown, Ferguson, William Lacy Clay Jr, Bush, Essence.com, I've, he's, Louis, Clay, — Jennifer Liu Alicia Boler Davis, Amazon's, Jeff Bezos Alicia Boler Davis, Alicia Boler Davis, Boler Davis, Jeff Bezos, alums, Jennifer Liu, Noah Harris, Harvard Noah Harris, Harvard's, It's, we've, Fentrice Driskell, Du Bois, — Abigail Johnson Hess, Harvard Mellody Hobson, Mellody Hobson, Ariel Investments, Hobson, — Courtney Connley Sydney Barber, Sydney Barber, Barber, Ms, Janie Mines, wasn't, Mines, Jesse Collins, Collins, Indiewire, " Collins, Jennifer Liu Nia DaCosta, Nia DaCosta, Marvel, DaCosta, Nora Ephron, Jordan Peele, Peele, — Tom Huddleston Jr, Aicha Evans, Zoox, Evans, Jason Wright, Wright, He's, Dan Snyder, — Emmie Martin Dana Canedy, Dana Canedy, Simon, Simon & Schuster, Dana Canedy's, Canedy, Denzel Washington, Alicia Adamczyk, Schuster Bozoma Saint John, Saint John, Beyonce, Kanye West, Nicki Minaj, Michael Jackson, — Courtney Connley Cheick Camara, Ermias Tadesse, Cornell University's, Cheick Camara, Ermias Organizations: CNBC, White, South, Latina, Howard University, Alpha Kappa Alpha Sorority, Inc, Democrat, United States Senate, U.S, Walgreens, Fortune, Starbucks, Walgreens Boots Alliance, Xerox, Bed, Sam's, Walmart, Nonwovens, Spelman College, Moderna, National Institute of Allergy, National Urban League, FDA, Vaccine Research, University of North, Space Station, NASA, Capitol, LA, Poet, Harvard, Georgia, Black, Morehouse College cum, Ebenezer Baptist Church, United, MSNBC, University of Missouri's School of Journalism, NBC, ABC News, National Association of Black Journalists, Jewish Medical Center, Northwell, Long, Pfizer, Pew Research Center, Princeton, Massachusetts Institute of Technology, NBA Dallas Mavericks, Dallas Mavericks, NBA, Mavericks, Congress, Senate, Democratic, Green New Deal, General Motors Institute, GM, Amazon, Employees, Amazon's, Ariel Investments, Ariel, Financial Planning's Diversity, Princeton University, JPMorgan, Lucas Family Foundation, Hobson College, Naval, U.S . Naval Academy, U.S . Naval, Naval Academy, Academy, Super, Super Bowl, Jesse Collins Entertainment, ViacomCBS Cable Networks, BET, CMT, Comedy Central, MTV, Paramount Network, VH1, Marvel, Marvel Studios, Marvel Universe, Tribeca, Wall Street, George Washington University, Intel, Financial, Automotive News, National Football League, Washington Football, Washington Football Team, National Football, NFL, Atlanta Falcons, Cleveland Browns, Arizona Cardinals, University of Chicago, McKinsey & Company, Washington, Morning, Simon &, New York Times, Jordan, Crown Publishers, New Yorker, Netflix, Saint, Longtime, Endeavor, Uber, Apple, PepsiCo, BlackGen Capital, Cornell, BlackGen Locations: United States, Oakland , California, India, America, White, California, University of North Carolina, Chapel, Los Angeles, Georgia's, Savannah , Georgia, Ebenezer, Long, New York, Queens , New York, Jamaica, Princeton, Montreal, Canada, Spring, Missouri, Louis, St, Detroit, Hattiesburg , Mississippi, Florida, Chicago, U.S, Lake Forest , Illinois, Sydney, mull, Senegal, Zoox, Charlottesville , VA
Total: 21