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☆ Fed Governor Bowman explains dissent on rate vote, says she’s worried about inflation
▼ + stars: | 2024-09-24 | by ( Jeff Cox | Jeff Cox Is A Finance Editor With Cnbc.Com Where He Covers All Aspects Of The Markets | Monitors Coverage Of The Financial Markets | ) www.nbcnews.com time to read: +3 min

Federal Reserve Governor Michelle Bowman said Tuesday she thought her colleagues should have taken a more measured approach to last week’s half percentage point interest rate cut as she worries that inflation could reignite. In explaining her rationale, Bowman said the half percentage point, or 50 basis point, reduction posed a number of risks to the Fed’s twin goals of achieving low inflation and full employment. Though Bowman favored a reduction, she preferred the Fed lower by a quarter percentage point, more in line with the traditional moves at the central bank. In recent statements, Fed officials have cited easing inflation and a softening labor market as justification for the cut. At last week’s meeting, individual policymakers indicated they expect another half percentage point in cuts this year and another full point in 2025.

Persons: Michelle Bowman, Bowman, ” Organizations: Federal Locations: Kentucky

☆ China central bank releases slate of support measures amid a deepening economic slump
▼ + stars: | 2024-09-24 | by ( Evelyn Cheng | Evelyn Cheng Is A Senior Correspondent With Cnbc. | ) www.nbcnews.com time to read: +6 min

Lynn Song, chief economist for greater China ING, called the repo rate cut announcement “the most important” move made during the news conference. “If we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.”The headquarters of the People’s Bank of China in Beijing. During his first news conference as central bank governor in January, Pan said the PBOC would cut the reserve requirement ratio. Unlike the Fed’s focus on a main interest rate, the PBOC uses a variety of rates to manage monetary policy. Pan has indicated he would like the 7-day rate to become the main policy rate.

Persons: Pan Gongsheng, Pan, Lynn Song, ”, “, Jiang Qiming, ” Edmund Goh, Goldman Sachs, Li Yunze, Li, Nomura Organizations: People’s Bank of China Gov, China ING, “, U.S . Federal Reserve, People’s Bank of China, China News Service, Getty, Pan, National Financial Regulatory Administration Locations: BEIJING, China, Beijing, abrdn

☆ Americans are fretting over the job market
▼ + stars: | 2024-09-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington CNN —America’s slowing job market is taking a toll on people’s moods. The Conference Board’s latest consumer survey showed that Americans became much more pessimistic about the US economy’s current health and the future of the job market. “September’s decline was the largest since August 2021 and all five components of the Index deteriorated.”The US job market is in decent shape, but it is clearly running at a much slower pace these days than it has in recent years. Peterson said the weaker-than-expected survey results “reflected consumers’ concerns about the labor market and reactions to fewer hours, slower payroll increases, fewer job openings — even if the labor market remains quite healthy, with low unemployment, few layoffs and elevated wages.”The job market’s fate is unclear. Employers might be holding back on hiring for two good reasons: Uncertainty over the upcoming US presidential election and the fate of interest rates, CNN previously reported.

Persons: ”, Dana Peterson, mightily, Peterson, Jerome Powell, Kamala Harris, Donald Trump Organizations: Washington CNN, Conference Board, Employers, Federal Reserve, CNN

☆ What the top 2024 election issues are for these young voters
▼ + stars: | 2024-09-22 | by ( Elise Hammond | Shania Shelton | ) edition.cnn.com time to read: +19 min

Along with the economy, young voters also name abortion, immigration, foreign policy, climate and gun control as other priorities. A recent GenForward survey conducted by the University of Chicago supports what dozens of young voters told CNN. Foreign policyAmerica’s position on the world stage is also top of mind for young voters. The Israel-Hamas war has proved to be a key sticking point for progressive and young voters, as well as Arab American and Muslim communities. Regardless of what issues are galvanizing young voters to head to the polls, many say they think their turnout in November will surprise some people.

Persons: N’Dea Gordon, ” Gordon, Gordon, who’ve, ”, Donald Trump, Kamala Harris –, they’ve, Logan Paul, Adin Ross, Harris, Vivek Rallabandi, Joe Biden, “ I’m, I’m, ” Rallabandi, Trump, Rallabandi, he’s, “, hasn’t, she’s, Vivek, Darius Diggs, Biden, Diggs, –, Darius Dupri Diggs, Darius Dupri Diggs Chaim Birzen, Birzen, “ That’s, Tyler Sands, Beyton Owens, Finn Gaensler, Finn, “ It’s, ” Gaensler, Roe, Wade, Ava Pallotta, Pallotta, Gen, Erin Clark, Kalkowski, Katelyn, Sebastien Ostertag, Sebastien Ostertag That’s, Ostertag, we’re, Jacob Telenko, ” Telenko, Jean Kojali, ” Kojali, Harris doesn’t, Harris ’, Noe Nunez, Nunez, ” Nunez, “ it’s, Jed Lyons, Joseph Yang, Yang, Joseph Yang “, “ We’re, CNN’s Kate Sullivan, Dana Elobaid Organizations: CNN, Western Governors University, University of Chicago, Trump, Federal Reserve, White, Republican, Marquette Law School, Senate, Trump’s, Harvard University, Boston Globe, Young, America, Democratic, US, Republican Party, Immigration, state’s Young Republican, United States Postal Service Locations: Columbus , Ohio, Pennsylvania, Rockland County , New York, America, Montana, California, Idaho, Santa Cruz , California, “, Port Chester , New York, Chapel Hill , North Carolina, Dearborn , Michigan, Israel, Gaza, Ukraine, Henderson , Nevada, United States, Cobb County , Georgia, Mexico, Zebulon , North Carolina, Mexican American, Gilbert , Arizona, Phoenix, Korean, Chandler , Arizona

☆ The Fed surprised many investors with a jumbo rate cut this week. It won’t get much easier to predict the next move
▼ + stars: | 2024-09-20 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

But Wall Street was mostly clueless this week when it came to predicting how big a rate cut the Fed would deliver on Wednesday. The jumbo half-point cut the Fed ultimately rolled out was not at all what traders expected a week ago. Powell: Fed officials ‘left the size of the rate cut open’ ahead of September meetingIn a closely watched speech at the Fed’s annual economic symposium in Jackson Hole, Wyoming, last month, Powell declared “the time has come” to cut interest rates. That data was apparently enough to spur some Fed officials to reconsider their position. “But we do not expect Fed officials to be intentionally opaque,” said Husby.

Persons: Jerome Powell, Powell, ‘, “, Price, Christopher Waller, ”, Powell’s, Thomas Simons, ” Simons, Michelle Bowman, “ We’re, Andrew Husby, Waller, there’s Organizations: New, New York CNN — Federal, Fed, PPI, CNBC, Jefferies, BNP Locations: New York, Jackson Hole , Wyoming

☆ What lower rates mean for markets
▼ + stars: | 2024-09-20 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

The Fed on Wednesday lowered interest rates, marking the first rate cut since March 2020. A decline in interest rates should, theoretically, mean good news for the stock market. The Fed likely won’t take rates lower as aggressively as they were raised, unless the economy takes a downturn and necessitates loose economic conditions. While mortgage rates and bond yields have begun drifting lower, companies and consumers still might not feel the effects of lower rates right away. But investors with outsized positions in Big Tech stocks should eye beaten-down areas of the market that benefit from lower interest rates, says Diton.

Persons: Dow, Jerome Powell, ”, Jeff Buchbinder, Powell, Eric Diton Organizations: New, New York CNN, Federal, Fed, Nasdaq, LPL, Wealth Alliance, Tech, Meta, Apple, Big Locations: New York, Big Tech

☆ The Fed’s long-awaited rate cut is colliding with presidential politics
▼ + stars: | 2024-09-18 | by ( Kayla Tausche | ) edition.cnn.com time to read: +7 min

Vice President Kamala Harris called the rate cut “welcome news,” while former President Donald Trump suggested, without evidence, that the decision could be politically motivated. With less than 50 days until Election Day, another question has emerged: Will the rate cut matter to voters? In fact, they already have – mortgages are based on bond yields, which have fallen in recent weeks in anticipation of a rate cut. Harris responded to the rate cut by saying she’s focused on bringing down prices. This story has been updated with reaction to the Fed’s rate cut announcement.

Persons: Biden, Joe Biden, Ukraine —, ’, —, “, ” Biden, Kamala Harris, ”, Donald Trump, Zoila Sanchez, CNN’s John King, ” Sanchez, King, ” Homebuyers, Powell, Jason Furman, Barack Obama’s, “ It’s, ” Furman, George H, Bush, Bill Clinton’s “, –, Clinton, Aaron Klein, ” Klein, Harris, she’s, Trump, they’re, ” Trump, Steve Moore, Powell sanctimoniously, ” Moore, ” Powell, Moore Organizations: CNN, Reserve, White House, Economic, of Washington, Financial, St, Louis Federal Reserve, Brookings Institution, “, Biden, Fed, SPAN Locations: trillions, Ukraine, Nevada, New York

☆ The Fed has waited four years to cut rates. But it’s still a tough call
▼ + stars: | 2024-09-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

It’s also a sign of confidence from Fed officials that inflation has come under control just enough to comfortably dial back policy. Typically, in the lead-up to a Fed policy decision, Wall Street and economists are in alignment on what to expect. But investors’ wagers for a half-point cut ramped up on Monday; and as of Tuesday afternoon, federal funds futures contracts were pricing in a 63% chance of a jumbo rate cut, up from around 30% on Thursday, according to the CME Group. As inflation skyrocketed in 2021 and 2022, American employers pumped out jobs and the unemployment rate declined to half-century lows. The Fed eventually responded to the country’s inflation problem with its bitter medicine of high interest rates.

Persons: It’s, Christopher Waller, Elizabeth Warren, Robert Kaplan, Bill Dudley, ”, Powell, ” Gregory Daco, “, ” Julia Hermann Organizations: Washington CNN, Federal Reserve, Street, CME, Fed, Democratic, Dallas Fed, CNBC, Former New York, Bloomberg, Dow, Labor, New York Life Investments, CNN

But a series of data points showing worsening economic conditions has made some analysts believe a 0.5% cut is more likely — and perhaps even necessary. “We do not seek or welcome further cooling in labor market conditions,” Fed Chair Jay Powell said in a speech last month. “A (0.5%) cut is usually done in emergencies,” like the Covid-19 pandemic, said Mark Zandi, chief economist at Moody’s financial group. Mortgage interest rates have hit their lowest level since February 2023, while auto loan rates are also falling. A 0.5% cut would more directly affect rates tied to the fed funds rate, including credit cards, home equity lines of credit and small-business loans.

Persons: Steve Liesman, Jay Powell, Bill Dudley, ” Dudley, Preston Mui, Mui, ”, “, Mark Zandi, Greg McBride, ” McBride Organizations: Federal, CNBC, Wall, Minneapolis Federal Reserve, Federal Reserve Bank of New, Bloomberg News, Fed, Bankrate Locations: Minneapolis, Federal Reserve Bank of New York, America

☆ The Fed is finally about to cut interest rates. What took so long?
▼ + stars: | 2024-09-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington CNN —It’s a pivotal week for the US economy, with the Federal Reserve expected to cut interest rates for the first time since 2020. Fed officials and investors have long anticipated that borrowing costs would come down in 2024 — at some point — according to their economic forecasts. But nine months in, rate cuts still haven’t happened, drenching Wall Street’s parade and leaving US consumers squeezed by elevated interest rates. Here’s why the Fed didn’t cut soonerIt’s simple: The Fed didn’t cut interest rates sooner because it could have reignited inflation or left it stuck above the central bank’s target. Bond yields, which move in anticipation of the Fed’ decisions on rates, have come down over the past several weeks based on signs encouraging the Fed to cut rates, such as weaker-than-expected employment data and cooling inflation.

Persons: Washington CNN — It’s, it’s, ” Oscar Muñoz, ” Muñoz, Jerome Powell, Powell, Donald Trump, Joe Biden, “ Jerome Powell’s, ” Philipp Carlsson Organizations: Washington CNN, Federal Reserve, Fed, Wall, TD Securities, CNN, Kansas City, Capitol, White, Boston Consulting Group Locations: —, Jackson Hole , Wyoming

☆ West Bank: UNRWA staffer among ten killed during Israel military operation
▼ + stars: | 2024-09-13 | by ( Mohammed Tawfeeq | ) edition.cnn.com time to read: +4 min

CNN - A United Nations staff member was among 10 people killed during an Israeli military operation in the occupied West Bank, the Israeli military and the UN said on Friday. Jawwad – the first UNRWA staffer to be killed in the West Bank in more than 10 years – is survived by his wife and five children, according to UNRWA. The other people killed in the Israeli operation over the past 48 hours were killed in the areas of Tulkarem, Nur Shams and Tubas, according to the IDF. Al-Quds Brigades, the military wing of Islamic Jihad, said the five killed in Tubas were members of the Tubas Battalion in the West Bank who were “preparing ambushes and explosive devices against” Israeli forces. Operations in the West BankThe death comes amid increasing Israeli military action in the West Bank.

Persons: Sufyan Jaber Abed Jawwad, “, Jawwad, ” Juliette Touma, Nadav Shoshani, ” Shoshani, –, Philippe Lazzarini, Jawwad’s, Nur Shams, Tubas, Nur, UNWRA, Antony Blinken, Aysenur Ezgi, Eygi, CNN’s Mounira Elsamra Organizations: CNN, United Nations, West Bank, UN, United Nations Agency for Palestinian Refugees, Israel Defense Forces, UNRWA, Jordan’s Ministry of Foreign Affairs, IDF, Quds Brigades, Tubas Battalion, Operations, Palestinian Ministry of Health Locations: El Far’a, Gaza, Israel, Tulkarem, Al, Quds, El, Nur Shams, Jenin, Ramallah

☆ Bao Fan: a CEO went missing. Then his bank got a mysterious bill for $11 million
▼ + stars: | 2024-09-12 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A Chinese investment bank known for making some of the biggest deals in the country’s tech sector during its heyday has revealed it received a massive bill for 78 million yuan ($11 million) related to the disappearance of its star banker, Bao Fan. The request for payment from unspecified Chinese authorities only deepens the mystery surrounding the whereabouts of Bao, who founded boutique investment bank China Renaissance in Beijing in 2005 and made it one of the top dealmakers for Chinese tech firms. He helped broker the 2015 merger between two of the country’s leading food delivery services, Meituan and Dianping. In February 2023, China Renaissance reported him missing amid a wider anti-corruption crackdown. CNN has reached out to the investment bank for additional information.

Persons: Bao Fan, Bao, Mr Bao, Zhonghui, Deloitte Touche Tohmatsu Organizations: Hong Kong CNN, Economic Observer, Central Commission, CNN, Financial Times, China Renaissance, Zhonghui Anda CPA, Deloitte Locations: China, Hong Kong, Beijing, Dianping, Bao, Zhonghui Anda

☆ Mortgage rates fall to lowest level since February 2023
▼ + stars: | 2024-09-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Mortgage rates fell this week to the lowest point since February 2023, in a welcome sign for Americans grappling with a tough housing market. The standard, 30-year fixed-rate mortgage averaged 6.20% in the week ended September 12, mortgage financing giant Freddie Mac said Thursday. Mortgage rates started to drop early last month on news affirming lower interest rates in the future, specifically after a weaker-than-expected jobs report for July, and have gradually edged lower since. “Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023,” Sam Khater, Freddie Mac’s chief economist, said in a release. The Fed doesn’t directly set mortgage rates, but its action do influence them through movements in bond yields.

Persons: Freddie Mac, ” Sam Khater, Freddie Mac’s, that’s, Lawrence Yun Organizations: Washington CNN —, “, Federal Reserve, Treasury, Las, P Global, Apple, Fed, National Association of Realtors Locations: New York City, San Diego, Las Vegas, America, Los Angeles, Miami

☆ Wells Fargo stock drops after US regulator issues enforcement action for money laundering
▼ + stars: | 2024-09-12 | by ( ) edition.cnn.com time to read: +1 min

The Office of the Comptroller of the Currency, a top banking regulator in the United States, said Thursday it has issued an enforcement action against Wells Fargo due to deficiencies in its risk management practices. The regulator said it had identified deficiencies relating to the bank’s financial crimes risk management practices and anti-money laundering internal controls. An agreement under the enforcement action requires the lender to receive permission from the OCC before launching new business in medium- or high-risk areas for money laundering or sanctions. Since 2016, Wells Fargo has spent billions of dollars settling civil and criminal charges related to a multiyear scheme that included repeatedly misapplying loan payments, wrongfully foreclosing on homes, illegally repossessing vehicles, incorrectly assessing fees and interest and charging surprise overdraft fees. Last year, the former head of the bank’s retail operation was sentenced to three years of probation, while the bank’s former CEO was banned from the industry.

Persons: Wells, Wells Fargo Organizations: OCC Locations: United States, Wells

☆ Europe cuts interest rates again as economic recovery falters
▼ + stars: | 2024-09-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Central Bank (ECB) cut interest rates Thursday, lowering borrowing costs for the second time in recent months as inflation slows and Europe’s economy stumbles. The ECB cut rates for the first time in five years in June, but kept them unchanged at its last meeting in July. However, it marginally downgraded the outlook for economic growth in the eurozone to 0.8%, from 0.9% projected in June. “Financing conditions remain restrictive, and economic activity is still subdued, reflecting weak private consumption and investment,” the ECB said. Earlier this week, former ECB chief Mario Draghi said in a report that slowing economic growth and productivity present an “existential challenge” to Europe.

Persons: Bert Colijn, Christine Lagarde’s, Mario Draghi, Draghi Organizations: London CNN, European Central Bank, ECB, Olympic, Paralympic Games, P Global, Hamburg Commercial Bank, “, ING Locations: Germany, Paris, Europe, United States, China, EU

☆ ECB likely to reduce rates this month — but no further cuts expected in 2024, economist says
▼ + stars: | 2024-09-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB likely to reduce rates this month — but no further cuts expected in 2024, economist saysCyrus de la Rubia, chief economist at Hamburg Commercial Bank, discusses the outlook for Germany’s economy and looks ahead to the European Central Bank’s forthcoming meeting.

Persons: Cyrus de la Rubia Organizations: ECB, Hamburg Commercial Bank, Central Locations: Hamburg

☆ Fed Governor Waller backs interest rate cut at September meeting, open to larger move
▼ + stars: | 2024-09-06 | by ( Jeff Cox | Jeff Cox Is A Finance Editor With Cnbc.Com Where He Covers All Aspects Of The Markets | Monitors Coverage Of The Financial Markets | ) www.nbcnews.com time to read: +2 min

Federal Reserve Governor Christopher Waller on Friday backed an interest rate cut at the upcoming central bank policy meeting in less than two weeks, and indicated he’d be open to a substantial reduction if necessary. Other policymakers recently have advocated easing policy soon, but this is one of the clearest indications it will happen at the Sept. 17-18 Federal Open Market Committee meeting. “Determining the pace of rate cuts and ultimately the total reduction in the policy rate are decisions that lie in the future,” Waller added. With inflation and employment near our longer-run goals and the labor market moderating, it is likely that a series of reductions will be appropriate,” he said. Futures market pricing following the jobs report tilted toward a greater likelihood of a quarter percentage point rate reduction this month.

Persons: Christopher Waller, ” Waller, Waller, verbiage, Jerome Powell, —, nonfarm, Dow Jones, ” Organizations: Federal, Council, Foreign Relations, Labor Department, Dow Locations: New York

☆ Viral videos of people stealing money from Chase ATMs were just plain check fraud
▼ + stars: | 2024-09-03 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —A number of viral TikTok videos had some people believing they could get “free” cash from Chase ATMs. The problem is that this is just a form of check fraud, a criminal offense. In the case of the viral videos, participants wrote checks for obscene amounts of money and then withdrew as much as they could before the check could bounce. “Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple,” a Chase spokesperson said. Do not spend it, do not move it, just leave it alone and tell the bank,” Wang said.

Persons: Chase, Jim Wang, “, ” Wang, – CNN’s Matt Egan Organizations: New, New York CNN, Chase, CNN, JPMorgan, Wall Street, Federal, Currency, “ Locations: New York

☆ ‘The time has come’: The Fed just sent a crucial message about its next move
▼ + stars: | 2024-08-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

And so does the broader US economy: Economic growth this year has been solid and the Atlanta Fed is projecting that growth hasn’t slipped. “The labor market is cooling, but it’s not getting soft. A slowing job market is also playing a role in nudging the Fed to ease borrowing costs. Translation: The recent weakness in the job market could result in American shoppers curbing their spending more than expected. A big question mark is the future of America’s job market, which is a key driver of the US economy.

Persons: Washington CNN —, “, Jerome Powell, ”, “ Powell, Seema Shah, hasn’t, ” Tom Porcelli, it’s, Powell, cooldown, ” Powell, aren’t, they’re, —, “ There’s, Elizabeth Renter Organizations: Washington CNN, Federal, Fed, Markets, Asset Management, Atlanta Fed, Treasury, CNN, Walmart, America’s Locations: Jackson Hole , Wyoming, nudging

☆ Fed Chair Powell: Less upside risks to inflation, more downside risks to employment
▼ + stars: | 2024-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell: Less upside risks to inflation, more downside risks to employmentFederal Chair Jerome Powell speaks at the central bank’s annual conclave in Jackson Hole, Wyoming.

Persons: Powell, Jerome Powell Locations: Jackson Hole , Wyoming

☆ Fed Chair Powell: We will do everything we can to support a strong labor market
▼ + stars: | 2024-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell: We will do everything we can to support a strong labor marketFederal Chair Jerome Powell speaks at the central bank’s annual conclave in Jackson Hole, Wyoming.

Persons: Powell, Jerome Powell Locations: Jackson Hole , Wyoming

☆ The one question on everyone’s mind about interest rates
▼ + stars: | 2024-08-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

That’s precisely why the Fed is poised to cut interest rates in September for the first time since 2020. Therein lies the one question on everyone’s mind: How aggressively will the Fed ultimately cut rates? A high threshold for jumbo rate cutsThe Fed makes its decisions on interest rates consistent with what’s happening in the economy. Fed officials have mostly signaled that they’re finally ready to cut rates, but some have still expressed some hesitance. But, for now, there’s no emergency demanding the Fed cut rates aggressively next month, or any time later in the year.

Persons: Jerome Powell, pare, Price, Powell, “ They’re, ” Tani Fukui, they’re, Raphael Bostic, ” Powell, Ryan Sweet, Sweet, That’s Organizations: Washington CNN, Labor Department, Kansas City Fed, Fed, Traders, MetLife Investment Management, CNN, Atlanta Fed, Citi, Oxford Economics Locations: Unemployment, Jackson Hole , Wyoming

☆ Vance looks to turn tables on Walz
▼ + stars: | 2024-08-11 | by ( Eric Bradner | ) edition.cnn.com time to read: +9 min

“Tim Walz gave his wife a nice, firm Midwestern handshake, and then tried to sort of awkwardly correct for it,” Vance said. Vance said “of course” he acknowledges the families of Harris and Buttigieg, and argued his comments were taken out of context. The Ohio senator said Republicans’ goal is to contrast the policies Trump stood for during his term in office with those of the Biden-Harris administration. “I think all President Trump was saying was that look, it’s kind of weird that you have so many bureaucrats making so many important decisions. “And I think that’s what President Trump was getting at.

Persons: Vance, Tim Walz, CNN’s Dana Bash, Walz, Kamala Harris, he’d, “ Tim Walz, ” Vance, “, ”, Dana, doesn’t, Walz “, Walz —, Harris, —, Donald Trump, Pete Buttigieg, Buttigieg, Trump, Joe Biden’s, ’, Joe Biden, Harris “, Joe Biden doesn’t, Walz misspoke —, I’m, Tim Walz’s, “ It’s, Doug Julin, CNN’s Laura Coates, Julin, “ I’m, Tim Walz didn’t, Kate Cox, … You’ve, Harris –, India – Vance, “ She’s, hasn’t Organizations: CNN, Republican, Democratic, MSNBC, Union, Transportation, Trump, Biden, Biden White, Army National Guard, Congress, Federal, National Association of Black Journalists Locations: Minnesota, Ohio, Philadelphia, “ State, United States, Milwaukee, Italy, Afghanistan, Iraq, Texas, Jamaica, India

☆ JPMorgan Chase is giving its employees an AI assistant powered by ChatGPT maker OpenAI
▼ + stars: | 2024-08-09 | by ( Hugh Son | ) www.nbcnews.com time to read: +7 min

Rather than developing its own AI models, JPMorgan designed LLM Suite to be a portal that allows users to tap external large language models — the complex programs underpinning generative AI tools — and launched it with ChatGPT maker OpenAI’s LLM, said the people. ChatGPT banThe bank is giving employees what is essentially OpenAI’s ChatGPT in a JPMorgan-approved wrapper more than a year after it restricted employees from using ChatGPT. The number of uses for generative AI are “exponentially bigger” than previous technology because of how flexible LLMs are, Heitsenrether said. Ultimately, the generative AI field may develop into “five or six big foundational models” that dominate the market, she said. Heitsenrether charted out three stages for the evolution of generative AI at JPMorgan.

Persons: ” Teresa Heitsenrether, “, ChatGPT, Morgan Stanley, Jamie Dimon, Dimon, JPMorgan didn’t, Heitsenrether, ”, “ We’ve, ” Heitsenrether, it’s, — CNBC’s Leslie Picker Organizations: JPMorgan Chase, CNBC, JPMorgan, Apple, Accenture, Citigroup Locations: U.S

☆ Here’s who to blame — and who not to blame — for the slumping US economy
▼ + stars: | 2024-08-07 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Gross domestic product for the second quarter of this year came in better than expected, with the economy growing at an annualized rate close to 3%. Republicans and DemocratsIt’s not fair to lay all the blame for the state of the economy on one party when both have contributed. While neither can be fully blamed for the pandemic itself, their handling of it has had significant ramifications for the economy. Oh, here’s an idea, let’s just leave interest rates really high.” That’s not to say that politicians necessarily wanted to make Americans’ lives more difficult either. Yet all the calculus they perform to determine what the ideal interest rate level is at any given point in time is complicated by fiscal spending that’s entirely out of their control.

Persons: Democrats It’s, Trump, Biden, —, It’s, , Massachusetts Democratic Sen, Elizabeth Warren, Jerome Powell “, “ He’s, let’s, ” That’s, don’t, they’ve, They’ve Organizations: New, New York CNN, Gross, Republicans, Democrats, MIT, State, , Massachusetts Democratic, Fed Locations: New York, Ukraine, , Massachusetts

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