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☆ US recession odds are 'extremely elevated' and a downturn is likely to hit within the next year, chief economist says
▼ + stars: | 2022-12-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Vincent Reinhart, the chief economist of Dreyfus Mellon, is expecting a recession to hit within the next 12 months. "There is an extremely elevated chance of recession," he told Bloomberg on Thursday. "It's hard in a sense that they have to put pain on the economy to get inflation down," he said. "But it's spillover to service inflation, that's what you've got to worry about, that's what Powell's worried about. The durable part of inflation that's still above the Fed's goal."

☆ Assessing China: What political unrest means for ETF investors
▼ + stars: | 2022-11-30 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +4 min

Global markets pulled back earlier this week after protests across China erupted over the country's zero-Covid policy. And with the SPDR S&P China ETF (GXC) down 30% this year, there's a growing debate on whether China makes a good investment now given the political risks. "Where value stocks are international stocks right now, value stocks are Chinese equities. On the flip side, China shares the U.S., like KraneShares CSI China Internet ETF (KWEB) and iShares MSCI China ETF (MCHI) , have started to move higher and Monday and continued to log gains. Adding context to the notion that China has underperformed, Ahern said that only 2% of the MSCI China Index was composed of tech decade ago.

☆ Jan. 6 committee is questioning ex-Trump aide Kellyanne Conway
▼ + stars: | 2022-11-28 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

Former top Trump White House aide Kellyanne Conway is being questioned by the House select committee investigating the Jan. 6, 2021, Capitol riot, NBC News reported Monday. An ABC News reporter on Monday morning had spotted Conway entering a conference room used by the select committee. The former White House senior advisor did not respond to questions at that time. During the break in Monday's deposition, Conway told reporters that Trump had called her last week. The select committee is set to expire at the end of the current Congress.

☆ A tech rebound may be needed for a full market recovery. These are the stocks that could lead
▼ + stars: | 2022-11-26 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

The S & P 500, meanwhile, is down 15.5% this year, dragged down by the communication services and information technology sectors, along with consumer discretionary. The Nasdaq is up 6% in the fourth quarter, while the S & P 500 has surged 12% in that time. But, some investors think tech's cooperation will be needed for the market to bounce back from this bear market. "[Tech stocks] have to participate, they have to move up to get a big market move," the company's co-chief investment officer said. Tech stocks that could lead Given this backdrop, CNBC Pro searched for stocks in the Nasdaq 100 — which is made up of the 100-largest Composite stocks — that could lead tech out of its rut.

☆ 31 stocks that mutual funds are heavily betting on, driving their best-performing year since 2007 according to Goldman Sachs
▼ + stars: | 2022-11-25 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Mutual funds are set to have their best year of outperformance relative to benchmarks since 2007. The report indicates that 56% of large-cap mutual funds outperformed their benchmarks compared to a 36% outperformance rate seen since 2007. Meanwhile, 66% of large-cap value funds outperformed the benchmark Russell 1000 Value index. Below are 31 of the 50 stocks listed in Goldman Sachs' Mutual Fund Overweight Positions basket. The list is based on the investment bank's analysis of 548 large-cap core, growth, and value mutual funds with $2.5 trillion in equity assets.

☆ Bank regulators tell Citigroup to take urgent action to fix resolution plan
▼ + stars: | 2022-11-23 | by ( Hannah Lang | ) www.reuters.com time to read: +3 min

The regulators gave Citi a January 2023 deadline to submit its plan to address the shortcomings, while giving the all clear to seven other large banks that submitted resolution plans. The problems related to earlier concerns the Fed had identified with Citi’s data quality and data management in an October 2020 enforcement action against the bank. Eric Compton, a banking analyst at Morningstar, said regulators often highlight data management issues at banks because they can be interrelated, potentially having wide-ranging impact. “Citi is not the first bank to have its resolution plan dinged," he said. Those problems related to the banks' abilities to produce data in stressed conditions to implement their resolution plans.

☆ German authorities search BNY Mellon bank in cum-ex probe
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 22 (Reuters) - German authorities searched the Frankfurt office of bank BNY Mellon (BK.N) on Tuesday in connection with an ongoing investigation into the multi-billion euro tax fraud scheme known as "cum-ex", the bank said. "BNY Mellon's Frankfurt office was visited today by the German authorities," said the bank. "We continue to cooperate fully with the authorities in an ongoing investigation relating to legacy tax matters. There has been no interruption to services that we provide to clients," it added in an email. Reporting by Marta Orosz Writing by Madeline Chambers Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Insiders detail how Wall Street is preparing for a post-FTX world, from heightened scrutiny on crypto deals to rethinking hiring plans
▼ + stars: | 2022-11-22 | by ( Morgan Chittum | Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +12 min

Most Wall Street firms have executed big crypto and blockchain initiatives. The ties between Wall Street, Main Street, and digital assets have never been tighter. Some traditional firms have chosen crypto custodians to do that for them, while others offer it themselves. Fidelity also has its own digital assets custody offering, and reportedly had plans to continue building out its digital-asset team as recently as late October. 121, which requires most SEC registrants to record the fair value of custodied digital assets as a liability.

☆ Tesla’s close-knit leadership team goes under the spotlight in court
▼ + stars: | 2022-11-17 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +6 min

Tornetta accuses Tesla’s board of breaching its duties to shareholders. The pay package from Tesla’s board granted Musk large sums of shares every time Tesla hit certain milestones, including earnings and share price targets. In this sketch, former Tesla board member Antonio Gracias testifies in court. Ehrenpreis also had the rights to the first Model 3, Tesla’s breakout product, but gave it to Elon Musk as a birthday gift. Ehrenpreis is also the Tesla board member who asked consultants if hypothetically Tesla could lower the disclosed costs of Musk’s compensation plan.

☆ Global financial giants and the New York Fed are rolling out a digital dollar test run as crypto reels from FTX's crash
▼ + stars: | 2022-11-15 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Large global banks are planning to pilot a digital dollar with the New York Fed. The test run will examine how a digital token can help expedite payments. Other firms also listed by the New York Fed include BNY Mellon, PNC Bank, Truist Financial, US Bancorp and TD Bank. All of the firms will participate in the project and use simulated data in a test environment. The test run follows the latest blow to the crypto sector, which was rocked last week by FTX's liquidity crisis and bankruptcy filing.

☆ Watch CNBC’s full interview with Solus' Dan Greenhaus, BNY's Alicia Levine and Charles Schwab’s Kevin Gordon
▼ + stars: | 2022-11-14 | 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 EmailWatch CNBC’s full interview with Solus' Dan Greenhaus, BNY's Alicia Levine and Charles Schwab’s Kevin GordonSolus' Dan Greenhaus, BNY Mellon’s Alicia Levine and Charles Schwab’s Kevin Gordon join 'Closing Bell: Overtime' to discuss the Fed, tech and their market outlook heading into year end.

☆ Warren Buffett's Berkshire Hathaway reveals it built a $4 billion stake in Taiwan Semiconductor - and added Jefferies to its stock portfolio
▼ + stars: | 2022-11-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett's Berkshire Hathaway disclosed a new, $4 billion stake in Taiwan Semiconductor. Berkshire boosted its Chevron and Oxy bets, and slashed its wagers on US Bancorp and BNY Mellon. The total value of Berkshire's US stock portfolio, which excludes overseas holdings such as BYD, declined slightly to $296 billion. The report revealed it spent a net $3.7 billion on stocks in the period, and foreshadowed its enlarged Chevron stake. It also roughly quadrupled it stake in Chevron in the first quarter, and now counts the oil major among the five most-valuable holdings in its stock portfolio.

☆ Buffett's Berkshire sheds large portion of US Bancorp stake
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

In a regulatory filing, Berkshire said it owned just over 53 million U.S. Bancorp shares, for a 3.6% stake, on Oct. 31, down from 144.7 million shares, or 9.8%, on Dec. 31, 2021. Berkshire began investing in the Minneapolis-based bank in 2006, according to regulatory filings. U.S. Bancorp and Buffett's assistant did not immediately respond to requests for comment after market hours. Berkshire owned $126.5 billion of the iPhone maker's shares on Sept. 30. On Nov. 14, Berkshire is expected in a regulatory filing to disclose more information about its U.S.-listed stock holdings.

☆ Building the White House Rose Garden
▼ + stars: | 2022-11-10 | by ( Mac Griswold | ) www.wsj.com time to read: +1 min

When the White House Rose Garden was renovated in the summer of 2020 under first lady Melania Trump, criticism began swiftly. To many Americans, however, any changes to the elegant and restrained garden built under President John F. Kennedy seemed like a sacrilege. When Kennedy took office in 1961, the White House Rose Garden was in tatters. During visits to Versailles and Vienna’s Schönbrunn Palace that summer, the president saw how European leaders deployed gardens to display beauty and sophistication. Kennedy envisioned turning the existing Rose Garden, designed by first lady Ellen Wilson in 1913, into a green platform for broadcasting public events.

Berkshire Hathaway sold a portion of U.S. Bancorp , a bank stock that the conglomerate has held since late 2007, a regulatory filing with the Securities and Exchange Commission showed. The conglomerate reported owning 52.5 million shares of U.S. Bancorp as of Oct. 31, roughly 3.5% of the bank's outstanding shares, the filing showed. The filing indicates that Berkshire has sold 84.9 million shares, currently valued at $3.8 billion. Buffett first bought 23.3 million shares of U.S. Bancorp in the fourth quarter of 2007 . The conglomerate still owned a sizable stake in Bank of New York Mellon at the end of the second quarter.

☆ So you won the lottery. What now?
▼ + stars: | 2022-11-09 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN Business —So, you won the lottery. Before you broadcast your sudden windfall to the world, and even before you contact lottery officials, you’ll be wise to surround yourself with a team of lawyers and financial advisers. Make copies of both sides of your lottery ticket, and then lock it up somewhere only you can access it. But there’s one big piece of the lottery puzzle that you can’t farm out to lawyers, and that’s your mental health. “The curse of the lottery losers is very real,” Andrew Stoltmann, a lawyer who has represented lottery winners, told CNBC.

☆ Nobel-Winning Economist Edward C. Prescott Dies at 81
▼ + stars: | 2022-11-08 | by ( James R. Hagerty | ) www.wsj.com time to read: 1 min

Growing up in Glens Falls, N.Y., Edward C. Prescott got an insider’s view of business from chats with his father, an engineer and later comptroller for a global supplier of pigments. Those insights made the economics courses he took in college seem less theoretical and more relevant than they might have seemed to other students. Dr. Prescott, who earned a Ph.D. degree at Carnegie Mellon University in 1967 and shared a Nobel Prize in economics with Finn E. Kydland in 2004, helped transform thinking on how central bankers and other policy makers should steer economies and on what causes booms and busts.

☆ What will the Fed do next? Follow the economy, not what Jerome Powell says
▼ + stars: | 2022-11-07 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

But Fed Chair Jerome Powell dashed those hopes during his press conference when he talked about how the Fed is still extremely worried about inflation. Here’s the thing, though: Investors are paying way too much attention to what Powell and other Fed members are saying about the economy and not focusing enough on numbers that show how the economy is actually doing. So much can change and there is always a constant flood of new data (and new speeches from Fed policy makers) to digest and parse. Keep an eye on that data more than Fed speeches and volatile interest rates futures. And the fed funds rate futures are going to keep changing based on what the latest economic reports look like.

☆ Elon Musk's Twitter just fired thousands of staff. The 'chief twit' has avoided putting his name on any of the layoff memos.
▼ + stars: | 2022-11-04 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +3 min

Elon Musk didn't sign the memo announcing mass layoffs at Twitter. The approach starkly contrasts with other recent layoffs; experts say Twitter's style may hurt in the long run. One expert said Musk's handling of the firings treated workers like "commodities, not like valued employees." Management experts say Musk's "impersonal" approach to layoffs may hurt the company in the long run. Robert Kelley, a management professor at Carnegie Mellon University's Tepper School of Business, said Twitter treated people like "commodities, not like valued employees" in its handling of the firings.

☆ U.S. interest rates will stay around 5% for longer than expected, strategist says
▼ + stars: | 2022-11-03 | 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 EmailU.S. interest rates will stay around 5% for longer than expected, strategist saysLale Akoner, senior IM market strategist at BNY Mellon, discusses the outlook for monetary policy and why markets may be underpricing the duration of high interest rates.

☆ Here's what the Federal Reserve's fourth 0.75 percentage point interest rate hike means for you
▼ + stars: | 2022-11-02 | by ( Jessica Dickler | ) www.cnbc.com time to read: +7 min

The Federal Reserve raised the target federal funds rate by 0.75 percentage point for the fourth time in a row on Wednesday, marking an unprecedented pace of rate hikes. The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. As the federal funds rate rises, the prime rate does, as well, and your credit card rate follows suit within one or two billing cycles. Still, it's not the interest rate but the sticker price of the vehicle that's causing an affordability problem, McBride said. Federal student loan rates are also fixed, so most borrowers won't be impacted immediately by a rate hike.

☆ Google veteran launches 'digital family office' backed by Betsy Cohen, Eric Schmidt
▼ + stars: | 2022-11-02 | by ( Hannah Lang | ) www.reuters.com time to read: +2 min

Nov 2 (Reuters) - Arta Finance, a fintech that aims to replicate the family office experience for a wider audience through artificial intelligence, debuted on Wednesday with $90 million in funding from investors who include Betsy Cohen and former Google (GOOGL.O) chief Eric Schmidt. While family offices cater to those with hundreds of millions in assets, Arta is targeting those with $100,000 to several million dollars in investable assets, Sengupta said. BNY Mellon's (BK.N) Pershing will serve as Arta's broker and custodian and offer credit lines to eligible investors. "We're actually really trying hard to scale as much as we can to get to as many people who we can serve," said Sengupta. Reporting by Hannah Lang in Washington; Editing by Lananh Nguyen and Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

☆ Self-driving cars were supposed to take over the road. What happened?
▼ + stars: | 2022-11-01 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +8 min

Caitlin O'Hara/Bloomberg/Getty ImagesGeneral Motors bought a self-driving company in 2016. Big talk, smaller resultsUrmson, while leading Google’s self-driving car project before founding Aurora, talked of his preteen son never needing to get a driver’s license. A self-driving car, without a steering wheel or pedals, would have to be able to drive itself in literally every situation possible. “It’s really, really hard,” Waymo’s then-CEO John Krafcik said in 2018 of self-driving technology. Companies developing lidar, widely seen as a key component for self-driving vehicles, as well as self-driving companies, have seen their stocks plummet recently.

☆ Fed set to deliver another big rate hike, debate December downshift
▼ + stars: | 2022-10-31 | by ( Ann Saphir | ) www.reuters.com time to read: +5 min

Defining that point, or at least its parameters, will be the subject of intense discussion at this week's Federal Open Market Committee meeting. Reuters GraphicsAnd during that time, Fed policymakers, with the notable exception of Powell, have offered a range of views on where they stand on a possible slowdown or even pause to rate hikes. Fed Governor Michelle Bowman, for instance, said she'll look for signs that inflation is moving down before she would want to reduce the pace of rate hikes. Reuters Graphics'NEED TO BE CONVINCED'Bets in futures markets weigh heavily in favor of a slowdown in rate hikes starting in December, but ultimately a top Fed policy rate of 4.75%-5.00%, slightly higher than policymakers themselves have flagged, by early next year. Fed policymakers, Reinhart said, are also well aware that monetary policy typically goes too far.

One year and billions of dollars later, the so-called metaverse still feels years away, if it ever manifests at all. And Meta’s flagship social VR app Horizon Worlds can feel like a ghost town (albeit a ghost town with laser tag). Meta’s latest headset, the Quest Pro, is its first effort at combining the immersiveness of VR with the real world. The VR headset market is still tiny compared to, say, an established gadget market like console video games. A visitor to the 2022 Tokyo Game Show tests the Meta Quest 2 VR headset.

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