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☆ Pennsylvania Gov. Josh Shapiro says his office made a criminal referral in East Palestine train derailment
▼ + stars: | 2023-02-21 | by ( Rebecca Shabad | ) www.cnbc.com time to read: +3 min

Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. Josh Shapiro on Tuesday said that his office has made a criminal referral in response to the recent train derailment over the border in East Palestine, Ohio, and the aftereffects on the environment and nearby communities. Shapiro shared the information during a press conference in East Palestine with Ohio Gov. Meanwhile, consumer advocate Erin Brockovich is planning a town hall in East Palestine for Friday. In an interview Tuesday on MSNBC, she reacted to footage of Regan and DeWine drinking an East Palestine resident's tap water.

☆ Morning Bid: Too flashy?
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in U.S. and global markets from Mike Dolan. If investors' big concern about the new year is that the U.S. economy is running too hot, then February's flash business surveys from around the world will do little to soothe nerves. U.S. markets return from Monday's Presidents Day holiday and the early readout on this month's factory and service sector activity tops the slate. Aside from Tuesday's business surveys, a reality check for U.S. retailers is due from Walmart and Home Depot's quarterly earnings - holding last month's red-hot retail numbers up to the light. In banking, HSBC (HSBA.L) rose 1.5% - bouncing back from early losses after announcing a surge in its quarterly profit.

The derailment of the train, operated by Norfolk Southern (NSC.N), forced thousands of residents to evacuate while railroad crews drained and burned off chemicals. “We have mobilized a robust, multi-agency effort to support the people of East Palestine, Ohio," White House spokesperson Karine Jean-Pierre said at a briefing. [1/3] A view of a caution tape as members of the U.S. Environmental Protection Agency (EPA) (not pictured) inspect the site of a train derailment of hazardous material in East Palestine, Ohio, U.S., February 16, 2023. DeWine called on Congress to review railroad safety regulations, lamenting states have little power to demand information about what types of hazardous goods are rolling through their borders. Transportation Secretary Pete Buttigieg said Thursday more needs to be done to address rail safety in the face of hundreds of annual train derailments.

☆ Morning Bid: Elusive peaks
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +4 min

Unlike much of last year, the rates market is now inclined to believe the central bank on the direction of travel. And implied year-end rates are as high as 5.12% - almost half a point higher than where the current rate sits. Two-year Treasury yields hit a three-month high at 4.72% on Friday, with 10-year yields at 3-month peaks too - homing in on 4% for the first time since November. So as impressive as this week's stock market resilience had been to the new inflation and rates environment, it appears to be buckling again already. Key developments that may provide direction to U.S. markets later on Friday:* U.S. Jan import and export prices, leading indicator.

The derailment of the Norfolk Southern (NSC.N) operated train forced thousands of residents to evacuate while railroad crews drained and burned off chemicals. "This incident has understandably shaken this community to its core," Regan said at a press conference. Regan noted state and federal testing inside nearly 500 homes close to the derailment site shows that none of the toxic chemicals that were on the train are present in the air. He did urge residents who use private wells to continue using bottled water and to get their wells tested. [1/6] U.S. Environmental Protection Agency (EPA) Administrator Michael Regan speaks during a press conference after inspecting the site of a train derailment of hazardous material in East Palestine, Ohio, U.S., February 16, 2023.

☆ Morning Bid: Growth trumps rates
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +6 min

While there were some questions about seasonal adjustments in the data, economists were impressed that sales growth was pretty broad based and have scrambled to re-crunch first quarter U.S. output forecasts as a result. There may be a more mixed picture from Thursday's data slate on producer prices, housing starts and weekly jobless claims. Even though rates futures and Treasury yields ticked back a bit today, pricing now has Fed policy rates moving as high as 5.25% and staying above 5% all year. And while full-year earnings growth estimates for S&P500 companies have sunk to zero, consensus forecasts are now pencilling in a rebound of almost 12% next year. Uncertainty about the pace of growth and annual tax receipts in April makes it difficult for government officials to predict the exact "X-date", it said.

☆ Factbox: Timeline of Ohio train derailment containing hazardous chemicals cargo
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - A timeline of events since a Norfolk Southern Railroad-operated train derailed near East Palestine, Ohio, while carrying hazardous materials from Illinois to Pennsylvania. Feb. 5: National Transportation Safety Board (NTSB) member Michael Graham says video footage of the accident points to possible "mechanical issues on one of the rail car axles." Feb. 6: Crews drain and burn off an "unstable" toxic chemical cargo from five rail cars of the train. Feb. 14: The National Transportation Safety Board (NTSB) says 20 cars were carrying hazardous materials, including 10 that derailed. The NTSB says 38 cars in total left the tracks and that the ensuing fire damaged 12 more cars.

Two-year Treasury yields hit their highest in three months at 4.65%, now on par with the current Fed policy rate. Morgan Stanley's Matthew Hornbach described the payrolls as a "mood changing" print that's seen markets chase rates higher as if gripped by a sort of reverse FOMO - fear of missing out. Reports circulated last week of swaps and options market activity on the Chicago Mercantile Exchange that bet on market rates touching 6%, or at least hedging against that possibility. If that's true, the battle over the terminal rate may now be overtaken by how long the Fed can keep rates higher to achieve its goals. BofA chart on peak rates from fund manager surveyInflationThe opinions expressed here are those of the author, a columnist for Reuters.

[1/3] Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. NTSBGov/Handout via REUTERSFeb 14 (Reuters) - Cleanup is moving quickly after a train carrying toxic materials derailed in Ohio 11 days ago, Ohio Governor Mike DeWine said on Tuesday, while residents and observers questioned the health impacts of pollution that spilled into the Ohio River. Officials said the volume of the river diluted the plume and the plume did not pose a serious threat. UNION WARNINGSRailroad union officials said they have been warning that such an accident could happen because railroad cost-cutting harmed safety measures. "No one wants to listen until we have a town blown off the face of the earth, then people listen," said Whitaker, whose union is the largest U.S. railroad union representing conductors, engineers and other workers.

☆ Morning Bid: Interminable anxiety
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +4 min

The about-turn in rates markets in just two weeks has been extraordinary - with Fed funds futures pricing moving from a terminal rate as low as 4.8% to 5.26% on Wednesday. Two-year Treasury yields soared to a 3-month high of 4.64% on Tuesday - where current Fed rates sit - and only gave back a fraction of that on Wednesday. U.S. stocks held up remarkably well on Tuesday - helped by hopes recession fears are easing even as rate speculation intensifies. Sterling slipped as UK inflation fell faster than expected last month, even though the annual inflation rate remains in double digits. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ U.S. senators question rail oversight after toxic Ohio derailment
▼ + stars: | 2023-02-15 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 15 (Reuters) - Two Republican senators sent a letter to U.S. Transportation Secretary Pete Buttigieg on Wednesday questioning U.S. freight rail system oversight in the aftermath of a toxic train derailment in Ohio on Feb. 3. Vance questioned Buttigieg about railroad safety, saying "it is not unreasonable to ask whether a crew of two rail workers, plus one trainee, is able to effectively monitor 150 cars." The Department of Transportation (USDOT) did not immediately comment but Buttigieg addressed the criticism in a series of tweets. Buttigieg responded to Cruz on Twitter that "we could start by discussing immediate steps Congress could take to address rail safety & reduce constraints on USDOT in this area. After railroad crews drained and burned off a toxic chemical from five tanker cars, Ohio Governor Mike DeWine on Feb. 8 said that residents could return to their homes.

☆ Morning Bid: Wings of a Dove
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +5 min

U.S. President Joe Biden is expected on Tuesday to name Fed Vice Chair Lael Brainard to a top White House economic policy position, replacing National Economic Council Director Brian Deese. Biden confidant Jared Bernstein is expected to replace Cecilia Rouse as chair of the Council of Economic Advisers. Brainard was seen as a powerful voice cautioning against over-aggressive Fed policy tightening. U.S. stock futures and world equities were higher on Tuesday, U.S. Treasury yields and the dollar were steady to lower. Euro zone economic growth slowed in the last three months of 2022 but avoided a contraction many had predicted for months.

If you're splitting up your estate between multiple heirs, life insurance can make that easier. The type and amount of life insurance depends on the business owner's specific financial situation and goals, but having it is important for several reasons. As a financial planner, here are three reasons I tell business owners that they should have life insurance. To accomplish this goal, Mark takes the following actions:He obtains a $3 million life insurance policy and makes Bob the 100% primary beneficiary. Additionally, Susan and Lisa both purchase $2 million life insurance policies and list each other as their primary beneficiaries.

☆ Judge Denies Boeing 737 MAX Families’ Request to Reject DOJ Deal
▼ + stars: | 2023-02-10 | by ( Dylan Tokar | Andrew Tangel | ) www.wsj.com time to read: +3 min

A federal judge in Texas denied a request by families of those killed in two 737 MAX crashes to throw out or modify a two-year-old settlement between Boeing Co. and the U.S. Department of Justice. “This court has immense sympathy for the victims and loved ones of those who died in the tragic plane crashes resulting from Boeing’s criminal conspiracy,” Judge O’Connor wrote in his ruling. The decision by Judge O’Connor is his third substantive ruling on the legal challenge launched by the 737 MAX victims’ relatives group. The judge last year ruled that the families of those who died in the 2018 and 2019 crashes were victims of the safety failures outlined by prosecutors. In January, Judge O’Connor presided over an arraignment the families had requested.

Insider compiled a list of 15 New York-based startups shaping the creator economy. With its top creator agencies, influencer-led businesses, and content studios, the West Coast is often seen as the hub of the creator economy. But when it comes to creator economy startups, New York is giving Los Angeles and Silicon Valley a run for their money. In the past two years, investors have poured hundreds of millions of dollars into New York-based creator economy startups. We considered factors like customer adoption, fundraising success, and a company's contributions to the creator economy.

LONDON, Feb 10 (Reuters) - The two investment obsessions of the year so far - artificial intelligence and super-tight labour markets - meet head on. Far from relaxing, should office or home-based workers now fret that we're in for anything but a tight jobs market over the coming years? Morgan Stanley's thematic research team said this week it was inundated with enquiries about generative AI during its recent client visits. Much like the pandemic, fear of automation could have as big an economic impact as its actual spread. US jobs growth by sectorMcKinsey chart on automation worldwideFathom chart on US vs China AIThe opinions expressed here are those of the author, a columnist for Reuters.

☆ Morning Bid: Volatility stirs
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +5 min

World markets end a rough week of confusing and competing narratives in distinctly edgy form, with peculiarly subdued volatility gauges flickering back to life. Both 10 and 30-year yields hit their highest levels in over a month early on Friday. Job shedding in the digital sector continued, with Yahoo's plans to lay off more than 20% of its total workforce. That said, the year-on-year oil price trend continues to be negative, as it's been all year and base effects from last year's price spike around the Ukraine invasion will only deepen that and weigh on headline inflation further. Goldman Sachs lowered its oil price forecasts for this year and next, cutting its Brent 2023 price forecast by $6 to $92 per barrel - still above current levels around $86.

☆ Morning Bid: Corporate scatter
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike Dolan. A hail of mega corporate updates distracted stock markets from a confusing macro picture - but offers little more clarity with scattergun fortunes and ambiguous readouts for the wider economy. The flub fed worries that the Google parent is losing ground to rival Microsoft (MSFT.O) in the renewed craze around artificial intelligence. European shares touched a fresh nine-month high on Thursday as Germany's Siemens and UK's AstraZeneca boosted earnings euphoria, while Britain's bank, commodity and pharma heavy FTSE100 hit another record high. Norway's $1.35 trillion sovereign wealth fund said it had recently divested virtually all its remaining shares in the Adani group.

☆ Residents Not Yet Permitted to Return Home After Ohio Derailment
▼ + stars: | 2023-02-08 | by ( Kris Maher | ) www.wsj.com time to read: 1 min

Drone footage shows an overhead view of the freight train derailment in East Palestine, Ohio. Residents in an eastern Ohio village were unable to return to their homes Tuesday, amid continued air and water monitoring a day after a controlled burn of chemicals at a train derailment. Mike DeWine had issued a mandatory evacuation on Sunday for residents within a one-mile radius of East Palestine, a village of nearly 5,000 people on the border with Pennsylvania, after 50 cars of a Norfolk Southern Corp. train derailed Friday night, causing a chemical fire.

☆ Morning Bid: Powell confesses 'This time it's different'
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +5 min

Any fear of a radical Fed rethink on the back of the jobs numbers seemed wide of the mark. "This cycle is different from other cycles...it has just confounded all sorts of attempts to predict," Powell admitted. And many think last week's jobs report should similarly be treated with care. They included a minimum tax for billionaires and a quadrupling of the tax on corporate stock buybacks. Brands, Eaton Corp, etcUS terminal rateReuters GraphicsReuters GraphicsReuters GraphicsBy Mike Dolan, Editing by Raissa Kasolowsky <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

Wall Street giant Goldman Sachs - often a market mover with its big macro calls - is a good example. Last month's Bank of America survey of fund managers around the world still had net 68% expecting recession this year. Rates markets reared up to price Fed rates back above 5% and now expect them higher at yearend than they are today. And yet market volatility gauges have stayed peculiarly serene. Bond market volatility (.MOVE) remains well above its 20-year mean - but it has retreated sharply to two-thirds of last year's peaks.

☆ Morning Bid: Powell's state of the union
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +4 min

Jerome Powell makes his first speech since the Fed's latest quarter-point interest rate rise last week. More importantly, it's his first chance to comment on Friday's seemingly blockbuster U.S. employment report for January. Perhaps just as significantly, they now price year-end Fed rates higher than the 4.5-4.75% range they are at right now. Atlanta Federal Reserve Bank President Raphael Bostic on Monday said of the jobs readout: "It'll probably mean we have to do a little more work." Investors will watch Biden's State of the Union with one eye on the potentially destabilising debt ceiling standoff with Congress.

☆ Ohio Officials Warn of Danger of Explosion After Train Derailment
▼ + stars: | 2023-02-06 | by ( Kris Maher | ) www.wsj.com time to read: 1 min

Mike DeWine told residents in an eastern Ohio village living within a mile of a train derailment to stay away from their homes, because of the possibility that a tanker car could explode. Mr. DeWine’s warning Sunday night was the latest for residents of East Palestine, a village of nearly 5,000 people on the border with Pennsylvania, after 50 cars of a Norfolk Southern Corp. train derailed Friday at about 9 p.m., causing a chemical fire, which continued to smolder Monday morning.

☆ Team Flares Chemical Gas From Derailed Train Cars in Ohio to Prevent Explosion
▼ + stars: | 2023-02-06 | by ( Kris Maher | ) www.wsj.com time to read: 1 min

A team of experts released a chemical from five tanker cars and ignited it Monday afternoon to prevent a potentially catastrophic explosion following a train derailment Friday along the border of Ohio and Pennsylvania. Mike DeWine maintained a mandatory evacuation Monday for residents within a one-mile radius of East Palestine, an Ohio village of nearly 5,000 people, after 50 cars of a Norfolk Southern Corp. train derailed Friday at about 9 p.m., causing a chemical fire. Rising temperatures in one car had posed a risk of an explosion, the governor said.

☆ Ohio to carry out controlled release of chemicals at train derailment site
▼ + stars: | 2023-02-06 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

[1/4] Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. NTSBGov/Handout via REUTERSFeb 6 (Reuters) - Ohio officials on Monday said they would carry out a controlled release of hazardous chemicals after ordering evacuations near the site of a train derailment in the northeastern part of the state that led to a chemical fire. The contents will be drained in a controlled fashion," railroad operator Norfolk Southern Corp (NSC.N) said in a statement on Monday. Images posted on social media from East Palestine, a town northwest of Pittsburgh, showed several train cars on fire. We are ordering you to leave," Ohio Governor Mike DeWine said on Monday.

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