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☆ Mark Cuban mocks Trump for going even further than Bernie Sanders on capping credit card interest rates
▼ + stars: | 2024-09-24 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +5 min

Read previewBillionaire investor Mark Cuban on Tuesday teed off on Donald Trump's proposal to cap credit card interest rates at 10% and the former president's broader economic agenda. is the 10% price cap on credit card interest rates," Cuban said during a press call hosted by Vice President Kamala Harris' campaign. AdvertisementDuring a rally last week in New York, Trump floated the idea of temporarily capping credit card interest rates at "around 10%." AdvertisementExperts have said credit card companies would likely respond to an interest cap by making it harder for some people to access credit. The interest rates Americans pay on that debt are also higher now than they were before the COVID-19 pandemic.

Persons: —, Mark Cuban, Donald Trump's, Kamala Harris, Harris, I've, it's, Donald Trump, Trump, Sen, Bernie Sanders, Alexandria Ocasio, Cortez, Donald, Steven Cheung, Josh Hawley, Messrs, Sanders, Matt Schulz, Karoline Leavitt Organizations: Service, Business, Cuban, Rep, Trump, Republican, CNN, Financial, New York Federal Reserve Locations: Savannah , Georgia, New York, Alexandria, Cortez of New York, Cuban, Josh Hawley of Missouri

☆ Market headed for first winning September in 5 years, but don't get too comfortable
▼ + stars: | 2024-09-24 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

In fact, the S & P 500 is on pace for a winning September — its first since 2019 — with a gain of more than 1%. The month is typically the worst stretch of the year on average for all three major averages and the Russell 2000, according to the Stock Trader's Almanac. Some of September's strength could be attributed to the Federal Reserve's supersized rate cut last week . The S & P 500 notched a fresh record close on Monday and an intraday all-time high on Tuesday. The benchmark S & P 500 typically pulls back nearly 1% on average in October in election years, per the Stock Trader's Almanac.

Persons: —, Russell, Gary Pzegeo Organizations: Federal, CIBC Private Wealth Management

☆ These outperforming stocks are still set to soar, analysts say — giving 3 more than 30% upside
▼ + stars: | 2024-09-24 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

September is a historically weak month for stocks, but the first U.S. Federal Reserve rate cut in four years meant that markets have mostly bucked the trend so far. The S & P 500 has risen around 1% month-to-date, and jumped about 8% since the end of June when stocks went through much volatility. But risks such as the U.S. election, inflation and geopolitical conditions raise the question of what the path ahead will be like for stocks. "In my view, the banking sector could win ... as should solid growth stocks – at reasonable valuations – in the healthcare and software sectors," he added. Valuations in the U.S. market look "less demanding" — if you exclude Big Tech, mega-growth stocks, which are dragging up the overall price-to-earnings multiple of the S & P 500, Webber added.

Persons: David Bianco, Simon Webber, Schroders, Webber Organizations: U.S . Federal, Equity, Big Tech, CNBC Pro Locations: DWS, U.S

☆ September consumer confidence falls the most in three years
▼ + stars: | 2024-09-24 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The board's Consumer Confidence Index slid to 98.7, down from 105.6 in August, the biggest one-month decline since August 2021. By contrast, the index had a reading of 132.6 in February 2020, a month before the Covid pandemic hit. "Consumers' assessments of current business conditions turned negative while views of the current labor market situation softened further. Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income," said Dana Peterson, chief economist at The Conference Board. The last time the confidence index dropped more came as inflation was just beginning a climb to what ultimately was the highest level in more than 40 years.

Persons: Dow, Dana Peterson, Stocks, Peterson Organizations: Conference Board, Treasury, Federal Reserve

☆ China's central bank chief set to hold press conference days after Fed rate cut
▼ + stars: | 2024-09-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

The relatively rare high-level press conference was scheduled after the U.S. Federal Reserve cut interest rates last week. That kicked off an easing cycle that theoretically gives China's central bank further room to cut its rates and boost growth in the face of deflationary pressure. Pan became PBOC governor in July 2023. He then told reporters in March, alongside China's annual parliamentary meeting, there was room to cut the RRR further. China's government system also means that policy is set at a far higher level than that of the financial regulators speaking Tuesday.

Persons: Pan Gongsheng, Gongsheng, Pan Organizations: People's Bank of China, BEIJING — People's Bank of China Gov, U.S . Federal Reserve Locations: Shanghai, China, BEIJING

☆ Fed Governor Bowman explains dissent on rate vote, says she's worried about inflation
▼ + stars: | 2024-09-24 | by ( Jeff Cox | ) www.cnbc.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's auto stocks rise unfazed by U.S. proposal to ban Chinese car parts
▼ + stars: | 2024-09-24 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Rows of new energy vehicles are parked at Changan Automobile's vehicle distribution center in Chongqing, China, on January 14, 2024. Shares of Chinese automakers climbed Tuesday, shrugging off a U.S. government proposal to ban certain types of vehicles equipped with car parts from China and Russia, amid a broad rally after Beijing announced policy easing. The Joe Biden administration has cited national security risks for its latest measure aimed at curbing Chinese auto industry's influence and reach in the U.S."Cars today have cameras, microphones, GPS tracking, and other technologies connected to the internet. U.S. proposal to ban Chinese auto parts may not have a direct negative impact on the Chinese auto industry as the sales volume of Chinese auto exports to the U.S. markets are "very small" and limited, Wu said. Additionally, Chinese parts companies have already set up factories in South America, which can be exported directly to U.S. markets under the U.S.-Mexico Tariff Agreement, he added.

Persons: shrugging, Li, Nio, Leapmotor, Joe Biden, Gina Raimondo, Ivan Wu, Pan Gongsheng, Wu Organizations: Beijing, Guotai, People's Bank of China Gov, U.S, China Automobile Dealers Association Locations: Chongqing, China, U.S, Russia, Hong Kong, South America, Mexico

☆ China just released aggressive measures to boost its economy — but some analysts say it's still not enough
▼ + stars: | 2024-09-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

"Today's policy measures are bold by historical standards," Betty Wang, the lead economist at Oxford Economics, wrote in a note on Tuesday. Stimulus measures don't address consumptionDespite the fanfare, analysts are divided over whether the moves that ease monetary policy constitute a massive "bazooka" stimulus. AdvertisementMost say the monetary easing policies don't address the lack of confidence contributing to depressed consumer spending. China has pulled out multiple support measures this year to shore up its economy and stock markets, but any kneejerk optimism has been shortlived. Advertisement"Overall, we feel today's measures are a step in the right direction, especially as multiple measures have been announced together rather than spacing out individual piecemeal measures to a more limited effect," Lynn Song, the Greater China chief economist at ING bank, wrote on Tuesday.

Persons: —, Pan Gongsheng, Pan, Betty Wang, Wang, it's, Nomura, Lynn Song Organizations: Service, People's Bank of China, Business, Analysts, Oxford Economics, CSI, Nomura, ING Locations: Beijing, China, Greater China

Now that the Fed has cut rates, mortgage rates have generally held steady. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. Current 30-Year Mortgage RatesAverage 30-year mortgage rates have been holding steady at around 5.70%, according to Zillow data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. Now that the Fed has cut rates, mortgage rates may not drop further for the rest of the month.

Persons: you'll, Freddie Mac, it's, they've Organizations: Federal, Zillow, Fed Locations: Chevron

☆ Here’s how Trump says he’ll help US businesses through tariffs and taxes
▼ + stars: | 2024-09-24 | by ( Tami Luhby | Katie Lobosco | ) edition.cnn.com time to read: +9 min

Trump’s promised business tax cuts come alongside his suite of targeted tax relief for individuals, a list that continues to grow. Trump used tariffs, in part, to help boost American manufacturing. Reducing the corporate tax rateTrump has long wanted to reduce the corporate tax rate to below 21%. It will force owners of successful companies to sell their businesses to raise the cash to pay the tax, Trump said. Notably, the tax cut law temporarily created a special deduction for the owners of certain pass-through entities who pay business taxes on their individual tax returns.

Persons: Donald Trump, we’re, ” Trump, Trump, Kamala Harris, Joe Biden’s, Trump’s, ” John Murphy, Biden, ”, John Gimigliano, “, Harris, CNN’s Kate Sullivan Organizations: CNN, Trump, Democratic, Social Security, Republicans, Tax Foundation, China Business, Federal Reserve, US Chamber of Commerce, Economic, of New, KPMG Locations: Savannah , Georgia, America, Mexico, United States, American, of New York, Savannah

☆ Fact check: Walz makes false claims about Vance, Trump and Project 2025
▼ + stars: | 2024-09-24 | by ( Daniel Dale | ) edition.cnn.com time to read: +8 min

Two of Walz’s false claims are related to Project 2025, the Heritage Foundation think tank’s detailed right-wing blueprint for the next Republican administration. Project 2025 has been the subject of multiple false or misleading claims from Vice President Kamala Harris’ campaign this summer. Project 2025 does not propose to make people register with any federal agency when they get pregnant. Project 2025 is firmly anti-abortion; it proposes, among other things, to criminalize the mailing of abortion medication and devices. In fact, Vance made the comment before Project 2025 was even created.

Persons: Tim Walz, Sen, JD Vance, Ohio, Donald Trump ., Kamala Harris ’, Walz, Trump, “, ”, ” Walz, Roger Severino, ” –, Walz didn’t, –, Vance, Harris Organizations: Washington CNN, Minnesota Gov, Democratic, Republican, Heritage Foundation, Trump, for Disease Control, Prevention, CDC, Department of Health, Human Services, United States Agency, International Development’s, Gender, “, Women, USAID, ” CNN, Federal, Biden Locations: North Carolina, Wisconsin, Minnesota, Pennsylvania, Raleigh , North Carolina

Piper Sandler upgraded shares of Salesforce to overweight, with its new price target implying upside of more than 20%. Helfstein placed a $45 price target on shares, implying about 48% upside from Monday's close. Along with the downgrade, Low reduced the firm's oil price target to $75 from $80 a barrel. — Samantha Subin 6:02 a.m.: Jefferies downgrades Starbucks to underperform Jefferies is bracing for more troubles ahead for shares of Starbucks . SBUX mountain 2024-06-28 SBUX in Q3 — Samantha Subin 5:45 a.m.: Piper Sandler upgrades Salesforce Piper Sandler is turning more bullish on shares of Salesforce .

Persons: Piper Sandler, Lowe's, Oppenheimer, Jason Helfstein, Pinterest, Helfstein, — Samantha Subin, Jefferies, Keith Devas, Samantha Subin, Peter Low, underperform Jefferies, Andy Barish, Barish, they've, Salesforce Piper Sandler, Brent Bracelin, Bracelin, Brian Nagel, Nagel, it's, Fred Imbert Organizations: CNBC, Oppenheimer, Amazon, Google, Kenvue, Atlantic, Exxon Mobil, BP, Starbucks, U.S, Federal Reserve Locations: China, Salesforce, Monday's

The Chinese central bank's largest stimulus measures since Covid should provide the world's second-largest economy with a much-needed boost, which should help our portfolio companies doing business there. The Club has a broad range of companies with significant sales exposure to China, and some with none. Here's a look at the percentages in our 32 stock portfolio, as well as recent earnings call commentary, about the business climate and the potential in China. On the industrial side, DuPont has the most China exposure because of its electronics and water businesses. Eaton and Dover don't have nearly as much China exposure.

Persons: Donald Trump, Kamala Harris, Biden, Colette Kress, Tim Cook, Brian Niccol, Gamble, Andre Schulten, Peter Arduini, Lori Koch, Stanley Black, —, Jeff Marks, Jim Cramer's, Jim Cramer, Jim, Peng Organizations: People's Bank of China, Wall, Commodities, Republican, House, Democratic, Trump, Broadcom, Nvidia, AMD, Nvidia's, Apple, Starbucks, Investors, Huawei, Jefferies, Consumer, Procter, Barclays, GE Healthcare, GE, DuPont, Banking, Coterra Energy, Investing, Jim Cramer's Charitable, CNBC Locations: Asia, China, America, U.S, Eaton, Dover, People's Republic of China

☆ JPMorgan CEO Jamie Dimon warns 'geopolitics is getting worse'
▼ + stars: | 2024-09-24 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Jamie Dimon, Chairman and Chief Executive officer (CEO) of JPMorgan Chase & Co. (JPM) speaks to the Economic Club of New York in Manhattan in New York City, U.S., April 23, 2024. A year after Jamie Dimon named geopolitics as the world's biggest risk, JPMorgan Chase's CEO sounded the alarm again, warning that the state of global stability has gotten worse. During his visit to India, Dimon said in an exclusive interview with CNBC-TV18 released Tuesday: "My caution is all geopolitics, which may determine the state of the economy." "Geopolitics is getting worse, they are not getting better. The interview came almost a year after Dimon had called geopolitics, after Russia's invasion in Ukraine, the biggest risk that he sees facing the world, larger than high inflation or a U.S. recession.

Persons: Jamie Dimon, Dimon, Yemen's, I'm Organizations: JPMorgan Chase & Co, Economic, of New, JPMorgan, CNBC, TV18, ., Federal Reserve, Traders Locations: of New York, Manhattan, New York City, U.S, India, Red, Ukraine, Russia

☆ China bond yields hit record low after PBOC signals more easing
▼ + stars: | 2024-09-24 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

A man walks past the People's Bank of China (PBOC) building on July 20, 2023 in Beijing, China. (Photo by Jiang Qiming/China News Service/VCG via Getty ImagesChina bond yields fell to a record low after the People's Bank of China on Tuesday announced that it would cut the reserve requirement ratio for banks. Yield on China's 10-year government bonds fell 3.75 basis points to 2.043%, data from LSEG showed, marking a record low. 30-year bond yields also dropped to a record low of 2.168%. In recent months, insurance companies and institutional investors have flocked to China's bond market, partly due to limited investment opportunities available.

Persons: Jiang Qiming, Pan Gongsheng, Pan Organizations: People's Bank of China, China News Service, Getty Images, PBOC, U.S . Federal Reserve Locations: Beijing, China, Getty Images China, LSEG

☆ China's latest stimulus boosts emerging-market stocks to the highest level in 2 years
▼ + stars: | 2024-09-24 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

The boost comes shortly after China introduced a swath of new stimulus measures to prop up its sluggish economy and boost domestic demand. AdvertisementThe new stimulus measures also boosted China's CSI 300 of Shanghai- and Shenzhen-listed shares, with the index closing 4.3% higher on Tuesday in its best day in four years. And the Stoxx Europe 600 index climbed as much as 0.9%, led by luxury stocks amid hopes that sluggish Chinese consumer spending will rebound. Yet, some analysts remain wary that China's stimulus measures won't have drastic enough impacts to actually rescue the country from its economic woes. AdvertisementIn recent months, China's economy has struggled to escape weak consumer sentiment and continues to face a struggling property sector.

Persons: —, Yingrui Wang, Goldman Sachs Organizations: Service, Tencent Holdings, Alibaba, Holding, Business, CSI, US Federal Reserve, AXA Investment Locations: Hong Kong, China, Shanghai, Shenzhen, Europe

☆ Stock market today: New record highs as Nvidia surge offsets weak consumer sentiment
▼ + stars: | 2024-09-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

A weak consumer confidence reading caused indexes to briefly drop early morning. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Investors reacted with dismay after the latest consumer sentiment reading, with confidence among US consumers logging its largest one-month drop in more than three years. The Conference Board's consumer confidence index came in at 98.7 for September, well below consensus estimates of a 104 reading. Advertisement"It's never good to see consumer confidence fall this much.

Persons: —, Jamie Cox, Jensen Huang Organizations: Nvidia, Service, Harris Financial, Federal Locations: China

☆ Gold holds ground on dovish Fed-speak, Mideast concerns
▼ + stars: | 2024-09-24 | by ( ) www.cnbc.com time to read: +1 min

Gold prices steadied on Tuesday after surging to a record high in the previous session, following broadly dovish comments from U.S. Federal Reserve officials and escalating tensions in the Middle East. Bullion hit a record high of $2,635.29 on Monday. "Gold prices continue to be well-supported amid a series of dovish Fed rhetoric overnight," said IG market strategist Yeap Jun Rong. Chicago Fed Bank President Austan Goolsbee said there are "lots of cuts" to come over the next 12 months, while Fed President Neel Kashkari noted that the actual path would depend on incoming data. "Tensions in the region will likely be kept high for longer, which could see gold prices retain its bullish bias."

Persons: Yeap Jun Rong, Austan Goolsbee, Neel Kashkari Organizations: U.S . Federal Reserve, Chicago Fed Bank, Hezbollah Locations: U.S, ., Israel, Lebanon

☆ Stocks and bonds are at odds on what happens next after Fed rate cut
▼ + stars: | 2024-09-24 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

For the third quarter, the S & P 500 has popped 4.7%, while the Dow is higher by 7.7%. "The bond market has the fed funds rate being cut below 3% in 2025," Johnston, the firm's head of derivatives and cross asset strategy, wrote in a note Monday. On Monday, S & P Global said its U.S. manufacturing purchasing managers' index fell to a 15-month low in September — while its services sector gauge showed expansion. He likes put spreads on the SPDR S & P 500 ETF Trust (SPY) expiring Oct. 31. If history is any guide, it'll most likely be the bond market.

Persons: Cantor Fitzgerald's Eric Johnston, Johnston Organizations: Dow Jones, Federal Reserve, Dow, P Global, Trust Locations: —

☆ Americans are drowning in credit card debt. Trump’s proposed cap on interest rates probably won’t help
▼ + stars: | 2024-09-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

At $1.14 trillion, Americans’ credit card debt is at a record high, according to data from the Federal Reserve Bank of New York. “While working Americans catch up, we’re going to put a temporary cap on credit card interest rates,” Trump said at a rally last week. You may not be able to count on your credit card for purchasesThe average American has racked up $6,500 in credit card debt, according to Experian data from the third quarter of last year. The reason: Interest rates are how credit card companies manage the risk that a customer won’t pay their credit card bill on time. Your favorite credit card rewards could be jeopardizedEven if you don’t currently have any credit card debt and have a top-tier credit score, you could be left worse off from a 10% credit card fee cap.

Persons: New York CNN —, Donald Trump’s, ” Trump, Republican Sen, Josh Hawley, Sen, Bernie Sanders, Alexandria Ocasio, Matt Schulz, “, Schulz, Karoline Leavitt, ” Leavitt, Banks, Joe Biden’s, ” Schulz, ” Organizations: New, New York CNN, Federal Reserve Bank of New, Republican, CNN, Trump Locations: New York, Federal Reserve Bank of New York, Congress, Alexandria, Cortez

☆ More than 400 economists, former White House advisors endorse Harris, warn against Trump policy agenda
▼ + stars: | 2024-09-24 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Democratic presidential nominee and Vice President Kamala Harris speaks to members of the media upon her arrival at Joint Base Andrews in Maryland on Sept. 22, 2024. More than 400 economists and former White House policy advisors announced their support for Vice President Kamala Harris over former President Donald Trump in an open letter Tuesday. "It is a choice between inequity, economic injustice, and uncertainty with Donald Trump or prosperity, opportunity, and stability with Kamala Harris." Some on the list, such as Biden's former National Economic Council Director Brian Deese, have already been advising the Harris campaign behind closed doors. Sean O'Keefe was deputy director of the Office of Management and Budget in former President George W. Bush's White House.

Persons: Kamala Harris, Donald Trump, Joe Biden, Barack Obama, Bill Clinton, Jason Furman, Roger Altman, Clinton, Penny Pritzker, Obama, Alan Blinder, Brian Deese, Harris, Sean O'Keefe, George W, Bush's, Phillip Braun, Ronald Reagan's Organizations: Democratic, Base Andrews, White, Republicans, Harvard, of Economic, Obama, Federal Reserve, Federal Trade Commission, Consumer Financial, Bureau, CNN, Economic, Republican, Management, Economic Advisers Locations: Maryland, U.S

☆ Mortgage rates dip, giving U.S. homebuyers over $200,000 in additional spending power in some U.S. cities
▼ + stars: | 2024-09-24 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

U.S. home buyers are gaining tens of thousands in purchasing power as mortgage rates drop. The findings are based on the monthly payment for a median-priced home in the U.S., a 20% down payment and a 6.2% mortgage rate. The analysis applied the same method to each of the 100 largest cities, calculating how much extra buying power homebuyers have in each local market compared with last year. Here are the 15 metro areas where buying power has increased the most based on 6.2% and 6% mortgage rates. Buying power is how much more home a buyer in each market can afford compared with October 2023.

Organizations: Federal Reserve Locations: U.S, Jose , California

☆ Why Nvidia stock is surging, and the lesson to be learned from Home Depot's rally
▼ + stars: | 2024-09-24 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.

Persons: Jim Cramer, we've, Jensen Huang, Huang, Oppenheimer, –, We've, Cintas, Jim Cramer's, Jim Organizations: CNBC, China, Tech, Nvidia, Devices, Broadcom, Jim Cramer's Charitable

☆ How stocks can roar by 10% into year-end, Citi US equity-trading head says
▼ + stars: | 2024-09-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The stock market could jump as much as 10% by the year-end, Citi's stock-trading strategy head said. He said the economy only needs to avoid a recession, which will ultimately depend on the labor market. And that is now a plausible scenario," the firm's head of US equity-trading strategy told Bloomberg TV on Tuesday. If this is achieved, stocks can surge another 5% to 10% by the end of this year, Kaiser said. But though the Fed emphasized that it was not forecasting a looming downturn during its latest policy meeting, it all hinges on incoming labor market data, he noted.

Persons: Stuart Kaiser, —, Citi's Stuart Kaiser, Kaiser, Morgan Stanley Organizations: Bloomberg, Service, Federal Reserve

☆ Fed's jumbo interest rate cut puts the U.S. on track for a soft landing, Goldman CFO says
▼ + stars: | 2024-09-24 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

The Federal Reserve's move to lower interest rates by 50 basis points puts the U.S. economy on track for a soft landing, according to Goldman Sachs ' chief financial officer. His comments come as market participants question whether the U.S. central bank's jumbo rate cut has been delivered in time to bring down inflation without pushing the economy into recession. Some analysts have raised concerns about the outlook for the U.S. economy, warning that similar supersized rate cuts couldn't avert the recessions of the early 2000s and the global financial crisis. One basis point equals 0.01%. It was the first time the FOMC had cut by that much since the early days of the coronavirus pandemic, and, before that, the global financial crisis in 2008.

Persons: Goldman Sachs Locations: U.S

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