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The Republican-controlled House of Representatives, however, planned to push along with its own partisan approach that was unlikely to win support in the Democratic-majority Senate. Even if enacted, the measures fund only a portion of the government and would not avert a shutdown. Senate Majority Leader Chuck Schumer, a Democrat, and Senate Republican Leader Mitch McConnell worked in tandem to win passage of a bipartisan short-term extension of federal funding at current levels. But he intends to attach tough border and immigration restrictions that are unlikely to win support from enough Democrats in the House or Senate to become law. The top Senate Republican pleaded with his House counterpart to embrace the Senate bill.

Persons: Chuck Schumer, Mitch McConnell, Kevin McCarthy, Joe Biden, McCarthy, Karine Jean, Pierre, Leah Millis, Donald Trump, McConnell, David Morgan, Richard Cowan, Makini Brice, Moira Warburton, Andy Sullivan, Scott Malone, Grant McCool, Chris Reese, Tom Hogue Organizations: U.S, Senate, Republicans, Republican, Democratic, Democrat, ., Capitol, REUTERS, Biden, Government, Trump, Social Security, Thomson Locations: Ukraine, Washington, U.S, Mexico

☆ JPMorgan doubles down on startup banking by scooping up SVB veterans. Here's the bank's plan to take advantage of the venture capital slump.
▼ + stars: | 2023-09-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

The March implosion of Silicon Valley Bank created a banking vacuum in the startup world. In 2019, the group poached four executives from SVB to work with venture capital funds and their portfolio companies. But these plans were accelerated by the collapse as customers fled to JPMorgan from SVB as well as First Republic, which JPMorgan now owns. First Republic also served emerging venture capital firms, an untapped client segment for JPMorgan's commercial bank. In some aspects, the breakdown of SVB strengthened JPMorgan's appeal to tech upstarts that had previously eschewed too-big-to-fail banks, Smith said.

Persons: John China, Melissa Smith, Smith, playbook, Jamie Dimon, SVB, Darya, fintech Organizations: Valley Bank, JPMorgan, SVB, West Coast, Bay Area, Silicon Valley Bank, Capital, fintech Aumni, Capital Connect Locations: Beijing, Frankfurt, London, Stockholm, Sydney, Tel Aviv, Zurich, San Francisco, New York, Silicon Valley, West, SVB, Republic, Israel, fundraises

☆ Jeffrey Epstein leaves small mark on Wall Street
▼ + stars: | 2023-09-27 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +4 min

U.S. financier Jeffrey Epstein appears in a photograph taken for the New York State Division of Criminal Justice Services' sex offender registry March 28, 2017 and obtained by Reuters July 10, 2019. Acquire Licensing RightsNEW YORK, Sept 27 (Reuters Breakingviews) - Wall Street is getting ready to move on from the Jeffrey Epstein saga. It ultimately has cost JPMorgan some $365 million in settlements, including Tuesday’s proposed resolution, while Deutsche is paying out $75 million. Some financiers linked to Epstein, who killed himself while in jail awaiting trial in 2019, also paid a price. He also reached a $63 million deal with the U.S. Virgin Islands to avoid any legal claims linked to the investigations.

Persons: Jeffrey Epstein, Epstein’s, Tuesday’s, Epstein, Billionaire Leon Black, Jes Staley, JPMorgan’s, Wall, Peter Thal Larsen, Sharon Lam Organizations: New York State Division, Criminal, Services, Reuters, REUTERS, Acquire, JPMorgan, United States Virgin, Deutsche Bank, Deutsche, Billionaire, Apollo Global Management, U.S . Virgin, Barclays, Thomson Locations: United, United States Virgin Islands

☆ Insider Today: Finance's next generation
▼ + stars: | 2023-09-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

This post originally appeared in the Insider Today newsletter. Tech: An Amazon exec told employees the tech giant's RTO plans could take up to three years. An Amazon exec told employees the tech giant's RTO plans could take up to three years. Insider is again highlighting some of the brightest young minds in finance with our annual list of Wall Street's rising stars. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: —, Harrison, Alyssa Powell, Michelle Abrego, Luna McKeon, Michael Dunn Goekjian, Anne, Victoire Auriault, Goldman Sachs, Jack Dillon didn't, Thom Browne, Dillon, Patrick McGoldrick, Pat, Liu Jie, That'll, Jeffrey Epstein, Jes Staley, Epstein, Bill Tompkins, Donald Trump, it's, Austin Harris, Chris Pizzello, Ron DeSantis, Mike Pence, Vivek Ramaswamy, Mark Zuckerberg, Lil Wayne, Avril Lavigne, Jenna Ortega, Gwyneth Paltrow, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Tech, Amazon, Jack Dillon didn't nab, Vista Equity Partners, New England Patriots, Morgan Asset Management, Getty, Verizon, JPMorgan, US Virgin Islands, SVP, Microsoft, FTC, Federal Trade Commission, AP, Fox Business, Florida Gov, Meta, Publishing Locations: Xinhua, Delta, Northern California, San Francisco, Florida, New York City, San Diego, London, New York

☆ Investors will be rewarded over the long term for buying these cheap bank stocks, Oppenheimer says
▼ + stars: | 2023-09-26 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Although bank stock investors are wading through a period of uncertainty and jittery sentiment, Oppenheimer has a positive outlook on certain stocks. Oppenheimer named several megabanks as winners of the recovering industry, recommending Citigroup , Goldman Sachs , Bank of America , Jefferies Financial , JPMorgan Chase , Morgan Stanley and U.S. Bancorp . These stocks are trading at a 47% relative P/E multiple on a forward basis and are "significantly undervalued," according to the firm. Jefferies and JPMorgan are the two gainers, trading higher by 12.7% and 8.5% this year, respectively. Oppenheimer on Tuesday trimmed its price target on Bank of America by $1 to $48 and maintained its outperform rating.

Persons: Oppenheimer, Chris Kotowski, Kotowski, Goldman Sachs, JPMorgan Chase, Morgan Stanley, JEF YTD, Goldman Organizations: Citigroup, Bank of America, Jefferies Financial, JPMorgan, U.S . Bancorp, Jefferies, of America

☆ Oil prices dip as high interest rate outlook outweighs tight supply
▼ + stars: | 2023-09-26 | by ( ) www.cnbc.com time to read: +1 min

Oil prices slipped in early trade on Tuesday amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight. The world's top economic policy makers, the U.S. Federal Reserve and the European Central Bank, have over the recent days reiterated their commitment to fight inflation, signalling tight policy may persist longer than previously anticipated. With China's Golden Week holiday starting from Sunday, oil prices could gain support from a pick-up in travel and resulting oil product demand from the world's second biggest oil consumer. We expect oil to trade above $90 per barrel during the week," ANZ Research said in a note. Oil prices have risen by around 30% since mid-year driven mostly by tighter supply, wiping off 0.5 percentage points from the global GDP growth in the second half of this year, according to JP Morgan.

Persons: Moody's, Fitch, JP Morgan Organizations: Brent, . West Texas, U.S . Federal Reserve, European Central Bank, ANZ Research Locations: U.S, Russia, Saudi Arabia, Moscow

JPMorgan said its $75 million settlement with the USVI includes $30 million to support charitable organizations, $25 million to strengthen law enforcement to combat human trafficking, and $20 million for attorney's fees. Epstein died in August 2019 in a Manhattan jail cell while awaiting trial for sex trafficking. INTERNAL WARNINGSIn July, USVI said it wanted JPMorgan to pay at least $190 million, including a $150 million civil fine, and possibly much more to resolve the lawsuit. Deutsche Bank (DBKGn.DE), where Epstein was a client from 2013 to 2018, in May reached a $75 million settlement with women who said Epstein sexually abused them. Staley has expressed regret for his friendship with Epstein and denied knowing about his sex trafficking.

Persons: Caitlin Ochs, JPMorgan Chase, Jes Staley, Jeffrey Epstein, Epstein, Staley, Ariel Smith, USVI, JPMorgan, Jamie Dimon, Dimon, Nupur Anand, Lananh Nguyen, Jonathan Stempel, Muralikumar Anantharaman, Daniel Wallis 私 Organizations: JPMorgan Chase Bank, REUTERS, JPMorgan, U.S . Virgin, Deutsche Bank, Barclays Locations: New York City, U.S, Manhattan, York, New York

☆ Democrats plan to track and corner Republican 2024 candidates on Trump
▼ + stars: | 2023-09-26 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +5 min

[1/3] Former U.S. President and Republican presidential candidate Donald Trump speaks during a 2024 presidential campaign rally in Dubuque, Iowa, U.S. September 20, 2023. Democrats are hoping to exploit what they see as a structural weakness for Republicans in battleground states in 2024: any Republican candidate who criticizes Trump risks losing the party's Trump-loving voter base. But they believe any Republican who doesn't condemn Trump risks losing more moderate Republicans and independent voters they need to beat a Democrat. Republican party officials say Democrats' time would be better spent worrying about their own presidential candidate Joe Biden's popularity. "The amount of damage Trump has done to the Republican Party in the suburbs is extraordinary.

Persons: Donald Trump, Scott Morgan, Representative Don Bacon, Donald Trump's, hadn't, Bacon, Joe Biden, Trump, party's, doesn't, Jennifer Holdsworth, Joe Biden's, It's, Emma Vaughn, Pat Dennis, Dennis, That's, Biden, Dave McCormick, Bob Casey Jr, McCormick, Dave, Jarrett Renshaw, Heather Timmons, Alistair Bell Organizations: U.S, Republican, REUTERS, Rights, Republican U.S, Representative, White, Democratic, Trump, Democrat, Republicans, Democrats, Reuters, Republican National Committee, Pennsylvania Democrats, Democratic Party, Republican Party, Pennsylvania, Thomson Locations: Dubuque , Iowa, U.S, Nebraska, Arizona, Afghanistan, North Carolina , Arizona, Pennsylvania

☆ I walked more than 100 miles in Kyoto. Here are 5 new places worth visiting
▼ + stars: | 2023-09-26 | by ( Morgan Awyong | ) www.cnbc.com time to read: +5 min

Source: Morgan AwyongCuriosity was my main motivation to visit O'Chill, which allows visitors the chance to drink — and smoke — tea. Phones are strictly forbidden in the zen-like ceremony room, where matcha is served in a traditional tea ceremony. Co-founder Kiruta Wataru explains that tea leaves remove the prejudice often associated with smoking, while the fired leaves act like incense. Source: Morgan AwyongThere's no shortage of matcha cafes in Kyoto, but no one does it quite like Gokago. Source: Morgan AwyongTraditional restaurants are everywhere in Kyoto, but Kaji Kyoto isn't one of them.

Persons: dori —, O'Chill, Morgan, Kiruta Wataru, Wataru, Daichi Isokawa, Rokuhichido, Morgan Awyong, Shota Yamada, Yamada, Gokago, Kazuaki Nakanishi, it's, Kaji Kyoto, Kaji, Keone Koki, Koki, It's, Ajiki Organizations: Mount Fuji, Nishiki, Kaji Locations: Kiyomizudera, Kyoto, O'Chill, Peruvian, Kaji Kyoto, Japan, Okinawa

A general view of the U.S. Capitol, where Congress will return Tuesday to deal with a series of spending bills before funding runs out and triggers a partial U.S. government shutdown, in Washington, U.S. September 25, 2023. Congress has shut down the government 14 times since 1981, though most of those funding gaps have lasted only a day or two. Despite the looming shutdown deadline, the House will turn its attention first to the four full-year bills, which even if they pass would not fund the full government or prevent a shutdown. Success is not guaranteed: Republican hardliners blocked action on spending bills last week and some have said they would try to do so again. But that could prompt Republican hardliners to act on their threat to depose McCarthy, plunging the chamber further into chaos.

Persons: Jonathan Ernst, Kevin McCarthy, Moody's, Joe Biden, McCarthy, Biden, McCarthy's, Ralph Norman, Donald Trump, David Morgan, Andy Sullivan, Moira Warburton, Trevor Hunnicutt, Scott Malone, Bill Berkrot Organizations: U.S . Capitol, REUTERS, Rights, U.S . House, Democratic, Republican, National, U.S . government's AAA, Republicans, Social Security, House Republicans, Sunday, Caucus, Senate, Thomson Locations: Washington , U.S, Washington, China, Congress, America

JPMorgan did not admit any wrongdoing in the settlement, which will give $55 million to Virgin Islands charities and the American territory's anti-trafficking efforts. The remaining $20 million will cover attorneys' fees incurred by the Virgin Islands as part of the litigation in federal court in New York. The Virgin Islands said the deal "includes several substantial commitments by JPMorgan Chase to identify, report, and cut off support for potential human trafficking, including establishing and implementing comprehensive policies and procedures." Virgin Islands Attorney General Ariel Smith said the agreement settles what was the first enforcement action against a bank for facilitating and profiting from human trafficking. The Virgin Islands previously obtained a $105 million settlement from Epstein's estate, and another $62.5 million from billionaire investor Leon Black to resolve potential claims related to Epstein.

Persons: JPMorgan Chase, Jeffrey Epstein, Ghislaine Maxwell, Rod Stewart, Cipriani, Joe Schildhorn, Patrick McMullan, Jes Staley, Epstein, Staley, Ariel Smith, Smith, Boies Schiller Flexner, Stephanie Keith, Leon Black, Jamie Dimon, Jed Rakoff, Virgin Organizations: JPMorgan, U.S . Virgin, Virgin Islands, Virgin, Barclays Plc, Bloomberg, Getty Images Bloomberg, Getty, Treasury Department Locations: New York, New York City, U.S, Manhattan, Virgin, Epstein's, Florida

Sept 26 (Reuters) - Shares of Immunovant (IMVT.O) surged nearly 80% on Tuesday, after early-stage data from its experimental antibody treatment exceeded analysts' expectations. Immunovant is developing its antibody drug, IMVT-1402, as an under-the-skin injection to potentially treat autoimmune diseases. Immunovant's experimental drug reduced the levels of IgG, or immunoglobulin antibodies, that cause inflammation and disease in healthy adults. Shares of Roivant Sciences (ROIV.O), Immunovant's largest shareholder with a 56.5% stake, according to LSEG data, also rose 17.5% to $12. The positive data from IMVT-1402 could give Roivant another "potentially blockbuster" candidate to transact, after its experimental treatment for bowel disease, Jefferies analyst Dennis Ding said.

Persons: J.P, Morgan, Brian Cheng, drugmakers Johnson, Johnson, Hytrulo, Immunovant, transact, Jefferies, Dennis Ding, Bhanvi, Krishna Chandra Organizations: UCB, Roivant Sciences, Thomson Locations: United States, York, IMVT, Bengaluru

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo Acquire Licensing RightsTOKYO/BEIJING, Sept 26 (Reuters) - Oil prices fell on Tuesday amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight. Higher interest rates slow economic growth, which curbs oil demand. With China's Golden Week holiday starting from Sunday, oil prices could gain support from a pick-up in travel and resulting oil product demand from the world's second biggest oil consumer. Oil prices have risen by around 30% since mid-year driven mostly by tighter supply, wiping off 0.5 percentage points from the global GDP growth in the second half of this year, according to JP Morgan.

Persons: Nick Oxford, Tina Teng, Moody's, Fitch, CMC's Teng, JP Morgan, Baden Moore, Katya Golubkova, Andrew Hayley, Sonali Paul Organizations: Midland , Texas U.S, REUTERS, Rights, Brent, U.S, West Texas, CMC Markets, U.S . Federal Reserve, European Central Bank, bbl, National Australia Bank, Thomson Locations: Midland , Texas, Rights TOKYO, BEIJING, Auckland, U.S, China, Russia, Saudi Arabia, Moscow, Tokyo, Beijing

☆ JPMorgan CEO Jamie Dimon warns the world isn’t ready for 7% interest rate
▼ + stars: | 2023-09-26 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —JPMorgan Chase CEO Jamie Dimon is raising the specter of the war on inflation getting worse before it gets better. The comments added to ongoing nervousness on Wall Street, which has been fueled in large part by concerns about the Fed keeping interest rates high for longer. Since early last year, the Fed has rapidly raised interest rates from near zero to just over 5%. If they are going to have lower volumes and higher rates, there will be stress in the system,” Dimon said. Last week, Fed officials released projections that pencil in just one more interest rate hike this year before rate cuts next year.

Persons: Jamie Dimon, Dimon, ” Dimon, Dow, “, Warren Buffett, ” Organizations: New, New York CNN, JPMorgan, Times, Federal, Nasdaq, Fed, First Republic Bank Locations: New York, India, Mumbai, Times of India

☆ Chile's Codelco to meet obligations as financials deteriorate -JPMorgan
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

The logo of Codelco, the world's largest copper producer, is seen at their headquarters in downtown Santiago, Chile March 29, 2018. REUTERS/Ivan Alvarado/File Photo Acquire Licensing RightsSANTIAGO, Sept 26 (Reuters) - Chile's Codelco, the world's largest copper producer, will meet its financial obligations despite headwinds from a series of operational problems and from high levels of debt and investments, JPMorgan said on Tuesday. Codelco's copper production fell in 2022 to its lowest level in 25 years, exacerbated in part by delays to key projects for extending the lives of its mines. The company cut its production estimate for this year to between 1.31 billion and 1.35 billion metric tons of the red metal. Earlier this month, Codelco's Chairman Maximo Pacheco told lawmakers that the company was "financially solid" and described CESCO's forecast as "nonsense."

Persons: Ivan Alvarado, Codelco, Ian Snyder, Maximo Pacheco, Natalia Ramos, Marguerita Choy Organizations: REUTERS, Rights, JPMorgan, Chile's, for Copper, Mining Studies, Thomson Locations: Santiago, Chile

☆ Exclusive: JPMorgan shuffles bosses as Rivas to retire as head of North American investment banking -memo
▼ + stars: | 2023-09-26 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +1 min

REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Sept 26 (Reuters) - JPMorgan Chase (JPM.N) reorganized the leadership in its investment bank, promoting a new head in North America to succeed Fernando Rivas, who plans to retire, according to a memo seen by Reuters. He will be replaced by Jay Horine, who is currently the global industry co-head for energy, power and renewables, metals and mining (EPRM), according to the memo. Horine will also continue to be the global industry co-head of EPRM. The bank also appointed several global heads for industry groups reporting to Jim Casey and Vis Raghavan, who jointly lead global investment banking, effective immediately. Chandarana was previously chief data and analytics officer for the corporate and investment bank.

Persons: JP Morgan Chase, Mike Segar, JPMorgan Chase, Fernando Rivas, Rivas, JPMorgan's, Jay Horine, Horine, Jim Casey, Vis Raghavan, Samik Chandarana, Chandarana, Nupur Anand, Lananh Nguyen, David Gregorio, Mark Porter Organizations: JP, Co, REUTERS, JPMorgan, Reuters, Bank, Thomson Locations: New York, North America

☆ The top economist at EY thinks the US economy faces a 'trifecta' of threats that could make Americans stop shopping and cause a slowdown
▼ + stars: | 2023-09-25 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

EY chief economist Gregory Daco thinks "consumers are becoming more conservative with their spending." Coming up is another headwind: the restart of federal student-loan payments. The different economic threats means consumer spending growth may not be so hot next year, as consumers are already reducing their spending. Other economists have pointed out how the upcoming student-loan payment restart will have an impact on the economy. Have you changed your spending habits or are you spending less on certain items given the restart of student-loan payments, fewer savings, and other factors?

Persons: Gregory Daco, Taylor Swift, it's, Daco, Torsten Sløk, NYU Stern, David Kelly Organizations: Service, Consumer, Bureau of Labor Statistics, BLS, NYU, Morgan Asset Management, AAA, CNBC Locations: Wall, Silicon, American, —, mhoff@insider.com

☆ Gas prices look like they'll get better — but not before getting worse first
▼ + stars: | 2023-09-24 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

But there are signs that both supply and demand will bring prices back down in the coming months. AAA reported this week that the average price for a gallon of gas in the US was $3.88. AdvertisementAdvertisementAn atypical spike in pricesThe increase in gas prices is unusual, as we typically see some relief after the summer surge as demand wanes. If true, the worries about the impact of rising gas prices on consumer spending and inflation are overblown. AdvertisementAdvertisementIn recent years, with oil prices closer to $70 a barrel, gas prices have typically been close to $3 a gallon.

Persons: Mohamed el, Saudi Arabia's, Mohamed Oun, there's, Jorge León, Mike Wirth, we've, hasn't, Wirth, Grace Smith, David Kelly, We're, Kelly, Citi's, Ed Morse Organizations: Service, AAA, Allianz, Saudi, Reuters, Rystad Energy, US Strategic Petroleum Reserve, Biden, Strategic Petroleum Reserve Energy Department, Strategic Petroleum Reserve, Chevron, Bloomberg, Denver, MediaNews, Getty, Morgan Asset Management, Citigroup, CNN Locations: Russia, Saudi Arabia, Wall, Silicon, California, Clearwater Beach, Tampa , Florida, Libya, Ukraine, Brazil, Canada, Venezuela, Guyana

☆ Tokenizing real-world assets on blockchains is for crypto lovers as well as crypto skeptics now
▼ + stars: | 2023-09-23 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Tokenizing real-world assets on a blockchain is one of the buzziest topics of the year, and this time it isn't just coming from financial incumbents like Citi, JPMorgan and Northern Trust, it's coming from crypto native players, too. As the world of crypto becomes more connected to the broader financial market, the appetite for tokenizing real-world assets, or RWA, is coming from smaller participants as well. Kraken Ventures' Stuti Pandey said since tokenization's last hype cycle, RWAs have benefited from changes in economics, technology and credibility. "Over the past few years, interest rates have been very depressed and that has favored very high growth, high risk assets," she said. Now that rates are down, it's actually these real-world assets that have interesting yield."

Persons: blockchains, RWA, Maria Shen, MakerDAO, Shen, That's, Stuti Pandey, it's Organizations: Citi, JPMorgan, Northern Trust, Electric Capital, CNBC, Kraken Ventures

☆ A 31-year market vet shares 2 signals that show a recession is still on the way — and warns the S&P 500 still has 48% downside as valuations remain near the richest levels in history
▼ + stars: | 2023-09-23 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

One is that the Institute for Supply Management's Purchasing Managers' Index continues to show signs of slowing economic growth. "Real GDI has never fallen three quarters in a row without the economy being in a recession," Wolfenbarger said. This partially informs his call for the S&P 500 to fall to around 2,250, which would represent 48% downside from current levels. When it comes to Wolfenbarger's 48% sell-off call, it's well outside the mainstream of where strategists see stocks going. With valuations high, a meaningful recession could make that three times, as Wolfenbarger is warning.

Persons: Jon Wolfenbarger, Merrill Lynch, Wolfenbarger, Costa, Louis, Warren Buffett Organizations: JPMorgan, Bull, Institute for Supply Management's, Crescat, Federal Reserve Bank of St, downturns . Federal Reserve Bank of St Locations: downturns .

☆ Japanese yen weakness may force BOJ tightening sooner than expected
▼ + stars: | 2023-09-22 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

watch nowThe Bank of Japan could be forced into hiking rates sooner than expected, if the Japanese yen weakens beyond 150 to the dollar. The BOJ stands as an outlier as major central banks have hiked rates aggressively to combat burgeoning inflation. Decades of accommodative monetary policy in Japan — even as other global central banks tightened policy in the last 12 months — have concentrated carry trades in the Japanese yen. The Japanese yen slipped about 0.4% to around 148.16 against the dollar on Friday after the BOJ kept its negative rates unchanged, after the yen tested its lowest in almost 10 months at 148.47 per dollar Thursday. While a weaker yen makes Japanese exports cheaper, it also makes imports more expensive, given that most major economies are struggling to contain stubbornly high inflation.

Persons: Bob Michele, Michele, Kazuo Ueda's, Ueda Organizations: Bank of Japan, U.S . Federal Reserve, Morgan Asset Management, CNBC, Afp, Getty, Yomiuri Shimbun Locations: Bank, Japan, Tokyo, Central

☆ Cash accounts are paying more than 5% in interest—but 'don't load up on it,' says money expert
▼ + stars: | 2023-09-22 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

With interest rates hovering near zero for much of the last decade, savers couldn't expect to earn much in interest when they stashed their money. Online banks are offering high-yield savings accounts paying interest in the neighborhood of 5%, according to Bankrate. High-yield savings accounts High-yield savings accounts and money market accounts are both insured, up to $250,000, by the Federal Deposit Insurance Corporation. Money market funds Money market funds are mutual funds that invest in short-term low-risk debt. There is a very small risk of losing money with these, and they generally pay attractive interest rates and can be quickly liquidated.

Persons: Cash, Amy Arnott, there's, they've, Arnott, Banks, Morgan, Charles Schwab Organizations: Federal Reserve, Morningstar Research Services, ., Federal Deposit Insurance Corporation, Vanguard

☆ JPMorgan adding India local govt bonds to index to trigger higher inflows
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +3 min

India's local bonds will be included in the Government Bond Index-Emerging Markets (GBI-EM) index and the index suite, benchmarked by about $236 billion in global funds according to JPMorgan. JPMorgan said 23 Indian Government Bonds (IGBs) with a combined notional value of $330 billion are eligible. "India's weight is expected to reach the maximum weight threshold of 10% in the GBI-EM Global Diversified (.JPMGBIEMGD), and approximately 8.7% in the GBI-EM Global index," said JPMorgan. Foreign investor buying in Indian bonds has remained tepid with net purchases of $3.4 billion so far in 2023. The Indian rupee rose 0.3% in offshore trade before local markets opened while traders expected local bond yields to fall sharply.

Persons: Thomas White, ”, Sanjeev Sanyal, Aftab Ahmed, Rodrigo Campos, Sarita Singh, Chris Reese, David Gregorio, Christian Organizations: REUTERS, JPMorgan, Government Bond, Global, Council, Securities, DBS, Thomson Locations: India, Egypt, New Delhi, New York

[1/2] U.S. House Speaker Kevin McCarthy speaks with reporters at the U.S. Capitol in Washington, U.S. September 20, 2023. The House of Representatives voted 216-212 against beginning debate on an $886 billion defense appropriations bill amid opposition from a small group of hardline conservative Republicans. As the vote failed, McCarthy told reporters that he will pursue the "same strategy I had from January: just keep working; never give up." Then a vote to open floor debate on the defense appropriations bill failed. It was not clear how much support the CR or the 2024 top line would draw from House Republicans.

Persons: Kevin McCarthy, Jonathan Ernst, Kevin McCarthy's, McCarthy, Joe Biden, Chuck Schumer, Keith Self, Donald Trump, Joe, brinkmanship, Fitch, Rosa DeLauro, Biden, David Morgan, Richard Cowan, Makini Brice, Scott Malone, Leslie Adler, Mark Porter, Timothy Gardner Organizations: ., U.S, Capitol, REUTERS, Rights, Republicans, Democratic, Senate, Republican, Self, TRUMP, Government, Trump, AAA, House Republicans, Thomson Locations: Washington , U.S

☆ Broadcom falls on report Google discussed dropping firm as AI chip supplier
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

The report said Google's deliberations follow a standoff between the company and Broadcom over the price of the TPU chips. Broadcom, Google and Marvell did not immediately respond to Reuters' requests for comment. Broadcom is seen as the second-biggest winner from the generative AI boom after Nvidia (NVDA.O). Google co-designs its AI chips with Broadcom and tech giant has already lined up the semiconductor firm for its sixth generation processor, the analysts said. That push has accelerated this year after prices surged for Nvidia's H100, the chip that powers most generative AI apps, to nearly double its original cost of $20,000.

Persons: Dado Ruvic, Marvell, Hock Tan, Morgan, Kanjyik Ghosh, Aditya Soni, Savio D'Souza, Nivedita Bhattacharjee, Krishna Chandra Organizations: Broadcom, REUTERS, Google, Microsoft, Marvell Technology, Nvidia, Meta, Nvidia's, Thomson Locations: J.P, Bengaluru

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