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☆ CEOs of big US companies are souring on hybrid work
▼ + stars: | 2024-09-18 | by ( Tim Paradis | ) www.businessinsider.com time to read: +7 min

Read previewThe bosses of big US companies are over hybrid work. Adding to the anti-remote vibes: a new snapshot of CEO sentiment that shows Jassy isn't alone in saying "so long, hybrid." About one in three CEOs said retirements and a lack of skilled replacements would have a big effect on their company. Only 54% of CEOs reported that their companies were "well-prepared" for a cyber attack. "The people that have generative AI and AI skills are going to have a big advantage in the marketplace over those that don't," he said.

Persons: —, Andy Jassy, Jassy isn't, Paul Knopp, Amazon's, Knopp, there's, I'm, Nicholas Bloom, Bloom, Z, GenAI, what's Organizations: Service, Amazon, KPMG US, Business, IRL, Stanford, BI, GenAI Locations: upskilling

And yet an unusual air of uncertainty overhangs this week's meeting: It’s unclear just how large the Fed’s rate cut will be. Wall Street traders and some economists foresee a growing likelihood that the central bank will announce a larger-than-usual half-point cut. Many analysts foresee a more typical quarter-point rate cut. This week's move is expected to be only the first in a series of Fed rate cuts that will extend into 2025. Over time, Fed rate cuts should lower borrowing costs for mortgages, auto loans and credit cards, as well as for business loans.

Persons: Donald Trump's, Kamala Harris, Jerome Powell, —, Powell, Jackson, Freddie Mac Organizations: WASHINGTON, —, Federal Reserve, Wall Street, Companies, Associated Press Locations: Jackson Hole , Wyoming

☆ An aggressive Fed move is unlikely to spur a surprise Bank of England rate cut
▼ + stars: | 2024-09-18 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Commuters outside the Bank of England (BOE) in the City of London, UK, on Monday, Sept. 16, 2024. The central bank's Monetary Policy Committee's interest rate decision is scheduled for release on Sept. 19. Either way, this would be Fed's first rate cut in the current cycle. Meanwhile, money market pricing for a BOE cut at Thursday's September meeting dipped from 35% late Tuesday to 26% Wednesday morning, still slightly higher than it was last week. The move came after U.K. inflation came in at 2.2% for August, steady on July and in-line with expectations — thus backing the need for a little more caution in Threadneedle Street.

Persons: BOE, —, Sanjay Raja, Raja, George Lazarias, Mazars, they're, Lazarias Organizations: Bank of England, City of, Bloomberg, Getty, Federal Reserve, CNBC, Deutsche Bank, Monetary, MPC Locations: City, City of London, China

☆ Charts suggest traders should wait before they keep chasing utilities — the hottest trade of the year
▼ + stars: | 2024-09-18 | by ( Frank Cappelleri | ) www.cnbc.com time to read: +5 min

Traders instantly react to the data (sometimes wildly so), especially when the actual numbers are distinctly different than estimates. Thus, historically, XLU has been correlated with the direction of treasury bonds (which move in the opposite direction of bond yields). Here's a chart with XLU and the TLT 20+ Year Treasury Bond ETF, which we're using since it's the most widely traded treasury bond ETF. From 2022 through 2023, XLU and TLT moved in the same direction more often than not. Another reason is simply that investors are aggressively seeking yield producing instruments, with the understanding that bond yields were destined to fall.

Persons: XLU, That's, TLT, We're Organizations: Federal Reserve, PPI, Utilities, Treasury Bond ETF, Bollinger, CNBC, NBC UNIVERSAL Locations: XLU

☆ A shooting near my son's daycare center prompted us to move from California to Japan. I feel safer here.
▼ + stars: | 2024-09-18 | by ( Erin Liam | ) www.businessinsider.com time to read: +6 min

A shooting near my son's school in Los Angeles escalated our plans. In 2019, when my son was 2, a shooting took place at a shopping mall near his daycare center. In Japan, my son attends an international school because he's not yet fluent in Japanese. I knew people working two or three jobs, and they drove fast to get from place to place and fill their time with activities. We plan to stay in Japan until my kids finish high school, as I want them to have a stable community during their school-age years.

Persons: —, Genie Doi, he's, Doi, I'm, We'll, We've, I've Organizations: Service, Business, CIA Locations: American, Osaka, Japan, Los Angeles, In California, LA, Japanese, Korean, Hawaii, California, Hong Kong, China, South Korea

☆ I lived and traveled abroad for 7 months using credit-card points. My stash of miles meant I barely had to pay anything out of pocket.
▼ + stars: | 2024-09-18 | by ( Anny Caba | ) www.businessinsider.com time to read: +5 min

Read previewThe idea to move from New Jersey to Buenos Aires came to me one afternoon while watching the Diego Maradona (famed Argentine soccer player) biopic series on Amazon Prime. Within a year, I had enough to book a one-way United flight to Buenos Aires for 33,000 miles (plus $5 in taxes). AdvertisementMy points took me all around Argentina — and into other South American countriesMy home base for the next seven months was Buenos Aires in Argentina. One of the highlights of my seven months abroad was celebrating Argentina's World Cup win at the Obelisco Buenos Aires and chanting the national song alongside 5 million local fans. They don't pay for everything, but they make massive undertakings (like moving abroad for seven months) more seamless than ever before.

Persons: —, Diego Maradona, Anny, I've, El, São Paulo, Anny Caba, Mendoza Organizations: Service, Amazon Prime, Business, Venture, United Airlines, Argentina — Locations: New Jersey, Buenos Aires, Argentine, Dominican, Argentina, South America, Brazil, Chile, Bariloche, Iguazu, Mendoza, Ushuaia, Rio de Janeiro, Dominican American Spanish, Anny

☆ Weekly mortgage demand surges 14% higher as interest rates hit two-year low
▼ + stars: | 2024-09-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates came down again last week, and with the expectation that they could fall further, mortgage demand suddenly jumped, especially for refinancing. The Federal Reserve is expected to make its first interest rate cut in four years on Wednesday, and while mortgage rates don't follow the Fed exactly, they are influenced by policy. "The most important takeaway is that lower mortgage rates are not only not remotely guaranteed by [the] Fed rate cut. Even with this large jump in volume, it is coming off a very low base, as the vast majority of borrowers have loans with interest rates well below 5%. "Homebuyers are seeing improving affordability conditions, sparked by lower rates and slower home-price growth."

Persons: Jerome Powell's, They're, Matthew Graham, Joel Kan, Kan Organizations: Federal, Mortgage News, Mortgage, Labor, Fed, Association

☆ Meet the ex-Googler joining Goldman Sachs to build tech and optimize its investment banking and trading business
▼ + stars: | 2024-09-18 | by ( Bianca Chan | ) www.businessinsider.com time to read: +8 min

As the incoming global head of technology engineering for Goldman Sachs' global banking and markets division, the ex-Googler will run the engineering team for Goldman's investment banking and sales and trading units. And lots of different challenges in the space given how much is being invested in this particular business," Goldman told Business Insider, referring to efforts to build systems that can handle the firm's anticipated growth in a compliant and resilient way. Goldman Sachs' core business of advising companies through mergers, acquisitions, and raising capital, has come under the spotlight recently as investment-banking activity continues to be slow. AdvertisementWith an anticipated decline in trading volumes across Wall Street, Goldman's sales and trading business will continue to lean on technology to win market share among institutional investors. During her first stint at Goldman, she managed various tech teams and was named managing director in 2008.

Persons: Melissa Goldman, Goldman Sachs, Goldman, she's, couldn't, You've, I'm, I've Organizations: Service, Goldman, Google, JPMorgan, Wall, Big, Bank of America Locations: Wall, Bermuda, Big Tech

☆ Meet the ex-Googler joining Goldman Sachs to build tech and cut costs for its investment banking and trading business
▼ + stars: | 2024-09-18 | by ( Bianca Chan | ) www.businessinsider.com time to read: +8 min

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

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

☆ Fed to cut rates by a quarter point with a soft landing expected, according to CNBC Fed Survey
▼ + stars: | 2024-09-17 | by ( Steve Liesman | ) www.cnbc.com time to read: +3 min

The survey shows 84% of the 27 respondents, including economists, fund managers and strategists, see the Fed cutting by a quarter percentage point, with 16% seeing a half-point decrease. That compares with 65% probability of a half-point cut now priced into fed futures markets. "That forecast is more in line with a hard landing than a soft landing." (One basis point equals 0.01%)Soft landing expectedThe major difference could be that survey respondents appear less worried about the economy overall than futures markets, and more convinced the Fed has time to enact gradual rate cuts. Seventy-four percent said the September rate cut comes in time to preserve a soft landing, with just 15% saying it's too late.

Persons: Jerome Powell, Andrew Harnik, John Donaldson, Barry Knapp, it's, Michael Englund, Guy LeBas, Janney Montgomery Scott Organizations: Federal Reserve, CNBC Fed Survey, CNBC, Haverford Trust Co, Ironsides, Fed

☆ In a first for $21 billion Balyasny, a star PM will start building his own internal equities unit this month
▼ + stars: | 2024-09-17 | by ( Alex Morrell | ) www.businessinsider.com time to read: +7 min

This month, he'll start building a long-short equity division called Longaeva Partners inside Balyasny and exclusively managing the multistrategy hedge fund's capital, according to people familiar with the matter. "He was very coachable and progressed at a much faster rate than a lot of other, newer portfolio managers," Boyle said. "Peter was good at keeping his emotions out of his portfolio," Boyle said. At Balyasny, Goodwin will effectively have his own unit, though he'll be under the flagship Atlas Enhanced umbrella and operate on BAM's platform, including access to its technology, risk management, hiring, and human resources capabilities. The allure of such a setup is more time to spend on investing, which Longaeva will do exclusively with Balyasny money for now.

Persons: —, Peter Goodwin, Dmitry Balyasny's, Jeff Runnfeldt, Gustav Rydbeck, Goodwin, he'll, it's, they've, Point72, Point72 Goodwin, Peter, Korn, Scott Goodwin, Shaw, Perry Boyle, Boyle, delegating, he's Organizations: Service, Management, Business, Longaeva Partners, Millennium Management, Korn Ferry, JPMorgan, Lehman Brothers, Ziff Capital Locations: D.E

☆ Gold's rally to records shows no signs of slowing
▼ + stars: | 2024-09-17 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Gold prices just won't stop rising. Year to date, gold is up nearly 26% — outpacing the S & P 500's 18% gain. Since ETF holdings only increase gradually as the Fed cuts, this upside is not yet fully priced in." Investors seeking exposure to gold can obtain it through exchange traded funds, such as the SPDR Gold Shares ETF (GLD) . The fund, which tracks gold prices and charges 0.4% in fees, is up nearly 25% in 2024.

Persons: Goldman Sachs, Lina Thomas, Thomas, Christopher Danely Organizations: Reserve, Goldman, Miners, Gold Miners, Citigroup, Micron Technology

☆ Snap CEO Evan Spiegel: We're on pace for record annual revenue this year
▼ + stars: | 2024-09-17 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSnap CEO Evan Spiegel: We're on pace for record annual revenue this yearCNBC’s Julia Boorstin with Snap CEO Evan Spiegel, join 'Power Lunch' to discuss it's new product AR glasses, the company's stock plunge, new ad format and more.

Persons: Evan Spiegel, We're, Julia Boorstin

☆ Trump pivots from second apparent assassination attempt to more incendiary claims
▼ + stars: | 2024-09-17 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

CNN —Ex-President Donald Trump responded to a second apparent assassination attempt that he blames on incendiary political rhetoric by inflaming the situation even more. He accused President Joe Biden and Vice President Kamala Harris of inviting assassins to target him when they warn that he is a threat to democracy. But Trump’s claims that Biden and Harris bear direct culpability underscore the extreme nature of his own political instincts. Biden and Trump had a telephone conversation, and the president conveyed his relief that his erstwhile rival was safe. And when he refused to concede that he lost the 2020 election, Trump called supporters to Washington, DC, and told them to “fight like hell” or they wouldn’t have a country anymore.

Persons: CNN —, Donald Trump, Trump, Washington Examiner’s Salena Zito, Joe Biden, Kamala Harris, “, Biden, Harris, ” Trump, ”, Vance, Harris Trump’s, ” Ohio Sen, JD Vance, Tim Pawlenty, CNN’s Erin Burnett, Ryan Wesley Routh, Vance wouldn’t, Biden’s, MAGA, Daniel Goldman, Goldman, Debbie Dingell, he’ll, — Elon Musk, Kamala, ” Musk, Anthony Fauci, CNN’s Kaitlan Collins, Marjorie Taylor Greene, ” Fauci, Mike DeWine, ” Vance, It’s, he’s Organizations: CNN, Washington, Service, Fox News Digital, Democratic, White, ”, Republican, Former Minnesota Gov, Justice Department, Trump, Biden, New York Rep, White House, Michigan Democratic, Georgia Rep, Media, Republican Gov, Wittenberg University, “, Union Locations: Florida, ” Ohio, Springfield , Ohio, Ukraine, Russia, United States, Virginia, Washington, Trump, Springfield, “ State

☆ Stock market setting itself up for disappointment as it hits all-time high ahead of the Fed
▼ + stars: | 2024-09-17 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Last week, markets expected a quarter-point rate cut and were just happy that the Fed was starting the cutting cycle. .SPX YTD mountain S & P 500, YTD And fed funds futures now point a majority of traders seeing a half point cut. Even though most Fed officials and economists believe the central bank would start with a quarter point. But now we've gone from that fear to expecting a half point. On the other hand, the JPMorgan traders think that a cut of a quarter point would "add to market uncertainty," meaning that we probably shouldn't expect the market to keep building on its all-time highs with a quarter point.

Persons: wouldn't, Michael Feroli, CNBC's Organizations: Federal Reserve, Dow Jones, JPMorgan

☆ Elizabeth Warren calls for emergency-like Fed rate cut ASAP
▼ + stars: | 2024-09-17 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —The American economy appears to be just hours away from a major milestone: The first interest rate cut from the Federal Reserve since Covid. Yet there remains an unusual amount of drama over the magnitude of that rate cut, with some in Washington calling for a supersized move. Massachusetts Democratic Sen. Elizabeth Warren wants the Fed to slash interest rates at a pace rarely seen outside of a full-blown crisis. “It is clearly the time for the Fed to cut rates. For instance, in early 2008 the Fed slashed interest rates by three-quarters of a point or more on three occasions.

Persons: Massachusetts Democratic Sen, Elizabeth Warren, Jerome Powell, Warren, “, ” Warren, Sheldon Whitehouse, John Hickenlooper, Powell, Bill Dudley, “ dawdling, Dudley, ” Dudley, panicking, David Kelly, ” Kelly, ” Organizations: New, New York CNN, Federal Reserve, Massachusetts Democratic, Sens, Wall, Fed, Federal Reserve Bank of New, CNN, Democrats, Asset Management Locations: New York, Washington, Massachusetts, Federal Reserve Bank of New York

UVALDE, Texas — Relatives and friends of the victims of the Uvalde school shooting shouted “Coward! Gonzales and former school district police chief Pete Arredondo had been in the courtroom a few minutes earlier for the hearing. A Justice Department report said it was possible some children might have been saved had officers gone into the classroom earlier. Gonzales’ attorney had stopped to talk to the media. Gonzales’ attorney told reporters that investigative reports on the shooting by the Justice Department and the Texas House did not suggest prosecuting his client.

Persons: “ Coward, Coward, ”, Adrian Gonzales, Gonzales, Pete Arredondo, Gonzales ’, Brett Cross, Uziyah Garcia, Arredondo, Cross, “, Uziyah, Cazares, Jesse Rizo, Rizo, ” Rizo, Torres ’, Ruben Torres, Christina Mitchell, Mitchell Organizations: Justice Department, Texas House, NBC News, Border Patrol, Judicial, Protection Locations: UVALDE, Texas, Uvalde’s, Arredondo

☆ Lamine Yamal scores twice in Barcelona win as Europe’s soccer powerhouses dominate the weekend
▼ + stars: | 2024-09-16 | by ( Ben Church | ) edition.cnn.com time to read: +4 min

Highlights included a remarkable performance from Barcelona’s wonderkid Lamine Yamal, another hat-trick from Bayern Munich striker Harry Kane and a goal for Real Madrid superstar Kylian Mbappé. Spain’s La LigaIf you hadn’t heard of Lamine Yamal before this year, then you definitely should have by now. The 17-year-old is arguably the most exciting emerging talent in world soccer and continued his brilliant form in Barcelona’s 4-1 win against Girona on Sunday. Germany’s BundesligaElsewhere in Europe, former Tottenham star Kane continued his impressive start to the new campaign with yet another hat-trick in a Bayern Munich shirt. Harry Kane scored another hat-trick for Bayern at the weekend.

Persons: Harry Kane, Kylian Mbappé, Lamine, –, Dani Olmo, Pedri, Olmo, Barça, Carlo Ancelotti’s, Ander Gillenea, Mbappé, Vinícius Jr, Kane, Jamal Musiala, Stuart Franklin, Giovanni Di Lorenzo, Khvicha, Romelu Lukaku, Alessandro Buongiorno, Antonio Conte’s, Emanuele Perrone, Erling Haaland, agonizingly, Defender Gabriel Organizations: CNN, Bayern Munich, Real Madrid, Liga, Girona, Sunday, La Liga, Real Sociedad, Getty, Madrid, Sociedad, Germany’s Bundesliga, Tottenham, Bayern, Holstein, Bundesliga, Borussia Dortmund, RB Leipzig, Reigning, Bayer Leverkusen, Cagliari, Serie A, Inter Milan, Juventus, Napoli, League In England, Manchester City, Brentford, Arsenal, North London Derby, Gunners, City Locations: Europe, Europe’s, La, Barcelona, Real Madrid, Real, AFP, Madrid, Bayern Munich, Holstein Kiel, Italy, Napoli, Manchester, Norwegian

☆ I'm a professor. I tell all my college freshmen these 6 tips so they have a successful first year.
▼ + stars: | 2024-09-16 | by ( Jaime Bedrin | ) www.businessinsider.com time to read: +5 min

Read previewI've taught or advised college students in New York and New Jersey for the last 15 years. Read the class syllabusTaking a moment to read the syllabus will help you get ahead as a student. Even a simple "Subject: Looking for clarification on class reading" would be helpful. Spend time in the libraryDespite having lots of reading to do for class, I recommend students read for fun, too. College is a time to experiment in all aspects of life; don't waste it by staying in your comfort zone.

Persons: —, it's, you've, she's Organizations: Service, Business Locations: New York, New Jersey

☆ Apple is no longer a 'growth engine' for investors, NYU's 'Dean of Valuation' says
▼ + stars: | 2024-09-16 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Apple is no longer the growth company it once was despite still being a great income generator, according to New York University's Aswath Damodaran. Apple shares slid Monday following reports of softer demand for the tech giant's new iPhone 16 model, after first-weekend orders for the phone unveiled just last week were shown to be down on a year-over-year basis. AAPL 1D mountain Apple The "Dean of Valuation" expects Apple to continue to face challenges in its services business as it struggles to keep pace with sales of iPhones. Still, the finance professor said Apple shares, which are higher by more than 12% this year, are reasonably priced. "So the services business, the ecosystem that they have, has to be dramatically large for it to make up for the iPhone," he said.

Persons: Damodaran, CNBC's Organizations: Apple, Apple Intelligence Locations: New York

☆ Reskilling and investing in communities are crucial during the AI revolution, IBM's chief impact officer says
▼ + stars: | 2024-09-16 | by ( Julia Hood | ) www.businessinsider.com time to read: +5 min

Justina Nixon-Saintil is IBM's chief impact officer and a member of BI's Workforce Innovation board. This article is part of "Workforce Innovation," a series exploring the forces shaping enterprise transformation. What is the connection to workforce innovation? We also make sure that we're investing in communities that are most vulnerable due to climate change and environmental threats. They're all thinking the same thing: How can we use new technologies to understand all communities better and have a greater impact?

Persons: Justina Nixon, —, Nixon, Saintil, I've, we've Organizations: Service, IBM, CSR Locations: Singapore

☆ Aussie stocks open higher as investors digest China economic data, await Fed rate verdict
▼ + stars: | 2024-09-16 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

Asian markets were set to open mixed Monday as investors digested the downbeat economic data from China released over the weekend, while several key markets were closed for holidays. Investors also await the Federal Reserve's policy meeting on Tuesday and Wednesday where the central bankers are expected to make their first interest rate cut since 2020. China released a slew of worrying economic data, with August factory output, retail sales and investment numbers missing expectations. Urban jobless rate rose to a six-month high while year-on-year home prices fell at the fastest pace in nine years. Reaction to China's disappointing economic data will be likely seen in the Hong Kong market.

Locations: China, South Korea, Japan, Hong Kong

☆ Gold prices at all-time highs as traders eye deeper U.S. rate cut
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: +2 min

Gold prices climbed to a two-week high on Thursday as U.S. Federal Reserve Chair Jerome Powell opened the door to cutting interest rates as early as September. Gold prices surged to record highs on Monday, driven by a softer dollar and expectations of a larger interest rate reduction by the U.S. Federal Reserve this week. Spot gold was up 0.5% at $2,588.29 per ounce, as of 0551 GMT, after hitting an all-time high of $2,589.23 earlier in the session. This would be Fed's first rate cut since 2020. Zero-yield bullion tends to be a preferred investment amid lower interest rates and geopolitical turmoil.

Persons: Jerome Powell, Tim Waterer, Donald Trump Organizations: Federal, U.S . Federal Reserve, KCM, Bank of England, Bank of Japan, Republican, FBI Locations: China, Japan, Indonesia, Malaysia, South Korea

☆ North Korea may be Russia's most dangerous ally, Ukraine spy chief says
▼ + stars: | 2024-09-16 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Read previewIn the wake of the Ukraine war, Russia has formed a close alliance with China, the world's second-biggest economy, and boosted trade ties with other major economies, such as India. AdvertisementFor decades, North Korea has been among the poorest and most isolated Asian countries, with the UN imposing severe sanctions to curtail its nuclear weapons program. However, the Ukraine war enabled North Korean leader Kim Jong Un to improve his situation, forming a valuable security pact with Russian President Vladimir Putin's Russia in June. AdvertisementIn return, Kim has secured new security pledges from Putin, alongside access to valuable Russian military technology. Ukraine is currently battling to hold back intensifying Russian attacks in Donetsk, east Ukraine, but has seized control of a swath of Russian territory in Kursk.

Persons: —, GUR, Kyrylo Budanov, Budanov, Kim Jong, Vladimir Putin's, Kim, Putin Organizations: Service, Business, Kyiv, Reuters, North, US Defense Intelligence Agency Locations: Ukraine, Russia, China, India, North Korea, Vladimir Putin's Russia, Korea, Iran, Donetsk, Kursk

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