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☆ A major student-loan company is 'impeding' borrowers' debt cancellation and 'mishandling' their monthly bills, Elizabeth Warren says. She wants its CEO to face Congress.
▼ + stars: | 2024-03-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Read previewMassachusetts Sen. Elizabeth Warren has questions for the head of a major student-loan company — and she wants him to answer them in Congress next month. On Monday, Warren sent a letter to Scott Giles, the CEO of federal student-loan servicer MOHELA, inviting him to testify before the Senate banking committee on April 10. MOHELA was the first federal servicer to be punished by the Education Department for failing to fulfill its contractual obligations. "Your testimony will provide you with an opportunity to offer context on MOHELA's role as a student loan servicer at a time of significant transition for the federal student loan program," she added. Warren, along with other Democratic lawmakers, has previously scrutinized MOHELA's handling of student-loan borrowers' accounts.

Persons: —, Massachusetts Sen, Elizabeth Warren, Warren, Scott Giles, servicer MOHELA, MOHELA, servicer, Chuck Schumer, Sen, Bernie Sanders, PSLF, I'm Organizations: Service, Public, Business, Education Department, Democratic, Consumer Financial Protection Bureau Locations: Massachusetts, Nelnet

☆ JPMorgan's Dimon urges US Fed to wait past June before cutting rates
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: +2 min

(Photo by Win McNamee/Getty Images)JPMorgan CEO Jamie Dimon on Tuesday urged the Federal Reserve to wait past June before cutting interest rates, arguing the central bank needs to shore up its inflation-fighting credibility. If I were them, I would wait," Dimon said at the Australian Financial Review business summit via a livestream from New York. I would even wait past June and let it all sort it out." Long a critic of bitcoin, Dimon said a lot of the practical uses for the cryptocurrency were illegal activity like sex trafficking, fraud and terrorism. Dimon also weighed in on artificial intelligence and said JPMorgan had two thousand people working on 400 use cases for the technology at the bank.

Persons: Jamie Dimon, JPMorgan Chase, Win McNamee, Dimon, Long, bitcoin Organizations: JPMorgan, Wall, Federal Reserve, Australian Financial Locations: Hart, Washington ,, New York, U.S, Ukraine, Gaza

A man takes photos of a view showing residential and commercial buildings, from an observation deck beneath the YTN Seoul Tower, commonly known as the Namsan Tower, in Seoul on September 3, 2021. Asia-Pacific markets rose after comments from U.S. Federal Reserve Chair Jerome Powell hinted that interest rate cuts may not be too distant if inflation signals support policy easing. Speaking to the Senate Banking Committee, Powell didn't offer an exact timeline for rate cuts, but noted they would go down soon. "We're waiting to become more confident that inflation is moving sustainably at 2%. When we do get that confidence, and we're not far from it, it'll be appropriate to begin to dial back the level of restriction," Powell said in response to a question about rates and inflation.

Persons: Jerome Powell, Powell, we're Organizations: U.S . Federal, Senate Banking Locations: Seoul, Asia, Pacific, U.S

☆ CNBC Daily Open: U.S. CEOs now more optimistic about economy
▼ + stars: | 2024-03-08 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. SEA smartphone market boomingResearch showed Southeast Asia's smartphone market is booming so far this year, while China's remained weak. [PRO] Goldman Sachs upside picksGoldman Sachs highlighted the recent rally has pushed the share of market cap in stocks with "extremely high valuations" to levels seen during the "euphoria of 2021." The bank remains bullish and picked stocks with over 30% upside potential in 2024, based on its latest price targets.

Persons: Dow, Jerome Powell, Powell didn't, Joe Biden, Donald Trump, China's, Goldman Sachs Organizations: CNBC, Japan's Nikkei, CSI, Nasdaq, Investors, Senate Banking, Fed, Union, SEA, Research Locations: Asia

☆ Treasury yields little changed as investors fret over interest rate outlook
▼ + stars: | 2024-03-07 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury yield was up by just over one basis point to 4.1156%, The 2-year Treasury yield was last down by less than one basis point to 4.5555%. U.S. Treasury yields held steady on Thursday as investors considered the outlook for interest rates after fresh comments from Federal Reserve Chairman Jerome Powell. Powell on Wednesday reiterated that the central bank would be cautious and consider the risks when it comes to interest rate cuts. "The Committee does not expect that it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent." Elsewhere, the European Central Bank is due to announce its latest interest rate decision on Thursday.

Persons: Jerome Powell, Powell Organizations: U.S, Treasury, Federal, Financial Services Committee, Fed, Committee, Investors, European Central Bank

☆ 10-year Treasury yield inches higher as investors look to Powell testimony
▼ + stars: | 2024-03-06 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was up by over two basis points to 4.1623%. The 2-year Treasury was last less than one basis point higher to 4.5599%. U.S. Treasury yields on Wednesday were slightly higher as investors awaited testimony about monetary policy from Federal Reserve Chairman Jerome Powell and looked to fresh economic data. Investors on Wednesday will be following testimony from Fed Chairman Powell, who is set to speak before the House Financial Services Committee. Markets were last pricing in rate cuts to begin in June, according to CME Group's FedWatch tool.

Persons: Jerome Powell, Powell, payrolls Organizations: Treasury, U.S, Federal, Financial Services, Fed

☆ Watch Fed Chair Jerome Powell testify live on Capitol Hill before House panel
▼ + stars: | 2024-03-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Federal Reserve Chairman Jerome Powell appears Wednesday before the House Financial Services Committee as part of his congressionally mandated semiannual testimony on Capitol Hill. "We believe that our policy rate is likely at its peak for this tightening cycle. If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year," Powell said. Powell is likely to face a variety of questions during his two-day visit to Capitol Hill, which concludes Thursday before the Senate Banking Committee. Read more:Fed Chair Powell testifying to House on Wednesday.

Persons: Jerome Powell, Powell, Read, Fed's Waller Organizations: Federal, Financial, Capitol, Fed, CNBC, YouTube

☆ Stock futures are flat after major averages claw back some of this week's losses: Live updates
▼ + stars: | 2024-03-06 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Traders work on the floor at the New York Stock Exchange on Jan. 29, 2024. Futures tied to the Dow Jones Industrial Average dipped about 10 points, while S&P 500 futures and Nasdaq-100 futures were little changed. All major averages finished higher Wednesday following back-to-back losing sessions. Nine of the 11 major S&P sectors finished higher, led to the upside by utilities. Investors monitored the first of Fed Chair Powell's appearances on Capitol Hill this week for more insight on the path ahead for interest rate cuts.

Persons: Jerome Powell's, Powell, Adam Sarhan Organizations: New York Stock Exchange, Stock, Federal, Capitol Hill, Futures, Dow Jones, Nasdaq, Dow Jones Industrial, New York Community Bancorp, Apple, Investors, Fed, Capitol, Financial Services Committee, Investments, Broadcom, Costco Wholesale, Kroger Locations: New, February's

☆ European markets set for higher open ahead of UK budget statement
▼ + stars: | 2024-03-06 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are heading for a higher open Tuesday as investors in the U.K. prepare for the 2024 budget statement. The budget, which will be presented to the British Parliament by Chancellor Jeremy Hunt, outlines the government's plans for taxation and spending. They will be seeking more clarity on where the central bank stands on monetary policy and looking for clues on the pace and timing of anticipated interest rate cuts this year. The central bank leader will speak before the Senate Banking Committee on Thursday. Asia-Pacific markets were mixed Wednesday, with Hong Kong stocks leading gains in the region and up over 2%.

Persons: Chancellor Jeremy Hunt, Jerome Powell's Organizations: National Insurance, Nasdaq, Financial, CSI, Apple Locations: Asia, Pacific, Hong Kong, China

☆ Fed Chair Powell testifying to House on Wednesday. What investors are expecting
▼ + stars: | 2024-03-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Jerome Powell, chair of the Federal Reserve, during a House Financial Services Committee hearing in Washington, D.C., on June 21, 2023. The past several months have seen a changing dynamic between financial markets and the Fed over the pace and timing of expected interest rate cuts this year. Markets have had to adjust their collective view from a highly accommodative central bank to one that's more cautious and deliberate. Central to the question of how the Fed acts from here on out is its view on inflation and how Powell expresses that. Powell will have to synthesize the recent trends carefully as he speaks first to the House Financial Services Committee on Wednesday, then the Senate Banking Committee the day after.

Persons: Jerome Powell, Nathan Howard, Powell, Quincy Krosby, He's, it's, Joseph LaVorgna, Steven Ricchiuto, Sharp Organizations: Federal, Financial, Washington , D.C, Bloomberg, Getty, Capitol Hill, Fed, LPL, CME Group, Banking Committee, Nikko Securities, Big Tech, Mizuho Securities, Market Locations: Washington ,

☆ Nasdaq 100 futures rise after Tuesday's sell-off, investors await Powell's testimony: Live updates: Live updates
▼ + stars: | 2024-03-05 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 29, 2024. Futures linked to the Nasdaq 100 rose on Tuesday night, following a sharp sell-off for all three major averages. S&P 500 futures added 0.05%, and Dow Jones Industrial Average futures inched higher by 19 points, or 0.05%. Investors dumped large-cap tech names, fueling Tuesday's losses and notching the worst day since Jan. 2 for the tech sector. While the market will likely react to Powell's commentary, Hatfield thinks that his remarks should not come as a surprise to investors.

Persons: Nordstrom, Jay Hatfield, It's, Hatfield, it's Organizations: New York Stock Exchange, Nasdaq, Dow Jones Industrial, Dow, Investors, Apple, Counterpoint Research, Microsoft, Infrastructure Capital Advisors, Financial Services Committee Locations: New York City, U.S, China

☆ Woman Could Have Prevented Great Recession; Ignored by Wall Street Men
▼ + stars: | 2024-03-04 | by ( Josie Cox | ) www.businessinsider.com time to read: +21 min

The story of Brooksley Born is not only the tale of a remarkable regulator whose Cassandra-like warnings — if heeded — could've prevented the great financial crisis from exploding into raging, ruinous enormity. Not long after she assumed chairmanship of the CFTC, Born started to feel a lingering unease with the rapidly expanding derivatives market. So to Rubin, Born was more of an inconvenience than anything, and she certainly wasn't in his club. Not long after, Treasury officials lobbied Congress to pass legislation preventing the CFTC from being able to regulate the OTC derivatives market. In the months and years that followed, it became increasingly hard to deny that the multi-trillion-dollar OTC derivatives market was the root cause of the great financial crisis.

Persons: Lehman Brothers, jolting, — could've, It's, Potter Stewart, Henry Edgerton, Porter, she'd, Bill Clinton, Clinton, Janet Reno, Brooksley, Michael Greenberger, Born, Gibson, weren't, Robert Rubin, Goldman Sachs, Rubin, Michael Hirsh, Alan Greenspan, Greenspan, Ayn Rand, Hirsh ., Hirsh, Greenspan didn't, braggadocian machismo, lauding Rubin, Lawrence Summers, Arthur Levitt, Josie Cox, Levitt, Summers, Jim Leach, Richard Lugar, —, Bethany McLean, Joe Nocera, Bob Rubin, Born's Cassandra, George W, Bush, Lauren Rivera, Christine Lagarde, Lehman, ABRAMS Organizations: Stanford University, Stanford Law School, Stanford, Appeals, District of Columbia Circuit, Arnold, Futures Trading Commission, American, CFTC, Bankers Trust, Procter, Gamble, Sumitomo, Federal Reserve, Fed, Securities and Exchange Commission, Financial Markets, Abrams, Term Capital Management, Enron, SEC, Born, Northwestern's Kellogg School of Management, Financial, International Monetary Fund, Lehman Brothers, Reuters, Street, The Washington Post, Guardian, Abrams Press Locations: California, Vietnam, United States, Washington, America, ABRAMS , New York

☆ The US economy is so strong that there might not be any rate cuts in 2024
▼ + stars: | 2024-03-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

Now, some economists think the Fed won’t cut interest rates at all this year. “The Fed will not cut rates this year and rates are going to stay higher for longer,” he added. Richmond Federal Reserve President Tom Barkin echoed the idea that the central bank may not cut interest rates this year. In some ways, the expectations of interest rate cuts by the Fed undermined their efforts to actually cut the rates. Still, about half of investors are expecting an interest rate cut at the Fed’s June meeting, according to the CME FedWatch tool.

Persons: —, that’s, Jerome Powell, Torsten Slok, “, Tom Barkin, ” Barkin, “ I’m, ” Robert Frick, ”, Powell Organizations: New, New York CNN, Federal, Apollo Global Management, Richmond Federal, CNBC, Navy Federal Credit Union, CNN, Fed, National Federation of Independent, Investors, Financial Services, Senate Locations: New York, Richmond

Payment apps have come under scrutiny by lawmakers and regulators as their usage skyrockets. That ease of use has 80% of Americans using mobile payment apps, according to a recent survey by NerdWallet. Transaction volume across all payment app service providers in 2022 was estimated at about $893 billion, according to the Consumer Financial Protection Bureau. Lawmakers are also calling on payment app companies to clarify their reimbursement policy if consumers get scammed and to make it easier for users to report fraud. In the meantime, experts say that consumers need to understand how these apps work, the fees that may be charged and the risks involved in storing money in a mobile payment app.

Persons: Amy Zirkle, Sen, Sherrod Brown Organizations: Consumer Financial, Finance, Democratic, Capitol, Banking Locations: Ohio

☆ Dollar steady as traders weigh economic data, yen fragile
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: +4 min

The dollar was steady on Friday, on track for its fifth straight weekly gain, as investors take stock of economic data and firm expectations of the Federal Reserve cutting rates in June, while the yen traded at the psychologically key 150 per dollar level. But overall market expectations on the timing of the first Fed cut and magnitude of the cut will continue to drive volatility in FX markets." "We will likely soon contemplate the appropriate time for monetary policy to become less restrictive," Bostic said. Investor focus has been on comments from policymakers, with Federal Reserve Chair Jerome Powell due to give the Senate banking committee its biannual monetary policy update on March 7. The Australian dollar eased 0.20% to $0.651, while the New Zealand dollar is down 0.21% to $0.609.

Persons: Christopher Wong, Raphael Bostic, Bostic, Jerome Powell, pare, Kieran Williams, bitcoin Organizations: Federal Reserve, PPI, Federal Reserve Bank of Atlanta, Federal, Asia FX, InTouch, Markets, New Zealand Locations: Buenos Aires, Argentina, Singapore, U.S, Japan, Asia, Germany

☆ Why do people keep uninsured money in banks?
▼ + stars: | 2024-02-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Somehow, the same issue plaguing last year’s failed banks is back in focus at the latest bank in crisis: massive loads of uninsured deposits. To be sure, the risk isn’t anywhere close to that of the banks that failed last year: About 94% of domestic deposits at Silicon Valley Bank were uninsured and 90% of Signature Bank’s deposits were uninsured, according to the Federal Reserve. The money is guaranteed by the Federal Deposit Insurance Corporation, which is funded by fees paid by major US banks. About 40% of all money in the US, or $8 trillion, sitting in banks is uninsured, said Lawrence White, a professor at New York University’s Stern School of Business. “It also risks violating the FDIC’s statutory requirement to resolve failed banks and protect insured depositors in the least expensive way possible.”Sometimes, he said, rescuing those uninsured depositors may be the cheapest way to protect insured depositors at banks.

Persons: NYCB, Brian Snyder, James Lee, David Wessel, Lawrence White, University’s, Banks, Ting Shen, ”, Kori Suzuki, JPMorgan Chase, Michael Ohlrogge, Maxine Waters, Elizabeth Warren, “ Organizations: New, New York CNN, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Bank, Xinhua, Federal Deposit Insurance Corporation, FDIC, Reuters, Brookings Institution, International Monetary Fund, University’s Stern School of Business, US Treasury, Bloomberg, Getty, Securities and Exchange Commission, Valley Bank, Signature Bank, JPMorgan, Bank of America, Citigroup, First Republic Bank, New York University’s School of Law, Financial Services, Banking Committee, CBS, Bank Coalition of America Locations: New York, Silicon, United States, New, ”, Washington , DC, San Francisco , California, Sen

☆ The dollar is back. It’s not all good news
▼ + stars: | 2024-02-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The greenback is strengthening again after a bumpy 2023, as Wall Street accepts that interest rate cuts are coming later than previously expected. The US Dollar Index, which tracks the dollar against the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, is up 2.8% for the year as of Friday morning. “All of a sudden the interest rate differential kicks in — if that is slower than the Fed or faster,” said Krosby. Higher interest rates tend to garner more international capital to flow into a country, raising demand for the currency and thus its value. Still, Todd Jones, chief investment officer at Gratus Capital, says he expects the dollar to trend lower eventually as the Fed gets closer to cutting rates.

Persons: Jerome Powell, Christine Lagarde, Quincy Krosby, ”, Neel Kashkari, Todd Jones, Jones, Anna Cooban, Richard Meade, Janet Yellen, Alicia Wallace, Yellen, ” Yellen Organizations: CNN Business, Bell, New York CNN, Swiss, Canadian, Federal Reserve, European Central Bank, LPL, Treasury, Minneapolis, Gratus, Fed, Hamas, Lloyds, CNN, Banking Committee Locations: New York, Swedish, Iran, Suez, Asia, Europe

☆ One of Wall Street's favorite ways to control workers is under attack
▼ + stars: | 2024-02-08 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +9 min

One of Wall Street's favorite employee leverage tactics — non-compete agreements — is facing a major threat, and there could be far-reaching implications for how the financial industry does business. But it's also clear that Wall Street firms are under particular attention for the practice. With major Wall Street firms already having among the most unpopular back-to-work policies in the market, "Wall Street is already in a position where they are recognizing they don't have all the hands they had before," Chamberlin said. Shore recommends Wall Street firms undertake a thorough competitive analysis at every level in every department to ensure they are market competitive. Even if the FTC rule goes through, Wall Street firms still have options to protect their business.

Persons: Charles Scharf, Wells, Brian Thomas Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Ronald O’Hanley, Robin Vince, BNY Mellon, David Solomon, Goldman Sachs, James Gorman, Morgan Stanley, General Mills, —, Wall, it's, Kathy Hochul, that's, Covid, Laurie Chamberlin, Chamberlin, Lina Khan's, Khan, It's, David Fisher, Gilbert, Fisher, Juan A, Crowell, Arteaga, Paul Webster, Matt Shore, Kareem Bakr, Webster, Leslie John, Ballard Spahr, John Organizations: Company, Bank of America, JPMorgan, Citigroup, BNY, Google, Apple, Pfizer, Exxon Mobil, General Electric, Procter, Gamble, Nike, Economic, Institute, Federal Trade Commission, North America, American College of Emergency Physicians, Davis, FTC, Supreme, Industry, Moring, Wall, Phaidon International, Wall Street Locations: Wells Fargo, Hart, Washington ,, New York, . California, U.S, Gilbert . Massachusetts, Oregon, Washington, Massachusetts

☆ Yellen: It’s ‘obvious’ that empty office buildings will create banking stress and losses
▼ + stars: | 2024-02-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New York CNN —High commercial real estate vacancies are expected to create some stress for smaller banks, Treasury Secretary Janet Yellen said Thursday. However, she said she does not see them as causing a systemic risk to the nation’s financial system. “It’s obvious that there’s going to be a stress and losses that are associated with this,” Yellen said. On Tuesday, Yellen said she does “have a concern about commercial real estate.” She noted that higher interest rates and rising vacancy rates in office buildings have combined to cause problems — especially as real estate loans come due. New York Community Bancorp recently disclosed a surprise loss and a spike in loan losses as commercial real estate loans go bad.

Persons: Janet Yellen, Yellen, ” Yellen, ”, CNN’s Matt Egan Organizations: New, New York CNN —, Banking Committee, Silicon Valley Bank, New York Community Bancorp, Moody’s Investors Service, Bank Locations: New York, Silicon

☆ Sen. Tim Scott on border security, Ukraine-Israel aid, bank regulations and 2024 race
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSen. Tim Scott on border security, Ukraine-Israel aid, bank regulations and 2024 raceSenate Banking Committee ranking member Sen. Tim Scott (R-S.C.) joins 'Squawk Box' to discuss the congressional fight over border security, state of funding for Ukraine and Israel, 2024 race, banking regulations, and more.

Persons: Email Sen, Tim Scott, Sen Organizations: Email Locations: Ukraine, Israel

☆ Fed Chair Powell: The ‘time is coming’ for a rate cut
▼ + stars: | 2024-02-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Federal Reserve Chair Jerome Powell said the time is coming for interest rate cuts, but asked Americans for a bit more patience in the central bank’s fight against inflation. That means the Fed is due to cut rates in 2024, which officials themselves projected in December. But the central bank’s January policy statement pushed back on expectations of the first rate cut coming at their next meeting in March. Still, financial markets see a 20% chance the Fed will cut rates in March and a 71.3% chance they cut in May, according to the CME FedWatch Tool. But that hasn’t stopped Congress from pressuring Powell to cut rates.

Persons: Jerome Powell, “ We’ve, ” Powell, ”, Price, Powell, “, Scott Pelley, can’t, hasn’t, Democratic Sen, Sherrod Brown, ” Brown, Brown, Elizabeth Warren, we’re Organizations: New, New York CNN — Federal, CBS, Fed, Federal Reserve, Governors, Democratic, Banking, New York Community Bancorp, New York Community Locations: New York, Street, Ukraine, Asia, ”

☆ Tech stocks fuel market surge as jobs report underscores economy’s resilience
▼ + stars: | 2024-02-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

New York CNN —US stocks rose on Friday as investors continued to parse strong tech earnings and a searing jobs report, leading shares of Nvidia, Meta Platforms and Microsoft to close at fresh highs. The S&P 500 gained 1.1% to reach a record-high close. Tech stocks were the winners of Friday’s session, following strong earnings reports from Meta Platforms and Amazon the prior evening. Amazon shares rose 7.9% after the e-commerce giant reported solid earnings for its latest quarter. Microsoft shares rose 1.8% to a fresh record-high close of $411.22.

Persons: market’s, Jerome Powell, ”, Louis Navellier, Russell, Janet Yellen Organizations: New, New York CNN, Nvidia, Meta, Microsoft, Dow, Nasdaq, Bureau of Labor Statistics, Fed, Navellier, Associates, Traders, Banking Committee, New York Community Bancorp Locations: New York

In a Sunday letter to Fed Chair Powell, shared first with CNN, Warren expressed alarm at how “astronomical” mortgage rates have made a bad situation worse and urged Fed officials to start cutting borrowing costs. “We urge you to consider the effects of your interest rate decisions on the housing market and to reverse the troubling rate hikes that have put affordable housing out of reach for too many,” Warren and fellow Democratic Sens. John Hickenlooper, Jacky Rosen and Sheldon Whitehouse wrote. “Come on, Fed! Turn it around and drop those interest rates,” Warren told CNN’s Kate Bolduan on Monday.

Persons: Sen, Sherrod Brown, Powell, ” Brown, Brown, Elizabeth Warren, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, “, CNN’s Kate Bolduan, Read Organizations: Banking, Fed, CNN, Democratic

☆ CNBC Daily Open: Big Bank earnings point to a grim season
▼ + stars: | 2024-01-15 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

Win Mcnamee | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineFourth-quarter earnings have officially begun with four of Wall Street's top six banks reporting rather bleak results. JPMorgan Chase, the biggest U.S. bank by assets, paid a sizeable fee linked to the government seizures associated with regional banking crisis last March, which impacted its earnings. Citigroup has lagged its Wall Street peers since the 2008 financial crisis and remains the lowest valued among the top six banks.

Persons: Brian Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Win Mcnamee, Jane Fraser's, Kurt Rankin, Lai Ching, Lai Organizations: Bank of America, JPMorgan, Citigroup, CNBC, Federal Reserve, PNC, Voters, Democratic Progressive Party Locations: Hart, Washington , DC, U.S, Asia, China, Taiwan

☆ China, debt and Disney: Three economic themes that will dominate the Republican primaries
▼ + stars: | 2024-01-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Republican presidential candidates Nikki Haley and Ron DeSantis sparred on a wide range of economic issues during the CNN GOP presidential debate on Wednesday evening. But as Haley and DeSantis duked it out to crown themselves the most fiscally prudent candidate, some clear economic themes began to emerge that will likely have a big influence on the upcoming Republican primaries and beyond: China, debt levels and the government’s role in business. ChinaBoth Haley and DeSantis sought to prove how tough they could be on China. But as my colleague Elisabeth Buchwald points out, the US and China are the first- and second-largest economies in the world. President Joe Biden has also made reducing economic dependence on China a platform in both his 2020 and 2024 campaigns.

Persons: Nikki Haley, Ron DeSantis sparred, Nancy Pelosi’s, ”, “, Ron, you’re, Haley, Haley, DeSantis, Donald Trump, Elisabeth Buchwald, Joe Biden, DeSantis didn’t, Trump, wouldn’t, ” DeSantis, Gary Gensler, “ I’m, ” Sen, Sherrod Brown, Brown, Nick Smart, It’s Taylor, Taylor, Swift, Ramishah Maruf, “ Taylor Swift, Pollstar Organizations: CNN Business, Bell, New York CNN, Republican, CNN, Social Security, Walt Disney Company, FBI, SEC, Securities, Exchange, SEC’s, ”, Banking Committee, Spotify, AMC, Bloomberg Locations: New York, China, Iowa, Beijing, United States, South Carolina, Florida, DeSantis

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