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How rate cuts workCentral banks cut interest rates for two main reasons: financial conditions are expected to worsen drastically, or inflation has cooled so much that leaving interest rates at high levels will be overly restrictive and put a drag on the economy. The Fed lowers its target rate by buying more securities, namely Treasury notes and mortgage-backed securities. When they have more money to lend out, they don’t need to charge such high interest rates on mortgages and other types of loans they offer. Business' hiring decisions can be influenced by the Federal Reserve's interest rate decisions. When the Fed lowers or raises rates, it takes a while for the full effect of those moves to be felt across the economy.
Persons: you’ve, Jerome Powell, it’ll, Don’t, don’t, Banks, it’s, Thomas Drechsel, Lynne Sladky, , “ they’re, ” Said, Milton Friedman, ” Drechsel, , they’re, Drechsel Organizations: New, New York CNN, Federal Reserve, University of Maryland, Business, Netflix, CNN, Fed Locations: New York
This New Zealand home inspired Hawthorne to build a glass house in San Diego and another one in North Carolina. The design for the glass house had been on my mindHawthorne took some inspiration from Phillip Johnson's Glass House in Connecticut. It is somewhat based off Philip Johnson's Glass House, which has been one of my favorite architectural projects of all time. I planted a maple tree on our dock, which has become a destinationThe maple tree is watered by a Wi-Fi-operated irrigation system. We're renting out the glass house, but I dream of growing old thereWe drove the Airstream back to San Diego and came back here full-time in early August.
Persons: , Andrew Hawthorne, Maya, Hawthorne, Andrew Hawthorne I'm, Andrew, Maya Hawthorne, let's, Phillip Johnson's, Philip Johnson's, Gaston, That's, I'm, I'd, it's, Lake Gaston, It's, We've, Andrew Hawthorne . Organizations: Service, Business, San, Lake Gaston, YouTube Locations: North Carolina, New Zealand, Hawke's, Zealand, San Diego, Park City , Utah, Lake Gaston, Raleigh, Connecticut, Zillow, Lake, NICU
A trader works, as a screen broadcasts a news conference by Federal Reserve Chair Jerome Powell following the Fed rate announcement on the floor of the New York Stock Exchange on June 12, 2024. Stock futures were flat in overnight trading Tuesday as Wall Street anticipated a long-awaited rate cut from the Federal Reserve following an aggressive multiyear hiking campaign aimed at tamping down hot inflation. Futures tied to the Dow Jones Industrial Average added 28 points, while S&P 500 futures hovered near the flatline. Investors remain on high alert ahead of the first expected rate cut from the Fed at the conclusion of its two-day policy meeting Wednesday. CME Group's FedWatch Tool shows traders pricing in a 63% chance of a 50 basis point cut, and 37% odds of a 25 basis point move.
Persons: Jerome Powell, Peter Cecchini, Axonic, CNBC's Organizations: Federal, New York Stock Exchange, Stock, Federal Reserve, Dow Jones, Nasdaq, Dow Jones Industrial, Fed
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe market has backed the Fed into a corner, says Michael LandsbergMichael Landsberg, CIO at Landsberg Bennett Private Wealth Management, joins CNBC's 'The Exchange' to discuss why he thinks the Fed shouldn't cut rates by 50 basis-points, why stocks are having mixed reactions to macro data, and more.
Persons: Michael Landsberg Michael Landsberg Organizations: Bennett, Wealth Management
Like the overall market, Microsoft has been running higher of late as odds increasingly favor a 50-basis-point Fed cut. With so much hope on Wall Street, if the Fed were to go with a smaller 25-basis-point move, the market could get hit and pressure Microsoft stock. The Club has a $500 per share price target on Microsoft stock. That's our fundamental case, which aligns with technical analysis of Microsoft's one-year stock chart pattern. A laptop computer with Microsoft Copilot+ installed is on display at the Best Buy store on June 18, 2024 in Miami, Florida.
Persons: Amy Hood, we've, Jim Cramer's, Jim Cramer, Jim, Joe Raedle Organizations: Microsoft, Fed, CNBC, Getty Locations: Miami , Florida
Researchers at Aston University in England estimated that between 2021 and 2023, annual UK exports of goods to the EU were 17% lower than they would have been had Brexit never happened. Exports in most sectors have decreased since 2021, according to the report. “The UK-EU trade relationship remains crucial for both parties,” Tuesday’s report said, adding that the relationship “underpins” economic stability and growth. According to the study’s lead author, Professor Jun Du, the post-Brexit trade deal has “introduced substantial barriers” to UK-EU trade. The report is the latest piece of research to highlight the negative effects Brexit has had on the UK economy.
Persons: London CNN — Brexit, , Keir Starmer, , Jun Du, ” Du, Brexit, Sophie Hale, , Olesya Dmitracova Organizations: London CNN, European Union, Aston University, Labour, EU, Locations: United Kingdom, England, EU,
Sam Altman, CEO of OpenAI, during a panel session at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. He may not have known it at the time, but in 2005 Sam Altman took a risk that changed the trajectory of his career. It "seemed like a really fun thing to try," Altman, 39, told students during an interview at his alma mater, the St. Louis-area John Burroughs School. On the other hand, a one-way door risk is harder to undo. The risky thing is to not go try the things that might really work out.
Persons: Sam Altman, That's, Altman, OpenAI Altman, Jeff Bezos, Lex, Bezos Organizations: Economic, John Burroughs School Locations: Davos, Switzerland, Stanford, Louis
Paul McCulley says, he expects a total of 200 bps cuts in 2025
  + stars: | 2024-09-17 | 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 EmailPaul McCulley says, he expects a total of 200 bps cuts in 2025Paul McCulley, former PIMCO chief economist and Brent Beardall, WaFd Bank CEO, join 'Power Lunch' to discuss the Fed, rate cuts and what it all means for the economy.
Persons: Paul McCulley, Brent Beardall Organizations: WaFd Bank
Rep. Patrick McHenry, R-N.C., sharply criticized other politicians on Tuesday for making public comments about what the Federal Reserve should do with its interest rate policy. McHenry, the outgoing chair of the House Financial Services Committee, said it was an '"outrage" that some politicians are publicly lobbying the central bank about rate cuts. "Senators that are trying to direct the Fed on rate policy are really demeaning their role. McHenry's comments came one day before the U.S. central bank is widely expected to start cutting interest rates for the first time since 2020. Coming in the middle of a presidential election cycle, the change in Fed policy has stirred speculation as to whether the central bank would be influenced by political considerations.
Persons: Patrick McHenry, Kevin McCarthy, McHenry, , Jerome Powell, Joe Biden, Democratic Sens, Elizabeth Warren of, John Hickenlooper of, Sheldon Whitehouse, Warren, Whitehouse, Trump, Sen, Mike Lee, Trump's Organizations: Rep, U.S, Capitol, Federal, Financial Services, Senators, United, Trump, Democratic, Fed, Republicans, Georgetown University's Psaros, Financial Markets Locations: R, Washington, United States, U.S, Elizabeth Warren of Massachusetts, John Hickenlooper of Colorado, Rhode, Utah
Read previewFormer President Donald Trump is taking his courtship of the crypto industry to the next level. "If we don't do it, China will do it," Trump told Sarmad, referring to making cryptocurrency mainstream. Ahead of the Monday livestream, Trump said he would use the event to launch his latest business venture: a new crypto-banking platform called World Liberty Financial. During the Monday livestream, Trump credited his changing perspective on crypto to his NFTs' positive response. During the Monday livestream, Trump took a scaremongering approach, encouraging crypto lovers to vote for him lest they court hostility from the US Securities and Exchange Commission.
Persons: , Donald Trump, Web3, Trump, Sarmad, Chase Herro, Zach Witkoff, Steve Witkoff, Trump's, Donald Jr, Eric, Barron, Don Jr, Kenneth Niemeyer, hocking NFTs, Joe Biden, poising, you'd, bitcoin, Kamala Harris Organizations: Service, Republican, Business, Liberty, Liberty Financial, CNBC, Trump, New York Times, US Securities and Exchange Commission, Analysts, Fox Business Locations: China, Nashville, United States, cryptocurrencies
A Business Insider reporter found out by enlisting in the city's 'elite squad of anti-rat activists.' What's on deck:This story is available exclusively to Business Insider subscribers. In February 2023, it announced plans to require most office workers to show up in-person three days a week. And in the hyper competitive world of Big Tech, other tech giants might follow suit rather than risk getting bad-mouthed by rivals to their clients. How can insert Big Tech company really serve you best when its people are home half the time?
Persons: , RTO Nickilford, Maria Ivanova, Getty, Tyler Le, Andy Jassy, Slack, It's, Miranda Jones, Donald Trump, Trump, Fundstrat's Tom Lee, Elon Musk, Joe Biden, Kamala Harris, Apple's, TikTok, Chris Williams, We're, Stephen Nedoroscik, Anna Delvey, Dan DeFrancesco, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, New York, Business, Amazon, Big Tech, Employees, McKinsey, Trump Media, Vanguard, Anadolu, Getty, Elon, Taiwan Semiconductor Manufacturing Company, Nvidia, Apple, DOJ, Microsoft, Open, It's Locations: New, North America, New York, London
Trump won the presidency in 2016 by stunning Democrat Hillary Clinton to win all three states by a combined margin of about 80,000 votes. But, as in other states, Democrats have been concerned about the risk of depressed turnout and some gains for Trump among Black voters in Philadelphia. Eight years later, the two states split again, when Roosevelt comfortably won Pennsylvania and Michigan narrowly went to Republican Wendell Willkie. This trio of states has arguably become the most consistent tipping point in American politics. In the nine elections since 1920 when they split their vote, the candidate who carried two of these three states won seven times.
Persons: Kamala Harris, Donald Trump –, Trump, Hillary Clinton, Joe Biden, Harris, Bob Shrum, Shrum, Tad Devine, , Biden, PRRI, William Frey, Tim Marema, don’t, Mason, Dixon, Barack Obama, Tony Evers, Gretchen Whitmer, Josh Shapiro, Republican Sen, Ron Johnson, Dane County, Ben Wikler, Pete Giangreco, , You’ve, That’s, Gene Ulm, Roe, Wade, Whitmer, Branden Snyder, It’s, Clinton, Dante Chinni, White, ” Chinni, they’ve, They’ve, Republican pollster Patrick Ruffini, Ruffini, “ I’m, ” Ruffini, Geoff Garin, Michael Dukakis, Republican George H.W, Republican George H.W . Bush, James Buchanan, John C, Franklin D, Roosevelt, Herbert Hoover, Republican Wendell Willkie, Gerald Ford, Jimmy Carter, Theodore Roosevelt’s, Al Gore, John Kerry, Republican Thomas Dewey, Hubert Humphrey, Garin Organizations: CNN, White House, Democratic, Michigan, Wisconsin, AdImpact, Trump, Center, University of Southern, , Republicans, Survey, Blacks, of Labor Statistics, Public Religion Research, Whites, GOP, Brookings Metro, for Rural, doesn’t, Keystone State, Republican, Center for Rural, Democrats, Biden, Black, White, Wisconsin , Michigan Democrats, Detroit, Electoral, American Communities Project, , Democrat, Pennsylvania, Republican Party Locations: Michigan, Wisconsin, Pennsylvania, Georgia, North Carolina , Arizona, Nevada, Flint , Michigan, University of Southern California, California , New York, Illinois, Texas, Florida, Ohio, . Michigan, Wisconsin’s, Milwaukee, Philadelphia, Detroit, Waukesha, Ozaukee, Washington, Madison, Dane, Dane County, Eau Claire, Appleton, La Crosse, Outagamie, Winnebago, Green Bay, Green, Chicago, Scranton, Wilkes, Barre, ” Michigan, “ Michigan, Gaza, Wisconsin , Michigan, United States, “ Pennsylvania, Ulm, Pittsburgh, Butler , Pennsylvania, Republican George H.W ., Fremont, North Carolina, Michigan , Pennsylvania,
New York CNN —Some of YouTube’s biggest stars are taking on Lunchables with a competitor of their own. MrBeast, Logan Paul and KSI are teaming up on a “groundbreaking new better-for-you lunch option” called Lunchly, which combines all of their products into one meal that’s aimed at their young fan base. “Our end game has always been to not only provide high quality products, but also healthier alternatives,” Lunchly cofounder Logan Paul said in a press release. Lunchly’s launch comes when Lunchable, owned by Kraft Heinz, announced a major initiative last year to be a part of school lunch programs. Of course, KSI, Paul and MrBeast know how to launch brands, thanks in part to their fervent fan base.
Persons: Logan Paul, Paul, Lunchly, Lunchables ”, ” Lunchly, Kat, Kraft Heinz, MrBeast, hasn’t, ” Jeffrey Klineman, BevNet, “ Paul Organizations: New, New York CNN, Kraft, Consumer, Gatorade, BodyArmor, CNN Locations: New York, Lunchables
From property woes to sluggish economic data, China appears to be suffering from long Covid. Wall Street turns bullishBillionaire investors, including Appaloosa Management founder David Tepper and "Big Short" investor Michael Burry, recently revealed they are sticking to their China bets. The famed investor loaded up on Alibaba stock in the second quarter, revealing an $11.2 million position in the company. That makes Alibaba Burry's largest holding, with other Chinese tech stocks including Baidu and JD.com also featuring on Burry's portfolio. Meanwhile, BCA Research recently upgraded Chinese onshore stocks to overweight, with China strategist Jing Sima expecting Chinese onshore stocks to passively outperform global equities.
Persons: Jiang Sheng, It's, Ted Alexander, CNBC's, David Tepper, Michael Burry, Alibaba, Tepper, Burry, JD.com, Jing Sima, George Boubouras, Goldman Sachs, Song Zhiyong, Eric Lin Organizations: Visual China, Getty, Appaloosa Management, KE Holdings, Baidu, BCA Research, K2 Asset Management, CNBC, Bank of America, National Bureau of Statistics, China's Ministry of Transport, Civil Aviation Administration, Asia Pacific Summit for Aviation Safety, Paris Olympic Games, Greater, Greater China Research, UBS Locations: China, Beijing, Wall, Japan, South Korea, Singapore, Europe, Greater China
The Iran-backed militant group said the wireless devices began to explode around 3:30 p.m. local time in a targeted Israeli attack on Hezbollah operatives. Experts say the explosions, unprecedented in their scale and nature, underscore Hezbollah’s vulnerability as its communication network was compromised to deadly effect. CNN could not geolocate the image, but has verified it was published Tuesday, the same day as the explosions. Hostilities are at an all-time high between Israel and Hezbollah following Hamas’ October 7 attack on Israel. US Secretary of Defense Lloyd Austin spoke twice with his Israeli counterpart, Israeli Defense Minister Yoav Gallant, according to two US defense officials.
Persons: Israel, , Hassan Nasrallah, , Avi Melamed, ” Melamed, David Kennedy, I’ve, John Miller, Amos Yadlin, Nasrallah, Yahya, ” Yadlin, Kim Ghattas, Ahmad Kaddoura, Miller, Ismail Haniyeh, Mohamed Azakir, , Defense Lloyd Austin, Yoav Gallant Organizations: CNN, Hamas, Middle, GPS, New York Times, Times, US National Security Agency, Intelligence, Getty, American University of, American University of Beirut Medical Center, Reuters, Global, Defense, Israeli Locations: Lebanon, Iran, Gaza, East, Israel, Lebanese, Israeli, Sidon, Anadolu, United States, Iranian, Tehran, American University of Beirut
CNN —Some Delta Air Lines passengers are recovering after a pressurization issue on a flight from Salt Lake City, Utah, to Portland, Oregon, caused bloody noses and other issues, according to airline and passenger statements. “We sincerely apologize to our customers for their experience on flight 1203 on Sept. 15,” said a statement from a Delta spokesperson. Delta technicians fixed the pressurization issue on the aircraft, the airline said, and the plane was returned to service the following day. Caryn Allen told CNN affiliate KSL that said it didn’t take very long for passengers to notice something was wrong on the flight. No serious injuries were reported, but medical personnel identified 10 individuals in need of evaluation or treatment following the flight.
Persons: , , Caryn Allen, ” Allen, Purser, ” Purser Organizations: CNN, Delta Air Lines, SLC, Delta, KSL, Federal Aviation Administration Locations: Salt Lake City , Utah, Portland , Oregon
Read previewHealthtech startup Fabric launched out of stealth in March 2023 to help patients get care faster and automate administrative work for providers. In June, Fabric bought Walmart's virtual care business, MeMD, after the retailer announced it would shutter its 51 health clinics. MeMD was Fabric's third acquisition — the startup previously bought asynchronous virtual care platform Zipnosis from Bright Health, as well as generative AI startup Gyant. The startup has acquired TeamHealth VirtualCare, the virtual care business inside giant physician practice group TeamHealth, Business Insider has learned exclusively. While virtual care saw a tsunami of VC interest during the pandemic, investors and healthcare companies alike are now pulling back.
Persons: , it's, MeMD, TeamHealth VirtualCare, UnitedHealth Group's Optum, Aniq Rahman, Rahman, we've, Hemant Taneja, Commure, We've, Moat Organizations: Service, Fabric, Bright Health, Business, Google Ventures, Salesforce Ventures, General Catalyst, Bright, Walmart, Vast Ventures, Oracle Locations: Florence
Ahead of Combs' expected afternoon court appearance, his lawyers offered a $50 million bond to keep him out of jail before his trial. "In short, if the defendant wanted to flee, he has the money, manpower, and tools to do so quickly and without detection," prosecutors wrote in the filing. But in the past, Combs has pressured security staff to stay quiet about his activities, prosecutors wrote. "When a member of hotel security staff intervened, the defendant attempted to offer the hotel security officer a stack of cash to ensure his silence," prosecutors wrote. "After the security guard refused the defendant's bribe, and after coordination between the defendant and his employees, the defendant's staff contacted other members of hotel security."
Persons: , Sean, Diddy, Combs, who's, Prosecutors, Sean Combs, Cassie Ventura — Combs Organizations: Service, of, Business, Prosecutors, Enterprise, Miami Locations: Southern, of New
Read previewA busy office worker said he transformed his physique in four months thanks to an efficient workout plan. AdvertisementIn theory, researchers and trainers say, the combos allow one muscle group to rest while you're working a different muscle group with another exercise, tapping into the benefits of rest without added time. A superset involves performing exercises back-to-back without a break, and can save time by allowing one muscle group to rest while another is working. Using supersets, you can create a full-body plan, and work out harder, because you're not exhausting any one muscle group. Doing a few sets per muscle group more frequently allowed him to make each set count by adding more weight and pushing himself harder, he said.
Persons: , Andre Frade, Adam Enaz, Enaz, bro, that's, Frade Organizations: Service, Business Locations: London
“A significant part of Republican immigration policy centers on the possibility of deporting 12 million people (or ‘self-deporting’ them),” Vance wrote. Donald Trump.”Will Martin, a spokesman for Vance, told CNN that Vance has long supported strong border security measures, including deportations, and now holds one of the most conservative voting records in the Senate. “I was a bit surprised at the blowback he apparently received from the GOP, as I thought his post was fairly innocuous,” Nelson told CNN. “When the 2008 election was called for Obama, I remember thinking: maybe this will teach my party some very important lessons,” Vance wrote. “Republicans lose minority voters for simple and obvious reasons: their policy proposals are tired, unoriginal, or openly hostile to non-whites,” Vance wrote.
Persons: Barack Obama, JD Vance, , Vance, Brad Nelson, Nelson, ” Vance, Donald Trump’s, Dana Bash’s, Sen, Donald Trump, what’s, Kamala Harris, they’ve, They’ve, ” Will Martin, Vance’s, ” Martin, ” Nelson, he’s, , JD, ’ Vance, Obama, Sarah Palin, can’t, Richard Mourdock Organizations: CNN, Yale, Republican, Blacks, , Ohio State University, GOP, Trump, Facebook, Whites, Senate, Republican Party, Locations: Springfield , Ohio, Springfield, Trump’s, White
AdvertisementHere are some mistakes you may be making while photographing the moon and how to fix them, according to two professional astrophotographers. Mistake 1: Taking photos at the wrong timeJon Carmichael captured the moon during a lunar eclipse. The silver lining is you can get better detail because you're shooting through less atmosphere and the photos will be clearer. Taking photos closer to sunset gives you more lighting compared to later at night, which will make taking a cellphone picture easier. "If you're shooting in any kind of auto setting, then you're making the camera decide for you," Carmichael said.
Persons: , Jon Carmichael, astrophotographer Andrew McCarthy, McCarthy, " McCarthy, that's, astrophotographer Jon Carmichael, Carmichael, you'd, supermoons, there's what's, maria, Les Shu, AMAN ROCHMAN Organizations: Service, Business, . Portland Press Herald, Samsung, Android Locations: there's
New York CNN —Elon Musk’s sprawling empire — spanning everything from electric vehicles and social media to space rockets and miniature brain implants — may soon make him the world’s first trillionaire. Now, Musk could become the world’s first trillionaire, a milestone that Informa Connect Academy says he’s on track to hit by 2027. The EV maker founded by Musk has become the world’s most valuable auto company, with a price tag of about $710billion. Musk owns another 303 million stock options linked to his epic and controversial compensation package, which was struck down by a judge but then revived and approved by shareholders. As Bloomberg notes, Musk owns about 42% of SpaceX, a private company valued in June at a whopping $210 billion.
Persons: New York CNN —, Informa, Jensen Huang, Huang, Gautam Adani, Musk, Tesla, ” Dan Ives, “ Musk, ” Ives, Donald Trump, Joe Biden, Biden, Kamala 🤔, ” Organizations: New, New York CNN, New York CNN — Elon, Informa Connect, Nvidia, Bloomberg, Cola, Bank of America, Boeing, Wedbush Securities, CNN Locations: New York, China, usk, wns
In a Monday press conference discussing the incident, the acting director of the Secret Service called for "some hard conversations with Congress." "If I was making decisions, I would push them to eliminate all their investigations, aside from investigating threats toward people under Secret Service protection." Because the men and women of the Secret Service right now, we are redlining them." Of the Department of Homeland Security's $64.81 billion total budget, the Secret Service in 2024 was allotted $3.27 billion — increasing less than $400,000 since 2022. Secret Service agents "are rising to this moment," Rowe said, but "We have to have it every day.
Persons: Donald Trump, Trump, Kenneth Valentine, Valentine, Valentine —, Jeffrey James, , James, there's, Ronald Rowe, Rowe Organizations: Service, Business, Trump International Golf, Secret Service, Department of Homeland Security, Department of, Treasury, DHS, Secret, Walmart, Trump, Department of Homeland
Michael Dell is one of the world's wealthiest people, with a net worth of more than $100 billion. The Dell Technologies founder made his fortune by democratizing the PC and striking shrewd deals. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Go to newsletter preferences Thanks for signing up! AdvertisementMichael Dell, the tech entrepreneur who helped bring the personal computer to the masses, ranks among the world's wealthiest people with a net worth of $108 billion, per the Bloomberg Billionaires Index.
Persons: Michael Dell, , Dell Organizations: Dell Technologies, Service, Bloomberg, Fortune, Business
CNN —Paul Whelan, who spent five-and-a-half years wrongfully detained in Russia, revealed Tuesday that he had spent the final five days leading up to his release in solitary confinement. “It was due to people like my parents, who grew up in England during the war. It was that kind of, you know, resiliency that saw them through their childhood in England, and that’s how I grew up. Whelan said it was great to be back but “there’s a lot ahead.”“One of the things I’m focused on is getting a new car. Whelan also expressed gratitude for the government agencies who helped secure his release.
Persons: CNN — Paul Whelan, , , ” Whelan, Whelan, Marc Fogel, Marc, Trevor, Reed Organizations: CNN, Capitol, Michigan Locations: Russia, PISA, , England, United States, Germany, readjusting, American
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