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☆ The Fed is losing control
▼ + stars: | 2023-10-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Financial markets currently see a nearly 99% chance the Fed will continue to pause rate increases in November, according to the CME FedWatch Tool. That means the Fed may not need to continue aggressively raising rates to bring spending — and inflation — down. A spokesperson from the United Food and Commercial Workers International Union told CNN that they support the organizers planning a walkout and protests. In a statement to CNN, Walgreens said about 20 stores out of about 9,000 had “disruptions over three days,” Oct. 9-11. Walgreens walkout organizers told CNN that their tally is much higher, with about 600 employees participating.

Persons: New York CNN —, Jerome Powell, Joe Brusuelas, That’s, Powell, ”, ” Johns, Laurence Ball, Shane Jerominski, Tim Wentworth, ” Kim Kardashian, Skims, Kim Kardashian, undershirts Organizations: CNN Business, Bell, New York CNN, Federal, Fed, Economic, of New, RSM, Financial, Treasury, Reserve, ” Johns Hopkins, “, Walgreens, Workers, CNN, United Food, Commercial Workers International Union, SEIU, United Healthcare Workers West, Organizers Locations: New York, of New York, Friday’s

That is more than double the 2.1% recorded in the second quarter and a testament to the strength of consumers. But he warned that stronger than expected economic data, particularly as regards the labor market, could leave the door open to even more pressure to raise rates or keep them higher for longer. "Additional evidence of persistently above-trend growth, or that tightness in the labor market is no longer easing, could put further progress on inflation at risk and could warrant further tightening of monetary policy." Complicating matters is that the post-pandemic economy has not gone according to script where higher interest rates almost always blunt economic activity and cause a marked slowdown in the labor market. “The labor market is still adjusting, if it ever does, there’s a question whether retail will ever recover completely,” he says.

Persons: ” Sam Bullard, Wells, Jerome Powell, Powell, ”, George Calhoun, Calhoun, Bill Adams, –, speakership Organizations: Federal, Economic, of New, Stevens Institute of Technology, University of, Comerica, “ Locations: U.S, of New York, Washington, Israel

☆ Cramer on 5 risks facing markets — and why it's not the 'most dangerous time'
▼ + stars: | 2023-10-22 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

It is, however, by all appearances not a great time to be long stocks. But before that could happen, the markets would fall in response to Iran's actions and the U.S. commitment to defend Israel. All three enemies — Iran, Russia and China — are, indeed, being challenged by the U.S. in some capacity. But is it really too much to argue that multiple compression is not on par with "the most dangerous" of times? As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jamie Dimon, JPMorgan Chase, Ben Bernanke, Bernanke, I, Hamas, —, hasn't, bearish parry, Jingoism, Jerome Powell, Janet Yellen, infuses, Powell, We've, Jim Cramer's, Jim Cramer, Jim, Emily Elconin Organizations: JPMorgan, CBS, Israel, Fed, U.S ., Houston Astros, Jim Cramer's Charitable, CNBC, JPMorgan Chase &, Economic, of Detroit, Bloomberg, Getty Locations: Republic, Iran, Russia, China, Gaza, Israel, what's, U.S, East, Ukraine, Taiwan, Detroit , Michigan

☆ Stock futures edge higher on Sunday night as Wall Street awaits big tech earnings: Live updates
▼ + stars: | 2023-10-22 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on October 20, 2023 in New York City. Stock futures ticked higher on Sunday night as traders looked ahead to the release of corporate earnings from tech industry behemoths. S&P 500 futures and Nasdaq 100 futures climbed 0.23% and 0.15%, respectively. Earnings season ramps up this week, with a slew of big tech titans slated to report. Investors will anticipate results from Alphabet , Amazon , Meta and Microsoft to provide key information for the stock market.

Persons: Jerome Powell, Ryan Detrick Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Treasury, Federal, Economic, of New, Meta, Microsoft, Carson Group Locations: New York City, of New York

☆ 3 things to watch in the stock market next week as bond yields hover at 2007 highs
▼ + stars: | 2023-10-21 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +12 min

The usual suspects were to blame — rising bond yields, geopolitical tensions, and oil prices — and will hold the keys to the market this coming week. Earnings are one of the three major themes on the marquee next week, with 10 Club companies reporting. Here are the companies: Danaher (DHR), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), Veralto (VLTO), Honeywell (HON), Linde (LIN), Amazon (AMZN), Ford (F) and Stanley Black & Decker (SWK). As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: —, Jerome Powell, Jim Cramer, Jim, Morgan Stanley, Stanley Black, Decker, Danaher, Veralto, it's, Mark Zuckerberg, We're, Vimal Kapur, Linde, Jim Farley, Ford, FactSet, Powell, WTI, Baker Hughes, Edwards Lifesciences, Northrop, CARR, Davidson, Dr Pepper, Phillips, Jim Cramer's, Michael M Organizations: Dow Jones, Nasdaq, Economic, of New, Treasury, West Texas, Procter, Gamble, 10, Microsoft, Honeywell, Linde, LIN, Health Care, Technology, Communications Services, Google, Meta, Ford, Amazon, United Auto Workers, Atlanta, Wall Street, Hamas, Brent, Strategic Petroleum Reserve, Logitech, Verizon, General Electric, GE, RTX Corporation, Halliburton, HAL, General Motors, Dow Chemical, DOW, Xerox, Texas Instruments, F5 Networks, WM, Boeing, Fisher, Mobile, Hilton, General Dynamics, Norfolk Southern, Otis Worldwide, IBM, KLA, O'Reilly Automotive, Mattel, Whirlpool, Gross, Royal Caribbean Cruises, Hershey Company, United Parcel Service, Southwest Airlines, Altria, Northrop Grumman, Valero Energy Corp, Mastercard, Merck, Co, Myers Squibb, Newmont, Tractor Supply Company, Comcast, Seagate Technology, Boston, Hertz, Carrier, Hasbro, Harley, Intel, Grill, United States Steel, Boston Beer Company, Texas, University of Michigan, Exxon Mobil, Chevron, Charter Communications, Colgate, Palmolive, Newell Brands, Sanofi, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Santiago, Getty Locations: of New York, U.S, Industrials, OpenAI, America, Venezuela, Cleveland, Norfolk, ORLY, Bristol, Brunswick, Oshkosh, New York City

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. "Obviously with yields moving higher, you expect the equity market to pull back a little bit. Better-than-expected economic data, inflation not coming down as anticipated and weak demand at auctions contributed to higher yields," said Victoria Fernandez, chief market strategist at Crossmark Global Investments. Eight of the 11 S&P 500 sub-sectors were in the red, with consumer discretionary (.SPLRCD), energy (.SPNY) and information technology (.SPLRCT) leading declines amongst the major S&P 500 sectors. Third-quarter earnings for the S&P 500 companies are expected to increase 1.1% year-on-year, compared with a 1.6% rise estimated on Thursday, as per LSEG data.

Persons: Brendan McDermid, Jerome Powell, Powell, Victoria Fernandez, Raphael Bostic, Patrick Harker, CME's, Shubham Batra, Shashwat Chauhan, Arun Koyyur, Vinay Dwivedi Organizations: Wall, REUTERS, Dow, Nasdaq, Treasury, Federal, Christian, Economic, of New, Crossmark Global Investments, Atlanta Fed, CNBC, Philadelphia Fed, Traders, Regions, American, Dow Jones, Coinbase Global, Marathon, NYSE, Thomson Locations: New York, U.S, Israel, Gaza, of New York, Bengaluru

☆ Analysis: Middle East throws central banks yet more unknowns
▼ + stars: | 2023-10-20 | by ( Mark John | ) www.reuters.com time to read: +5 min

Now, to complicate matters for a professional caste which prides itself on being data-driven, the Middle East is throwing a new set of real but unquantifiable risks into their equations. Unless the picture changes dramatically in coming days, the European Central Bank, U.S. Federal Reserve, Bank of England and Bank of Japan are already expected to keep their policy rates on hold in meetings over the next two weeks. ECB rate-setter Yannis Stournaras, the governor of the Greek central bank, argued that Europe had broadly managed to absorb the effects of rising energy costs triggered by the Ukraine war and hoped it could do the same if further shocks emerged. For now, the conflict remains largely confined to Israel and Gaza, something S&P Global Market Intelligence said in a study this week was already "muddying the waters" for central banks. As the Fed's Powell put it: "Our institutional role at the Federal Reserve is to monitor these developments for their economic implications, which remain highly uncertain".

Persons: Jerome Powell, David Westin, Brendan McDermid, Powell, Huw Pill, Yannis Stournaras, Tetsuya Hiroshima, Fed's Powell, Dan Burns, Balazs Koranyi, Francesco Canepa, Maria Martinez, Leika, Kevin Yao, David Milliken, Tomasz Janowski Organizations: Federal, Anchor, Bloomberg, Street, Economic, of New, REUTERS, Bank of England, International Monetary Fund, European Central Bank, U.S, Federal Reserve, Bank of Japan, Fed, ECB, Reuters Graphics, Reuters, Tokai, Toyota Motor Corp, P Global Market Intelligence, Thomson Locations: of New York, New York City, U.S, Israel, Ukraine, Iran, Hormuz, Europe, United States, Japan, Gaza, Washington, Frankfurt, Berlin, Tokyo, Beijing, London

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Comments from Philadelphia Fed President Patrick Harker and Cleveland Fed President Loretta Mester will also be on investor radar during the day as Fed officials will be entering a media blackout starting Saturday ahead of their meeting on Nov 1. The 10-year Treasury yield , which briefly crossed 5% on Thursday for the first time since July 2007, were last at 4.9392%. ET, Dow e-minis were down 78 points, or 0.23%, S&P 500 e-minis were down 13 points, or 0.3%, and Nasdaq 100 e-minis were down 61 points, or 0.41%. Shares of solar firms Enphase Energy (ENPH.O) and First Solar (FSLR.O) were also down 15.6% and 5.2%, respectively.

Persons: Brendan McDermid, Jerome Powell, Powell, Jay Powell, Michael Hewson, Lorie Logan, Patrick Harker, Loretta Mester, CME's, Shubham Batra, Shashwat Chauhan, Arun Koyyur, Vinay Dwivedi Organizations: Wall, REUTERS, Dow, Nasdaq, Treasury, Federal, Economic, of New, CMC, Fed Bank of Dallas, Market, BofA, Research, U.S, Philadelphia Fed, Cleveland Fed, Traders, American Express, Investors, Dow e, Enphase Energy, Thomson Locations: New York, U.S, of New York, East, Israel, Gaza, Bengaluru

☆ Relentless climb in Treasury yields may have further to run after surging to 5%
▼ + stars: | 2023-10-20 | by ( David Randall | Davide Barbuscia | ) www.reuters.com time to read: +5 min

Still, some traders interpreted his comments as an endorsement of keeping rates around current levels through most of next year. Yields on the benchmark 10-year Treasury, which move inversely to bond prices, rose briefly to 5% late on Thursday, a closely watched level not seen since 2007. “That gives people the go ahead to take rates above 5%.”Whiteley said that he sees 10-year yields moving as high as 5.5% before peaking. An extended climb in Treasury yields risks exacerbating the pressures that have dogged a broad array of assets in recent months. Still, even if the Fed cuts rates over the next few years, yields could stay above 5% if inflation and growth remain high, he said.

Persons: Jerome Powell, Brendan McDermid, Stocks, ’ ”, Greg Whiteley, ” Whiteley, ”, Gennadiy Goldberg, ” Goldberg, Powell, Sameer Samana, Alan Rechtschaffen, Rechtschaffen, Robert Tipp, “ Organizations: YORK, Treasury, Federal Reserve, Federal, Economic, of New, REUTERS, New York Economic, Fed, TD Securities, Wells, Investment Institute, UBS Global Wealth Management, Tipp Locations: of New York, New York City, U.S, DoubleLine

Ever since the Fed started raising rates in early 2022, mortgage rates have skyrocketed. Average 15-year mortgage rates also inched up, and threaten to topple 7% for the first time in 23 years. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Increase (+0.38%)The current average 30-year fixed mortgage rate is 7.72%, up 38 basis points since this time last week. 15-Year Fixed Mortgage Rates Up a Bit (+0.21%)The average 15-year mortgage rate is 6.77%, an increase from last week.

Persons: Freddie Mac, Jerome Powell, Powell, you'll, It's, refinance Organizations: Fed, Economic, of New, Zillow, FHA Locations: of New York, Chevron

☆ 10-year Treasury yield retreats after rising to 5% in previous session
▼ + stars: | 2023-10-20 | by ( Katrina Bishop | ) www.cnbc.com time to read: +1 min

During the previous session, 10-year Treasury yields topped 5% for the first time since July 20, 2007, after four consecutive days of climbs. The yield on the 10-year Treasury fell to 4.9499% by 2 a.m. ET, down around 4 basis points. The 2-year Treasury yield was trading around 5.1418%, down around 3 basis points. No major data points or Treasury auctions are scheduled.

Persons: Jerome Powell, Powell, Lorie Logan, Patrick Harker, Loretta Mester Organizations: Federal, Economic, of New Locations: of New York

☆ Bond term premiums are now a focus for the Fed. What are they?
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +5 min

A bond yield can be decomposed into three elements: Expectations for what the Fed does with short-term rates; a premium for expected inflation; and a term premium. Term premiums cannot be directly observed but a number of models for them exist. A New York Fed model shows the term premium for the benchmark 10-year Treasury note has climbed by more than a percentage point since the start of the third quarter. "A sudden rise in term premiums to more normal levels poses a downside risk to long-maturity Treasury prices, which could in turn affect the prices of other assets," the Fed said in its July 2017 Monetary Policy Report, a period during which term premiums were below zero. "If long-term interest rates remain elevated because of higher term premiums, there may be less need to raise the fed funds rate."

Persons: Kevin Lamarque, Jerome Powell nodded, Lorie Logan, Dan Burns, Andrea Ricci Organizations: Department of, U.S . Treasury, REUTERS, . Federal Reserve, Economic, of New, Reuters, New York Fed, Reuters Graphics, Dallas, National Association for Business Economics, Thomson Locations: Washington , U.S, of New York, York

☆ CNBC Daily Open: When inflation is too high and so are yields
▼ + stars: | 2023-10-20 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Shaky marketsStocks slid on Thursday, with the Dow down over 250 points after Powell's speech and as the benchmark 10-year U.S. Treasury yield inched closer to the key level of 5%. Las Vegas Sands' Asia betThe world's largest casino company's recovery from the Covid-19 pandemic is gaining steam, and Asia is a big reason why. Las Vegas Sands announced it pulled in $1.12 billion in third-quarter adjusted property EBITDA, an important gauge of profitability in the gambling industry.

Persons: Jerome Powell, Powell, Powell didn't, Dow, That's Organizations: Economic, of New, CNBC, Treasury, Disney, Vegas Sands Locations: of New York, New York City, U.S, Vegas Sands, Asia

Still, some traders interpreted his comments as an endorsement of keeping rates around current levels through most of next year. Yields on the benchmark 10-year Treasury, which move inversely to bond prices, rose briefly to 5% late on Thursday, a closely watched level not seen since 2007. "That gives people the go ahead to take rates above 5%.”Whiteley said that he sees 10-year yields moving as high as 5.5% before peaking. An extended climb in Treasury yields risks exacerbating the pressures that have dogged a broad array of assets in recent months. Still, even if the Fed cuts rates over the next few years, yields could stay above 5% if inflation and growth remain high, he said.

Persons: Jerome Powell, Brendan McDermid, Stocks, ”, Greg Whiteley, ” Whiteley, Gennadiy Goldberg, Goldberg, Powell, Sameer Samana, Alan Rechtschaffen, Rechtschaffen, Robert Tipp, Davide Barbuscia, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Megan Davies Organizations: Economic, of New, REUTERS, Treasury, Federal Reserve, New York Economic, Fed, TD Securities, Wells, Investment Institute, UBS Global Wealth Management, Tipp, Thomson Locations: of New York, New York City, U.S, DoubleLine

☆ Treasury yields are sky high. Here's why you should care
▼ + stars: | 2023-10-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

It’s no longer “higher for longer,” said Steve Sosnick, chief strategist at Interactive Brokers, it’s just “high for long.”What’s happening: 10-year Treasury yields are flirting with 5% for the first time since 2007, before the global financial crisis. It also means more expensive mortgage rates. Mortgage rates tend to track the yield on 10-year US Treasuries. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Fed officials, including Powell, have indicated that rates could be high enough to help lower inflation towards their target goal of 2%.

Persons: ”, Steve Sosnick, Rob Almeida, Powell, they’re, Jerome Powell, Paul McCartney, Darrell Cronk, Anna Bahney, —, ” Lawrence Yun, Snapchat isn’t, Snapchat, Clare Duffy, Evan Spiegel Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Interactive, MFS Investment Management, US Treasury, Treasury, Economic, of New, Financial, “, National Association of Realtors, NAR, Twitter Locations: New York, Ukraine, of New York, Wells Fargo, Northeast, Midwest, South, homeownership

☆ CNBC Daily Open: Fed says inflation too high, U.S. Treasurys in spotlight
▼ + stars: | 2023-10-20 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

Federal Reserve Chairman Jerome Powell speaks during a meeting of the Economic Club of New York in New York City, U.S., October 19, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. [PRO] Should you lock in those high yields right now? But with 10-year Treasury yields surging to 5% — a 16-year high, many investors might now be tempted to lock in those high yields and buy into bonds.

Persons: Jerome Powell, Powell, Powell didn't, Dow, That's Organizations: Economic, of New, CNBC, Treasury, South, Disney, Vegas Sands Locations: of New York, New York City, U.S, Asia, Pacific, Vegas Sands

☆ Gold scales 3-month peak as Middle East conflict lifts demand
▼ + stars: | 2023-10-20 | by ( ) www.cnbc.com time to read: +2 min

Gold prices hit a three-month high on Friday and were set for a second straight weekly gain, with demand bolstered by the Middle East conflict and expectations that the Federal Reserve's rate hikes are nearing an end. Spot gold was up 0.2% at $1,978.19 per ounce by 0542 GMT, after hitting its highest since July 20. "Gold prices were supported as fears of another Fed rate hike in 2023 subside. We remain neutral towards gold prices for 2023, expecting prices to average $1,950/oz," Fitch Solutions said in a note. Spot silver fell 0.4% to $22.94 per ounce, but was headed for a second weekly rise.

Persons: Kyle Rodda, Yoav Gallant, Jerome Powell, Wang Tao Organizations: Agosi AG, Capital.com, Israeli, Fitch Solutions, Economic, of New Locations: Pforzheim, Israel, Gaza

☆ Wall St drops as Treasury yields surge, Powell speaks
▼ + stars: | 2023-10-19 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Treasury yields rose further and the benchmark 10-year note yield was at a 16-year high of almost 5%. The rate-sensitive real estate sector (.SPLRCR) dropped 2.4% and was the day's worst-performing S&P 500 sector. [1/2]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The labor market is showing strength even though the central bank has raised its benchmark overnight interest rate by 525 basis points since March 2022. The S&P 500 posted 2 new 52-week highs and 37 new lows; the Nasdaq Composite recorded 15 new highs and 370 new lows.

Persons: Tesla, Jerome Powell, Elon Musk, Oliver Pursche, Jay Powell, Powell, Brendan McDermid, Caroline Valetkevitch, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi, David Gregorio Our Organizations: Netflix, Dow, Nasdaq, Treasury, Wealthspire Advisors, Economic, Dow Jones, New York Stock Exchange, REUTERS, Data, U.S . Labor Department, Netflix Inc, American Airlines, United Airlines, NYSE, Thomson Locations: Westport , Connecticut, New York, U.S, New York City, United States, Britain, France, Bengaluru

☆ Wall St ends down as Treasury yields surge, Powell speaks
▼ + stars: | 2023-10-19 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Treasury yields rose further and the benchmark 10-year note yield was at a 16-year high of almost 5%. The Dow Jones Industrial Average (.DJI) fell 254.24 points, or 0.76%, to 33,410.84. Data this week has pointed to strong consumer demand and a tight labor market. A U.S. Labor Department report on Thursday showed the number of Americans filing new claims for unemployment benefits fell to a nine-month low last week.

Persons: Brendan McDermid, Jerome Powell, Elon Musk, Oliver Pursche, Jay Powell, Powell, Caroline Valetkevitch, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Netflix, Tesla, Treasury, Wealthspire Advisors, Economic, Nasdaq, Dow Jones, U.S . Labor Department, Thomson Locations: New York City, U.S, Westport , Connecticut, New York, United States, Britain, France, Bengaluru

For inflation to durably return to the Fed's 2% target, it "is likely to require a period of below-trend growth and some further softening in labor market conditions," Powell said. There is evidence the labor market is cooling, Powell said, with some important measures approaching levels seen even before the pandemic. Those include new geopolitical risks to the economy from the "horrifying" attack on Israel by the Palestinian militant Hamas group, Powell said. "Persistent changes in financial conditions can have implications for the path of monetary policy," Powell said, with higher market-based interest rates, if sustained, doing the same job as Fed rate increases. "We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters," Powell said.

Persons: Jerome Powell, Evelyn Hockstein, Powell, Dan Burns, Ann Saphir, Chizu Nomiyama, Andrea Ricci Organizations: . Federal, Federal Reserve, REUTERS, Economic, of New, Fed, Hamas, Federal, U.S, Thomson Locations: Washington , U.S, U.S, of New York, Israel

Powell, however, added the economy's strength and continued tight labor markets could warrant further Federal Reserve interest rate increases. Third-quarter earnings for S&P 500 companies are now estimated to grow at 1.6% compared with expectations of a 2.2% increase last week, LSEG data showed. Yields on the 2-year note, which best reflects short-term interest rate expectations, fell , while that on the 10-year note edged higher to 4.9215%, near the 5% level last seen in 2007. Communications services (.SPLRCL) and information technology (.SPLRCT) led gains amongst the major S&P 500 sectors. On the earnings front, Blackstone (BX.N) slipped 6.0% as the world's largest private equity firm's third-quarter distributable earnings fell more than expected due to a decline in asset sales in its real estate business.

Persons: Brendan McDermid, Jerome Powell, Powell's, CME's, Powell, Chris Zaccarelli, Russell Hackmann, Austan Goolsbee, Atlanta's Raphael Bostic, Philadelphia's Patrick Harker, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Netflix, Dow, Nasdaq, Economic, of New, Traders, Independent, Alliance ., Hackmann Wealth Partners, Investors, Chicago Fed, Dow Jones, Communications, Blackstone, Lam Research, NYSE, Thomson Locations: New York City, U.S, of New York, United States, Britain, France, Bengaluru

☆ Jerome Powell Signals Fed Will Extend Interest-Rate Pause
▼ + stars: | 2023-10-19 | by ( Nick Timiraos | ) www.wsj.com time to read: 1 min

Speaking at the Economic Club of New York, Federal Reserve Chair Jerome Powell described the U.S. economy as ‘resilient’ and said he doesn’t believe monetary policy is too tight. Photo: Bess Adler/BloombergFederal Reserve Chair Jerome Powell suggested that he is pleased with inflation’s decline this summer and that the central bank is unlikely to raise interest rates again unless it sees clear evidence that stronger economic activity jeopardizes such progress. “Given the uncertainties and risks, and how far we have come, the committee is proceeding carefully,” Powell said in prepared remarks for a Thursday lunchtime address in New York. “Incoming data over recent months show ongoing progress toward both” of the Fed’s goals to maintain stable inflation and strong employment.

Persons: Jerome Powell, Bess Adler, ” Powell Organizations: Economic, of New, Federal, Bloomberg Locations: of New York, U.S, New York

Felipe Villarroel, portfolio manager at TwentyFour Asset Management, said he recently swapped some 10-year Treasuries for higher yielding 30-year Treasuries. At these levels, yields give “a massive cushion in your total returns" to protect against bond prices falling further, he said. Yields on the benchmark 10-year U.S. Treasury were over 4.95% in Asia trade on Thursday, their highest level in more than 16 years, and 30-year yields breached 5% this month for the first time since 2007. An auction of 30-year U.S. Treasuries showed weak demand last week, sending yields higher. "The tightness that (bond yields) are imposing on the economy and markets is rising ... this caps the extra work the Fed needs to do," said Smith.

Persons: Jerome Powell, David Rubenstein, Amanda Andrade, Rhoades, Felipe Villarroel, Treasuries, Matt Smith, Ruffer, Buyers, Leslie Falconio, Ruffer's Smith, Smith, Davide Barbuscia, Michelle Price, Ira Iosebashvili, Nick Zieminski Organizations: Federal, Economic, of Washington, Washington , D.C, REUTERS, Treasuries, TwentyFour Asset Management, Bank of America Global Research, Treasury, UBS Global Wealth Management, BlackRock Investment Institute, Thomson Locations: Washington ,, Asia

☆ Gold firms on Middle East conflict, spotlight on Powell speech
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: +2 min

Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Friday, Oct. 13, 2023. Gold prices hovered near a 2-1/2-month high on Thursday as escalating Middle East turmoil buoyed demand for the safe-haven asset, while investors awaited U.S. Federal Reserve Chair Jerome Powell's speech due later in the day. Spot gold was steady at $1,947.45 per ounce by 0318 GMT after hitting its highest since Aug. 1 on Tuesday. Market focus will be on Powell's speech to the Economic Club of New York for more cues on the interest rate path after recent dovish comments from several Fed officials. I don't think there's a whole lot to reprice there and doubt the Fed Chair is going to fight that sentiment," Spivak said.

Persons: Jerome Powell's, Ilya Spivak, Joe Biden, Spivak Organizations: Korea Gold Exchange, Federal, Gaza, Economic, of New Locations: Seoul, South Korea, ., Israel, of New York

☆ Fed Chair Powell to deliver remarks during uncertain moment for the US economy
▼ + stars: | 2023-10-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Federal Reserve Chair Jerome Powell is set to deliver remarks during a moderated discussion hosted by the Economic Club of New York at 12 pm ET on Thursday. The yield on the benchmark 10-year US Treasury note reached its highest level since 2007 on Wednesday, while 30-year Treasury yields breached the 5% mark. That’s a welcome development for the Fed, but officials aren’t quite yet ready to declare victory. Inflation is still above the Fed’s 2% target, and officials have said they need to see further evidence of the economy cooling. Employers added a robust 336,000 jobs in September, while the unemployment rate held at a low 3.8% that month.

Persons: Jerome Powell, Philip Jefferson, That’s, ”, Mary Daly Organizations: DC CNN — Federal, Economic, of New, Treasury, ” San Francisco Fed, Traders, Commerce Department Locations: Washington, of New York, June’s, ” San, Israel

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