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Read previewThe Federal Reserve is expected to slash interest rates today for the first time since 2020 as the labor market and inflation continue to cool. AdvertisementAssuming a 25-basis-point cut at every FOMC meeting until next July, that would leave an extra 75 basis points the central bank would have to work into its policy adjustments over that time. One is that the consumer could be weaker than they appear, and the labor market is likely to deteriorate further. AdvertisementWhile the Fed hopes to stimulate spending with rate cuts, Tombs is skeptical that they'll the impact the central bank wants. Advertisement"New mortgage rates need to drop by about 250bp before they will undershoot the average outstanding mortgage rate," Tombs wrote.
Persons: , Jerome Powell's, Samuel Tombs, Tombs Organizations: Service, Business, Macroeconomics Locations: Jackson Hole , Wyoming
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
The meeting wraps up Wednesday afternoon, with the release of the Fed's rate decision coming at 2 p.m. "I hope they cut 50 basis points, but I suspect they'll cut 25. Here's a breakdown of what's on tap:The rate waitThe FOMC has been holding its benchmark fed funds rate in a range between 5.25%-5.5% since it last hiked in July 2023. The 'dot plot'Perhaps just as important as the rate cut will be the signals meeting participants send about where they expect rates to go from here. In June, FOMC members penciled in just one rate cut through the end of the year.
Persons: Jerome Powell, William McChesney Martin Jr, Andrew Harnik, they'll, Mark Zandi, that's, Tom Simons, Zandi, Robert Kaplan, There'll, Seema Shah, FOMC, Moody's, Goldman Sachs, Powell presser, Goldman, Simons Organizations: Federal Reserve, Committee, Moody's, Wall, Jefferies, Dallas Fed, CNBC, Asset Management Locations: Washington , DC
It's September – and that means it's prime time to think about maximizing after-tax returns as the year winds down. Of course, there may be a price to pay for that performance: Uncle Sam will want his share of taxes. Here are a few steps that could help you hold onto more of your portfolio's returns this year. Munis spin out income that's free of federal taxes, and they may be exempt from state levies if the investor resides in the issuing state. By directly giving low basis highly appreciated stock (instead of selling the position and donating cash proceeds), you avoid incurring the capital gains tax.
Persons: it's, Sam, Nathan Hoyt, Joel Dickson, Vanguard's, Dickson, James Shagawat, Roth, Shagawat, Malcolm Ethridge, , Ethridge Organizations: Nvidia, Regent Peak Wealth, Investors, Roth IRA, Treasurys, Wealth Locations: Atlanta, AdvicePeriod, Paramus , New Jersey, New York , New Jersey, California, Rockville , Maryland
Read previewIt's shaping up to be a bustling period for new hedge funds. Startup funds have allies in investment bank prime brokerage units, a crucial lifeline to hedge funds and a growing business on Wall Street. AdvertisementMorgan Stanley has long been home to one of the top prime brokerages, and serving hedge funds is key to the bank's equities ambitions. These are 3 of the top stumbling blocks for startup fund managers and how to handle them, according to Novick and Shaw. AdvertisementBut beyond that, continuing to engage with prospects is simply a sound business strategy.
Persons: , Jon Caplis, Morgan Stanley, Ted Pick, Penny Novick, Kim Shaw, Shaw, Morgan Stanley's, Novick, they're, allocators, Hone, haven't Organizations: Service, Business, Viking
For the past three years, software stocks have suffered as revenue growth softened, and investors remain skeptical about when it will return. For Oracle, that's its cloud infrastructure — a service that has improved Oracle's fundamental growth story, Walravens argued. This strategic move positioned Oracle as a key player in AI, fueling growth in its infrastructure as a services (IaaS) business. Oracle Cloud Infrastructure is central to this growth, offering a suite of services for AI-driven workloads. SAP YTD mountain SAP stock performance year-to-date.
Persons: Raimo Lenschow, Pat Walravens, Walravens, Bernstein, Mark Moerdler, tailwinds, Goldman Sachs, Amy Hood, it's, Keith Bachman, Bachman Organizations: Oracle, Nvidia, Barclays, Investors, Software, Services, Microsoft, SAP, Citizens, CNBC, Google, Oracle Cloud Infrastructure, Microsoft Microsoft, AI Services, Wall, BMO
But around a year and a half ago, she decided to pursue what she calls a "portfolio career." Anna Mackenzie has a portfolio career and likes the variety of gigs she can do with this type of work. Mackenzie SweetnamJanel Abrahami, who also has a portfolio career, doesn't see workers going back to how work was before the pandemic. Some people may take on a freelance job or work more than one job to kick off their portfolio career. AdvertisementThe pros and cons of a portfolio careerMackenzie and Abrahami both think a portfolio career isn't for everyone.
Persons: , Anna Mackenzie, Mackenzie, Mackenzie Sweetnam Janel Abrahami, doesn't, it's, divesting, Abrahami, Janel Abrahami, Janel Abrahami Mackenzie, who've, who's, " Mackenzie Organizations: Service, Business Locations: New Jersey, Australia
While FICO has deprioritized medical debt in credit score calculations, VantageScore removed medical debt from its calculations. The CFPB announced rulemaking to address the reporting of medical bills on credit reports that would require the credit bureaus to stop reporting medical bills entirely. How medical bills can affect your creditIn the past, credit bureaus would report medical debt the same as any other overdue bills, and could cause your credit score to drop. Protecting your credit from medical billsWhile unpaid medical debt doesn't have the same impact on your credit score as an unpaid credit card bill, it can impact your credit nonetheless. Consider medical credit cards or loansInstead of a traditional credit card, consider a medical credit card or loan.
Persons: FICO, rulemaking, doesn't, , Experian, VantageScore, Biden, Tiffany Cross, Rick Eicheldinger, You'll, Cross Organizations: Consumer Financial Protection Bureau, CFPB Locations: United States, U.S
Over the course of about 10 years at the company, Vashi worked his way up from an entry-level consultant role to vice president. It all paid off in June 2022, when Anaplan was acquired by private equity company Thoma Bravo at a roughly $10.4 billion valuation. Here are five tips on how to negotiate for more equity at work, according to Vashi:1. "The best way to secure equity compensation is to make yourself extremely important to the company," he said. When it comes to employees, it is "all based on [their] contributions, either actual contributions or expected contributions," Vashi said.
Persons: Bhavik Vashi, Vashi, Anaplan, Thoma, they've Organizations: University of California, CNBC, Thoma Bravo, Asia Pacific, Carta, Employees Locations: Valley, Berkeley, Silicon Valley, Middle East
Read previewGoogle cofounder Sergey Brin said engineers at the tech company aren't using artificial intelligence as often as he thinks they should. Brin said he was curious about how good Google's AI model would be at Sudoku. "Because they don't honestly use the AI tools for their own coding as much as I think they ought to." As search competition continues to heat up, Google recently updated its AI Overviews, which is a feature that produces AI-generated answers in response to a Google search. Earlier this month, BI reported that junior software developers are likely to see the most immediate changes to their workflow, with AI tools potentially changing the way newbies gain developer skills.
Persons: , Sergey Brin, Brin, David Friedberg, Chamath Palihapitiya, Jason Calacanis, David Sacks, I've, AI's, " Brin, we've, hasn't, OpenAI, Friedberg, Elon Musk Organizations: Service, Business, Google, Engineers, BI, Tesla Locations: Los Angeles, Friedberg
Financial planner Nadine Burns says with the right strategy, you can reach your retirement goals. Below, Burns shares the strategy she uses to help her clients achieve their retirement goals. Understand your net worthBurns says understanding your net worth — and tracking it throughout your working years — is the first step to retiring comfortably. Your net worth should rise throughout your working years and allow you to retire with more assets than debts. To find your net worth, add up all of your assets then subtract your debts.
Persons: Nadine Burns, It's, , Burns, you've, doesn't Organizations: Service, Social Security, Invest, IRA
Soon after, the mother’s syphilis test — given to all women before delivery — came back positive. In 2022, the Centers for Disease Control and Prevention reported more than 200,000 syphilis cases — the highest counts since 1950. Spreading the word about syphilisSome public health departments have launched eye-popping awareness campaigns, trying to raise the alarm among both the public and health care providers. Make syphilis testing convenientBeyond greater awareness, access to testing and treatment needs to be quick, easy and convenient, Chokshi said. But permanently bending the syphilis curve will require scaling these efforts nationally and promoting greater coordination between health care and public health.
Persons: Irene Stafford, Stafford, , It’s, could’ve, they’re, , Kenneth Mayer, Mayer, Dave Chokshi, Donna Fox, Fox, ” Fox, “ We’re, , Lucas, they’ve, we’re, ” Stafford, Chokshi, Jessica Leston, Jessica Leston “ We’re, ” Leston, Trojan Carvajal, Jai Winchell, Winchell, Arlene Seña, it’s, ” Seña, don’t, Seña, that’s, ” Chokshi Organizations: University of Texas Health Sciences Center, Centers for Disease Control, CDC, Fenway Institute, Common Health Coalition, Health, Lucas County Health Department, Alaska Natives, Johns Hopkins School of Medicine, STI, Mobile Care Clinic, Shasta, University of North, Hospital, University of Chicago, U.S, Fenway Health Locations: Houston, U.S, Boston, New York, Toledo, Lucas County, Ohio, Texas, Alaska, Cass, Minnesota, California, Shasta County, Oregon, Shasta, University of North Carolina, Grady, Atlanta, America
Yi Gang was governor of the People's Bank of China from 2018 to 2023. He is pictured here speaking at the Peterson Institute for International Economics in Washington, DC, US, on Saturday, April 15, 2023. SHANGHAI — China's policymakers need to focus on boosting domestic demand, Yi Gang, former head of the People's Bank of China, said Friday at the Bund Summit in Shanghai. "At this point, proactive fiscal policy and accommodative monetary policy are important," he said. In contrast to high inflation in the U.S. and Europe, China's consumer prices fell in 2023 and have only picked up marginally so far this year as domestic demand remains lackluster.
Persons: Yi Gang, Yi Organizations: People's Bank of, Peterson Institute for International Economics, Bund, Reuters Locations: People's Bank of China, Washington , DC, SHANGHAI, Shanghai, U.S, Europe
Read previewOfficials in China have been telling young people that spies or foreign powers could be out to trick them through casual activities such as online dating and listening to pop music. National authorities raised these red flags at least twice recently, amid a wider push from China's leader, Xi Jinping, to bolster Chinese national security by getting citizens to be more proactive. The South China Morning Post reported that a new foundational textbook for college students warned them about pop culture and rock 'n' roll as oft-used tools for foreign subversion. AdvertisementThe Ministry of State Security has meanwhile cautioned young people to beware of part-time job offers and online dating prospects that might be "secret-stealing traps" laid by foreign spies. The idea here is that the spies target students in scientific research fields to trick them into disclosing sensitive information or sending photos of classified sites.
Persons: , Xi Jinping Organizations: Service, Business, China Morning Post, Ministry of Education, of State Security, Ministry of State Security Locations: China, Beijing
A new study suggests layoffs can lead to cyberattacks from disgruntled employees. A new study suggests they may also fuel a desire for revenge, which could put companies at risk of a cyberattack. Tran discussed what companies should know about the connection between layoffs and cybersecurity breaches and how organizations can minimize their risk. Being proactive and emphasizing ethical conduct and data security during layoffs could reduce the risk of data breaches in those situations. What aspect of layoffs and data breaches do you plan to study next?
Persons: Thi Tran, , Binghamton University Tran, Tran, We'll Organizations: Service, Binghamton University, Pacific Asia Conference, Information Systems Locations: Vietnam
PDD 's tumble of nearly 30% last week on disappointing quarterly results is a reminder that China's consumer has largely moved on from its years of double-digit growth. "The reaction of its stock price is out of touch with its fundamentals," he said in Mandarin, translated by CNBC. "The entire Chinese consumer market is weak, yes, [but] PDD management's very peculiar comments caused the share price decline," he said. Chen Lei, chairman and co-CEO of PDD, warned multiple times on the earnings call about future declines in profit. Revenue grew by 21%, while adjusted earnings nearly doubled from a year ago.
Persons: PDD, Charlie Chen, Chen Lei, Morgan Stanley, Wang Xing, Trip.com, Liqian Ren, Ren, Joey Wat, Banks, Morgan, Richard Xu, Xu Organizations: China Renaissance Securities, CNBC, JPMorgan, Hong, Management, KFC, Yum, Savings Bank of Locations: Asia, Hong Kong, U.S, China, WisdomTree, Beijing, Yum China, Hong, Savings Bank of China
Insider Today: The Hamptons of Florida
  + stars: | 2024-08-24 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com   time to read: +7 min
This week's dispatchView of Inlet Beach, Florida, one of the communities that makes up "30A" Courtesy of the Blankenship GroupMeet the "Hamptons of the South"A 26-mile stretch of Florida highway has been a well-kept secret for years. Sitting between popular spring break locales Destin and Panama City Beach, the 30A beaches comprise a few towns: Rosemary, Santa Rosa Beach, and Seaside. Despite the influx of interest and visitors, Kemp Stewart, a luxury rental owner who's seen 30A blow up in popularity, said that the beach towns' appeal has remained the same. No more night sweats : We found the three best cooling pajama sets for women to help hot sleepers chill out. AdvertisementMore of this week's top reads:The Insider Today team: Jordan Parker Erb, editor, in New York.
Persons: , Suzanne Hayes, it's, Dan Latu, Kemp Stewart, who's, It's, Kemp, Ben Affleck, Jennifer Lopez, Monica Schipper, Affleck, Jenny Chang, Rodriguez, Monica Humphries, Natalie Ammari, Zers, they're, Warner, Kevin Costner's, Max, Air McNair, docuseries, Steve McNair, Rebecca Zisser, Skip, we've, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan, Amanda Yen Organizations: Service, Business, Panama City Beach, BI, Warner Bros, Apple, Labor Locations: Florida, Beach , Florida, Gulf, Mexico, Panama, Santa Rosa Beach, Seaside, Redfin, New York, New York City
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewViking Global — the $48 billion Tiger Cub launched in 1999 — has had to replace talented people many times throughout its 25 years of existence. AdvertisementA person close to the manager told Business Insider that the manager decided to be "proactive instead of reactive" in hiring analysts for its investing teams. Viking traditionally had hired analysts after they'd spent two years in banking and another two in private equity. The person close to the firm said that underneath Walsh, portfolio manager Previn Mankodi has been promoted to deputy CIO, and Scott Zinober and Hani Sabbagh have each been bumped up to senior portfolio manager.
Persons: , Brian Olson, David Ott, Andreas Halvorsen, Dan Sundheim, Ben Jacobs, Ning Jin, he's, they'd, Matt Sharp, Justin Walsh, Walsh, Previn Mankodi, Scott Zinober, Hani Sabbagh Organizations: Service, Tiger Cub, Business, Viking, Suvretta Locations: Suvretta Capital, Viking, China, India, France, Korea
But the Llanez family never learned whether Gonzalez had followed ICE training protocols, because the way ICE agents are trained has been largely hidden from the public. For years, civil-rights groups have sought to obtain, with limited success, complete ICE training documents to understand how that training affects use of force by agents in the field. And they also appear to place an emphasis on teaching ICE agents how to justify the use of force. Among the most important lessons ICE agents receive is when and how to use deadly force. One of the questions asks which steps an officer must take before initiating deadly force; the answer is "None, deadly force can be initiated immediately."
Persons: Ronaldo Gonzalez, Gonzalez, Fernando Llanez, Llanez, Jorge Hernandez, weren't, Hernandez, Miguel Alvarez, Ivón Padilla, " Alvarez, FLETC, Gonzalez didn't, Alvarez, isn't, John Bostain, Jim Trainum, Phillip Causey, Gabino Ramos Hernandez, Ramos, Causey, we're, Timothy Cerniglia, Cerniglia, You'll, we'll, Trainum, Christian Rodriguez Organizations: Type Investigations, Immigration, Business, ICE, Court, Southern, Southern District of, Investigations, of Homeland Security, University of Illinois Chicago, Federal, Training Centers, Department of Homeland Security, Federal Law, Department of Justice, Citizens, DHS, Metropolitan Police Department, Mississippi Bureau of Investigation Locations: Chula Vista , California, Chula Vista, Southern District, Southern District of California, Charleston , South Carolina, Glynco, Georgia, Washington ,, Laurel , Mississippi, Southern District of Mississippi, Mississippi
Read previewGuaranteed basic income is all the rage right now. Countries including India, Argentina, and Austria have tested out small-scale guaranteed job programs. Cleveland's jobs guaranteeFor Cotten, ensuring jobs for any American who needs one is a no-brainer. While many cities are testing out basic income programs, they haven't been universal and instead targeted specific groups in need like artists, new parents, low-income families, or people experiencing homelessness. Republican lawmakers have introduced bills to ban basic income programs in their states, with some arguing that handing out checks with no strings attached would disincentivize work and raise taxes.
Persons: , that's, what's, Tcherneva, Sen, Bernie Sanders, Ayanna Pressley, Devin Cotten, Cotten, Franklin Delano Roosevelt's, Sanders, Pressley, Andrew Yang —, Gerald Connolly, UBE, Lukas Lehner, Lehner, Maximilian Kasy, they're, Kasy Organizations: Service, Business, Bard College, American, Democrats, Republicans, Washington Post, Social Security, Universal, University of Oxford, European Commission, European Union Locations: Denver, Baltimore, India, Argentina, Austria, Cleveland, Virginia, Austrian, Marienthal, South Africa, United States, France
I didn't, and managing my money manually has been a major learning experience. For the last six years, focusing on my personal finances has been one of my main goals. However, some of the advice I received wasn't the right advice to follow, and I'm glad I didn't — especially the advice that came from a friend of mine who was on a mission to become a millionaire by age 40. Consider a financial advisor. Finding a financial advisor doesn't have to be hard.
Persons: , doesn't Organizations: Service
My first job out of university was at a tech PR firm. I've always liked wearing different hats, and these threads led me to join Playfair, a generalist VC fund. I was so surprised at how relevant my PR experience wasI was so surprised at how relevant my PR experience was because so much of VC is investor relations. If your background is generalist and diverse, that kind of VC fund would likely suit you. But if you started your career with a technical background, you'd perhaps be suited to a deep tech fund.
Persons: Lucia Polverino, , Piper Sandler, I've, I, Playfair, It's, it's, that's, grads Organizations: Service, Business, KKR, LexisNexis Locations: London, American
For now, here's what we know — and what we don't know — about stem-cell therapy for knees. Bryan Johnson flew to the Bahamas to get MSC stem cells injected into his knees, hips, and shoulders — for about $16,500 per joint. Plus, even Sampson warns that young donor stem cells should not be seen as a quick fix or a panacea. Done with proper medical oversight, some studies have found no adverse effects from stem-cell treatments for various conditions. Botched stem-cell treatments can cause infection, blindness, and excessive cell growth, which can trigger the formation of tumors.
Persons: , Bryan Johnson, Johnson, hasn't, Josh DeAngelis, Rasul Chaudhry, Chaudhry, Steven Sampson, Chaundhry, Sampson, Peyton Manning, Patrick Smith, George Kittle, Hulk Hogan, TJ Dillashaw, Rafael Nadal, Jack Nicklaus, I've, it's, Paul Knoepfler, he's, It's, Mattias Bernow, we'll, Knoepfler Organizations: Service, Business, MSC, Oakland University, NFL, FDA, UFC, ESPN, CNN, UC Davis School of Medicine Locations: Bahamas, Panama
Gold nudges higher on mounting U.S. rate cut bets
  + stars: | 2024-08-06 | by ( ) www.cnbc.com   time to read: +2 min
An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices edged higher on Tuesday after comments from Federal Reserve officials reinforced expectations of bigger U.S. interest rate cuts later this year. Spot gold was up 0.1% to $2,408.77 per ounce as of 0354 GMT. Fed San Francisco President Mary Daly said her mind was open to cutting interest rates as necessary and policy needed to be proactive. Meanwhile, Japanese stocks opened higher, underpinning a recovery across battered Asian share markets and even triggering circuit breakers in some.
Persons: Mary Daly, Soni Kumari Organizations: Co, Federal Reserve, San, ANZ, Traders Locations: Bangkok, Thailand, U.S, San Francisco, China
The Olympic sendoff friendlies seemed to clue at an early theory: park the bus, play defense-first soccer and frustrate the United States until you find a chance to try an attack. Although having Coffey back from suspension helped toward that end, the United States was still thin in central areas. Berger and Naeher were both instrumental in keeping the score 0-0 throughout regulation, Berger moreso given the United States’ stronger attacking presence. Tournament Naeher is a different beast from any other level of her play. The United States heads to its first Olympic women’s gold medal match since the 2012 London Games.
Persons: Sophia Smith, Smith, Trinity Rodman, Mallory Swanson, ” Smith, , Mal, Emma Hayes, Tierna Davidson, Sam Coffey, Davidson, Emily Sonnett, Rose Lavelle, Lynn Williams, Alyssa Naeher’s, ” Jeff Rueter, Steph Yang, Ann, Katrin Berger’s stolid, Berger, Swanson, Rodman, Williams, you’d, Naomi Girma, Becky Sauerbrunn, Naomi Girma’s, Girma, shouldn’t, , Jeff Rueter, Hayes, we’ve, Hayes ’ USWNT, Costa Rica wasn’t, Lindsey Horan, Coffey, hasn’t, they’ll, Naeher, Laura Freigang’s, it’s, she’s, Alyssa Naeher, Gv5tkEhLP0 — CJ, John Todd, Getty Organizations: U.S, women’s, Olympic, NBC, , Japan, Germany, United Locations: Germany, U.S, Swanson, Lyon, United States, Hayes ’, Mexico, Costa Rica, Spain, Brazil, States
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