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A general view of the Bank of England in the City of London, Britain, September 25, 2023. In making that call the BoE report focuses mostly on consumption, which it estimates makes up about 60% of GDP. As a result, the BoE expects the fallout from rate moves to date to "grow over time" even if one-off quarterly hits have peaked. And whatever the slow-burning hit to growth and consumption, inflation surprises could well change the increasingly comfortable markets picture. BOE chart on GDP outlookBOE chart on consumption hit from rate risesReuters Graphics Reuters GraphicsThe opinions expressed here are those of the author, a columnist for Reutersby Mike Dolan X: @reutersMikeD; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.
Persons: Hollie Adams, Huw Pill, what's, BoE, Modupe Adegbembo, Andy Burgess, BOE, Mike Dolan, David Evans Organizations: Bank of England, City of, REUTERS, Bank, Reuters, AXA Investment Managers, Thomson Locations: City, City of London, Britain, British
A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. Central banks in Sweden, Switzerland, Norway, Great Britain and the United States held no rate setting meetings. That compares to September, where three major developed central banks delivered a last-gasp set of rate hikes, which took 2023 the year-to-date tally for G10 central banks to a total of 1,150 bps across 36 hikes. Emerging markets interest rate moves in Oct 2023Meanwhile, diverging rate trajectories continued to be on display in emerging economies where 12 out of the 18 central banks in the Reuters sample held meetings in October. Central banks in Brazil, Mexico, South Africa, Thailand, Malaysia and Czech Republic did not meet in October.
Persons: Heiko Becker, Fabiana Fedeli, Barnaby Martin, Karin Strohecker, Sumanta Sen, Jonathan Oatis Organizations: European Central Bank, REUTERS, Bank of Japan, Reserve Bank of Australia, Reserve Bank of New, Bank of Canada, Fed, Bank of England, G Investments, U.S . Federal, Reuters, BofA Securities, Thomson Locations: Frankfurt, Germany, Central, America, Europe, Asia, Reserve Bank of New Zealand, Sweden, Switzerland, Norway, Great Britain, United States, Chile, Hungary, Poland, Indonesia, Philippines, Russia, Turkey, Brazil, Mexico, South Africa, Thailand, Malaysia, Czech Republic
So how did a species of leaf-eared mouse make this barren land their home? The mice, called Phyllotis vaccarum, are commonly found living in the Andes mountains at lower elevations, all the way down to sea level. In 2020, a living mouse was recorded at the summit of Llullaillaco, a volcano with an elevation of 6,739 meters (about 22,110 feet) on the border of Chile. The discovery of the living mouse spurred Storz to conduct expeditions at 21 different volcanoes. Freeze-dried mouse mummiesWhile the conditions are not ideal for living creatures, they create perfect conditions for preservation, as the mice are essentially freeze dried, Storz said.
Persons: Jay Storz, Jay Storz “, we’ve, , Storz, , “ It’s, it’s, ” Storz, Emmanuel Fabián Ruperto, Ruperto Organizations: CNN, University of Nebraska, Geographic, NASA, Argentine Institute for Dryland Research Locations: Argentina, Chile, Bolivia, United States, Atacama, Llullaillaco, Lincoln, Mendoza
Egypt’s pyramids host breathtaking new art exhibit
  + stars: | 2023-10-30 | by ( Francesca Perry | ) edition.cnn.com   time to read: +7 min
In one project, a new pyramid structure emerges in wicker; in another, glass sculptures appear to make the ancient pyramids float on water. Organized by Nadine Abdel Ghaffar, the founder and curator of Cairo-based arts firm Art D’Égypte, the event aims to celebrate ancient Egyptian culture through contemporary creativity. “I’ve always been fascinated by the Pyramids of Giza and the entire ancient Egyptian culture — the mysticism around it, the enigmas,” Zeta said. Courtesy CulturVator - Art D'E“Translucent Pyramid” by Saudi artist Rashed Al-Shashai, adds a new, 6m-tall pyramid to the plateau. Conceived as seemingly archaeological fragments of a labyrinth, each one is decorated with perforated motifs taken from historic diagrams of the ancient Egyptian labyrinth.
Persons: Nadine Abdel Ghaffar, D’Égypte, Artur Lescher, , Pilar Zeta, I’ve, ” Zeta, Carole A, Sabine Marcelis, ” Marcelis, Stephan Breuer French, Glass, Costas Varotsos, Rashed Al, Sam Shendi, Azza Al Qubaisi, D'E Rashid Al Khalifa, JR, Organizations: CNN, UNESCO, Bahraini, JR Locations: Giza, Egypt, Cairo, Brazil, Mexico, Argentinian, French, Saudi
New drilling technologies during the so-called Bakken Boom turned North Dakota into the nation's second-largest crude oil-producing state from 2012 to 2020. "This sale is a big deal in North Dakota," said Ron Ness, head of the North Dakota Petroleum Council, an industry trade group. "There's a sentimentality to this sale," said Kathy Neset, who runs a prominent North Dakota oil industry consulting firm and counts Hess as one of her largest clients. Chevron could take Bakken production higher than the output targeted by Hess in the future, said Matthew Bernstein, a senior analyst at Rystad Energy. Bakken oil production could drop to 1.15 million bpd from 2026 and be flat through 2030, before entering gradual decline as inventory exhaustion sets in, said Nathan Nemeth, a principal analyst at Wood Mackenzie.
Persons: Dado Ruvic, Hess, Boom, Mike Wirth, Wirth, Ron Ness, Kathy Neset, Matthew Bernstein, Bernstein, Jessie Jones, Jones, Nathan Nemeth, Wood Mackenzie, Stephanie Kelly, Ernest Scheyder, Marguerita Choy, Simon Webb Organizations: Chevron, Hess, REUTERS, Gulf Coast, Reuters Graphics Chevron, North Dakota Petroleum Council, Rystad Energy, Reuters Graphics Reuters, Energy, Thomson Locations: North Dakota, New Mexico, Gulf, Gulf Coast ., Midland, Texas
HIGH INFLATION FALLS SLOWLYConsumer price inflation hit 11.1% in October 2022, which was higher than in comparable economies, and it has fallen more slowly too. But service price inflation, which the BoE watches closely, rose. Economists expect a big fall in headline inflation in October as last year's energy price surge fades from the comparison. However, the BoE issued a forecast in August saying inflation would return to 2% only in the second quarter of 2025. Financial markets do not see a more than 50% chance of the BoE cutting Bank Rate until August 2024.
Persons: BoE, Andrew Bailey, Reuters Graphics Reuters Graphics BOE, Huw Pill, William Schomberg, Sumanta Sen, Hugh Lawson Organizations: Bank of England, Reuters Graphics, HIT, Reuters Graphics Reuters Graphics, Financial, European Central Bank, Graphics, Thomson Locations: Britain, U.S
Researchers have simulated slow earthquakes in laboratories. It now lies about 2 miles below sea level and is being pushed into the Hikurangi subduction zone. AdvertisementAdvertisementSlow-slip earthquakesPart of the Hikurangi subduction zone runs along the eastern coast of New Zealand's North Island. "It's kind of like a conveyor belt that's pushing this rock underneath New Zealand," Gase said. AdvertisementAdvertisementThe red rectangle shows where on the Hikurangi Plateau the reservoir is located, and the red line shows the Hikurangi subduction zone.
Persons: Andrew Gase, Gase, Demian Saffer Organizations: Service, New Zealand Herald, GPS Locations: New Zealand, Zealand, New, It's, Japan
Electric car shoppers are increasingly fickle, dealers told Insider. AdvertisementAdvertisementCar dealers have a warning for their manufacturers: the days of early-adopter electric vehicle sales are all but over. For years, early EV adopters were generally an easy sale, three car dealers told Insider. Now, electric car shoppers are more fickle. Dealers like Sheehy say that pace is likely to slow as more sure-fire EV sales are harder to find.
Persons: , That's, Vince Sheehy, Sheehy, they're, Kelley, Cameron Johnson, Johnson, Alexa St, John Organizations: Service, EV, Dealers, Magic City Auto Group, Ford Locations: Washington, D.C, Virginia
If that all came to pass, oil and gas demand would most likely plateau at slightly above today’s levels for the next three decades, expanding in developing countries and shrinking in advanced economies. “The transition to clean energy is happening worldwide and it’s unstoppable,” said Fatih Birol, executive director of the International Energy Agency. After Mr. Birol first suggested the possibility in September, the oil cartel OPEC warned that such forecasts were highly uncertain and could lead countries and companies to underinvest in oil and gas drilling. If demand for fossil fuels did not fall as expected, the cartel said, the lack of supply could lead to “energy chaos.”OPEC issued its own outlook last year projecting that global demand for oil and natural gas would keep rising until 2045. “I have a gentle suggestion to oil executives, they only talk among themselves,” Mr. Birol said in an interview.
Persons: , Fatih Birol, “ It’s, ’ it’s, ’ —, Birol, , ” Mr, Organizations: International Energy Agency, OPEC
Caitlin Clark of Iowa is a unanimous pick for The Associated Press preseason women's basketball All-America team for the second consecutive season. Last season's AP player of the year averaged 27.8 points, 8.6 assists and 7.1 rebounds. I feel more confident in my body than I ever have,” said Bueckers, who was the AP player of the year as a freshman in 2021. Clark, Reese and Holmes were on the first team while Kitley and Brink were on the second team. The AP started choosing a preseason All-America team before the 1994-95 season.
Persons: Caitlin Clark of, Angel Reese, Reese, Elizabeth Kitley, Cameron Brink, Stanford, Paige Bueckers, Mackenzie Holmes, Kitley, Holmes, Clark, Kelsey Plum's, “ Caitlin, Lisa Bluder, She's, , Kim Mulkey, ” Bueckers, , Bueckers, ” Holmes, Teri Moren, Kenny Brooks, ” Brink, Cardinal, Haley Jones, Tara VanDerveer, Brink Organizations: Associated Press, America, Hawkeyes, NCAA, LSU, Virginia Tech, UConn, Tigers, SEC, ” LSU, Big, AP, __, womens Locations: Caitlin Clark of Iowa, Indiana, Iowa, ” Indiana
For the past few months, we’ve been telling you all about the U.S. energy transition that’s arriving faster than you think. But the move toward solar is global: the study’s authors expect solar to be the cheapest source of electricity in almost all countries by 2027. “The transition to clean energy is happening worldwide and it’s unstoppable,” Fatih Birol, executive director of the International Energy Agency, told Brad. Between 2010 and 2020, the study found, the cost of solar cells fell by 15 percent each year. “The pace of decline in price initially surprised many people,” my colleague Ivan Penn, who covers the energy sector, told me.
Persons: we’ve, Fatih Birol, Brad, Ivan Penn Organizations: International Energy Agency
High valuations, despite their little influence on short-term returns, often mean devastating outcomes for investors over a longer period. There's also what he calls "poor market internals," which he tracks through a proprietary measure that monitors the breadth of individual stock performance. Hussman FundsThe combination of poor internals and high valuations are why Hussman says losses could come out of nowhere, and quickly. "Historically, the combination of extreme valuations and unfavorable market action has created a 'trap door' situation for the market," Hussman said. Rather, the steepest market losses have generally emerged from that combination of market conditions, and these losses tend to emerge abruptly, without additional warning."
Persons: John Hussman, Hussman, Irving Fisher catastrophically, Here's, There's, they've, Buckle, Hussman bullish Organizations: Hussman Investment Trust
Located at the heart of Jerusalem's walled Old City, the Al-Aqsa Mosque is regarded by Muslims as the third holiest shrine in Islam, following Mecca and Medina. The altered video shows a huge crowd gathered at the compound accompanied by chants in Arabic of “Here I am Aqsa”. Pray for Palestine.”But the audio track is edited and was taken from a May 2021 video. Reuters traced the original video to a Facebook account of an East Jerusalem photographer, Fwaz Tobasy, who shared it on April 17, 2023. The audio in the photographer’s footage from April differs: the Al-Aqsa Mosque muezzin can be heard performing Azan, the call to prayer, while an additional audio track of a religious song is added on top.
Persons: Jerusalem’s, Fwaz Tobasy, Tobasy, Laylat, Read Organizations: Palestine, Reuters, Thomson Locations: Jerusalem’s Al, Aqsa, Palestinian, Israel, Old City, Al, Islam, Mecca, Medina, Masjid Al Aqsa, East Jerusalem
Interest rates on traditionally "safer" investments like Treasury bonds are high. Economist Thomas Hogan of the American Institute for Economic Research recently pointed out this upside to the interest rates and how it is helping Americans. "Now, interest rates on US Treasury bonds are at the highest in more than a decade, giving savers a safe, stable place to store their money." If long-term interest rates remain elevated because of higher term premiums, there may be less need to raise the fed funds rate. However, to the extent that strength in the economy is behind the increase in long-term interest rates, the FOMC may need to do more."
Persons: , Thomas Hogan, Hogan, Jerome Powell, Kevin Dietsch, Tim Hayes, Lorie Logan, Logan Organizations: Service, Treasury, American Institute for Economic Research, Federal, NDR, U.S, Supreme, Dallas Locations: Israel
Top-earning US men experience an "astonishing surge in earnings" between the ages of 35 and 45. The top 2% average around $400,000 a year across their working lives, while median earners earn $50,000 annually, per the post. AdvertisementAdvertisementTop-earning American men experience an "astonishing surge in earnings" between the ages of 35 and 45 while other men see their incomes plateau, according to an analysis by economist Serdar Ozkan published Monday. The difference in wage growth is starker earlier in life. From ages 25 to 35, top earners experience a 435% rise in earnings, compared to a 65% increase for median earners.
Persons: Serdar Ozkan, , Ozkan, Louis Organizations: Service, Federal Reserve Bank of St, Internal Revenue, Institute, National Bureau of Economic Research, Federal Reserve Bank of Atlanta Locations: Washington
BERLIN, Oct 12 (Reuters) - The number of companies in Europe that go insolvent will keep growing until at least late next year as higher interest rates and tougher financing conditions weigh on businesses, according to a Scope Ratings analysis seen by Reuters on Thursday. European companies will be on the hook for about 8.2 billion euros ($8.71 billion) in additional interest payments in refinancing maturing capital-market debt next year, it said. Those extra interest costs from durably higher borrowing rates are set to increase again in 2025 and 2026, it said. Assuming a similar scenario for bank debt, extra annual interest paid in 2024 will grow to more than 40 billion euros. ($1 = 0.9414 euros)Reporting by Rene Wagner, Writing by Miranda Murray, Editing by Friederike Heine, Robert BirselOur Standards: The Thomson Reuters Trust Principles.
Persons: Rene Wagner, Miranda Murray, Friederike Heine, Robert Birsel Organizations: Reuters, European Union, Thomson Locations: Europe
“Bonjour hi,” the ubiquitous greeting servers and shopkeepers use to figure out whether you prefer French or English, encapsulates so much about Montreal, which like its province, Quebec, retains a strong French Canadian identity. In this 381-year-old city of 1.78 million, which Mark Twain once described as a place “where you couldn’t throw a brick without breaking a church window,” one of Canada’s most vibrant L.G.B.T.Q. scenes thrives, and communities formed by Jewish, African, Asian, Italian, Portuguese and Haitian immigrants all offer something special to see (and taste). The city is on an upswing: Modern apartment buildings, cafes and bike paths are popping up in formerly industrial Griffintown, while the Plateau and Mile End areas offer art and music worthy of the place that nurtured Arcade Fire and Leonard Cohen. There is too much for just 36 hours, but if you bring some good walking shoes, you’ll find terrific meals, stunning views atop Mont-Royal and a creative spirit that comes across in any language.
Persons: Mark Twain, Leonard Cohen Organizations: Royal Locations: Montreal, Quebec
These money market funds have yields that top 5%
  + stars: | 2023-10-11 | by ( Michelle Fox | ) www.cnbc.com   time to read: +4 min
With yields at around 5%, money market funds have been attracting investors in droves — yet not all funds are the same. Right now, prime funds yield an average 5.18%, while the average government fund's yield is 4.98%, per iMoneyNet. The weighted average maturity of retail prime money market funds is around 32 days, said Shelly Antoniewicz, deputy chief economist at the Investment Company Institute. Correction: A table in an earlier version of this report incorrectly described the listed funds as government money market funds. They are prime money market funds.
Persons: Dave Lafferty, Deborah Cunningham, Shelly Antoniewicz, Hermes, Cunningham, Crane, Peter Crane Organizations: Crane Data, Schwab Asset Management, Federated Hermes, Investment Company Institute . Retail, Federal Reserve, ICI, Government, Fed
Mortgage rates spiked quite a bit last week, with 30-year mortgage rates reaching a high of 7.58%, according to Zillow data. When mortgage rates will fall largely hinges on inflation, and this week's CPI data will give us the latest look at how prices are trending. But right now, experts generally expect that inflation will continue to slow, allowing mortgage rates to trend down throughout 2024. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.
Persons: you'll, Fannie Mae Organizations: Labor Statistics, Federal Reserve, Zillow, Fed, Mortgage, Association, Sky Locations: Chevron
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo Acquire Licensing RightsLONDON/DUBAI, Oct 6 (Reuters) - OPEC has raised its medium- and long-term oil demand outlook in a forthcoming report, three OPEC sources said, despite the transition toward renewable energy, highlighting the oil exporting group's more bullish view compared to other forecasters. Higher oil demand would be a boost for producers and the 13-nation OPEC and would underscore the need for continued investment. It also highlights OPEC's more bullish view on the oil demand outlook compared to the International Energy Agency (IEA) and other forecasters. The 2022 version of OPEC's report sees oil demand reaching a plateau after 2035.
Persons: Ramzi Boudina, Haitham Al Ghais, Prince Abdulaziz bin Salman, Fatih Birol, Alex Lawler, Maha El, Simon Webb, Sharon Singleton Organizations: Organization of, Petroleum, REUTERS, OPEC, of, International Energy Agency, Saudi Energy, IEA, Financial Times, Thomson Locations: Algiers, Algeria, DUBAI, Riyadh, Saudi Arabia, OPEC, Vienna
Re-enter risk premia on what should be 'risk free' bonds. The renewed corporate profits upswing riffs off this relatively robust nominal growth picture too - as do still benign corporate debt premia. However, keeping a lid on 5% nominal GDP may well be what's irking bonds as much as anything. While turning 10-year averages takes some time, nominal GDP growth according to a real time model from the Atlanta Fed is closer to 8% right now. CBO deficit projections to 2030US nominal GDP growth running at 8%?
Persons: York Fed's, Ajay Rajadhyaksha, today's, Treasuries, Fitch, Andrew Heavens Organizations: Treasury, Federal, Fed, The, Barclays, Societe Generale's, Atlanta Fed, Moody's, U.S . AAA, Reuters, Thomson Locations: U.S, Washington, York, 35bp, 150bp, Treasuries, China, Europe
The summer increase of COVID-19 appears to have passed its peak. The mindset change is likely how health officials will examine COVID-19 during the fall and winter months for years to come. Last winter saw a peak of new weekly COVID-19 hospital admissions at nearly 44,500. That would mean that the U.S. enters peak respiratory disease season with an elevated level of COVID-19 circulating already, so a further increase could be possible on top of that. But to get the most protection against this form of the COVID virus that's circulating right now, get the updated COVID vaccine."
Persons: Ashish Jha, , – COVID, don’t, Andrew Pekosz, It’s, Mandy Cohen, ” Pekosz, “ pirola, it's, Biden, ” Cohen, Cohen, Organizations: White, for Disease Control, CDC, Johns Hopkins Bloomberg School of Public Health Locations: U.S, hospitalizations, Boston
Los Alamos was the perfect spot for the U.S. government's top-secret Manhattan Project. The mission calls for modernizing the arsenal with droves of new workers producing plutonium cores — key components for nuclear weapons. James Owen, the associate lab director for weapons engineering, has spent more than 25 years working in the nuclear weapons program. Alexandra Martinez, 40, grew up in nearby Chimayo and is the latest in her family to work at Los Alamos. The film put the spotlight on Los Alamos and its history, prompting more people to visit over the summer.
Persons: James Owen, Owen, Alamosans, Greg Mello, Alexandra Martinez, chuckles, Martinez, J, Robert Oppenheimer, Christopher Nolan's, Oppenheimer, watchdogs, What's Organizations: U.S, Los Alamos National Laboratory, Associated Press, Los Alamos Study, Alamos, PF, Manhattan, , Trinity Test, Independent Locations: Alamos, Manhattan, New Mexico, Albuquerque, Los Alamos, Peñasco, Taos County, Chimayo, selfies
Phillies starter Taijuan Walker gave up five hits and two runs with four strikeouts and one walk in six innings. Brandon Nimmo contributed an RBI single while walking twice and Rafael Ortega had two hits and a run. Schwarber blooped a double to left with two outs in the third for the Phillies' first hit. In the fifth, Nimmo hit an RBI single to right for a 2-0 advantage. Schwarber hit an RBI single to left in the seventh and the Phillies took a 4-2 advantage.
Persons: Ranger Suarez, J.T, Bill Streicher, Alec Bohm, Adam Ottavino, Trea Turner, Bohm, Realmuto, Kyle Schwarber, Schwarber, Nick Castellanos, Ryan Howard, Chase Utley, Taijuan Walker, Walker, Seranthony Dominguez, Pete Alonso, Francisco Lindor, Brett Baty, Alonso, Brandon Nimmo, Rafael Ortega, Tylor Megill, Lindor, Gregory Soto, Baty, Craig Kimbrel, Alonso lofted, Nimmo, Turner flied, Castellanos, Bryce Harper, Bryson Stott Organizations: Philadelphia Phillies, New York Mets, Citizens Bank, Phillies, Mets, Thomson Locations: Philadelphia , Pennsylvania, USA
LOS ALAMOS, N.M. (AP) — Los Alamos was the perfect spot for the U.S. government’s top-secret Manhattan Project. The community is facing growing pains again, 80 years later, as Los Alamos National Laboratory takes part in the nation's most ambitious nuclear weapons effort since World War II. The mission calls for modernizing the arsenal with droves of new workers producing plutonium cores — key components for nuclear weapons. Alexandra Martinez, 40, grew up in nearby Chimayo and is the latest in her family to work at Los Alamos. Some of the hand-written notes touch on the complicated legacy left by the creation of nuclear weapons.
Persons: James Owen, Owen, Alamosans, ” Greg Mello, Alexandra Martinez, chuckles, , Martinez, J, Robert Oppenheimer, Christopher Nolan’s “ Oppenheimer, watchdogs, “ What's Organizations: ALAMOS, U.S, Los Alamos National Laboratory, Associated Press, Los Alamos Study, Alamos, PF, Manhattan, , Trinity Test, Independent Locations: N.M, Los Alamos, Manhattan, New Mexico, Albuquerque, Alamos, Peñasco, Taos County, Chimayo, selfies
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