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☆ Bitcoin rises to a fresh record above $94,000 as investors watch Trump transition, ETF options
▼ + stars: | 2024-11-20 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Bitcoin advanced past $94,000 on Wednesday for the first time as traders continued to monitor President-elect Donald Trump's transition back to the White House and weighed early options trading on bitcoin ETFs. The price of the cryptocurrency was last higher by more than 1% at $94,804.40, according to Coin Metrics. Earlier, it traded as high as $94,942.00. Meanwhile, MicroStrategy jumped 8%, bringing its week-to-date gains to 36%. Bitcoin has been regularly hitting fresh records since the election, though in smaller increments since the postelection rally faded last week, on hopes that Trump will usher in a crypto-friendly era for the industry that includes a more supportive regulation and a potential national strategic bitcoin reserve or stockpile.

Persons: Bitcoin, Donald Trump's, MicroStrategy, Trump Organizations: White, Metrics

☆ We're changing our price target on TJX despite the retailer's light guidance
▼ + stars: | 2024-11-20 | by ( ) www.cnbc.com time to read: +6 min

We're raising our TJX price target to $135 per share from $130. The combined T.J. Maxx and Marshalls business unit was impacted by temporary closures resulting from hurricanes Helene and Milton. Guidance TJX sees fiscal 2025 fourth quarter EPS in the range of $1.12 to $1.14, which is below the $1.17 expected. Outside of North America, T.J. Maxx is known as T.K. North Miami Beach, Florida, T.J. Maxx & HomeGoods discount department store, furniture display and welcome sign.

Persons: HomeGoods, Ernie Herrman, Helene, Milton, TJX, Herrman, John Klinger, —, Klinger, Maxx, Jim Cramer's, Jim Cramer, Jim, Jeff Greenberg Organizations: TJX Companies, TJX, Marshalls, Ross Stores, Burlington Stores, CNBC, North, Maxx, Getty Locations: Maxx, HomeGoods, Canada, United States, Spain, North America, North Miami Beach , Florida

☆ I'm an Iraq War vet who left the US for a life in Europe. I have no regrets.
▼ + stars: | 2024-11-20 | by ( Joshua Nelken-Zitser | ) www.businessinsider.com time to read: +5 min

She said moving to Europe was the best decision for her family and she has no regrets. This as-told-to essay is based on conversations with Michelle B. Dallocchio, an Iraq War veteran of Pacific Islander heritage who left the US for Europe. Moving back to the US is a hard noUltimately, I have no regrets about moving abroad. Michelle Dallocchio has no regrets about moving abroad. For us, moving abroad and ending up in Italy was the right move.

Persons: Michelle B, Dallocchio, honking, Trump, I've, Michelle Dallocchio Organizations: Pacific, US Army, Westin Locations: London, Italy, Iraq, Europe, Las Vegas, LA, Los Angeles, EU, Dallocchio, Florence, Milan, Portugal

☆ Gold gains on softer dollar, widening Russia-Ukraine tensions
▼ + stars: | 2024-11-20 | by ( ) www.cnbc.com time to read: +2 min

Close up stack of gold bars, financial wealth concepts and businessGold prices rose for a third consecutive session to a one-week high on Wednesday, driven by a softer dollar and escalating Russia-Ukraine tensions that raised the demand for safe-haven assets. Spot gold added 0.32% to $2,640.19 per ounce by 0323 GMT, its highest since Nov. 11. The U.S. dollar rally paused after hitting a one-year high last week, making bullion more appealing to buyers holding other currencies. The market is adjusting its expectations for the Fed's cuts next year as inflation is becoming a bigger concern, which could be negative for gold, Spivak added. Spot silver was steady at 31.22 per ounce, platinum added 0.1% to $975.10 at $973.90 and palladium flat at $1,035.43.

Persons: Vladimir Putin, Washington, Ilya Spivak, Donald Trump's, Spivak, Jeffrey Schmid Organizations: U.S ., Federal Reserve, U.S Locations: Russia, Ukraine, , Kansas

☆ Japan exports rise more than expected in October, rebounding from 43-month low
▼ + stars: | 2024-11-20 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Japan's exports posted a 3.1% rise in October compared to a year ago, rebounding from a fall in September that marked a 43-month low. The climb beat expectations of a 2.2% rise from economists polled by Reuters, and is a reversal from the 1.7% fall in September. Government data showed that Japanese exports increased the most to the Middle East region, recording a 35.4% rise, compared to the same period a year ago. He added: "Any escalation of tensions between the U.S. and China on tariffs and trade is likely to weigh upon global trade and global growth. Japan, as an open and cyclical economy, will be impacted by any deterioration in global trade and the global economy."

Persons: September's, Daniel Hurley, Rowe Price, Donald Trump's Organizations: Reuters, U.S, Trump Locations: Yokohama, Japan, East, China

“We’re expecting this holiday period to be very consistent with that,” he said. Retailers, including Walmart, are contending with a mixed bag of factors this holiday season. The holiday season is also shorter this year and parts of the U.S. have had unseasonably warm weather, two dynamics that could hurt retailers. That would be lower than the 3.9% year-over-year jump from the 2022 to 2023 holiday season, when spending totaled $955.6 billion. Rainey said the holiday period is “off to a pretty good start.”He said items like TVs, Apple AirPods, Beats headphones and even tires have been selling.

Persons: John David Rainey, “ We’re, ”, “ They’re, Rainey, Walmart’s, Donald Trump’s, it’s, We’ve Organizations: Walmart, CNBC, LSEG, New York Stock Exchange, Sam’s, Walmart U.S, U.S, National Retail Federation, Apple Locations: U.S, China

☆ Trump names Dr. Mehmet Oz to head Centers for Medicare and Medicaid Services
▼ + stars: | 2024-11-19 | by ( Kate Sullivan | Alayna Treene | ) edition.cnn.com time to read: +2 min

CNN —President-elect Donald Trump has picked Dr. Mehmet Oz to serve as the administrator for the Centers for Medicare and Medicaid Services. Oz, a cardiothoracic surgeon and television personality, ran unsuccessfully for Senate in 2022 in Pennsylvania with Trump’s backing. In 2018, Trump appointed Oz to the Presidential Council on Sports, Fitness and Nutrition, reappointing him to the position in 2020. Oz rose to fame as a frequent guest of Oprah Winfrey, eventually launching his own syndicated daytime TV talk show in 2009. Through “The Dr. Oz Show,” which won several daytime Emmy awards and reached millions of viewers, Oz became one of the most well-known doctors in the country.

Persons: Donald Trump, Mehmet Oz, Oz, ” Trump, Sen, John Fetterman, Trump, Oprah Winfrey, CNN’s KFile, ” Oz, Oliver Darcy Organizations: CNN, Centers, Medicare, Services, Senate, Democratic, Presidential Council, Sports, GOP, Seattle Times, Columbia University Locations: America, Pennsylvania, Covid

☆ Bitcoin edges higher as tensions mount between Ukraine and Russia
▼ + stars: | 2024-11-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Both stocks benefit from the trading of other, non-bitcoin assets across the crypto market. Bitcoin moved higher Tuesday even as other risk assets sold off amid rising geopolitical tensions between Ukraine and Russia. That drove bitcoin to fresh records and sent smaller crypto assets soaring. Like gold, crypto assets are seen by many investors as a "non-confiscatable," long-term hedge against geopolitical uncertainty. Citigroup, for example, in a note Monday reiterated the bank's view that bitcoin doesn't exhibit store-of-value properties.

Persons: Robinhood, cryptocurrency, Bitcoin, Vladimir Putin, Joe Biden, bitcoin, Matt Sigel, Sigel Organizations: Metrics, Investors, U.S, U.S ., Citigroup Locations: Coinbase, Ukraine, Russia, U.S

☆ UBS upgrades this HVAC stock, says it can benefit from AI push
▼ + stars: | 2024-11-19 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

It's time to buy shares of HVAC company Comfort Systems , according to UBS. "We also expect Manufacturing to benefit from reshoring and an increased emphasis on U.S. manufacturing capabilities, with Manufacturing construction spend now 19% of [nonresidential] construction, nearly doubling from 10% in 2019," he added. "Notably, nonresidential construction spending and manufacturing construction spending have increased 89% and 207%, respectively, since the start of 2015," he said. Among the six analysts covering it, three have a strong buy or buy rating, while the other three have a hold rating, per LSEG. FIX YTD mountain FIX, year-to-date Shares rose nearly 1% in the premarket after UBS' upgrade.

Persons: Joshua Chan, Chan Organizations: Comfort Systems, UBS, Manufacturing Locations: 2024E, 2025E

☆ René Magritte’s ‘L’empire des lumières’ sells for record $121 million
▼ + stars: | 2024-11-19 | by ( Karina Tsui | ) edition.cnn.com time to read: +4 min

CNN —A René Magritte painting depicting an eerily lit streetscape sold for more than $121 million at a Christie’s auction in New York on Tuesday –– surpassing its $95 million estimate and smashing the auction record for the Surrealist artist’s work. The auction also featured paintings by other modern giants like Ed Ruscha and Max Ernst. The painting sold for a record sum at a Christie's auction in New York. Two other Magritte works were included in the sale: The paintings “La cour d’amour” and “La Mémoire,” which sold for $10.53 million and $3.68 million, respectively. He produced a total of 17 oil paintings and 10 gouaches (water-based paintings) that all share the name “L’empire des lumières” –– and each with small alternations between versions.

Persons: Magritte, Mica Ertegun’s, Ed Ruscha, Max Ernst, ”, Max Carter, ” Carter, David Hockney, –, Claude Monet, Vincent van Gogh, Peggy Guggenheim, Sandra Zalman, Zalman, ” “, ” Zalman Organizations: CNN, Century, Art Basel, Venice Biennale, University of Houston Locations: New York, British, Hong Kong, Belgian

☆ Xiaomi's SU7, the EV that has US auto bosses talking, is smashing sales targets
▼ + stars: | 2024-11-19 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

The SU7 EV has proven a hit in China, and even attracted praise from Ford CEO Jim Farley. The tech giant said it surpassed its 100,000 annual sales target for the SU7 by November. Xiaomi's SU7 has got the whole auto world talking, and the smart EV is flying off the shelves in China, passing its annual sales goal with over a month to spare. AdvertisementElon Musk's company reported slipping sales in China in October, even as rivals like BYD, Xpeng, and Zeekr tout booming sales. Xiaomi's smartphone business, meanwhile, grew by 3.1% in the third quarter of 2024, slightly behind Apple's estimated 3.5% growth in the same period.

Persons: Jim Farley, Xiaomi's SU7, Xiaomi Organizations: Apple, Revenue, EV, Ford, Elon Musk's, Business Locations: China

Russian President Vladimir Putin speaks during a plenary session of the Valdai Club on Nov. 7, 2024 in Moscow, Russia. Contributor | Getty Images News | Getty ImagesGlobal stocks fell and investors fled to safe-haven assets on Tuesday, as global markets reacted to escalating tensions between the world's two largest nuclear powers: Russia and the U.S. The pan-European Stoxx 600 stock index was down almost 1% at 12:23 p.m. London time, hitting 498.56 points — its lowest level since August. The declines come after Russian President Vladimir Putin amended Russia's nuclear doctrine that outlines the conditions that would prompt Moscow to deploy its nuclear arsenal, Russian state news agency Tass reported Tuesday. In currency markets, the Japanese yen rose 0.7% and 0.36% against the euro and U.S. dollar respectively at 12:26 a.m. London time.

Persons: Vladimir Putin, Dmitry Peskov, USDJPY, Wells, Erik Nelson, Putin, Tiffany McGhee, CNBC's, Ice Brent Organizations: Valdai, Getty, U.S, Dow Jones, Nasdaq, Russian Federation, NBC News, Swiss, CNBC, U.S ., NATO, White, Kremlin, Russian Defense Ministry, Kyiv, NBC, Ukrainian, Staff of, Armed Forces, Ice Locations: Moscow, Russia, London, U.S, Republic of Belarus, Russian, Ukraine, Kyiv, Soviet, Bryansk, America

☆ Jim Cramer explains why budget retailers like Walmart are seeing success
▼ + stars: | 2024-11-19 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

The big box retailer posted an earnings and revenue beat on Tuesday, impressing Wall Street and sending the stock to a new 52-week high, up 3% by the close. Walmart highlighted growth in its e-commerce segment and advertising business as factors that contributed to its success. But to Cramer, the main reason Walmart's quarter impressed Wall Street is its affordable merchandise and price reductions. Walmart and peer retailers that focus on value — like Amazon and Costco — are what consumers want right now, and these retailers are some of the only ones that can afford large price rollbacks, he added. "There's something going on underneath, something that's hurting every department store, every dollar store, every mall store," Cramer said.

Persons: CNBC's Jim Cramer, Cramer, Wall Organizations: Walmart, Costco Locations: U.S

☆ Nakisa Bidarian: Meet the man spearheading Jake Paul’s divisive boxing career
▼ + stars: | 2024-11-19 | by ( Don Riddell | Jonny Velasquez | ) edition.cnn.com time to read: +7 min

At the age of 58, 31 years his opponent’s senior and nearly two decades on from his last professional bout, Tyson was clearly a shadow of the heavyweight champion he used to be. “Jake had an ayahuasca session and envisioned this fight (against Tyson) happening,” he told CNN Sport after the fight. Everyone became intimately familiar with the Netflix loading screen after the massive viewership to watch the streaming platform’s first-ever live boxing bout crashed the server. Paul (left) and Tyson fight at AT&T Stadium in Arlington, Texas. Third was giving young boxers a platform.”Nakisa Bidarian (center) stands between Tyson and Paul ahead of last week's fight.

Persons: “, Jake Paul, Mike Tyson, Nakisa, ”, Paul, YouTuber, Tyson, Bidarian, “ Jake, Jake Paul –, Alpha –, Al Bello, “ There’s, Mike Tyson’s, Roy Jones, ” Bidarian, Jake, ” Paul, Nate Robinson, Amanda Serrano, Ronda Rousey, Amanda, Brett Carlsen, Jutta Leerdam –, he’s, …, Serrano, Katie Taylor, Taylor, ” Serrano, Sarah Stier, “ Amanda Serrano Organizations: CNN, T, CNN Sport, Netflix, NBA, Madison Square Garden Locations: Arlington , Texas, Las Vegas, Ronda, Texas

☆ 10 times Melania Trump broke White House traditions and defied expectations of the first lady role
▼ + stars: | 2024-11-19 | by ( Talia Lakritz | ) www.businessinsider.com time to read: +1 min

AdvertisementAs first lady, Melania Trump remained an enigmatic figure and strayed from White House traditions. She led White House restoration projects, renovating the Rose Garden and designing a new rug for the Diplomatic Reception Room. Melania Trump will once again serve as FLOTUS when President-elect Donald Trump is inaugurated for his second, non-consecutive term in January. Here's how Melania Trump has defied expectations as first lady thus far. The Office of Melania Trump and representatives for the Trump transition team did not immediately respond to a request for comment.

Persons: Melania Trump, Jill Biden, Donald Trump Organizations: Trump, White House, National Museum of, Biden, White, Melania Locations: White

☆ CNBC Daily Open: Tesla helps the Nasdaq snap its losing streak
▼ + stars: | 2024-11-19 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Individual stocks sway indexesOn Monday, the S&P 500 rose 0.4% and the Nadaq Composite added 0.6%, mostly spurred higher by Tesla . Shares of Goldman Sachs and Salesforce fell, causing the Dow Jones Industrial Average to drop 0.1%. Autonomous vehicles on the agendaTesla shares jumped 5.6% after it was reported that President-elect Donald Trump's incoming administration plans to draw up a federal framework that will regulate self-driving vehicles.

Persons: Goldman Sachs, Salesforce, Donald, Howard Marks, Goldman Organizations: CNBC, Tesla, Dow Jones, China's CSI, Nasdaq, BDO, Vice, JPMorgan, UBS Locations: Asia, Pacific, Hong Kong, China China, China

☆ CNBC Daily Open: Tesla makes up for Nvidia’s dip
▼ + stars: | 2024-11-19 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Individual stocks sway indexesOn Monday, the S&P 500 rose 0.4% and the Nadaq Composite added 0.6%, mostly spurred higher by Tesla . 'Europe-first' approachEuropean countries should adopt a "Europe-first" approach to technology, especially in response to Trump's protectionist inclinations, tech CEOs told CNBC. But investors should still be wary of certain headwinds, warned the bank's Chief U.S. Equity Strategist Mike Wilson.

Persons: Goldman Sachs, Salesforce, Donald, Andy Yen, Morgan Stanley, Mike Wilson Organizations: CNBC, Tesla, Dow Jones, Nasdaq, BDO, Proton, Chief U.S, Equity Locations: Europe

☆ How to optimize your holiday travel budget on 'Travel Tuesday'
▼ + stars: | 2024-11-18 | by ( Ana Teresa Solá | Ana Teresa Solá Is A Personal Finance Reporter For Cnbc. | ) www.nbcnews.com time to read: +4 min

If you still haven’t booked your holiday travel plans, take note: Prices tend to rise the closer you get to the days you’re looking to travel. To afford holiday trips, about 50% of respondents are cutting back on other expenses while 49% are picking up discounts and deals, according to the 2024 Holiday Travel Outlook by Hopper, a travel site. Some last-minute holiday travelers are leaning into so-called “Travel Tuesday” — or the Tuesday after Cyber Monday and Black Friday — which falls on Dec. 3 this year. As you shop, make sure to read the fine print in case discounts only apply for certain routes and days, Dengler explained. “I really encourage travelers to do that exploration now so that on Travel Deal Tuesday, they can be ready to actually book,” she said.

Persons: Hopper, —, ’ ”, Sally French, ”, Phil Dengler, Hayley Berg, Dengler, NerdWallet’s, “ They’re, you’ll, ” Dengler, you’re, Berg, “ Organizations: McKinsey and Company, Travel, Travel Deal, Black

Insufficient staffing, indiscriminate hiring practices, training failures, “tolerance of unacceptable behavior” and “not holding their staff members accountable” can imperil patients, the foundation said. Step one in VA hospitals’ sexual assault protocol involves providing “non-judgmental acknowledgement of incident,” noting important details and contacting VA police or local law enforcement. Two were at HCA hospitals and one was at a facility operated by nonprofit BayCare Health System. In one 2020 report involving HCA Florida West Tampa Hospital, the mother of a patient alleged her child had been molested. He said he has handled eight other cases involving sexual assaults at Florida hospitals over the past five years.

Persons: ”, Ray, ” Myers, Harlow Sumerford, Ryan Brown, Brown, Ray —, ” Brown, “, Michelle Simpson Tuegel, Larry Nassar, George Tyndall, Michael Adno, BayCare’s, ” Mary Marandi, BayCare, Brianna Hammer, Jeovanni, Hammer, Hechavarria, Julie Love, Love, Donia Goines, Jaclyn Bevis, ” Ryan Fogg, Fogg, ” Paxton Greer, Jesse Barber, ’ Paxton Greer, Greer, Tyler Eoute, ” Greer, ‘, ’ ” Greer Organizations: Citrus, HCA Florida Fawcett Hospital, Veterans Affairs, U.S ., HCA Healthcare, U.S . Marine Corps, USA, University of Southern, Citrus Hospital, NBC, West Florida, HCA, Health, HCA Florida West Tampa Hospital, Adult Protective Services, West Tampa Hospital, Plant Hospital, of Health, Department of Health, Coral Hospital, Lee, Cape Coral Hospital, Coral, HCA’s Trident Medical, Trident Medical, NBC News Locations: Port Charlotte, Citrus, University of Southern California, Gulf Coast, Florida, West, Fort Myers Florida, West Palm Beach , Florida, Charleston , South Carolina

Beyoncé is expected to perform at the halftime show for the Christmas Day matchup between the Houston Texans and Baltimore Ravens, which will be streaming live on Netflix. The streaming service announced the game's halftime performance in a statement Sunday. The album included contributions from artists including Dolly Parton, Willie Nelson, Miley Cyrus, Post Malone and Shaboozey, among others. The streaming service said it hopes the holiday matchups become a tradition. Netflix said it will livestream the Kansas City Chiefs' game against Pittsburgh Steelers starting at 1 p.m.

Persons: Beyoncé, Netflix livestreams, Cowboy Carter, Dolly Parton, Willie Nelson, Miley Cyrus, Post Malone, Shaboozey, DeVille, Mike Tyson, Jake Paul, “, ” Beyoncé, Bruno Mars Organizations: Houston Texans, Baltimore Ravens, Netflix, Texans, Ravens, NRG, Coldplay, Super, NFL, Kansas City Chiefs, Pittsburgh Steelers Locations: Beyoncé's, Houston, New Orleans, Santa Clara , California

☆ Needham upgrades Robinhood to buy, says Trump victory will boost the stock
▼ + stars: | 2024-11-18 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Robinhood is slated for more gains under a second Trump term, according to Needham. His $40 price target implies nearly 24% upside from Friday's close. Piper Sandler analyst Patrick Moley has also grown more bullish on the stock amid bitcoin's price surge, upping his price target by $6 to $36. Eight of 17 covering the stock have a buy or strong buy rating on the name, while the remaining ones have hold or underperform ratings. The average price target also points to 17% downside.

Persons: Needham, John Todaro, HOOD, Robinhood, Donald, Piper Sandler, Patrick Moley, Moley, bitcoin Organizations: Trump, Securities and Exchange Commission, LSEG Locations: HOOD

☆ Morgan Stanley upgrades this fintech stock, sees almost 30% upside from here
▼ + stars: | 2024-11-18 | by ( Sean Conlon | ) www.cnbc.com time to read: +1 min

Accelerating earnings growth should drive shares of Futu Holdings higher, according to Morgan Stanley. The investment bank upgraded the fintech stock to overweight from equal weight and raised its price target by $45 to $115. Specifically, the analyst pointed to substantial client asset growth in the company's third-quarter results, forecasting a year-over-year increase of 38%. Beyond that, Huang expects earnings to see year-over-year growth of 19% in both 2025 and 2026 overall. FUTU YTD mountain FUTU, year-to-date Shares rose more than 2% in the premarket on Monday following the call.

Persons: Morgan Stanley, It's, Chiyao Huang, Huang Organizations: Futu Holdings Locations: Singapore, Japan

☆ 28 details you probably missed in 'Clueless'
▼ + stars: | 2024-11-18 | by ( Amory Rose | ) www.businessinsider.com time to read: 1 min

Cher seems to forget about her high-tech closet throughout the film. Cher's closet can pick out outfits for her. Paramount PicturesCher's massive wardrobe and fantastic outfits have become iconic, and most "Clueless" fans probably dreamt of owning the computer program Cher uses to put together her famous yellow plaid outfit at the beginning of the film. The program allows her to click between tops and bottoms that she owns to see what the combination will look like, and it can even tell her if the outfit will match or clash. Although she has this useful application and struggles to pick outfits throughout the film, Cher never uses this high-tech closet's program again.

Persons: Cher Organizations: Paramount Pictures

☆ Gold gains 1% as dollar rally stalls
▼ + stars: | 2024-11-18 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose on Monday after last week's sharp declines, as a rally in the dollar paused, while market participants awaited comments from Federal Reserve officials this week for more clues on the U.S. interest rate path. Gold prices rose on Monday after last week's sharp declines, as a rally in the dollar paused, while market participants awaited comments from Federal Reserve officials this week for more clues on the U.S. interest rate path. Spot gold firmed 1% to $2,587.49 per ounce by 0150 GMT, after falling to its worst week in more than three years on Friday. "Gold prices are due for a slight recovery following recent bout of hefty sell-offs and we may expect some drift higher with some rollover in the dollar," said IG market strategist Yeap Jun Rong. This has not been fully priced in by markets yet, so any need for recalibration may still pose an obstacle for gold."

Persons: Yeap Jun Rong, Joe Biden's Organizations: Federal Reserve, Fed, Strong U.S Locations: U.S, Ukraine, Russia

☆ Why one veteran economist is doubling down on his 2025 recession call after Trump's victory
▼ + stars: | 2024-11-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

That's due to a recent contraction in the money supply, which preceded past downturns, he told NYSE TV Live. The US economy is still likely to slow into a recession next year — and Trump's election victory may have just made the economic outlook even more challenging, according to top economist Steve Hanke. AdvertisementM2, one class of the money supply, shrank from mid-2022 to March 2024, according to Federal Reserve data. The M2 money supply started to re-expand this year, rising 2.47% year-per-year at the end of September. Trump's protectionist economic policies also impose a "big negative" for the economy, Hanke said.

Persons: Steve Hanke, downturns, Johns Hopkins, who's, That's, Hanke, Trump Organizations: NYSE TV, NYSE, Federal Reserve, Real Locations: Atlanta

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