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☆ The Fed is poised to cut rates — and the timing is undeniably awkward
  + stars: | 2024-11-07 | by ( Bryan Mena | Elisabeth Buchwald | Alicia Wallace | ) edition.cnn.com   time to read: +1 min
A statue of an eagle is seen on the Federal Reserve building on September 17 in Washington, DC. One of those meetings takes place in November and, coincidentally, kicked off the Wednesday directly right after Election Day. As Fed Chair Jerome Powell has previously vowed, officials don’t take the political calendar into consideration when they make interest rate decisions. Still, this meeting’s proximity to Election Day has put the Fed in an uncomfortable position — whether Powell and his colleagues want to admit it or not. Already, officials have been scrutinized for their decision to begin lowering rates at its last meeting before the election, which took place in September.
Persons: Anna Moneymaker, Jerome Powell, don’t, Powell’s, Powell Organizations: Federal Reserve, Reserve Locations: Washington , DC
☆ Fed policy expected to collide with the reality of a second Trump term
  + stars: | 2024-11-07 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Rob Wile | ) www.nbcnews.com   time to read: +4 min
Trump and the GOP have denied the tariffs would be inflationary, pointing to Trump’s success in imposing tariffs in his first term without reigniting inflation. Yet those tariffs, at $300 billion on selected Chinese goods, were much more targeted than the $3 trillion worth of blanket tariffs Trump is now expected to propose. And the inflationary environment is different now, too: During Trump’s first term, inflation only briefly ever climbed above 2%. It was Trump who appointed Powell to lead the Federal Reserve in his first term. But Trump has signaled a willingness this year to abandon the long-running principle of maintaining the Fed as an independent body.
Persons: Donald Trump’s, Trump’s, Trump, ’ Anna Kelly, David Seif, Jerome Powell, Powell, ” Trump, ” Seif, Seif Organizations: Federal, Wall, Federal Reserve, Nomura Holdings, Trump, GOP, Republican National Committee, Nomura, Fed, Bloomberg, Chicago Economic, Reuters Locations: China
☆ Fed Chair Powell on whether the president has the power to fire him: 'Not permitted under the law'
  + stars: | 2024-11-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell on whether the president has the power to fire him: 'Not permitted under the law'Federal Reserve Chair Jerome Powell fields questions from reporters after the Central Bank announced its second consecutive interest rate cut on Thursday.
Persons: Powell, Jerome Powell Organizations: Central Bank
☆ Election will not change Fed policy in the near term, Powell says
  + stars: | 2024-11-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailElection will not change Fed policy in the near term, Powell saysFederal Reserve Chair Jerome Powell fields questions from reporters after the Central Bank announced its second consecutive interest rate cut on Thursday.
Persons: Powell, Jerome Powell Organizations: Central Bank
☆ DoubleLine's Gundlach says expect higher rates if Republicans also win the House
  + stars: | 2024-11-07 | by ( Yun Li | ) www.cnbc.com   time to read: +2 min
DoubleLine Capital CEO Jeffrey Gundlach said Thursday that interest rates could shoot higher if Republicans end up controlling the House, securing a governing trifecta that gives President-elect Donald Trump free rein to spend as he pleases. "If the House goes to Republicans, there's going to be a lot of debt, there's going to be higher interest rates at the long end, and it'll be interesting to see how the Fed reacts to that," Gundlach said on CNBC's "Closing Bell." The race to control the House is undecided as of Thursday after Republicans clinched their new Senate majority. "So it looks to me that there will be some pressure on interest rates, and particularly at the long end. Still, Gundlach, who had predicted a recession in the U.S., said the Trump presidency makes such an economic downturn less likely.
Persons: Jeffrey Gundlach, Donald Trump, there's, Gundlach, Trump Organizations: DoubleLine, Republicans, Senate, Federal, Trump Locations: U.S
☆ CBDC comes about when consumers move from cash to digital payment: ECB's Ulrich Bindseil
  + stars: | 2024-11-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCBDC comes about when consumers move from cash to digital payment: ECB's Ulrich BindseilUlrich Bindseil from European Central Bank talks about the future prospects of digital Euro.
Persons: ECB's Ulrich Bindseil Ulrich Bindseil Organizations: European Central Bank
☆ Trump is about to make the Fed's job a lot harder
  + stars: | 2024-11-07 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +5 min
Donald Trump's election victory is set to make the Federal Reserve's job more difficult. His tariff and immigration plans are expected to stoke inflation, complicating the Fed's policy decisions. Trump has also said he'd like a say in setting monetary policy, which would erode Fed independence. Donald Trump's election win brings his vision of hefty trade tariffs and a sweeping immigration crackdown closer to becoming reality. A study from the Peterson Institute of International Economics said interfering with the Fed's independence could cost the economy $300 billion and drive inflation higher.
Persons: Donald Trump's, Trump, —, it's, Glen Smith, Smith, Paul Krugman, Trump's, Jerome Powell, Powell Organizations: stoke, Service, Treasury, GDS Wealth Management, Fed, Fed Trump, Peterson Institute of International Economics, Pantheon Macroeconomics, Trump Locations: China
☆ Fed Chair Powell: It will take some time before people feel better about the economy
  + stars: | 2024-11-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell: It will take some time before people feel better about the economyFederal Reserve Chair Jerome Powell fields questions from reporters after the Central Bank announced its second consecutive interest rate cut on Thursday.
Persons: Powell, Jerome Powell Organizations: Central Bank
☆ Firm dollar keeps peers on back foot ahead of BOE, Fed decisions
  + stars: | 2024-11-07 | by ( ) www.cnbc.com   time to read: +3 min
Trump's policies on restricting illegal immigration, enacting new tariffs, lowering taxes and deregulation may boost growth and inflation and crimp the Fed's ability to cut rates. Following the election, markets now see about a 70% chance the Fed will also cut rates next month, down from 77% on Tuesday, according to the CME Group's Fed Watch Tool. Anything less than a "dovish cut" from the Fed on Thursday could see traders trim back bets for a December cut and the dollar and yields rising higher, Simpson added. The yen was up 0.22% at 154.30 per dollar, after touching 154.7 on Wednesday, its lowest against the greenback since July 30. The Riksbank is seen easing by 50 basis points, and the Norges Bank is set to stay on hold.
Persons: Donald Trump's, Matt Simpson, Trump, Treasuries, Simpson Organizations: U.S, Federal Reserve, Trump, White, Index, Treasury, Fed, Republicans, CME, Bank of England, Norges Bank, Bitcoin Locations: U.S, Index ., cryptocurrencies
☆ Powell says he would not resign as Fed chief if Trump asked for his resignation
  + stars: | 2024-11-07 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +1 min
President Donald Trump looks on as his nominee for the chairman of the Federal Reserve Jerome Powell takes to the podium during a press event in the Rose Garden at the White House, November 2, 2017 in Washington, DC. Federal Reserve Chairman Jerome Powell said Thursday that he will not step down if President-elect Donald Trump asks for his resignation. Trump appointed Powell in 2017, but repeatedly lashed out against the central bank chief during his first term as president, arguing Powell was not easing monetary policy quickly enough. Trump said in October interview that the president should be able to weigh in on interest rate decisions. As Covid-19 swept the nation in March 2020, Trump claimed the authority to remove Powell from office.
Persons: Donald Trump, Jerome Powell, Trump, Powell Organizations: Federal, White House, Bloomberg News, Chicago Economic Locations: Washington , DC
☆ Europe's markets head for mixed open as Trump win settles in; Fed, BoE decisions in focus
  + stars: | 2024-11-07 | by ( Holly Ellyatt | ) www.cnbc.com   time to read: +1 min
European markets are heading for a mixed open as global investors digest Donald Trump's presidential election win and political upheaval in Germany. They also await monetary policy decisions from the U.S. Federal Reserve and Bank of England. Global markets continue to react to Donald Trump's decisive election win, with U.S. stocks rallying Wednesday as Wall Street rejoiced the speedy conclusion of the presidential election. Central banks will be closely watched Thursday, with the Fed and BoE both expected to announce rate cuts. Scholz announced he would bring a vote of confidence to the German parliament on Jan. 15.
Persons: Donald Trump's, Germany's DAX, BoE, Chancellor Olaf Scholz, Christian Lindner, Lindner's, Scholz Organizations: U.S . Federal Reserve, Bank of England, France's CAC, IG, Global, Fed Locations: Germany, Asia, Pacific, U.S
☆ Privacy worries around CBDCs are unfounded, says MAS fintech chief
  + stars: | 2024-11-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrivacy worries around CBDCs are unfounded, says MAS fintech chiefSopnendu Mohanty, Chief FinTech Officer of MAS, talks about central bank digital currencies, and addresses concerns and 'misunderstandings' about the asset coming from investors and President-Elect Donald Trump.
Persons: Sopnendu Mohanty, Donald Trump Organizations: MAS
☆ The odds of Russia's economy collapsing are 'extremely small' and the war can go on for the long term, economist says
  + stars: | 2024-11-07 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +4 min
Russia's war economy ins't in imminent danger of collapse, economist Vladislav Inozemstev said. AdvertisementRussia may stand a better chance at sustaining its war economy than previously thought. "The people realize that the 'war economy' has substituted the anemic economic condition of the 2010s." Inozemstev said he expected Russia's economy to continue to grow in 2025 and beyond, forecasting 2%-2.5% GDP growth next year. The International Monetary Fund has said it is expecting Russia's economy to expand by 3.6% in 2024.
Persons: Vladislav Inozemstev, —, Inozemstev Organizations: Service, Middle East Media Research Institute, Kremlin, Monetary Fund Locations: Russia, Russian, Soviet Union
☆ Federal Reserve cuts interest rates by a quarter point
  + stars: | 2024-11-07 | by ( Jeff Cox | ) www.cnbc.com   time to read: +4 min
watch nowThe Federal Reserve approved its second consecutive interest rate cut Thursday, moving at a less aggressive pace than before but continuing its efforts to rightsize monetary policy. Among them was an altered view in how it assesses the effort to bring down inflation while supporting the labor market. The statement slightly downgraded the labor market, saying "conditions have generally eased, and the unemployment rate has moved up but remains low." Generally, the labor market has held up well. An acceleration in economic activity under Trump could persuade the Fed to cut rates less, depending on how inflation reacts.
Persons: Michelle Bowman, Jerome Powell, nonfarm, Donald Trump, Trump, Powell, Pace Organizations: Federal Reserve, Federal, Committee, Gross, Atlanta Fed, Trump Locations: Tuesday's
☆ Tariff-exposed stocks bounce back — plus, 2 names Jim Cramer would buy here
  + stars: | 2024-11-07 | by ( Kevin Stankiewicz | ) www.cnbc.com   time to read: +3 min
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. One stock we did buy a day ago was BlackRock , and Jim said Thursday the asset manager is still an attractive stock to buy. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Donald Trump's, Kamala Harris, Trump, White, Jim, It's, Stanley Black, Decker, Stocks, Ralph Lauren, Lyft, Jim Cramer's Organizations: CNBC, Nasdaq, Dow Jones, Federal Reserve, European Central Bank, Corona, Constellation Brands, BlackRock, Meta, Arm Holdings, Qualcomm, Warner Bros . Locations: U.S, Europe, BlackRock
☆ Fed meeting live updates: Fed expected to cut interest rates by a quarter point
  + stars: | 2024-11-07 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +1 min
The Federal Reserve is widely expected to trim rates by a quarter point on Thursday, taking another step toward unwinding its tight policy. The rate on a $30,000 home equity line of credit sits at 8.7% as of the week of Nov. 1, according to Bankrate. The rate on a 30-year fixed mortgage was 7.09% as of the week of Nov. 1, sharply higher than the 4.29% in March 2022. That's because mortgage rates loosely follow the 10-year Treasury yield , which has recently taken a leg higher. Indeed, the benchmark yield stood at 4.363% during the week of Nov. 1, sharply higher than the 3.649% it traded at in mid-September.
Persons: –, it's, – Darla Mercado, Nick Wells Organizations: Federal Reserve, Fed, Treasury
☆ Fed Chair Powell: We believe we can complete inflation task while keeping labor market strong
  + stars: | 2024-11-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell: We believe we can complete inflation task while keeping labor market strongFederal Reserve Chair Jerome Powell fields questions from reporters after the Central Bank announced its second consecutive interest rate cut on Thursday.
Persons: Powell, Jerome Powell Organizations: Central Bank
☆ Fed Chair Powell: We aim to balance a strong labor market with progress on inflation
  + stars: | 2024-11-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell: We aim to balance a strong labor market with progress on inflationFederal Reserve Chair Jerome Powell fields questions from reporters after the Central Bank announced its second consecutive interest rate cut on Thursday.
Persons: Powell, Jerome Powell Organizations: Central Bank
☆ Powell: We're not seeing longer-term inflation expectations anchoring at higher level
  + stars: | 2024-11-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPowell: We're not seeing longer-term inflation expectations anchoring at higher levelFederal Reserve Chair Jerome Powell fields questions from reporters after the Central Bank announced its second consecutive interest rate cut on Thursday.
Persons: Powell, We're, Jerome Powell Organizations: Central Bank
☆ The Federal Reserve gives Americans another interest-rate cut
  + stars: | 2024-11-07 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
The Federal Reserve cut interest rates by 25 basis points on Thursday. AdvertisementAnother interest-rate cut is headed Americans' way. On Thursday, the Federal Open Market Committee announced a 25-basis-point interest-rate cut after a 50-basis-point cut in September. AdvertisementGiven the lag in monetary policy, the interest-rate cuts won't give Americans immediate relief on their credit cards, housing, or car loans. Still, some Democratic lawmakers urged the Fed to implement another 50-basis-point cut to give Americans more financial relief.
Persons: —, Donald Trump, Trump, Matthew Ryan, Jerome Powell, Milton, Helene —, Elizabeth Warren, John Hickenlooper, Powell Organizations: Reserve, Service, Federal, Market, Trump, Boeing, Fed Locations: Sens
☆ Powell: We think our policy and economy are in a very good place, evaluating risks carefully
  + stars: | 2024-11-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPowell: We think our policy and economy are in a very good place, evaluating risks carefullyFederal Reserve Chair Jerome Powell fields questions from reporters after the Central Bank announced its second consecutive interest rate cut on Thursday.
Persons: Powell, Jerome Powell Organizations: Central Bank
☆ Fed Chair Powell stands firm amid questioning about whether Trump will push him out
  + stars: | 2024-11-07 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
Reporters asked Fed Chair Jerome Powell whether he would resign if President-elect Trump asked him to. Powell responded with one word: "No." Trump has been critical of Powell, but the law does not permit a president to fire a Fed official without cause. AdvertisementFederal Reserve chair Jerome Powell has no plans to leave the central bank prematurely under President-elect Donald Trump. "We don't guess, we don't speculate, and we don't assume," Powell said.
Persons: Jerome Powell, Trump, Powell, —, Donald Trump, Biden, Joe Biden Organizations: Service, Federal, Market, Trump, Fed, Street, Bloomberg, Federal Reserve, Congress
☆ Fed Chair Powell: We're aiming for inflation to be at 2%
  + stars: | 2024-11-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell: We're aiming for inflation to be at 2%Federal Reserve Chair Jerome Powell fields questions from reporters after the Central Bank announced its second consecutive interest rate cut on Thursday.
Persons: Powell, We're, Jerome Powell Organizations: Central Bank
☆ Fed Chair Powell: We have gained confidence we're on the path to 2%
  + stars: | 2024-11-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell: We have gained confidence we're on the path to 2%Federal Reserve Chair Jerome Powell fields questions from reporters after the Central Bank announced its second consecutive interest rate cut on Thursday.
Persons: Powell, Jerome Powell Organizations: Central Bank
☆ Gold hits over 3-week low as dollar gains on Trump win; Fed verdict looms
  + stars: | 2024-11-07 | by ( ) www.cnbc.com   time to read: +2 min
A one-kilogram gold bar sits at Gold Investments Ltd. bullion dealers in this arranged photograph in London, U.K., on Wednesday, July 29, 2020. Gold prices touched a more than three-week low on Thursday, as the dollar strengthened after Donald Trump's win in the U.S. presidential election, while focus was also on the Federal Reserve's interest rate decision later in the day. Spot gold fell 0.1% to $2,656.34 per ounce, as of 0327 GMT, after hitting its lowest level since Oct. 15 earlier in the session. Bullion hit a record high of $2,790.15 last week and has lost more than $130 since then. Still expect prices to hit $3,000 next year," said Peter Fung, head of dealing at Wing Fung Precious Metals.
Persons: Donald Trump's, Bullion, Trump, Kelvin Wong, OANDA's, Peter Fung Organizations: Gold Investments, U.S, Asia Pacific, Metals Locations: London, Asia
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