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☆ Morning Bid: Stocks ease in nervous Gaza wait
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +3 min

Israeli soldiers gather on and around a tank near Israel's border with the Gaza Strip, in southern Israel October 15, 2023. ECB speakers are out in force this week, including Bank of Spain Governor Pablo Hernández de Cos on Monday, when the euro zone also releases trade data. It will be a busy week for BoE rhetoric as well, starting with the central bank's chief economist, Huw Pill, on Monday. There's lots of important British data, with house prices later today, jobs and wage figures on Tuesday, and CPI on Wednesday. Fed Chair Jerome Powell's speech at the Economic Club of New York this Thursday, just before the start of the central bank's blackout period, is probably the most anticipated bit of central bank speak for the week.

Persons: Ronen, Kevin Buckland, Brent, Antony Blinken, Joe Biden, Pablo Hernández de Cos, BoE, Huw Pill, Jerome Powell's, Goldman Sachs, Morgan Stanley, Cos, Edmund Klamann Organizations: REUTERS, Japan's Nikkei, Bank of Spain, U.S . Federal Reserve, Economic, of New, Netflix, Thomson Locations: Gaza, Israel, Iran, Asia, Europe, of New York, U.S

☆ A biographer spent years following Elon Musk and Steve Jobs. Here's how he says they're alike — and how they're different
▼ + stars: | 2023-10-15 | by ( Sarah Jackson | Grace Kay | ) www.businessinsider.com time to read: +8 min

Walter Isaacson trailed Elon Musk for years and interviewed Steve Jobs over 40 times to write their biographies. Elon Musk's biographer, Walter Isaacson, once said that the Tesla CEO was "in some ways the Steve Jobs of our time." AdvertisementAdvertisementBoth Musk and Jobs had a "dark streak""When I was reporting on Steve Jobs, his partner Steve Wozniak said that the big question to ask was 'Did he have to be so mean? AdvertisementAdvertisementIsaacson said Steve Jobs (left) took on the role of "alpha male" at Apple and "marginalized" his cofounder Steve Wozniak (right). "As much as I think Steve Jobs is a total genius, Steve Jobs would design a product, be it the Mac or the iPhone, and then it would be thrown over the wall to some manufacturing facility in China or something.

Persons: Walter Isaacson, Elon Musk, Steve Jobs, —, Elon Musk's, Tesla, Jobs, Isaacson, Musk, Steve Wozniak, Grimes, " Isaacson, didn't, Kimberly White, Wozniak, Martin Eberhard, Tom Mueller, It's, Frederic J . BROWN, Musk's, Franz von Holzhausen Organizations: Service, Apple, Jobs, Twitter, SpaceX, Getty, Wall Street, Tesla, Economic, of New Locations: AFP, China, of New York

☆ Fed's Powell set to speak Oct 19 ahead of blackout period
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: 1 min

Oct 12 (Reuters) - Federal Reserve Chair Jerome Powell will speak on Oct. 19 before the Economic Club of New York, just before the U.S. central bank's blackout period begins ahead of its next interest-rate decision. Powell will deliver prepared remarks and respond to questions from a moderator at the midday event in New York, according to senior Fed officials' weekly event schedule updated each Thursday. The Fed next meets on Oct. 31-Nov. 1; officials are barred from public comments on the economy or policy outlook starting the second Saturday before policy meetings begin. Reporting By Dan Burns; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Powell, Dan Burns, Leslie Adler Organizations: Economic, of New, Fed, Thomson Locations: of New York, U.S, New York

The September jobs report that the Labor Department will issue Friday will show just how much of that durability remains. A growing body of evidence, though, suggests that the job market is cooling — something Fed officials would like to see. Businesses often raise their prices to cover their higher labor costs. Fewer Americans are quitting their jobs after a surge in resignations in the aftermath of the pandemic. Most people quit to take other jobs with higher pay, so the decline in quitting indicates that workers now see fewer available opportunities elsewhere.

Persons: Jerome Powell, Mary Daly, ” Daly, Goldman Sachs Organizations: WASHINGTON, Federal Reserve, Labor Department, Institute for Supply Management, Federal Reserve Bank of San, Economic, of New Locations: United States, Federal Reserve Bank of San Francisco, of New York

☆ Wall St ends down slightly; investors await Friday's payrolls
▼ + stars: | 2023-10-05 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Friday's monthly payrolls report could be the week's most important economic news, however, investors remained concerned about whether the Federal Reserve will keep rates higher for longer. Stocks ended well off their weakest levels of the session, and strategists noted the S&P 500 was holding above its 200-day moving average, currently at around 4,206. After recent market weakness, investors are keen for third-quarter earnings reports to kick off mid-month. S&P 500 company earnings overall are expected to have risen 1.6% year-over-year for the quarter, according to LSEG IBES data. The S&P 500 posted three new 52-week highs and 39 new lows; the Nasdaq Composite recorded 24 new highs and 330 new lows.

Persons: Stocks, Mary Daly, Peter Cardillo, Brendan McDermid, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta, David Gregorio Our Organizations: Companies, Dow, Nasdaq, Federal Reserve, Benchmark U.S, Treasury, Spartan Capital Securities, San Francisco Fed Bank, Economic, of New, New York Stock Exchange, REUTERS, Dow Jones, Dell Technologies, NYSE, Thomson Locations: New York, of New York, U.S, New York City, Bengaluru

☆ Elon Musk's biographer says X CEO's rocky interview was 'not a pretty sight' but she's 'the right person' for the job
▼ + stars: | 2023-09-28 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +6 min

Walter Isaacson still believes Elon Musk chose "the right person" in Linda Yaccarino to be X's CEO. The Musk biographer acknowledged the CEO's rocky interview at Code Conference was "not a pretty sight." AdvertisementAdvertisementElon Musk's biographer is still confident in the billionaire's choice to name Linda Yaccarino the CEO of X, formerly known as Twitter — despite a rocky interview at Vox Media's Code Conference. X CEO seemed unsure at times, played defense during interviewYaccarino's appearance at Vox's Code Conference on Wednesday quickly became the talk of X — with her performance drawing scrutiny and criticism. The X CEO decided to go on after his interview for the chance to get the last word in, according to Swisher.

Persons: Walter Isaacson, Elon Musk, Linda Yaccarino, Isaacson, Yaccarino, —, Elon, I'm, Yoel Roth, Roth, Musk, Kara Swisher, Swisher, Julia Boorstin, Mark Zuckerberg, Boorstin, Insider's Bergman Organizations: Twitter, Service, Economic, of New, Code, Vox's, Wednesday, CNBC, Meta Locations: NBCUniversal, of New York, Miami, Swisher, Meta

Bank of America Chairman and CEO Brian Moynihan testifies before a Senate Banking, Housing, and Urban Affairs hearing on "Annual Oversight of the Nation's Largest Banks", on Capitol Hill in Washington, U.S., September 22, 2022. REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsNEW YORK, Sept 27 (Reuters) - The Federal Reserve has won the near-term battle against inflation, but interest rates are likely to stay higher for longer, Bank of America's (BAC.N) CEO Brian Moynihan said on Wednesday. "They're winning the fight right now" against inflation, Moynihan said. "The controversy is like I've never seen," said Moynihan, who was headed to Washington after giving his remarks in New York. Reporting by Lananh Nguyen and Saeed Azhar, Editing by Franklin Paul and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Brian Moynihan, Evelyn Hockstein, Moynihan, They're, they've, I've, ", Lananh Nguyen, Saeed Azhar, Franklin Paul, Andrea Ricci Organizations: of America, Banking, Housing, Urban Affairs, Capitol, REUTERS, Federal Reserve, Bank of America's, Economic, of New, Industry, Arm Holdings, Thomson Locations: Washington , U.S, of New York, Washington, New York

[1/4] UBS CEO Sergio Ermotti addresses the Economic Club of New York in New York City, U.S., September 14, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNEW YORK, Sept 14 (Reuters) - UBS Group (UBSG.S) CEO Sergio Ermotti plans to stay at the helm through 2026 to integrate former rival Credit Suisse in a process he likened to a marathon. "I need to finish the job," Ermotti told the Economic Club of New York on Thursday. "My commitment is to finish the job, and for sure that means staying through the end of 2026. UBS said last month it wants to cut $10 billion in costs by the end of 2026 and lay off 3,000 people in Switzerland.

Persons: Sergio Ermotti, Brendan McDermid, Ermotti, Colm Kelleher, Tatiana Bautzer, Lananh Nguyen, Chris Reese, Timothy Gardner Organizations: UBS, Economic, of New, REUTERS, Credit Suisse, Thomson Locations: of New York, New York City, U.S, Swiss, Asia, China, Switzerland, New York

☆ Treasury's Adeyemo calls for eliminating subsidies, including to energy companies
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Jim Lo Scalzo/Pool via REUTERS Acquire Licensing RightsSept 11 (Reuters) - The United States should think about eliminating corporate subsidies, including to energy companies, U.S. Deputy Treasury Secretary Wally Adeyemo said in New York on Monday. Adeyemo defended President Joe Biden's budget proposal for fiscal 2024, noting that achieving fiscal sustainability would include modest tax increases, boosting tax revenue collections and finding other ways to cut costs. "None of us thinks it makes sense to subsidize energy companies in light of how they're doing in this country. But there are probably other subsidies and other things we can do to make the budget more efficient." Adeyemo said he hoped to engage with Republicans in the House of Representatives about the issue, without giving any further details.

Persons: Wally, Adeyemo, Jim Lo Scalzo, Wally Adeyemo, Joe Biden's, Donald Trump's, Republican Ronald Reagan, Bill Clinton, Andrea Shalal, Deepa Babington Organizations: Senate, Treasury, Washington , D.C, REUTERS Acquire, Economic, of New, Big Oil, Republican, Thomson Locations: Dirksen, Washington ,, United States, New York, of New York, Ukraine

☆ Premarket stocks: The stock market is dominated by just a handful of companies. The Biden administration is worried
▼ + stars: | 2023-07-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

What’s happening: Two years ago, Lina Khan, 34, became the youngest and perhaps most progressive leader of the FTC’s 100-plus year history. Khan, meanwhile, was unable to successfully block Microsoft from closing its $69 billion purchase of videogame publisher Activision Blizzard last week. The rise of gig workers is changing the face of the US economyFrom CNN’s Samantha DelouyaLazarus Limo usually starts his day at 10 a.m. But workplace experts say the number of gig workers is growing, and and their impact is being felt throughout the economy. But whether the success of both films will translate into a sustained revival of the movie industry remains to be seen.

Persons: New York CNN —, Biden, Lina Khan, haven’t, Khan, Kevin Kiley, Joe Biden, —, Brian Fung, ” Khan, “, ” What’s, She’s, Samantha Delouya Lazarus, ”, that’s, Louis Hyman, ” Read, “ Barbie ”, “ Oppenheimer, Anna Cooban, “ Barbie, Barbie ”, ” Daniel Loria, Disney’s “ Indiana Jones Organizations: CNN Business, Bell, New York CNN, Apple, Microsoft, Nvidia, of America, Big Tech, Federal Trade Commission, FTC, White, Activision Blizzard, Republican, Economic, of New, Yale Law, Amazon, Bloomberg, Tech, Meta, Uber, CNN, DoorDash, of Labor Statistics, Cornell University, “ Society, Insiders, Warner Bros, Universal Studios, Warner Bros ., AMC, Hollywood Locations: New York, California, of New York, Hill , North Carolina, “, United States, Instacart, Disney’s

☆ FTC chair defends track record on antitrust challenges, says big isn't categorically bad
▼ + stars: | 2023-07-24 | by ( Lauren Feiner | ) www.cnbc.com time to read: +6 min

"Congress, when passing the antitrust statutes, was setting out a policy preference, in many cases, for competition over monopoly," Khan said. "Any given year, the antitrust agencies get anywhere between 1,500 to 3,000 merger filings. Of that number, 98% go through without even any second questions being asked by the agencies," Khan said. Khan also defended the agency's record in court when it comes to merger cases. That's in part because the Supreme Court hasn't taken up merger cases as frequently in recent decades, meaning "that older law is still good law."

Persons: Lina Khan, Khan, Neil Bradley, hasn't, FTCs Organizations: Energy, Federal Trade Commission, Federal Trade, Economic, of New, FTC, Department of Justice, Division, U.S . Chamber of Commerce, CNBC, YouTube, Big Tech Locations: Rayburn, of New York

That could help lower overall inflation when the next CPI report is released on Aug. 10, with the details in Wednesday's report suggesting "downside risks" to any forecast of July's inflation rate. Indeed, at least one Fed official on Wednesday stuck to policymakers' prevailing hawkish mantra that inflation is still too high. While not specifically addressing the CPI report, Richmond Fed President Thomas Barkin told a Maryland business group that he still felt inflation had "been stubbornly persistent." 'FINAL INNINGS'But the latest CPI data could undercut arguments for yet another rate increase beyond the July meeting. Fed officials, blindsided by the persistence of inflation they initially thought would dissipate on its own, have been reluctant to bank on good news continuing.

Persons: Omair Sharif, Rick Rieder, Lael Brainard, Brainard, Thomas Barkin, Goldman Sachs, they've, Raphael Bostic, Bostic, Howard Schneider, Michael S, Ann Saphir, Dan Burns, Paul Simao Organizations: Federal Reserve, U.S . Labor Department, Reuters Graphics Reuters, BlackRock, Fed, White, Economic Council, Economic, of New, Richmond Fed, U.S, Cleveland Fed's Center, Inflation Research, Atlanta Fed, Derby, Thomson Locations: U.S, of New York, Maryland

☆ The US economy is defying expectations, says Biden’s top economic adviser
▼ + stars: | 2023-07-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —The resiliency of the US economy is defying expectations — and the odds of a “soft landing” are improving, said Lael Brainard, President Joe Biden’s top economic adviser, on Wednesday afternoon. “We’ve seen these repeated predictions that recession is right around the corner — and the data have instead delivered continued resilience in the economy,” said Brainard, formerly No. That’s the president’s economic theory that rejects the idea of “trickle-down” policies in favor of focusing on the middle class. These economic gains did not happen by chance, and they will not be sustained absent a deliberate strategy,” she said. “President Biden’s economic strategy aims to grow the economy from the middle out and bottom up — not the top down.”

Persons: Lael Brainard, Joe Biden’s, Biden, ”, Brainard, “, “ We’ve, Bidenomics Brainard Organizations: New, New York CNN, Labor Department, National Economic Council, Economic, of New, Federal Reserve Locations: New York, of New York

☆ White House takes a victory lap after inflation report comes in cooler than expected
▼ + stars: | 2023-07-12 | by ( Emma Kinery | ) www.cnbc.com time to read: +2 min

WASHINGTON — President Joe Biden on Wednesday celebrated new data that showed inflation cooling more quickly than expected. "Good jobs and lower costs: That's Bidenomics in action," Biden said in a statement. Year over year, inflation rose 3%, the lowest level in more than two years. Core CPI, which does not include food and energy costs, rose 4.8% from a year ago and 0.2% on a monthly basis. "Our progress creating jobs while lowering costs for families is no accident, and I will continue to fight for lower costs for families every day."

Persons: Joe Biden, Volodymyr Zelensky, Biden, Lael Brainard, " Brainard Organizations: NATO, WASHINGTON, Wednesday, Labor Statistics, CPI, Economic, of New Locations: Vilnius, of New York, U.S, United States

☆ US inflation cooled in June for the 12th straight month
▼ + stars: | 2023-07-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

US annual inflation slowed to 3% last month, according to the latest Consumer Price Index released Wednesday by the Bureau of Labor Statistics. The June annual rate is down from 4% in May and landed slightly below economists’ expectations for a 3.1% increase, according to Refinitiv. Starting in March 2022, the central bank rolled out 10 consecutive interest rate hikes to tame inflation, finally hitting pause last month. And June of last year was monumental: Annual inflation soared to 9.1%, the highest in more than 40 years largely because of record-high energy costs. So the Fed and economists have been keyed in on what’s happening with core inflation, particularly core services.

Persons: Olivia Newton, ” William Ferguson, “, Joe Biden, ” Sung Won Sohn, Lael Brainard, ” Brainard, Brainard, ” Julia Pollak, ZipRecruiter, Sohn, ”, —, Nicole Goodkind Organizations: Minneapolis CNN, Bureau of Labor Statistics, CPI, Grinnell College, CNN, Federal Reserve, Loyola Marymount University, SS Economics, Core PCE, National Economic Council, Economic, of New, BLS, Kansas City Fed Locations: Minneapolis, Iowa, of New York

☆ Apollo Global CEO: There's no alpha left in publicly-traded markets
▼ + stars: | 2023-06-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApollo Global CEO: There's no alpha left in publicly-traded marketsCNBC's Andrew Ross Sorkin discusses his one-on-one interview with Apollo Global Management CEO Marc Rowan at The Economic Club of New York on Tuesday.

Persons: Andrew Ross Sorkin, Marc Rowan Organizations: Apollo, Apollo Global Management, The Economic, of New Locations: of New York

☆ Traders raise the chances for a Fed rate cut following April inflation report
▼ + stars: | 2023-05-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Still, it was enough for traders to raise the chances of a September rate cut to near 80%, according to the CME Group's Fed Watch tracker of prices in the fed funds futures market. In fact, the October fed funds contract implied a policy rate of 4.84%, or nearly a full quarter point below the current effective rate of 5.08%. Among Wall Street analysts and economists, though, the case for a rate cut remains shaky. "I do not see in my baseline forecast any reason to cut interest rates this year." The central bank raised its fed funds rate last week by a quarter point, to 5.0-5.25%, its 10th increase since March, 2022.

☆ Premature for Fed to call end to rate hikes with inflation still high, Williams says
▼ + stars: | 2023-05-09 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

"We've made incredible progress" in taking action to lower overly high levels of inflation, but "if additional policy firming is appropriate, we'll do that," he said. The central bank also signaled that after just over a year of aggressive rate hikes, it may be done, or close to it, with the rate rises. I do not see in my baseline forecast any reason to cut interest rates this year," Williams said. Williams remains confident the Fed can achieve its objectives, adding "as always, I'll be monitoring the totality of the data and what it implies for the achievement of our goals. But for now, he said price pressures remain "too high," adding that the Fed remains committed to bringing inflation back to its 2% target.

☆ Fed's Williams says inflation still too high, eyeing financial conditions
▼ + stars: | 2023-05-09 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Williams said price pressures remain "too high," and added that the Fed remains committed to bringing inflation back to the central bank's 2% target. The central bank also signaled that after just over a year of aggressive rate hikes, it may be done, or close to it, with the rate rises. Williams also serves as vice chair of the rate-setting Federal Open Market Committee, which has been working aggressively to lower high levels of inflation. The Fed is eyeing an end to the rate-hike cycle as inflation pressures have eased a bit. He noted there have been signs of slowing price pressures but noted that core services inflation stripped of housing factors remains persistent.

☆ Fed's John Williams says rates could be increased if inflation doesn't come down
▼ + stars: | 2023-05-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, November 6, 2019. The committee removed a key phrase from the statement that had indicated additional rate hikes would be appropriate. "I do not see in my baseline forecast, any reason to cut interest rates this year," he said, adding that additional rate hikes would be possible if the data doesn't cooperate. The current problems in the banking industry and their impact will factor into Williams' policy outlook, he said. "I will be particularly focused on assessing the evolution of credit conditions and their effects on the outlook for growth, employment and inflation," Williams said.

☆ JetBlue is preparing to trim New York flights in response to FAA staffing shortage, CEO says
▼ + stars: | 2023-03-29 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

The FAA cited its staffing shortfall. "We don't want to pull down flights. I'm sure no airline wants to pull down flights," Hayes said in an interview with CNBC ahead of an event at the Economic Club of New York. The staffing shortfall and potential schedule cuts in the region highlight the difficulty airlines have faced to ramp up capacity as travel demand returns in the wake of a pandemic lull. If weather is bad or there are other challenges, disruptions tend to cascade if airlines have packed their schedules with too many flights.

☆ Disney board exposed itself to activist intervention, but Peltz may be overreaching
▼ + stars: | 2023-01-12 | by ( Alex Sherman | ) www.cnbc.com time to read: +5 min

Disney's share price spike in 2021 was caused by the same phenomenon — investors charging into streaming services with significant subscriber growth. Activist investor Nelson Peltz spent about 30 minutes Thursday morning speaking with CNBC's Jim Cramer and David Faber in a wide-ranging interview about why he wants a Disney board seat. Now Iger's back, and the Disney board has tasked him with finding a successor in the next two years. It's a far easier case to be made that Disney's board and Iger have consistently bungled succession planning. As Trian noted in its presentation (on Slide 28), the Disney board extended Iger's retirement date five different times between October 2011 and December 2017.

CNN Business —The Federal Reserve could pull back on the pace of its aggressive rate hikes as soon as December, Fed Chairman Jerome Powell said Wednesday at an economic forum. The most recent Job Openings and Labor Turnover Survey showed Wednesday that there were almost 1.7 jobs available for every job seeker in October. The decline in job openings is a positive development, Powell said Wednesday. And the rate hikes could be doing more harm than good. Since rate hikes can take months, even years, to flow through the economy, the Fed now appears to be adopting a “lower and slower” model of smaller rate hikes over a longer period.

☆ Treasury yields slip as investors assess impact of China’s Covid policy
▼ + stars: | 2022-11-29 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +1 min

The yield on the benchmark 10-year Treasury yield was last down by around 4 basis points to 3.661% at 6:31 a.m. The 2-year Treasury yield was last trading at around 4.434% after dipping by more than 3 basis points. U.S. Treasury yields pulled back on Tuesday as investors closely watched Covid developments in China and digested comments from Federal Reserve officials on monetary policy plans. Investors closely followed Covid developments in China as uncertainty about the country's economic reopening has spread in recent weeks. Speaking at a virtual event hosted by the Economic Club of New York on Monday, New York Fed president John Williams said the central bank had to continue hiking rates for now.

☆ Fed could cut interest rates in 2024, Williams says
▼ + stars: | 2022-11-28 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

"I do see a point probably in 2024 that we'll start bringing down nominal interest rates because inflation is coming down." While Williams pointed to some signs of progress in bringing down inflation, he said interest rates needed to rise further. "How high those rates need to be will depend on how the economy and inflation evolve," Williams said. The Fed has pushed through oversized 75-basis-point rate increases at its last four policy meetings, bringing the target rate to the current 3.75%-4.00% range. That's opened the door to the prospect the Fed could raise its target rate by 50 basis points at the next gathering.

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