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Dollar rebounds after Fed goes big on rate cut
  + stars: | 2024-09-19 | by ( ) www.cnbc.com   time to read: +4 min
The U.S. dollar rose broadly on Thursday, recovering from an earlier tumble in the immediate aftermath of the Federal Reserve's outsized interest rate cut that had been largely priced in by markets. The U.S. dollar rose broadly on Thursday, recovering from an earlier tumble in the immediate aftermath of the Federal Reserve's outsized interest rate cut that had been largely priced in by markets. Fed policymakers on Wednesday projected the benchmark interest rate would fall by another half of a percentage point by the end of this year, a full percentage point next year and half of a percentage point in 2026, though they said the outlook that far into the future is necessarily uncertain. "So to expect an easing today because of what the Fed has done seems a little bit too hard to believe." Elsewhere, the Australian dollar edged up 0.05% against its U.S. counterpart to $0.6768, while the New Zealand dollar advanced 0.04% to $0.6210.
Persons: Jerome Powell, it's, Rodrigo Catril, , Eric Robertsen, Sterling, NAB's Organizations: U.S, Wednesday, Reuters, National Australia Bank, Bank of England, New Zealand Locations: U.S, Singapore
On Wednesday, Boeing announced it will be temporarily furloughing a "large number" of white-collar employees. The news comes after around 30,000 Boeing workers began a strike on Friday after rejecting a new pay contract. "We are initiating temporary furloughs over the coming days that will impact a large number of US-based executives, managers, and employees," Kelly Ortberg, the CEO of Boeing, wrote in an email to employees. In a union vote on September 12, workers voted against an agreement that Boeing and the labor union for machinists and aerospace workers had proposed. Read the full memo Ortberg sent to employees:Team,As you know, the IAM 751 and W24 went on strike last Friday.
Persons: Kelly Ortberg, Ortberg, It's, furloughs, Kelly Organizations: Service, Wednesday, Boeing, Employees, Business Insider, IAM Locations: Boeing's, Pacific Northwest
$ 5.34 $ 5.34 Estimated Environmental cost + $ 22.02 Say a pound of beef costs $5.34 at your local supermarket. The Hidden Environmental Costs of Food Damage to the natural world isn’t factored into the price of food. The proponents of true cost accounting don’t propose raising food prices across the board, but they say that increased awareness of the hidden environmental cost of food could change behavior. (True cost accounting also typically includes things like labor rights and dietary health, but here we’re focusing on environmental costs.) Large disparities between the retail price of food and its environmental costs are found in the proteins many of us eat every day.
Persons: True Price, , Claire van den Broek, “ They’re, Alexander Müller, True, , Scott Swinton, Roger Cryan, Mario Herrero, chickpeas Organizations: United Nations, Rockefeller Foundation, True, Sustainability, Michigan State University, American Farm Bureau Federation, New, Cornell University, Price, Beef, Oxford University, , U.S . Department of Agriculture, Mountain, United Nations Food, Agriculture Organization Locations: Dutch, United States, Berlin, New York State, Denmark, Walmart.com, U.S, North America, Europe, Brazil, India, Netherlands, Germany
Darden Restaurants — Shares advanced nearly 11% after the restaurant operator announced a multiyear partnership with Uber for on-demand delivery later this year. The company reported weaker-than-expected quarterly earnings and revenue, however, as its sales weakened at Olive Garden and its fine dining restaurants. DoorDash — The food delivery stock rose more than 3% after an upgrade to buy from neutral at BTIG. Alibaba – Shares rose more than 4% after the Chinese e-commerce company launched more than 100 open-source artificial intelligence models and a text-to-video tool. FedEx — Shares rose more than 1% ahead of the shipping giant's first-quarter earnings report due after the bell.
Persons: Uber, Jefferies, chipmakers, FactSet, Alibaba, Max, Stocks, bitcoin, — CNBC's Sean Conlon, Alex Harring, Samantha Subin, Jesse Pound, Brian Evans, Sarah Min, Michelle Fox Theobald Organizations: Darden, Olive, NextEra Energy, Nvidia, Arm Holdings, Micron, Micron Technology, FedEx —
CNN —A senior adviser to Israeli Prime Minister Benjamin Netanyahu has presented to the Biden administration a new proposed ceasefire and hostage deal with Hamas, an Israeli official told CNN. Reactions to the proposal have widely been that it will be a non-starter for Hamas, which has not commented on it. It is unclear whether the proposal addresses the presence of Israeli troops in Gaza after a ceasefire and hostage deal – a key sticking point in stalled negotiations. The Hostages Families Forum, which has been scathing about Netanyahu’s approach to hostage negotiations, welcomed the proposal. They cited Israel’s assassinations of Hamas leaders in foreign capitals, and said they believed Sinwar would prefer to die fighting Israel than to leave Gaza.
Persons: CNN —, Benjamin Netanyahu, Biden, Gal Hirsh, Netanyahu, Yahya Sinwar, Kan, Joe Biden’s, Hirsh, Roger Carstens, Gershon Baskin, Sinwar, , ” Baskin, Hitler, ” Hirsh Organizations: CNN, Hamas, Families, United Nations General Assembly Locations: Gaza, Israel, Israeli, Lebanon, New York,
The exterior of the Hayward Gallery, part of the Southbank Centre. "We can't allow the cultural infrastructure to literally crumble in our hands, because ... without investment, it won't be here," Ball told CNBC. (The neighboring National Theatre and British Film Institute Southbank are not part of the Southbank Centre.) During his first year at the Southbank Centre, he oversaw more than 5,400 events and shows. "Thinking Fountains," an installation by German artist Klaus Weber, outside the Hayward Gallery at the Southbank Centre.
Persons: Norman Engleback, Michelle Obama, Anish Kapoor, Tracey Emin, Nina Simone, Elaine Bedell, Mark Ball, , Ball, Queen Elizabeth Hall, Purcell, Jack Taylor, Lisa Nandy's, it's, Richard III, Antony Sher, Antony, Gilbert Prousch, George Passmore, Gilbert, George, Marina Abramovic, Elizabeth Hall, Daniel Leal, Igor Levit, Cillian Murphy, Klaus Weber Organizations: Hayward, Southbank Centre, Universal, Getty, Southbank, Conservative, Labour, CNBC, Royal Festival Hall, Queen, National Theatre, British Film Institute, Former U.S, Royal, Hall, Manchester International, Association of, of Britain, Apple, London's Southbank, Ball, Science and Industry, Royal Shakespeare Company, AFP, Artists, Royal Philharmonic Orchestra Locations: London, Manchester, Serbian
“Given that sleep is highly visible as a risk factor, non-stigmatizing, and highly treatable … we suggest study of sleep as a risk factor and critical intervention target for youth suicide,” said senior study author Dr. Rebecca Bernert, a suicidologist and founder of the Stanford Suicide Prevention Research Laboratory in California, via email. Suicide is a leading cause of death among children ages 10 to 14, a group that also has high rates of sleep disturbance, according to the study. And sleep disturbances “have emerged as an evidence-based risk factor for suicidal behaviors” among adults, regardless of whether a person has depressive symptoms, the authors said. At that time, guardians answered questionnaires about their child’s sleep health, which included factors such as problems with falling or staying asleep, waking up, excessive sleepiness, sleep-disorder breathing, excessive sweating during sleep, and behaviors that occur when someone partially awakes from deep sleep. Supporting your child’s healthAt all ages, your kids need good nighttime habits that support healthy sleep, Willard said.
Persons: ideation, , Rebecca Bernert, Christopher Willard, wasn’t, ” Willard, Rebecca Berry, University’s, Berry wasn’t, Bernert, ” Bernert, Berry, Sleep, Willard, ” Berry, Organizations: Lifeline, CNN, JAMA, Stanford, Prevention Research, Harvard Medical School, University’s Grossman School of Medicine, Stanford University School of Medicine Locations: California, United States, Massachusetts, Boston, New
When Netflix released a rundown of its most-watched movies and TV shows for the first half of the year on Thursday, its TV rankings offered few surprises. (Netflix bases the data on hours viewed for every title — original and licensed — that was watched for over 50,000 hours.) That robust landing page has allowed Netflix to eschew spending tens of millions of dollars promoting many of its original films. AdvertisementOf course, that's not the strategy for every single Netflix Original. Here's another example of Netflix's strategy in action.
Persons: Griselda, Ripley, Millie Bobby Brown, Kevin Hart's, John Wilson, that's, Eddie Murphy, Axel F, Murphy, Quim Vives, It's, Ted Lasso, Severance, it's, Napoleon, Martin Scorsese, Oscar, doesn't, baileylikemovie Organizations: Service, Netflix, Business, Society, Detroit Lions, Apple Locations: Beverly Hills, Sunset, Hollywood
They received some relief on Wednesday when the Federal Reserve cut interest rates by 50 basis points, which will lower mortgage costs. Federal Reserve chair Jerome Powell said the "real issue" behind high prices in the U.S. housing market is a lack of supply, which isn't "something the Fed can really fix." With rates dropping, Powell also said that "more people are likely to start moving," which could boost home sales. Powell also said that shelter costs in the CPI tend to lag behind real-time prices, so the recent slowdown in home and rent prices prices isn't fully reflected yet. The best thing the Fed can do for U.S. households is get "inflation broadly down" and reduce the cost of borrowing by "normalizing" interest rates, Powell said.
Persons: Jerome Powell, There's, Powell's, Powell, it's Organizations: Federal Reserve, Federal, National Association of Realtors, Consumer, CNBC Locations: U.S
He founded an AI startup in 2023 and told BI the majority of his 14 employees come in five days a week. "Remote work benefits people who are more stable in their career at the expense of people who are junior," he said. BI has reported on multiple Gen Z employees who feel isolated and restricted by their remote working environment. Advertisement"If you're a new grad and you're starting a job and you just work a remote job, you're just shooting yourself in the foot," he said. He told BI, "Four or five years ago, this was the norm," adding, "Why are we even thinking remote work is normal?"
Persons: , Jeffrey Wang, Wang, Everyone's Organizations: Service, Plaid, Harvard, Business, Tech, Networking, BI Locations: San Francisco, Hawaii
“Kamala Harris isn’t talking about the historic nature of this,” Walz, the Democratic running mate, told supporters here at a rally. But the strategies of both sides have overlapping objectives, with Trump working to widen his advantage with White men while making gains among young Black and Latino voters. “They both have their qualities, they both have their flaws,” said Hernandez, a North Carolina voter who is torn between Trump and Harris. But the Trump campaign is also targeting many of the same voters, particularly young men whose decision whether to vote – and for whom – could be a turning point in the election. Women make up a slim majority of the electorate, but the degree to which Trump can hold onto male voters could determine the outcome of the November election.
Persons: Kamala Harris, Donald Trump, Harris, It’s, Tim Walz’s, “ Kamala Harris isn’t, ” Walz, , Walz, Trump, White, Anthony Hernandez, Hernandez, , ” Hernandez, “ It’s, , Joe Biden, JD Vance, Tobey Pierce, ” Pierce, it’s, Alex Vigil, Kevin Miller, Miller, ” Miller, Harris ’, Minnesota Sen, Amy Klobuchar, Kareem Rahma Organizations: North Carolina CNN, Minnesota Gov, Democratic, CNN, , , North, Trump, Republicans, International Brotherhood of Teamsters, Packers, Vikings, Minnesota, Democratic National Convention Locations: Asheville, North Carolina, Trump, Hendersonville, Wisconsin, , Superior , Wisconsin, McDonald’s, Los Angeles
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Bank of England has 'some room' to cuts rates but it's unlikely, economist saysYael Selfin, chief economist at KPMG UK, discusses the country's inflation data and what it could mean for the Bank of England's decision.
Persons: Yael Selfin Organizations: of England, KPMG UK, Bank of
[The stream is slated to start at 1:15 p.m. Please refresh the page if you do not see a player above at that time.] President Joe Biden is speaking at the Economic Club of Washington, D.C., on Thursday, where he is expected to celebrate falling inflation and interest rates. The president's remarks come the day after the Federal Reserve announced its decision to cut interest rates by a surprisingly aggressive 50 basis points. "The declines in inflation and interest rates are welcome, but no one's declaring victory," National Economic Council Director Lael Brainard told reporters ahead of Biden's remarks.
Persons: Joe Biden, Lael Brainard, Biden's Organizations: Economic, of Washington, of Washington , D.C, Federal Reserve Locations: of Washington ,
Lebanon's leadership warned that the risk of further violence and escalation is extremely high following two days of attacks involving exploding communications devices across the country. The next 48 hours, ministers told CNBC Thursday, will be particularly dangerous. Hezbollah called the act an "Israeli aggression"; Israel, meanwhile, has not commented on the blasts. "This will be a really, very, very dangerous ... 48 hours that this country will witness to see how the reaction will be." Tens of thousands of people on both the Lebanese and Israeli sides of the border have been evacuated from their homes.
Persons: Mojtaba Amani, Amin Salam, CNBC's Dan Murphy Organizations: CNBC, Hezbollah, Palestinian, Hamas, Lebanese Locations: Iran, Lebanese, Israel, Lebanon, Gaza
For the first time in its century-plus history, the Anti-Defamation League is suing a Fortune 500 company, Intel , joining a case brought by the law firm of Wigdor on behalf of a former Israeli employee of the technology firm. Intel has operated in Israel for 50 years, where it has invested more than $50 billion, and remains one of Israel's largest private employers with more than 11,700 Israeli employees. The company estimated $8.7 billion in exports from its Intel operations, accounting for 5.5% of Israel's high-tech exports and 1.75% of the country's GDP, in 2022. When employers do not meet their legal obligations in protecting their Jewish employees, ADL will not hesitate to act." The former Israeli employee also recently sent an open letter to Intel's board of directors about his complaint.
Persons: wasn't, Jonathan Greenblatt, Greenblatt, Google, we've Organizations: Defamation League, Fortune, Intel, ADL, CNBC, Google Locations: Wigdor, Israel, U.S, boardrooms, Gaza
But the latest provisional data shows that overdose deaths made a sharp turn at the end of last year and have been trending down for months. There were about 101,000 overdose deaths in the year ending in April, CDC estimates. Overdose deaths involving fentanyl and other synthetic opioids are down 20% year-over-year, CDC data shows. These drugs are now involved in about two-thirds of all fatal overdoses, down from more than three-quarters of all overdose deaths a year ago. “We’ve been riding a better than 20-year peak in terms of the continuous increases of drug overdoses,” Pamplin said.
Persons: , Sarah Wakeman, Brigham, , Nabarun Dasgupta, Dasgupta, it’s, ” Wakeman, ” John Pamplin, “ We’ve, ” Pamplin, ” Dasgupta, Dr, Sanjay Gupta, Nora Volkow Organizations: CNN, Federal, US Centers for Disease Control, Mass, University of North, CDC, United States, Columbia University, CNN Health, Black, National Institute on Drug, National Institutes of Health Locations: United States, University of North Carolina, United
This story is available exclusively to Business Insider subscribers. On the positive side, he's not creating private wealth dynasties. But his children will become philanthropic titans by wielding taxpayer-subsidized private power through enormous charitable foundations upon his death. A progressive annual wealth tax, with rates becoming steeper as wealth goes above $1 billion. A cap on the charitable deduction so that wealthy people, like Buffett, don't get to opt out entirely of paying taxes.
Persons: , Warren Buffett, Berkshire Hathaway, he's, Chuck Collins, Buffett, Collins, Bill Gates, don't Organizations: Service, Business, Institute for Policy Studies, Berkshire Locations: Berkshire
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer NEC Director Gary Cohn: The Fed is on the other side of their dual mandateGary Cohn, IBM vice chairman and former National Economic Council Director under President Trump, and Jay Clayton, Apollo non-executive chairman and former SEC Chairman, join 'Squawk Box' to discuss the Fed's interest rate decision, state of the economy, and more.
Persons: Gary Cohn, Trump, Jay Clayton, Apollo Organizations: NEC, IBM, National Economic, SEC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCalls of the Day: Elanco Animal Health CEO, Casey's General Store, GE Vernova, SpotifyThe Investment Committee discuss the latest Calls of the Day.
Organizations: Animal, Casey's, GE Vernova
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExplosions in Lebanon considered an 'act of terror,' economy minister saysAmin Salam, Lebanon's minister of economy and trade, says what happened in Lebanon "will only trigger more escalation into the conflict."
Persons: Amin Salam Locations: Lebanon
The new findings add to strong, but circumstantial evidence that the SARS-CoV2 virus jumped from infected animals to humans and that the market was a central site of early spread. Of the animals present at the market, rabbits, dogs and raccoon dogs are known to be susceptible to Covid-19 infections. Their analysis shows that SARS-CoV2 virus present at the market emerged at the same time as the virus from the larger pandemic, suggesting they are one and the same. The pandemic virus would have an earlier birthdate. “A lab origin is a possibility.
Persons: , , Kristian Andersen, Andersen, ” Andersen, Florence Debarre, ” Debarre, Debarre, there’s, Dr, Sanjay Gupta Organizations: CNN, Wholesale, Scripps, Research, French National Centre for Scientific Research, National Institutes of Health, CNN Health Locations: Wuhan, China, Covid, La Jolla , California, United States
Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe Tuesday attack in Lebanon, where hundreds of pagers used by the Iran-backed militant group Hezbollah simultaneously detonated, points to a highly sophisticated operation that likely required months of planning and an infiltration of a global supply chain, experts told Business Insider. This story is available exclusively to Business Insider subscribers. Spokespeople for the Israel Defense Forces and the US Department of Defense did not immediately respond to a request for comment from Business Insider. Business Insider was not able to reach BAC Consulting for comment.
Persons: , Jones, Israel, Sean McFate, McFate, Robert Khachatryan, Cristiana Organizations: Service, Associated Press, Lebanese Health Ministry, AP, Business, New York Times, Israel Defense Forces, US Department of Defense, Armament Research Services, Syracuse University's Maxwell School of Citizenship, Public Affairs, Freight, Global Logistics, NBC News, Consulting, The New York Times, Taliban Locations: Lebanon, Iran, Israel, Taiwan, Hungary
Anna Moneymaker | Getty Images News | Getty ImagesThis 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. By contrast, the prevailing sentiment among experts was that a 25-point cut was more likely, according to a CNBC survey. And he was likely aware that a bigger-than-usual cut might connote that the Fed's worried about the economy. "I don't see anything in the economy right now that suggests that the likelihood of a recession, sorry, of a downturn, is elevated," Powell said.
Persons: Jerome Powell, William McChesney Martin Jr, Anna Moneymaker, Jerome Powell's, Powell, Jeff Cox, Yun Li, Hakyung Kim, Samantha Subin Organizations: Federal, Federal Reserve, Getty, CNBC, Dow Jones, Nasdaq Locations: Washington , DC
Nvidia CEO Jensen Huang presents the Nvidia Blackwell platform at an event ahead of the COMPUTEX Forum, in Taipei, Taiwan, on June 2, 2024. Led by a 7.4% gain in shares of Tesla and a 4% jump in Nvidia , the Nasdaq rose 2.5% on Thursday, its fourth-sharpest rally of 2024. Nvidia, whose processors are powering the generative AI boom and services like OpenAI's ChatGPT, gained 4% on Thursday to $117.87. Su said AI is going to make its way into "all aspects of our lives," including education and drug development. Among the other top tech companies, Apple and Meta also closed with big gains, each rising almost 4%.
Persons: Jensen Huang, Nvidia Blackwell, it's, they're, Lisa Su, Jim Cramer, Su, Tesla Organizations: Nvidia, COMPUTEX, Investors, Federal Reserve, Tesla, Nasdaq, Federal, Market, Microsoft, Oracle, Devices, Broadcom, AMD, Apple, Meta Locations: Taipei, Taiwan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDouglas Elliman's Noble Black explores the impact of rate cuts on housingNoble Black, Douglas Elliman real estate agent, joins 'Power Lunch' to discuss how the Fed's latest rate cut will impact the housing market, how new buyers are paying, and much more.
Persons: Douglas Elliman's Noble Black, Noble Black, Douglas
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