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☆ 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

☆ 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

☆ 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

☆ Bill Ackman says it'll be a 'huge loss' if JPMorgan boss Jamie Dimon doesn't run for US president
▼ + stars: | 2023-07-06 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Billionaire investor Bill Ackman once again urged Jamie Dimon to campaign for US President. It would be a 'huge loss' if the JPMorgan boss didn't run for office, he tweeted. "It is a huge loss for us all if Jamie won't run," Ackman tweeted, alongside a video of the 67-year-old speaking at a conference hosted by The Economic Club of Washington D.C. in 2016. This isn't the first time that Ackman, who is the CEO of the hedge fund Pershing Square, backed Dimon as a potential president. Others including famed investor Warren Buffett, former US president Bill Clinton, and real estate developer Ross Perot Jr. have also praised Dimon's leadership qualities and political skills over the past decade.

Persons: Bill Ackman, Jamie Dimon, didn't, Warren Buffet, Bill Clinton, —, Jamie won't, Ackman, Dimon, Carlyle, David Rubenstein, Warren Buffett, Ross Perot Organizations: US, JPMorgan, Service, Privacy, The Economic, of Washington D.C, Ross Perot Jr, Bloomberg Locations: America

☆ 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

☆ Salesforce delivers a quarterly beat and raise, showing Benioff can deliver on profitability
▼ + stars: | 2023-05-31 | by ( Jeff Marks | ) www.cnbc.com time to read: +8 min

The small beat and raise are prompting some profit-taking, resulting in shares falling roughly 6% after hours Wednesday, to around $210 apiece. The best way to offset sluggish revenue growth is by driving profitability higher and Salesforce stepped up to the task. Quarterly Commentary We are pleased to see Salesforce beat across so many key metrics, despite the challenging macroeconomic environment. Although the company left its revenue prediction unchanged, at $34.5 billion to $34.7 billion, the company expects its profitability will come in better than previously anticipated. Marc Benioff, co-founder and CEO of Salesforce, speaks at an Economic Club of Washington luncheon in Washington, DC, on Oct. 18, 2019.

Persons: Refinitiv ., Salesforce, Marc Benioff, Einstein, Slack, Jim Cramer's, Jim Cramer, Jim, Nicholas Kamm Organizations: Salesforce, CNBC, Economic, Washington, AFP, Getty Locations: Americas, Europe, Africa, Asia, Washington ,

Jane Fraser, CEO of Citigroup Inc., during an interview for an episode of "The David Rubenstein Show: Peer-to-Peer Conversations" at the Economic Club of Washington in Washington, D.C., March 22, 2023. Citigroup said Wednesday it plans to pursue an initial public offering of its Mexico business, Banamex, scuttling a 16-month effort to find a buyer for the unit. The bank expects to complete the separation in the second half of 2024, with a public offering likely to follow in 2025, Citigroup said in a release. It hasn't yet decided on a listing destination, but a dual listing in Mexico and the U.S. is possible, a source familiar with the plans told CNBC. Plans to sell or IPO Banamex were disclosed in January 2022.

Jake Sullivan, White House national security adviser, speaks during an interview at an Economic Club of Washington event in Washington, D.C., U.S., on Thursday, April 14, 2022. The White House described the meeting between Biden's national security advisor Jake Sullivan and China's top diplomat Wang Yi as "candid, substantive and constructive." The White House said it aims to keep up open communication with China, as Washington increasingly sharpens its rhetoric around Beijing's policies around the globe. The White House has said that it has not observed Beijing providing military assistance to the Kremlin for its fight in Ukraine. Such brinksmanship weakens our national security," the former Pentagon chiefs wrote in a letter.

☆ 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.

☆ Oil heads for third straight weekly loss as economic worries persist
▼ + stars: | 2023-05-05 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

May 5 (Reuters) - Oil prices held steady in early trading on Friday, but were set for a third straight week of losses after markets witnessed dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand. For the week, Brent was set to close down 8.7%, while WTI was set to close 10.5% lower. Worries of a U.S. regional banking crisis persisted, worrying markets further, after PacWest Bancorp (PACW.O) said it planned to explore strategic options. Traders are now focused on the release of U.S. employment data for April later in the day, hoping it could help gauge the health of the economy, as well as comments on monetary policy from St. Louis Fed President James Bullard and Minneapolis Fed President Neel Kashkari at the Economic Club of Minnesota. Reporting by Arathy Somasekhar; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Oil ticks up, but set for third week of losses over demand concerns
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose slightly in Asian morning trade on Friday, but were set for a third straight week of losses after markets witnessed dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand. For the week, Brent was set to close down 8.5%, while WTI was set to close 10.3% lower. "It has been a double whammy for oil prices," said Jun Rong Yeap, a market strategist at IG in Singapore. In China, factory activity unexpectedly contracted in April as orders fell and poor domestic demand dragged on the sprawling manufacturing sector. Service activity in China grew through April, though the rate of this expansion has slowed, data showed on Friday.

The path to the pause will roll out in marquee monthly data on the key topics of jobs and prices, but also weekly series tracking emerging concerns about the financial industry. Here's a guide to what's ahead:JOBS: Next release May 5The data calendar will let the Fed receive two monthly jobs reports, covering April and May, before its June 13-14 policy meeting. For the Personal Consumption Expenditures price index, the measure used to set the Fed's 2% inflation target, only the April report will be available. Reuters Graphics Reuters GraphicsReuters GraphicsFEDSPEAK: OngoingThe Fed's internal communications rules set a "blackout" period around each policy meeting. The curtain of silence around the May meeting lifts on Friday, May 5, and Fed officials can speak publicly about their views through Friday, June 2.

☆ Big Tech is pursuing 'the year of efficiency.' It could get supercharged by AI.
▼ + stars: | 2023-04-30 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

On the agenda today:But first: Why Big tech's new focus on efficiency could have far-reaching impacts. Tech jobs aren't coming backTech giants have been slashing jobs. Companies from Meta to Salesforce have cut jobs in the recent months in the pursuit of efficiency and profit margins. Also read:Whistleblower docs: Jane RobertsSupreme Court Justice Chief Justice John Roberts and his wife Jane Roberts arrive for a 2018 State Dinner at the White House. At least one of those firms argued a case before the chief justice after paying his wife hundreds of thousands of dollars.

☆ Morgan Stanley tops analysts’ expectations on better-than-expected trading results
▼ + stars: | 2023-04-19 | by ( Hugh Son | ) www.cnbc.com time to read: +4 min

Morgan Stanley on Wednesday topped estimates for first quarter profit and revenue on better-than-expected trading results. Under CEO James Gorman, Morgan Stanley has become a wealth management giant thanks to a string of acquisitions. The bank gets most of its revenue from wealth and investment management, steadier businesses that help to offset volatile trading and banking results. First-quarter trading revenue dipped from a year ago as Wall Street comes down from a pandemic-era boom, but Morgan Stanley's traders managed to top expectations by roughly $250 million. He added that there was "no doubt" that Morgan Stanley would acquire more companies in wealth management, though nothing was imminent.

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