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☆ These are the least difficult areas in U.S. to buy a home: NBC News Home Buyer Index
▼ + stars: | 2024-06-23 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +5 min

10'000 Hours | Digitalvision | Getty ImagesThere are areas in the U.S. that are considered to be the least difficult places to buy a home, according to a new real estate indicator. When the counties are sorted by index rank, Iroquois County, Illinois is the least difficult market to buy a home, according to the NBC News Home Buyer Index. Economic Instability: Macon County, Tennessee has the most stable local economy among measured areas. And finally, economic instability considers an area's market volatility, unemployment levels and interest rates. The NBC News Home Buyer Index was developed by NBC News alongside housing experts, such as a real estate industry analyst and a bank economist from the Federal Reserve Bank of Atlanta.

Persons: Joe Murphy, —, Murphy, Danielle Hale, Jacob Channel, Hale Organizations: NBC, U.S ., Finance, NBC News, Federal Reserve Bank of Atlanta, U.S . Department of Housing, Urban Development, . Census, Federal, Fed, who've Locations: U.S, Iroquois County , Illinois, Somervell County , Texas, Imperial County , California, Macon County , Tennessee

☆ Extreme heat takes toll on outdoor workers
▼ + stars: | 2024-06-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +11 min

There’s little to no escape from sweltering temperatures for construction workers like Eva Marroquin, who cleans work sites in Austin, Texas, and has worked in the industry for 17 years. Since 2010, she’s worked closely with the Workers Defense Project, an organization that advocates for protections for low-wage, immigrant workers in the Texas construction industry. Slowing down small businessesIt’s barely just now summer, and heatwaves are already slowing down small businesses, according to Homebase, which provides payroll software to more than 100,000 small businesses, covering 2 million hourly workers. “I think anything that impacts small businesses is affecting the economy as a whole,” he said, noting how small businesses account for half the jobs in the country. For herself, the high heat is more of an inconvenience; the car’s hotter and she just needs to pack some extra water.

Persons: Eva Marroquin, ” Marroquin, Christine Bolaños, she’s, Chris Lafakis, ”, Joshua, Gina Ferazzi, Gregory P, Casey, Jenny Schuetz, Brian Snyder, aren’t, “, John Waldmann, They’re, Katie Parent, Joseph Prezioso, Greer, Denise Greer Jamerson, Norman, Greer Jamerson, you’ve, ‘, “ It’s, it’s, Tamara Lovewell, café, panini, Tamara Lovewell “, Lovewell Organizations: CNN, Capitol, Workers Defense Project, Moody’s, Federal Reserve Bank of San, Williams College, Triple, Los Angeles Times, Environmental Protection Agency, Brookings Metro, Reuters, University of California, Stanford University, Getty, National Weather Service, Ruska Coffee Company Locations: Austin , Texas, Washington ,, Texas, Federal Reserve Bank of San Francisco, Massachusetts, Joshua Tree , California, Boston, Greater Boston, AFP, Princeton , Indiana, , Maine, United States, Caribou .

☆ CNBC's Inside India newsletter: India Inc might not even need a Fed rate cut — but it wants one
▼ + stars: | 2024-06-20 | by ( Ganesh Rao | ) www.cnbc.com time to read: +7 min

The big storyEmerging markets have been on tenterhooks for the better part of this year as the Federal Reserve has been dangling the prospect of an interest rate cut. Historically, as U.S. interest rates fall, the allure of the mighty dollar fades to the benefit of other currencies. Indeed, unlike most developed economies, India's interest rate regime in 2024 isn't any different from that of 2018. There lies the disconnect between the economy, the stock market, and a single stock. Non-bank lender Akme Fintrade India and engineering firm DEE Development Engineers will debut on the stock market on Wednesday.

Persons: Sumant Sinha, we've, Sinha, It's, Fitch, Rahul Jain, Goldman Sachs, Jake Sullivan, Modi, Narendra Modi, CNBC's Charmaine Jacob, Raamdeo Agrawal, CNBC's Tanvir Gill, Jain Organizations: Bloomberg, Getty, Federal Reserve, India Inc, Nasdaq, Reserve Bank of, U.S, Societe Generale, Goldman, Clean Energy, CNBC, Motilal Oswal Financial Services, of India, Bangladesh, Australia, DEE Development Engineers Locations: Tuticorin, India, Reserve Bank of India, Japan, Britain, Delhi

☆ AI is replacing human tasks faster than you think
▼ + stars: | 2024-06-20 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

That’s in addition to creative tasks for which some businesses are already relying on ChatGPT and other AI chatbots to assist, including crafting job posts, writing press releases and building marketing campaigns. The findings show companies are increasingly turning to AI to cut costs, boost profits and make their workers more productive. Nearly 60% of all companies (and 84% of large companies) surveyed said that over the past year they have already leaned on software, equipment or technology including AI to automate tasks employees previously did. Bosses are turning to AI for a variety of reasons, including to trim what they are spending on human workers. Human jobs will be replaced — but will be replaced by other humans using AI,” he said.

Persons: ” Duke, John Graham, Duke, ”, Graham, “, Reid Hoffman, ” Hoffman, Janet Yellen, Democratic Sen, Gary Peters, ” Graham Organizations: New, New York CNN — Corporate, Duke University, Federal Reserve Bank of Atlanta, ”, CNN, Survey, Atlanta Fed, LinkedIn, Democratic, Homeland Security, Government Affairs Committee Locations: New York, That’s, ChatGPT

☆ India set for decade-high $2 billion bond inflows around JPMorgan index inclusion day
▼ + stars: | 2024-06-19 | by ( ) www.cnbc.com time to read: +2 min

More than $200 billion in assets track the JPMorgan Emerging Market Index in which India will eventually have a weight of 10% by March 2025, suggesting total passive inflows of at least $20 billion over the 10-month period. Since there is no precedent for these debt index-related inflows, bankers' estimates of the timing of flows are based on similar index adjustments in the equity markets. "Obviously, all this is a first and you can't be sure how things will be," the head of trading at a large foreign bank cautioned. In anticipation, large foreign banks could look at building short dollar/rupee positions to help manage inflows when they happen, an FX trader at a foreign bank said. As a senior banker at a large foreign bank said: "all the pipes that have been put in place might not work."

Organizations: JPMorgan, Reserve Bank of India, FX Locations: India

☆ Asia-Pacific markets rebound as Wall Street rallies overnight; Australia holds rates
▼ + stars: | 2024-06-18 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A pedestrian and jogger pass the Reserve Bank of Australia (RBA) building, during a partial lockdown imposed due to the coronavirus, in Sydney, Australia, on Monday, May 18, 2020. David Gray | Bloomberg | Getty ImagesAsia-Pacific markets rebounded on Tuesday as Wall Street rallied overnight, with investors assessing the Reserve Bank of Australia's interest rate decision. The RBA held its benchmark interest rate at 4.35% for its fifth straight meeting, saying that inflation "remains above target and is proving persistent." The RBA also noted that the economic outlook remained "uncertain," with recent data signaling that achieving the inflation target was unlikely to be smooth. Automaker Hyundai also hit a fresh record, gaining about 1.62% on news that it plans to list its India unit in Mumbai.

Persons: David Gray, Kazuo Ueda, Akio Toyoda, Kospi Organizations: Reserve Bank of Australia, Bloomberg, Getty, Wall Street, Bank, Japan's Nikkei, Reuters, Bank of Japan, Toyota, Samsung Electronics, SK Hynix, Hyundai, CSI Locations: Sydney, Australia, Asia, Pacific, Mumbai, Hong

☆ American households have seen their purchasing power increase
▼ + stars: | 2024-06-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

"Real" earnings measure the net growth in workers' wages after inflation. The trend of growth in annual real earnings has persisted since May 2023, according to BLS data. That marks a reversal from April 2021 to April 2023, when inflation spiked and eclipsed growth in the average worker's paycheck. That month, the average worker saw their pay growth spike to about 6% annually. "This is good news for consumers," since it generally equates to an increase in their well-being over time, he added.

Persons: It's, Chris Tilly, Maximiliano Dvorkin, Louis, Dvorkin Organizations: Getty, U.S . Bureau of Labor Statistics, Finance, University of California, Federal Reserve Bank of St, BLS Locations: U.S, Los Angeles

☆ Biden’s Stimulus Juiced the Economy, but Its Political Effects Are Muddled
▼ + stars: | 2024-06-18 | by ( Jim Tankersley | Madeleine Ngo | ) www.nytimes.com time to read: +1 min

The $1.9 trillion economic stimulus package that President Biden signed shortly after taking office has become both an anchor and a buoy for his re-election campaign. The American Rescue Plan, which the Biden administration created and Democrats passed in March 2021, has fueled discontent among voters, in sometimes paradoxical ways. Some Americans blame the law, which included direct checks to individuals, for helping to fuel rapid inflation. Others appear upset that its relief to people, businesses and school districts was short-lived. Often, they indicate that only relatively small slices of the electorate believe Mr. Biden’s policies have helped them or their family financially.

Persons: Biden, Donald J, Trump Organizations: American, Federal Reserve Bank of Dallas

☆ ALICEs, DINKs, HENRYs, and More: a Complete Guide
▼ + stars: | 2024-06-17 | by ( Erin Snodgrass | Jacob Zinkula | ) www.businessinsider.com time to read: +17 min

But the terms' recent popularity suggests people want to understand how they fit into the broader economy beyond standard measurements. But that, too, is uncertain: She said she was "dangerously close" to losing the aid because her income is too high. ALICEs tend to be older or younger workers, and while they're represented across racial groups, they're more likely to be Black or Hispanic. HIFI: High Income, Financially InsecureHIFI is the latest acronym to join the club. In a 2021 Medium post, Erica Dhawan defined "geriatric millennials" as millennials born in the early 1980s.

Persons: ALICE, HENRY, Kory, Anthony Klotz, Kantenga, DINK, They've, they've, Eric Anicich, Henry, Alice, haven't, Sarah, she's, — there's, they're, Carrie, Gen Zers, Brenton, Mirlanda, Neiman Marcus, Katie Notopoulos, Paige Connell, Connell, Chrissy Arsenault, Arsenault, Jimmy Simpson, who've, Rich, Christopher Stroup, Stroup, HIFIs, Erica Dhawan, Dwahan, Louis, —, Jewel Benjamin, Benjamin, micromanaging, Erin Snodgrass, Jacob Zinkula Organizations: FIRE, Business, LinkedIn, Texas, USC Marshall School of Business, : Asset, SNAP, Los Angeles Times, DINKs, Public School, Financial Independence, Sherwood News, Federal Reserve Bank of St, Federal Reserve, University of Michigan Health, Social, Social Security Locations: POLK, City, Dallas, Boston, Massachusetts, Colorado, Santa Monica , California, millennials, Georgia

"Consumers need to understand that the cavalry isn't coming anytime soon, so the best thing you can do is take things into your own hands when it comes to lowering credit card interest rates," said Matt Schulz, chief credit analyst at LendingTree. But that hasn't deterred credit card issuers from offering generous terms on balance transfer cards, Rossman said. But right now, it's kind of a Goldilocks environment for credit card issuers." It's also an ideal time for consumers to take advantage of all the options credit card issuers are offering. A balance transfer credit card moves your outstanding debt from one or more credit cards onto a new card, typically with a lower interest rate.

Persons: Matt Schulz, Michele Raneri, APRs aren't, Schulz, Ted Rossman, Rossman, It's Organizations: Federal Reserve, TransUnion, CNBC, Finance, Treasury Department, Federal Reserve Bank of New Locations: U.S, Federal Reserve Bank of New York

☆ Fed's Kashkari says it's 'reasonable' to predict a December rate cut
▼ + stars: | 2024-06-16 | by ( ) www.cnbc.com time to read: +2 min

Minneapolis Federal Reserve President Neel Kashkari on Sunday said it's a "reasonable prediction" that the U.S. central bank will cut interest rates once this year, waiting until December to do it. It also published projections that showed the median forecast from all 19 U.S. central bankers was for a single interest rate cut this year. Kashkari, who has been more cautious about the possibility of easing monetary policy than many of his colleagues, did not say how many rate cuts he personally expects. Inflation by the Fed's targeted measure, the year-over-year change in the personal consumption expenditures price index, registered 2.7% in April. "If we simply cut interest rates to try to support home ownership right now, that would probably push up the price of houses, and it actually wouldn't lead to any better affordability," he said.

Persons: Neel Kashkari, it's, Kashkari Organizations: Reserve Bank of Minneapolis, Kansas City Fed, Minneapolis Federal, CBS, Fed Locations: Jackson, Wyoming, Minneapolis, U.S

☆ America’s top central banker says the job market is back to normal. Is that true?
▼ + stars: | 2024-06-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington CNN —America’s top central banker recently said the job market now looks the way it did before the Covid-19 pandemic drastically upended society. Before the Bell spoke with Julia Pollak, chief economist at jobs site ZipRecruiter, about her views of the job market. Before the Bell: Do you agree with Chair Powell’s view that today’s job market is back to a pre-pandemic normal? Why is the job market slower now? The number of job openings is higher than it was by around 15% or so, but online job postings are actually lower by ZipRecruiter’s count.

Persons: Washington CNN —, “, Jerome Powell, Powell, it’s, Bell, Julia Pollak, they’re, They’re, Olesya Dmitracova, Emmanuel Macron, Read, Patrick Harker, Lisa Cook, Tom Barkin, Susan Collins, Adriana Kugler, Lorie Logan, Alberto Musalem, Goolsbee Organizations: CNN Business, Bell, Washington CNN, Fed, Labor, EU, National, New York Fed, Manufacturing Index, Reserve Bank of Australia, US Commerce Department, Federal Reserve, National Association of Home Builders, Accenture, Kroger, Darden, Bank of England, US Labor Department, Philadelphia Fed, Richmond Fed, Global, National Association of Realtors Locations: Washington, France, Wells Fargo

☆ How to invest in India, the world's fastest-growing major economy
▼ + stars: | 2024-06-13 | by ( Lucy Handley | In | ) www.cnbc.com time to read: +10 min

India has been dubbed the "perfect" emerging market to invest in, but it can be tricky for those outside the country to gain access. India's stock market has been making headlines this year, and for good reason. "India remains one of the best-performing equity markets this year, underpinned by the world's fastest-growing major economy and a resilient macro backdrop," said James Thom, senior investment director Asian equities at Abrdn, in a note to clients. Some of the top ETFs in North America include the Columbia India Consumer ETF , the First Trust India NIFTY 50 Equal Weight ETF and the BMO MSCI India ESG Leaders Index ETF . In Europe, the list includes the iShares MSCI India UCITS ETF , which provides exposure to around 85% of the stock market, and the Xtrackers MSCI India Swap UCITS ETF Capitalisation 1C .

Persons: Krishnamurthy Subramanian, Narendra Modi's, Kevin T, Carter, Goldman Sachs, James Thom, aren't, GDRs, Arjun Jayaraman, there's, Jayaraman, Abrdn's Thom, Surendra Goyal, Thom, EMQQ Global's Carter, Modi's, it's, Jonathan Pines, — CNBC's Ganesh Rao, Tuul, Bruno Morandi Organizations: CNBC Pro, IMF, Bharatiya Janata Party, EMQQ, CNBC, Wealthmills Securities, Global, Causeway, Mutual, Columbia India Consumer ETF, First Trust India, BMO, India, Nasdaq, Investors, Nokia, Bank of America, Citi, Edge, Reliance Industries, U.S ., Bank of India, Network18, Bank, Getty Locations: India, China, North America, Europe, Singapore, U.S, Indian, Chhatrapati Shivaji Terminus, Mumbai

☆ Wall Street’s facing an economic double-whammy this week
▼ + stars: | 2024-06-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Despite the rare event, it’s unlikely the stock market will swing widely because of the economic two-fer, some investors say. Inflation showed signs of cooling in April after staying worryingly warm during the first quarter of this year. America’s rural hospitals keep getting attacked by cybercriminals. Microsoft said in a statement to CNN that it would provide free security updates for eligible rural hospitals, as well as security assessments and training for hospital staff. Google will provide free cybersecurity advice to rural hospitals and start a pilot program to match the firm’s cybersecurity services with the needs of rural hospitals.

Persons: Powell, ”, Dave Sekera, Alicia Wallace, Sean Lyngaas, Michelle Watson Organizations: CNN Business, Bell, New York CNN, Federal Reserve, CPI, Bank of America, Morningstar, Investors, Traders, Fed, UBS, Federal Reserve Bank of New, The, Consumer, cybercriminals, Microsoft, Google, White, CNN, White House National Security Council Locations: New York, pare, Federal Reserve Bank of New York, York, United States

☆ Goldman Sachs: There are 4 things to watch till India's central bank cuts interest rates
▼ + stars: | 2024-06-11 | 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 EmailGoldman Sachs: There are 4 things to watch till India's central bank cuts interest ratesSantanu Sengupta of Goldman Sachs discusses the outlook for India's economy and his forecast for the Reserve Bank of India's monetary policy.

Persons: Goldman Sachs, Santanu Sengupta Organizations: Reserve Bank

☆ Americans are feeling rosier about their finances, the stock market and inflation’s decline
▼ + stars: | 2024-06-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

The New York Fed’s May Survey of Consumer Expectations showed improvement of people’s perceptions of their current financial situation as well as their outlook for a year from now. Households’ expectations for highest US stock prices improved to a three-year high. In May, home price expectations were still high, unchanged from the month before; however, inflation expectations dipped — and that’s a good sign for the Federal Reserve. Monday’s survey showed that the three- and five-year inflation expectations were unchanged. When the April CPI showed inflation on a cooler trajectory than it had started the year, the major US stock indexes all surged to record highs.

Organizations: CNN, Federal Reserve Bank of New, The, Consumer, Survey, Federal Reserve Locations: Federal Reserve Bank of New York, York

Generating income with dividend stocks Dividend stocks have long been a staple of income investors' portfolios. Municipal bonds offer income that's free of federal tax, however. These names trade on exchanges like stocks, and they can offer dividend yields upward of 6%. Options strategies to create income Derivative income funds , such as the JPMorgan Equity Premium Income ETF (JEPI), gathered some $22 billion in 2023, according to Morningstar. Further, consider comparison shopping, as all "derivative income" funds have their own quirks and differences in strategies could affect their risk/return profile.

Persons: Janus Henderson, Walt Disney's, Amber Milam, Jefferies, It's, Savita Subramanian, Subramanian, Russell, Louis, Morningstar, Mike Mulach, Rick Rieder, he'd, Kathleen McNamara, there's, –, Bill Gross, JEPI, Cash, Ashton Lawrence Organizations: Federal Reserve, Meta, Mobile, Bank of America, IBM, . Investment, Fitch, Credit, nab, ICE, Federal Reserve Bank of St, Louis Fed, UBS, UBS Wealth Management, York Life Investments, –, JPMorgan, Mariner Wealth Advisors Locations: U.S, Greenville , South Carolina

☆ Indian Prime Minister Narendra Modi's election shortfall leaves Wall Street scrambling
▼ + stars: | 2024-06-05 | by ( Seema Mody | ) www.cnbc.com time to read: +5 min

Indian Prime Minister Narendra Modi gestures, at the Bharatiya Janata Party (BJP) headquarters in New Delhi, India, June 4, 2024. Over the past several years, chief executives from some of the biggest companies in the United States have invested time and money into relationships with Modi, as they set their sights on the Indian market. Modi's economic agendaModi's failure to secure a supermajority for his party also raises new questions about the Modi government's broader economic agenda. Now, one of the labor laws that Modi's government had intended to reform may not get implemented, because Modi's party, the Bharatiya Janata Party, or BJP, no longer holds an outright majority in Parliament. Supporters of the ruling Bharatiya Janta Party (BJP) holding cut-outs of India's Prime Minister a Narendra Modi during an election campaign rally in Amritsar on May 30, 2024.

Persons: Narendra Modi, Adnan Abidi, Garre, Modi, Pramit Chaudhuri, Rahul Sharma, Shafer Cullen, Sharma, Chaudhuri, Raghuram Rajan, Rajan, Narinder Nanu Organizations: Indian, Bharatiya Janata Party, BJP, Reuters, Bernstein, GE Aerospace, Apple, Nvidia, CNBC, Modi, Coalition, Asia Society's, Reserve Bank of India, University of Chicago's Booth School of Business, Bharatiya Janta Party, India's, Afp, Getty Locations: New Delhi, India, United States, China, Asia, Asia Society's India, Eurasia, Amritsar

☆ Here's how 'spaving' could hurt your finances
▼ + stars: | 2024-06-04 | by ( Natalie Rice | ) www.cnbc.com time to read: 1 min

"Spaving," or spending more to save more, has become a dangerous habit for cash-strapped Americans amid elevated inflation and mounting debt. Though inflation eased in April, the consumer price index was still up 3.4% from a year prior. Despite higher prices, Americans continue to spend. To that point, credit card debt reached $1.12 trillion in the first quarter, according to a report from the Federal Reserve Bank of New York. 'Consumers are hyperreactive to deals'

Organizations: Federal Reserve Bank of New Locations: Federal Reserve Bank of New York

☆ Alzheimer’s Takes a Financial Toll Long Before Diagnosis, Study Finds
▼ + stars: | 2024-05-31 | by ( Ben Casselman | ) www.nytimes.com time to read: +1 min

Long before people develop dementia, they often begin falling behind on mortgage payments, credit card bills and other financial obligations, new research shows. What they found was striking: Credit scores among people who later develop dementia begin falling sharply long before their disease is formally identified. The issues start even earlier: The study finds evidence of people falling behind on their debts five years before diagnosis. “The results are striking in both their clarity and their consistency,” said Carole Roan Gresenz, a Georgetown University economist who was one of the study’s authors. Credit scores and delinquencies, she said, “consistently worsen over time as diagnosis approaches, and so it literally mirrors the changes in cognitive decline that we’re observing.”

Persons: Long, ”, Carole Roan Gresenz, “ Organizations: Federal Reserve Bank of New, Georgetown University Locations: Federal Reserve Bank of New York, Equifax

☆ ‘Not all debt needs to be paid off as soon as possible,’ says CFP—what to focus on first
▼ + stars: | 2024-05-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

A little over 40% of Americans would consider themselves financially successful if they were able to clear their debt, according to a recent Bankrate survey. That number includes mortgage debt, car loans, student loan debt and credit card debt. "Not all debt needs to be paid off as soon as possible," she tells CNBC Make It. For each debt, include the name of your lender, your outstanding balance, the minimum payment, any due dates and the interest rate. And the interest rate for federal student loans ranges from 5.5% to 8.05%, per the Department of Education.

Persons: isn't, Avani Ramnani, Francis, Ramnani, Matt Schulz, Louis Organizations: New York Federal Reserve, Francis Financial, CNBC, Federal Reserve Bank of St, of Education

☆ Fed's Williams says inflation is too high but will start coming down soon
▼ + stars: | 2024-05-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

NEW YORK — New York Federal Reserve President John Williams on Thursday said inflation is still too high but he is confident it will start decelerating later this year. With markets on edge over the direction of monetary policy, Williams offered no clear signs on where he is leaning as far as possible interest rate cuts go. Williams called policy "well-positioned" and "restrictive" and said it is helping the Fed achieve its goals. But higher than expected inflation readings have altered that landscape dramatically, and current pricing is pointing to just one decrease, probably in November. Williams said he expects PCE inflation to drift down to 2.5% this year on its way back to 2% in 2026.

Persons: John Williams, Williams, CNBC's Sara Eisen, Dow Jones Organizations: Federal Reserve Bank of New, York Federal, Economic, of New, Fed, Commerce Department Locations: Federal Reserve Bank of New York, New York, York, of New York

☆ Goldman's Beth Hammack has a new job: Cleveland Fed president
▼ + stars: | 2024-05-30 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Beth Hammack, a former Goldman Sachs executive, was just appointed Cleveland Fed president. Hammack succeeds Loretta Mester, known for her hawkish stance on inflation policies. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementLongtime Goldman Sachs executive Beth Hammack, who left in February, is heading to the Federal Reserve Bank of Cleveland as its next president. Hammack replaces Loretta Mester, who is stepping down on June 30 after a decade as the Cleveland Fed's president.

Persons: Beth Hammack, Goldman Sachs, Hammack, Loretta Mester, —, She'll, Mester Organizations: Goldman, Cleveland Fed, Service, Federal Reserve Bank of Cleveland, Cleveland Fed's, Business

☆ Cleveland Fed taps Goldman Sachs veteran Beth Hammack as new president
▼ + stars: | 2024-05-29 | by ( Bryan Mena | Elisabeth Buchwald | ) edition.cnn.com time to read: 1 min

Washington CNN —The Federal Reserve Bank of Cleveland announced Wednesday that Beth M. Hammack will be its next president and chief executive officer after current president Loretta Mester retires at the end of June. Hammack, 52, joins the Cleveland Fed after three decades at Goldman Sachs. She is slated to vote on monetary policy decisions as of August 21, when her term officially starts. For the July meeting of the Federal Open Market Committee, Cleveland Fed Vice President Mark S. Meder will be voting. The central bank is currently mulling when to begin cutting interest rates after raising them to a two-decade high last summer.

Persons: Beth M, Loretta Mester, Goldman Sachs, Mark S Organizations: Washington CNN, Federal Reserve Bank of Cleveland, Cleveland Fed, Federal, Market, Fed Locations: Hammack

Reserve Bank of Australia (RBA) at the central bank's building in Sydney, Australia on May 2, 2022. Asia-Pacific markets are mixed on Wednesday as the Nasdaq Composite hit another new record high on Wall Street to surpass 17,000 for the first time, powered by a 7% gain in tech darling Nvidia. Investors will be assessing Australia's inflation numbers for April, with the weighted inflation rate expected to ease to 3.4% from 3.5% in March. Two more, and we may consider adding a rate hike." The Australian S&P/ASX 200 started the day down 0.29%, ahead of the CPI announcement.

Organizations: Bank of Australia, Nasdaq, Nvidia, Investors, ING, [ Reserve Bank of Locations: Sydney, Australia, Asia, Pacific, [ Reserve Bank of Australia

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