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☆ I'm taking an 8-month break from my job to focus on my mental health and goals. Here's how I planned and saved for it.
▼ + stars: | 2023-09-25 | by ( Taryn Williams | ) www.businessinsider.com time to read: +5 min

After years of putting her mental health second to her career, she's prioritizing her well-being. Now that I'm financially able to take a break, I've decided to take a gap year in my 30s. Here's why I've made this decision and how I'm going to make it happen. I'm going to embrace ethical and slow travelI'm planning to visit Chile, Argentina, Bolivia, and Ecuador. I'm going to strive to regain the Spanish fluency I've lost over the past few years, meditate daily, and get outside every day.

Persons: Taryn Williams, would've, I'm, I've, Dunkin, it's, journaling Organizations: Service Locations: Alaska, South America, Wall, Silicon, Airbnbs, Chile, Argentina, Bolivia, Ecuador, Antarctica

☆ EU trade chief promises more 'assertive' approach to China as deficit soars
▼ + stars: | 2023-09-25 | by ( Laura He | ) edition.cnn.com time to read: +4 min

And we will be more assertive in tackling unfairness.”The trade chief’s visit comes as tensions flare between the bloc and China over trade imbalances and geopolitical issues. The bloc’s trade deficit with China hit 396 billion euros ($421 billion) last year, which was “the highest in the history of mankind,” Jorge Toledo, the EU ambassador to China, was quoted by Reuters as saying. Dombrovskis said China’s new foreign relations law and its newly broadened counter-espionage law, in particular, were of “great concern” to European business. Two months later, it unveiled a sweeping foreign relations law enshrining its right to impose “countermeasures” against actions that it deems a threat. Russia has become increasingly dependent on China since the Kremlin ordered the full-scale invasion of Ukraine in February 2022.

Persons: Hong Kong CNN —, Valdis Dombrovskis, “, ” Dombrovskis, ” Jorge Toledo, Dombrovskis, ”, enshrining, Vladimir Putin, — Lucas Liliholm, Manveena Suri Organizations: Hong Kong CNN, Union, Tsinghua University, EU, China, Reuters, European Union, West, EU Chamber of Commerce, Kremlin Locations: China, Hong Kong, Beijing, Europe, EU, United States, Ukraine, Russia

☆ Two key Fed officials express support for keeping interest rates high
▼ + stars: | 2023-09-22 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Two Federal Reserve policymakers expressed support Friday for keeping interest rates elevated as the battle against too-high inflation continues. In separate speeches, Governor Michelle Bowman and Boston Fed President Susan Collins said there's still the possibility that the Fed will have to raise rates further if economic data doesn't cooperate. The commentary comes two days after the rate-setting Federal Open Market Committee decided not to raise rates following its two-day meeting. While choosing not to raise rates, officials indicated they still see one more increase coming this year, then potentially two cuts in 2024, assuming moves of 0.25 percentage point at a time. "There are some promising signs that inflation is moderating and the economy rebalancing," Collins said.

Persons: Susan Collins, Michelle Bowman, there's, Bowman's, Bowman, Collins, it's Organizations: Federal Reserve Bank of Boston, National Association of Business Economics, Federal, Boston Fed, Market Locations: Washington , DC, Vail , Colorado, Maine

☆ The Fed is tapping the brakes on its war against inflation
▼ + stars: | 2023-09-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Federal Reserve paused its interest rate hikes on Wednesday. On Wednesday, the Federal Open Market Committee announced it would be pausing its interest rate hikes in September. The Fed still has work to do to reach its 2% inflation target. AdvertisementAdvertisementBut Powell cautioned in July that further rate hikes are not off the table for the rest of the year. Of note, 12 out of 19 of the Fed members who vote on interest rate decisions predicted one more hike in 2023.

Persons: Powell, July's, Jan Hatzius, Goldman Sachs, Jerome Powell, Janet Yellen, We've Organizations: Federal Reserve, Service, Federal, Market Committee, Fed, NYU, of Labor, Statistics, CNBC Locations: Wall, Silicon

☆ The Greased-Pig Economy: Higher Inflation, Stock Market Crash Possible
▼ + stars: | 2023-09-19 | by ( Linette Lopez | ) www.businessinsider.com time to read: +10 min

At the same time that prices were cooling off, the rest of the economy seemed to be holding up. In this greased-pig economy, stability depends on how confident investors and policymakers are that they're close to catching the pig. Moving in a messIn the messy economy the pandemic left us, it's not easy to pinpoint exactly why inflation has been so stubborn. CPI inflation peaked at 9% in June 2022 and has been going down steadily since. But with inflation still above the Fed's goal, it's clear we need to recalibrate some on the demand side still.

Persons: it's, Jerome Powell, Mike Konczal, Konczal, we've, Price, proclivity, that's, Taylor Swift, we'd, Charles Evans, Christine Lagarde, Morgan, Jamie Dimon, Roosevelt, —, you've, Justin Simon, Jasper Capital, Linette Lopez Organizations: Consumers, Federal, Roosevelt Institute, Fed, Chicago Fed, European Central Bank, Census Locations: American, America, Jasper

☆ I was laid off twice and ghosted more times than I can count. After heading down a dark spiral, here's how I bounced back.
▼ + stars: | 2023-09-19 | by ( Robin Madell | ) www.businessinsider.com time to read: +8 min

Alex Cheney was laid off from recruiting roles at Sendoso and Atlassian within one year. My first layoff happened in June 2022 when Sendoso went through its first job cuts of the pandemic. I signed an offer with Atlassian two weeks after my Sendoso layoff and started one month later. I had just started working on process improvement — another one of my biggest passions — when I was laid off. AdvertisementAdvertisementThe few calls that I did schedule led to black holes where I was ghosted — I've been ghosted more times than I can count.

Persons: Alex Cheney, Alex, It's, Sendoso, I've, I'd, it's, hadn't Organizations: Service, Companies, LinkedIn Locations: Wall, Silicon, La Quinta , California, Robinhood, North America, New York City

☆ IRS will 'substantially' reduce audits on low-income tax credit, commissioner says
▼ + stars: | 2023-09-19 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The IRS is shifting how it examines tax returns of lower earners as part of its broader effort to address inequity in enforcement. Starting in fiscal year 2024, the agency will "substantially" reduce the number of so-called correspondence audits — which happen by mail — for certain tax credits. This includes the earned income tax credit, claimed by low- to moderate-income filers, according to a letter sent on Monday by IRS Commissioner to Senate Finance Committee Chair Ron Wyden, D-Ore. The letter comes roughly one week after the IRS unveiled plans to use boosted technology and artificial intelligence to collect unpaid taxes from higher earners, partnerships and large corporations. More from Personal Finance:IRS halts processing of a small business tax breakThe IRS plan to use AI may affect wealthy taxpayersBlack taxpayers more likely to face audits, IRS confirms"It's part of this whole rebalancing," said Chuck Marr, vice president for federal tax policy at the Center on Budget and Policy Priorities.

Persons: Ron Wyden, Chuck Marr Organizations: IRS, Finance, Budget

☆ America is stuck in a greased-pig economy
▼ + stars: | 2023-09-19 | by ( Linette Lopez | ) www.businessinsider.com time to read: +10 min

At the same time that prices were cooling off, the rest of the economy seemed to be holding up. And consumers were so intent on spending money to have a good time that cities let Beyoncé dictate public transit. In this greased-pig economy, stability depends on how confident investors and policymakers are that they're close to catching the pig. Moving in a messIn the messy economy the pandemic left us, it's not easy to pinpoint exactly why inflation has been so stubborn. CPI inflation peaked at 9% in June 2022 and has been going down steadily since.

On Wednesday, the Federal Open Market Committee will announce whether it will raise interest rates again or implement a pause. AdvertisementAdvertisementHatzius also said at the NYU forum that "we've seen a very substantial rebalancing of the labor market." "We have seen clear evidence that inflation is moving down to the Fed's target, or strongly in the direction of the Fed's target, without a substantial deterioration in the real economy," Hatzius said. "We're entering a period where consumers are returning to an environment where they're much more dependent on the path of the labor market, on the flow of income creation," Meyer said. Goldman Sachs predicted those events could stunt economic growth — and complicate the Fed's job in the months to come.

Persons: Jerome Powell, Powell, Jan Hatzius, Goldman Sachs, we've, Hatzius, Nick Bunker, it's, Bunker, Julia Pollak, Pollak, Michelle Meyer, Meyer Organizations: Service, Federal, Economic, North America, Bureau of Labor Statistics, NYU, Jackson, Mastercard, Politico, of Labor Statistics, Fed Locations: Wall, Silicon

☆ Biden's economic policies have quietly made peoples' lives better — and no one seems to care
▼ + stars: | 2023-09-17 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +10 min

Biden's economic agenda has meant real changes for many Americans, like clean water and internet access. That $1 million came from President Joe Biden's $1.9 trillion American Rescue Plan , which was passed in 2021 to revitalize the economy and replenish Americans' wallets. But for the target groups seeing their everyday lives changed by Bidenomics funding, it can make a world of difference. AdvertisementAdvertisementThe hidden wins from BidenomicsWith 2024 looming, and Americans dreary on the economy, Bidenomics is still an elusive beast. Americans who are not part of targeted populations receiving these grants are left to contend with sky-high prices on their own.

Persons: Bradley Bonds, Bonds, Joe Biden's, Bidenomics, Biden, it's, Alice Stewart, It's, Stewart, Gallup, Rose Carter, Carter, Jodi Cutaiar, —, there's, Max Berger, Elizabeth Warren's, Berger Organizations: Service, Fire, Congressional, CNN, Bidenomics, Alliance for Congregational, Rescue Plan, Biden, American, Companies, Justice Democrats, Republican Locations: Wall, Silicon, South Carolina, Middle America, Carolina, Phoenix, Pennsylvania, Ohio

☆ Fed unlikely to raise rates in November, says Goldman Sachs
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +2 min

The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsSept 16 (Reuters) - The Federal Reserve is unlikely to raise interest rates at its Oct. 31-Nov. 1 meeting, Goldman Sachs strategists wrote on Saturday, while also forecasting the U.S. central bank would lift its economic growth projections when policymakers gather next week. The odds for the policy rate, which is currently in the 5.25%-5.50% range, staying unchanged at the Oct. 31-Nov. 1 gathering stood at roughly 72% on Saturday, CME's data showed. Next year could see "gradual" rate cuts if inflation continues to cool, Goldman's strategists added. They also said the central bank could raise its estimates for 2023 U.S. growth to 2.1% from 1%, when policymakers update their economic projections on Wednesday, reflecting the economy's resilience.

Persons: Sarah Silbiger, Goldman Sachs, Janus Henderson, Ira Iosebashvili, Paul Simao Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, Federal, Morgan Asset Management, Janus Henderson Investors, Thomson Locations: Washington ,

☆ Here are the companies affected by the S&P rebalancing at the close Friday
▼ + stars: | 2023-09-15 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

Two companies are going into the S & P 500 at the close: Blackstone Airbnb What is significant is neither one has ever been in the S & P SmallCap 600 Index or the S & P MidCap 400. They are simply being added to the S & P 500, which means a fairly significant amount of index buying will occur. Companies increasing share count: 228 Companies decreasing share count: 246 The companies that have been buying back their stock most aggressively and reducing their share count are: Companies reducing share count (Change in market capitalization) Apple -0.6% Alphabet -1.2% T-Mobile -10.1% Blackrock -6.3% Exxon Mobil -1.0% Indexers will be selling shares of these companies. Companies increasing share count (Change in market capitalization) Amazon +1.7% Tesla +2.5% Berkshire Hathaway +2.3% Do share buybacks add value to shareholders? At the close, the share count will decrease 0.21% to 334.8 billion.

Persons: Newell Organizations: Lincoln National Newell Brands, Mobile, Blackrock, Exxon Mobil, Chevron, Companies, Berkshire Hathaway

☆ Arm’s shares seen as a shoo-in for Nasdaq 100, though S&P 500 unlikely
▼ + stars: | 2023-09-15 | by ( Suzanne Mcgee And Lewis Krauskopf | ) www.reuters.com time to read: +4 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Sept 15 (Reuters) - Newly publicly traded company Arm Holdings is poised to be added to popular indexes such as the tech-heavy Nasdaq 100, although inclusion in the S&P 500 is unlikely, analysts said. Shares of the British chip designer closed up 24.7% in their Nasdaq debut on Thursday, giving it a market value of $65 billion. “The Nasdaq 100 is the most likely widely followed index for the company to get added into,” said Todd Rosenbluth, Head of Research at VettaFi. However, inclusion in the Nasdaq 100 may take time for Arm shares. Inclusion of Arm shares in the S&P 500, which is the standard benchmark for the U.S. stock market, is far less certain, analysts said.

Persons: Rene Haas, Brendan McDermid, ”, Todd Rosenbluth, Russell, Todd Sohn, Sohn, Jeffrey DeMaso, Dow Jones, Lois Gregson, Suzanne McGee, Lewis Krauskopf, Ira Iosebashvili, Nick Zieminski Organizations: Nasdaq, REUTERS, Arm Holdings, Fund, Nvidia, Research, Lucid, ARM, Vanguard Investment, VanEck Semiconductor, Software, FactSet, Thomson Locations: New York, U.S, British, VettaFi

☆ The Fed may have beaten back inflation and skirted a recession for now, Goldman Sachs says
▼ + stars: | 2023-09-11 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

The Fed has curbed inflation without causing a recession, Goldman Sachs' chief US economist said. The Fed could make its first cut to interest rates by the second quarter of 2024, he said. In a "Goldman Sachs Exchanges" podcast episode, David Mericle shared his views on the US economy, inflation, and what the Fed's likely to do next. "I think we're in a situation where, with a lag, we should expect inflation to largely normalize," Mericle said. Moreover, Mericle dismissed fears of a looming recession triggered by the central bank's inflation fight.

Persons: Goldman Sachs, David Mericle, Mericle, Dow, we'll Organizations: Fed, Service, Federal Reserve Locations: Wall, Silicon

☆ Fed's Collins says now is time to be patient, deliberate with policy
▼ + stars: | 2023-09-06 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Federal Reserve Bank of Boston President Susan Collins stands behind the Jackson Lake Lodge in Jackson Hole, where the Kansas City Fed holds its annual economic symposium, in Wyoming, U.S., August 24, 2023. Fed officials generally agree high levels of inflation are coming down, even as price pressures are still elevated. On the jobs front, Collins said demand for workers continues to outstrip supply and wage growth remains elevated. The current stance of monetary policy should “temper” demand and “I do not believe a significant slowdown is required,” Collins said. Reporting by Michael S. Derby; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Susan Collins, Ann Saphir, ” Collins, they’ll, what’s, Collins, “, Michael S, Chizu Organizations: Reserve Bank of Boston, Kansas City Fed, REUTERS, Federal Reserve Bank of Boston, Fed, Market Committee, Thomson Locations: Jackson, Wyoming, U.S

☆ Asia shares extend rally as China mood turns less bleak
▼ + stars: | 2023-09-04 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. There was relief that embattled property developer Country Garden won approval from its creditors to extend payments for an onshore private bond. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) added 1.0%, having climbed 2.3% last week. EUROSTOXX 50 futures added 0.3% and FTSE futures rose 0.4%. Central banks in Canada and Australia hold their own meetings this week and both are expected to hold rates steady.

Persons: Aly, Stocks, Goldman Sachs, Treasuries, Christine Lagarde, Brent firmed, Wayne Cole, Shri Navaratnam Organizations: REUTERS, Federal, Country Garden, Japan's Nikkei, Nasdaq, Holdings, Federal Reserve, European Central Bank, Thomson Locations: Shanghai, Shenzhen, China, U.S, SYDNEY, Beijing, United States, Asia, Pacific, Japan, Canada, Australia, Saudi Arabia

MUMBAI, Sept 4 (Reuters) - The Indian rupee is likely to open little changed on Monday after a soft U.S. jobs report reinforced expectations that the Federal Reserve will not hike interest rates anymore, but the dollar still managed to rally. Non-deliverable forwards (NDF) indicate rupee will open at around Friday's level of 82.7150. Following the report, futures indicated almost no chance of a September rate hike and about a 35% chance of a hike in November. The dollar and U.S. yields initially dropped following the report but recovered later. The dollar index reached a high of 104.26 on Friday and the 10-year U.S. Treasury yields reached 4.17%.

Persons: Goldman Sachs, Nimesh, Eileen Soreng Organizations: Federal Reserve, U.S, ING Bank, Treasury, Labor, Brent, Thomson Locations: MUMBAI, U.S

Employers added 187,000 jobs in August, above expectations and in line with a labor market that is rebalancing back to normal, the Labor Department reported on Friday. Other labor market data released this week showed a gradual softening of demand for workers from employers. And private payroll firm ADP’s monthly jobs survey for August found employers added 177,000 jobs in the month, below expectations. “Clearly, the labor market is softening,” says Tony Welch, chief investment officer at Signature FD. The downshift reverses a period of high growth for the labor market coming out of the pandemic.

Persons: ”, Venkat Balakrishnan, Scott Hamilton, Tony Welch Organizations: Labor Department, Federal Reserve, Resources, Compensation Consulting Locations: Washington

☆ The US jobs market stayed strong in August
▼ + stars: | 2023-09-01 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

Truck transportation also saw employment fall by 36,700.Leisure and hospitality saw a job gain of 40,000 from July to August. From wage growth to an increase in labor force participation, various data points suggest the US labor market is still strong. There were 8.8 million job openings in July after 9.2 million in June, according to new Job Openings and Labor Turnover Survey or JOLTS data released by BLS earlier this week. "We expect this labor market rebalancing to continue," Powell said. "Evidence that the tightness in the labor market is no longer easing could also call for a monetary policy response."

Persons: Jerome Powell, Lydia Boussour, EY, Boussour, Nick Bunker, Bunker, it's, Julia Pollak, Pollak, Jonathan Fisher, Fisher, Powell Organizations: payrolls, Service, SAG, Bureau of Labor Statistics, Labor, BLS, North America, Washington Center for Equitable Growth Locations: Wall, Silicon, Jackson Hole , Wyoming

☆ Nvidia is the best place to be for AI, says Landsberg Bennett Private's Michael Landsberg
▼ + stars: | 2023-08-31 | 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 EmailNvidia is the best place to be for AI, says Landsberg Bennett Private's Michael LandsbergMichael Landsberg, Landsberg Bennett Private Wealth Management CIO, joins 'Power Lunch' to discuss rebalancing as stocks rebound from August lows.

Persons: Landsberg Bennett Private's Michael Landsberg Michael Landsberg, Landsberg Bennett Organizations: Nvidia, Wealth Management Locations: Landsberg

☆ US labor market loses steam as job openings, resignations decline
▼ + stars: | 2023-08-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

That was reinforced by a survey from the Conference Board showing consumers' perceptions of the labor market cooled in August. Nevertheless, labor market conditions remain tight, with 1.51 job openings for every unemployed person in July, compared to 1.54 in June. Economists polled by Reuters had forecast 9.465 million job openings. State and local government education job openings declined by 62,000 and there were 27,000 fewer federal government vacancies. Reuters GraphicsDeclining job openings are likely to be mirrored by slower job growth in August.

Persons: Elizabeth Frantz, Conrad DeQuadros, payrolls, Jerome Powell, Jackson, Jeffrey Roach, Christopher Rupkey, Scott Anderson, Lucia Mutikani, Andrea Ricci, Paul Simao Organizations: REUTERS, Federal Reserve, Labor, Survey, Labor Department, Board, Brean, Reuters, Midwest, Reuters Graphics, LPL Financial, Treasury, Fed, Companies, Bank of, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, New York, Northeast, West, Wyoming, Charlotte , North Carolina, Stocks, San Francisco

I get asked all the time about the possibility of a recession, and I'm telling everyone to prepare. To start, pay off high-interest debt, bulk up your rainy-day reserves, and don't sell your investments. As a financial planner, I often get asked when the next recession is coming. Pay off high-interest debt ASAPThe last thing you want to deal with during a recession is high-interest debt weighing you down. If you really want to take action before any future recession, I would recommend simply revisiting and rebalancing some of your investments.

Persons: We're, you've, there's Organizations: Service Locations: Wall, Silicon, I'm

☆ One jarring chart shows just how empty remote work will leave office buildings
▼ + stars: | 2023-08-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

As remote work remains popular, office buildings will become increasingly empty. Goldman Sachs estimated vacant office space will jump by 267 million square feet over the next decade and beyond. So far, that has yet to translate to big declines in office space that's rented out under a lease agreement. The forecast comes as some high-profile companies start taking a harder line on remote work. Even video-conferencing company Zoom, which is a key enabler of remote work, has asked some employees to come back to the office regularly.

Persons: Goldman Sachs, Goldman Organizations: Service, Goldman, Goldman Sachs Global Investment, Meta Locations: expirations, Wall, Silicon

☆ US labor market cooling as job openings, quits decline
▼ + stars: | 2023-08-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

That was reinforced by a survey from the Conference Board showing consumers' perceptions of the labor market cooling in August. Nevertheless, labor market conditions remain tight, with 1.5 job openings for every unemployed person in July. Economists polled by Reuters had forecast 9.465 million job openings in July. The decrease was led by the professional and business services sector, where job openings dropped 198,000. The quits rate, viewed as a measure of labor market confidence, fell to 2.3% from 2.4% in June.

Persons: Elizabeth Frantz, Conrad DeQuadros, Jerome Powell, Lucia Mutikani, Andrea Ricci Organizations: REUTERS, Federal Reserve, Labor, Survey, Labor Department, Board, Brean, Reuters, Treasury, Fed, Companies, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, New York

Many economists have called on China to boost its social safety net to rebalance the economy. Yao was unswayed and would prefer consumer vouchers, which some local governments in China have issued, but in amounts too small to matter at a macro level. Local governments, while cash poor, are asset rich. Michael Pettis, senior fellow at Carnegie China, estimates that if Beijing forces local governments to transfer 1-1.5% of GDP to households, China could maintain current growth. "One of the really big conflicts is likely to be between Beijing and the local governments over how to allocate the various adjustment costs.

Persons: Erin Yao, Juan Orts, Orts, Tokyo's, Yao, joblessness, Jens Eskelund, Wang Jiliu, Wang, Michael Pettis, Laurie Chen, Kripa Jayaram, Marius Zaharia, Sam Holmes Organizations: Fathom Consulting, Communist Party, Reuters Graphics, European Chamber of Commerce, Carnegie China, Thomson Locations: BEIJING, HONG KONG, China, Beijing, United States, Hainan

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