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☆ Premarket stocks: The job market is making traders' heads explode
▼ + stars: | 2023-02-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —The labor market ballooned in January when the US economy added an astonishing 517,000 jobs, blowing past Wall Street’s expectations. “It’s tough to say that… Some of those people making those layoffs are our clients.”Alaska Air Group noted a smaller number of tech workers and tech companies using their airline. In San Francisco, apartment rents have fallen and tech layoffs have further weakened the housing market. Manufacturing layoffs: While tech layoffs may not be a leading recession indicator, a decrease in manufacturing hiring could be an ominous sign of things to come. What’s next: Investors looking for clarity on a confusing labor market are unlikely to find it in the frequently revised, high-frequency weekly jobless claims data on Thursday.

☆ Biden Reshapes Economic Team Ahead of Debt-Ceiling Fight, Re-Election Campaign
▼ + stars: | 2023-02-14 | by ( Ken Thomas | ) www.wsj.com time to read: 1 min

WASHINGTON–President Biden is remaking his economic team as his administration seeks to tamp down inflation, choosing officials who signal stability and continuity on the policy front ahead of his expected re-election campaign. Mr. Biden is set to name Federal Reserve Vice Chair Lael Brainard to serve as the director of the National Economic Council, according to people familiar with the matter, turning to a veteran economic policy maker as the administration is preparing for contentious talks with Republicans over raising the federal debt ceiling, and as the U.S. economy has sought to emerge from high inflation, rising interest rates and slowing growth.

☆ Lael Brainard’s Fed Departure Could Leave Immediate Imprint on Inflation Fight
▼ + stars: | 2023-02-14 | by ( Nick Timiraos | ) www.wsj.com time to read: 1 min

President Biden’s reshuffle of his economic team could have its most immediate economic impact on the Federal Reserve, with the departure of the central bank’s vice chair, Lael Brainard , for the White House. Ms. Brainard’s move to lead Mr. Biden’s National Economic Council means the Fed will lose an influential top official who has advocated for a marginally less aggressive approach to raising interest rates than Fed Chair Jerome Powell .

Feb 14 (Reuters) - U.S. President Joe Biden is expected to name Federal Reserve Vice Chair Lael Brainard as his top economic policy adviser as early as Tuesday, a source familiar with the matter said, as the 2024 elections approach. Brainard, an experienced fiscal and monetary affairs official, would replace White House National Economic Council (NEC) Director Brian Deese, who has announced his resignation. In addition, Biden confidant Jared Bernstein is expected to replace Cecilia Rouse as chair of the Council of Economic Advisers, the source said. The White House declined to comment. Biden's overhaul of his top economic team comes as the Fed is still trying to glide inflation down without causing a recession.

☆ Biden taps Fed's Brainard, Bernstein for top economic jobs as part of White House reshuffle
▼ + stars: | 2023-02-14 | by ( Emma Kinery | ) www.cnbc.com time to read: +4 min

In recent weeks, Jeff Zients has replaced Ron Klain as White House chief of staff. Kate Bedingfield, White House communications director, said she plans to leave at the end of the month. The pair will have tremendous influence over economic policy at a tricky time for the United States. As NEC director, Brainard will be tasked with crafting the president's economic agenda and coordinating economic responses between various agencies. "He is an expert on worker empowerment and a worker-centric economic policy, which has long been the heart of my economic vision."

☆ Biden to name Fed's Lael Brainard as top economic advisor, source says
▼ + stars: | 2023-02-14 | by ( ) www.cnbc.com time to read: +1 min

Lael Brainard, vice chair of the US Federal Reserve, listens to a question during an interview in Washington, DC, US, on Monday, Nov. 14, 2022. U.S. President Joe Biden is expected to name Federal Reserve Vice Chair Lael Brainard to the White House's top economic policy position as early as Tuesday, a source familiar with the matter said on Monday. Brainard would replace White House National Economic Council (NEC) Director Brian Deese, who has announced his resignation. In addition, Biden confidant Jared Bernstein is expected to replace Cecilia Rouse as chair of the Council of Economic Advisers, the source said. "Under normal circumstances I would have thought that her advice to Biden would be very pro stimulus," he said.

☆ Biden to name Fed's Lael Brainard as top economic adviser - source
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - U.S. President Joe Biden is expected to name Federal Reserve Vice Chair Lael Brainard to the White House's top economic policy position as early as Tuesday, a source familiar with the matter said on Monday. Brainard would replace White House National Economic Council (NEC) Director Brian Deese, who has announced his resignation. In addition Biden confidant Jared Bernstein is expected to replace Cecilia Rouse as chair of the Council of Economic Advisers, the source said. The White House declined to comment. "Under normal circumstances I would have thought that her advice to Biden would be very pro stimulus," he said.

2 role vacant just as the central bank approaches a decision about when to stop raising interest rates. Brainard's arguments may not have been relevant to the decisions the Fed faces in the next few weeks. Heidi Shierholz, president of the labor-affiliated Economic Policy Institute, said it was "unbelievably important" that Biden find someone to fill Brainard's role. Administration officials gave no immediate sense of how soon Biden may name a new Fed vice chair, though outside analysts and commentators were already putting names in circulation from what's considered a deep bench of economists affiliated with Biden's Democratic party. The vice chair plays a particularly important role, typically reserved for somebody with a PhD in economics who can speak with technical authority about Fed policy and decisions.

☆ Morning Bid: Wings of a Dove
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +5 min

U.S. President Joe Biden is expected on Tuesday to name Fed Vice Chair Lael Brainard to a top White House economic policy position, replacing National Economic Council Director Brian Deese. Biden confidant Jared Bernstein is expected to replace Cecilia Rouse as chair of the Council of Economic Advisers. Brainard was seen as a powerful voice cautioning against over-aggressive Fed policy tightening. U.S. stock futures and world equities were higher on Tuesday, U.S. Treasury yields and the dollar were steady to lower. Euro zone economic growth slowed in the last three months of 2022 but avoided a contraction many had predicted for months.

☆ Factbox: Some potential successors to Brainard at the Fed
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +6 min

Meanwhile, analysts and Fed observers are already swapping notes on potential replacements for Brainard at the Fed from a bench of economists aligned with Biden's Democrats, who control the U.S. Senate. MARY DALYDaly is president of the San Francisco Fed, ascending to that position in 2018 after 22 years at the regional Fed bank, including a stint as its director of research. Furman has been a prominent, Twitter-savvy commentator on macroeconomic and Fed policy. He has a PhD from the University of Virginia and served as a Fed economist for a little over a year in the mid-1990s. With a PhD from Stanford University, he's held staff positions at the Fed board and the San Francisco Fed, where he also served as president before moving to the New York Fed role in 2018.

☆ Biden names Fed's Brainard to lead National Economic Council
▼ + stars: | 2023-02-14 | 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 EmailBiden names Fed's Brainard to lead National Economic CouncilCNBC's Kayla Tausche joins 'Closing Bell: Overtime' to report on Pres. Biden naming the Fed's Lael Brainard to lead the National Economic Council.

☆ Lael Brainard Set to Lead White House National Economic Council
▼ + stars: | 2023-02-13 | by ( Nick Timiraos | Andrew Restuccia | ) www.wsj.com time to read: 1 min

President Biden is set to name Federal Reserve Vice Chair Lael Brainard to serve as his economic-policy coordinator at a difficult time when the U.S. economy faces headwinds from high inflation, climbing interest rates and slowing growth, according to people familiar with the matter. She will succeed Brian Deese as the director of the National Economic Council, which is responsible for advising the president on policy and personnel decisions and coordinating policy making across executive branch agencies. Mr. Deese is planning to step down this month.

☆ Biden to deliver State of the Union address amid high inflation and divided Congress that threaten to derail economy
▼ + stars: | 2023-02-06 | by ( Emma Kinery | ) www.cnbc.com time to read: +6 min

"Put simply, I would argue the Biden economic plan is working. The White House is already seeing challenges under House Speaker Kevin McCarthy and the new Republican majority. House Republicans have been in a fraught standoff with the White House over raising the debt ceiling, a topic the White House has said is not up for negotiation. The White House on Friday announced that National Economic Council Director Brian Deese, Biden's top economic aide, is departing. Jeff Zients, former White House Covid-19 response coordinator under Biden and an economic advisor to former President Barack Obama, will replace Ron Klain as White House chief of staff.

WASHINGTON, Feb 2 (Reuters) - U.S. President Joe Biden on Thursday credited Brian Deese, his outgoing top White House economic adviser, for helping achieve the administration's economic vision for the country. "Brian has ... helped steer my economic vision into reality, and managed the transition of our historic economic recovery to steady and stable growth," Biden said. Deese, who is expected to step down in mid-February, told MSNBC that Biden had not made any decision on his replacement. Other candidates for the NEC job include Deputy Treasury Secretary Wally Adeyemo and Commerce Secretary Gina Raimondo, Reuters reported last week. Only the CEA job requires Senate confirmation.

REUTERS/Kevin LamarqueWASHINGTON, Feb 1 (Reuters) - U.S. President Joe Biden is still weighing candidates for new top economic advisers, officials familiar with the process said, and no final decisions are expected before next week's State of the Union speech. Biden is focused on Tuesday's address to Congress and had not made a decision on the top jobs at the National Economic Council (NEC) and the Council of Economic Advisers (CEA), officials said. Other candidates for the NEC job include Deputy Treasury Secretary Wally Adeyemo and Commerce Secretary Gina Raimondo, Reuters reported last week. Only the CEA job requires Senate confirmation. Brainard was widely floated as the frontrunner for Treasury secretary when Biden came to office, only for him to pick Yellen instead.

The White House will likely appoint Federal Reserve Vice Chair Lael Brainard to run the National Economic Council and Jared Bernstein to lead the Council of Economic Advisers, sources familiar with the matter tell CNBC. The appointments are expected to be announced after incoming White House Chief of Staff Jeff Zients assumes his role, as soon as next week. Bernstein is a member of the board he is expected to head, the White House Council of Economic Advisers. The White House is holding a ceremony on Wednesday to thank outgoing White House Chief of Staff Ron Klain and welcome Zients to the position. Current White House NEC Director Brian Deese is expected to depart imminently, sources said.

By announcing an inflation goal, central bankers feel they build credibility for themselves and focus the planning of households and firms in ways that help keep inflation controlled. Those decades, up to the end of the first year of the coronavirus pandemic in 2020, saw inflation largely contained. Achieving that target is just core to our overall monetary policy," Brainard said, a sentiment echoed in central bank headquarters from Frankfurt to London to Tokyo. "Let me be quite clear, there are no ifs or buts in our commitment to the 2% inflation target," Bank of England Governor Andrew Bailey said last year. Should inflation prove stickier than expected, achieving the central bank's 2% inflation goal could mean even more losses.

☆ Fed's words in focus as markets bet rate hikes will soon end
▼ + stars: | 2023-01-30 | by ( Ann Saphir | ) www.reuters.com time to read: +6 min

The rate increase expected at the Federal Open Market Committee's Jan. 31-Feb. 1 meeting would bring the policy rate to the 4.5%-4.75% range. That's two quarter-point rate hikes short of the level most Fed policymakers in December thought would be "sufficiently restrictive" to bring inflation under control. At the same time, he said, "there's going to be some caution" about doing anything that could feed market expectations that a pause in rate hikes is imminent. Fed policymakers, as of December at least, all see no rate cuts until 2024. "The key question is how committed they are to further rate hikes."

☆ White House Considers Fed Vice Chair for Role as Biden’s Top Economic Adviser
▼ + stars: | 2023-01-25 | by ( Andrew Restuccia | Ken Thomas | ) www.wsj.com time to read: 1 min

WASHINGTON—President Biden is considering Fed Vice Chair Lael Brainard as the next head of the National Economic Council, according to administration officials and others familiar with the matter. A final decision hasn’t been made, the officials said, adding that Mr. Biden is in the process of conducting interviews. Several other contenders are under discussion for the key economic policy-making role, the officials said, including Sylvia Mathews Burwell , who led the Office of Management and Budget and the Health and Human Services Department during the Obama administration. Ms. Burwell has been the president of American University since 2017.

President Joe Biden is searching for a replacement for National Economic Council (NEC) Director Brian Deese, who is expected to leave soon. Interviews are still ongoing to replace him, according to the sources who declined to discuss an ongoing personnel process. Biden's team is also starting to craft an economic message for his expected 2024 re-election campaign. But reducing high inflation became the administration's top economic priority last year as rising costs began to anger voters. She previously served as the Treasury's point person on international affairs during the Obama administration.

☆ Southwest CEO maps out a recovery after holiday meltdown: 'We have work to do'
▼ + stars: | 2023-01-25 | by ( Leslie Josephs | ) www.cnbc.com time to read: +8 min

Tayfun Coskun | Anadolu Agency | Getty ImagesSouthwest CEO Bob Jordan's message, after a holiday meltdown derailed the travel plans of millions, is clear: "I can't say it enough. The low-cost airline is working with General Electric to improve the capabilities of software that helps Southwest work out crew reassignments. Southwest said it offered premium pay to flight attendants and $45 million in "gratitude pay" to pilots because of the meltdown. He said that a recent fare sale was successful and that many customers are redeeming the frequently flyer points for Southwest flights. "This payment constitutes full and final settlement of your claim with Southwest Airlines."

☆ Candidates to become top Biden economist include Fed Vice Chair Lael Brainard, Treasury official Wally Adeyemo
▼ + stars: | 2023-01-25 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

The process to replace Deese as head of the powerful National Economic Council remains ongoing and the situation is fluid, the person said. The Washington Post first reported the leading candidates to replace Deese. Brainard was viewed as a leading contender to become Fed chair before Biden ultimately decided to renominate Jerome Powell. Brainard, a former Treasury official in the Obama administration and a Fed governor since 2014, was instead elevated to vice chair, the central bank’s No. U.S. Deputy Treasury Secretary Wally Adeyemo on October 13, 2022 in Washington, DC.

☆ Fed's Lael Brainard among leading contenders for top White House economic post
▼ + stars: | 2023-01-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Lael Brainard, vice chair of the US Federal Reserve, listens to a question during an interview in Washington, DC, US, on Monday, Nov. 14, 2022. Federal Reserve Vice Chair Lael Brainard is a top candidate to take the most important economic position in the White House. Biden named Brainard vice chair at the Fed in 2022; she also was considered as a possible successor to Fed Chair Jerome Powell, whom Biden reappointed last year. Brainard is one of multiple candidates being considered and interviews for the position are continuing, according to a White House spokesman familiar with the matter. For her part, Brainard could garner support from progressives who are in favor of strong bank regulation and easier monetary policy.

☆ Asia-Pacific markets set to rise as trade resumes after Lunar New Year holidays
▼ + stars: | 2023-01-24 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

Federal Reserve officials next week are almost certain to approve another deceleration in interest rate hikes while also discussing when to stop the increases altogether, according to a Wall Street Journal report. The rate-setting Federal Open Market Committee is set to convene Jan. 31-Feb. 1, with markets pricing in almost a 100% chance of a quarter-point increase in the central bank's benchmark rate. Most prominently, Fed Governor Christopher Waller said Friday he sees a 0.25 percentage point increase as the preferred move for the upcoming meeting. A series of rate hikes begun in March 2022 has resulted in increases of 4.25 percentage points. Market pricing is currently indicating quarter-point hikes at the next two meetings, a period of no action, and then up to a half-point reduction by the end of 2023, according to CME Group data.

ORLANDO, Fla., Jan 22 (Reuters) - A key part of the U.S. yield curve is the most inverted in decades and for hedge funds, enough is enough. It is the smallest net short since December 2021, and considering that short position exceeded 1 million contracts in early September, it is virtually neutral. Funds also increased their one-month SOFR net long position to over 67,000 contracts, the largest long since August. A short position is essentially a wager that an asset's price will fall, and a long position is a bet it will rise. Meanwhile, speculators increased their net short 10-year Treasuries futures position by 133,699 contracts, the biggest weekly shift since last October, to 545,000 contracts.

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