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☆ ChatGPT could turn out to be hero for humanity or just a 'horrible product'. Here's what Elon Musk, Bill Gates and 10 heavyweights have to say on the red-hot AI.
▼ + stars: | 2023-02-25 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +9 min

Elon Musk, Bill Gates and Paul Krugman have all weighed in on the hottest topic this year – ChatGPT. From prominent names such as Elon Musk and Bill Gates to Wall Street banks like Morgan Stanley, everyone's got something to say. "It's both positive or negative and has great, great promise, great capability," Musk further said of AI, adding that "with that comes great danger." But a few quarters from now, if ChatGPT really starts to bring in significant subscriber fees, then we'll see what happens," O'Leary told Insider's Phil Rosen. Andy Jassy, Amazon CEO"I think it's exciting, what's possible with generative AI," Jassy said about generative AI and ChatGPT.

☆ US stocks close lower to wrap up losing week as hot inflation data jolts markets
▼ + stars: | 2023-02-24 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

The two-year Treasury yield neared its highest level since 2007. The S&P 500 notched its worst-performing week in 2023 as investors retreat from risk assets. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The Nasdaq Composite and Dow Jones Industrial Average also ended lower as traders digested discouraging January inflation data. The two-year Treasury yield jumped 11 basis points to 4.81%, nearing its highest level since 2007.

☆ US stocks fall after new inflation data boosts outlook the Fed will stay aggressive
▼ + stars: | 2023-02-24 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

US stocks slid on Friday after key inflation data came in hotter than expected. Core PCE, the central bank's preferred inflation measure, rose 0.6% in January, higher than economists' estimates. Core Personal Consumption Expenditure data, the central bank's preferred inflation measure, increased 0.6% from a month earlier, higher than economists' estimates and the most since June. Treasury yields jumped, with the two-year yield hitting 4.79%, its highest level since 2007. Tesla boss Elon Musk reiterated his view that the central bank's tightening could crush the value of the entire stock market.

☆ The US economy may be inching closer to the cliff edge given these 4 troubling signs, Larry Summers says
▼ + stars: | 2023-02-24 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Ex-Treasury chief Larry Summers thinks the economy is edging closer to a "Wile E. Coyote" fall off a cliff. "People may be reading a bit too much into the moment in terms of economic strength," he warned. On the other, there is stuff when you look down the road a bit that has to be substantially concerning about a Wile E. Coyote kind of moment," Summers said. As a result, he warned the Federal Reserve needs to stay nimble and flexible given the continued uncertainty about the US economy. Summers' pessimism about the economy builds on warnings he's made in the past.

☆ 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."

☆ Tesla stock is having a dominant start to 2023 and retail investors are loving it
▼ + stars: | 2023-02-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Not that Elon Musk really needs more attention, but his company's stock warrants a look for a very successful six-week stretch. Last year, Tesla drew headlines for its roughly 65% stock decline. Bank of America strategists have forecasted that the move can ultimately boost sales volume, and Wedbush gave Tesla stock a 35% upside. And according to Vanda Research, retail investors' bullishness for Tesla is driving a FOMO Tesla trade that has pushed inflows from the cohort into the stock market at levels not seen since 2020. Alibaba stock price on Feb.10, 2023 Markets Insider10.

☆ Former Treasury Secretary Larry Summers compares falling inflation to a half-way healed 'infection' that could worsen if not treated properly
▼ + stars: | 2023-02-09 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Former Treasury Secretary Larry Summers said it's hard to judge whether falling inflation will stay down. He compared inflation to a half-way healed "infection" that could return, in a harder fight for the Fed if not properly treated. "The hard thing to judge is whether inflation is on a strong enough downward trajectory to get to the 2% target," Summers said. Despite price pressures cooling, there's still concern among investors that January's strong jobs report could fuel inflation again. Against that backdrop, Summer suggests the US central bank will need to navigate its fight against inflation delicately.

☆ Larry Summers says he's encouraged the Fed can pull off a soft landing, but not to get hopes up
▼ + stars: | 2023-02-05 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —After a shocking jobs report, Larry Summers, treasury secretary under Bill Clinton, said he is more encouraged the Fed can pull off a soft landing, but cautioned it is a “big mistake” to think the economy is “out of the woods” on Fareed Zakaria GPS Sunday. Friday’s job’s report saw an astonishing 517,000 jobs added in January and unemployment tick down to 3.4%, the lowest since 1969. Economists had predicted 185,000 jobs, expecting a slower jobs market after almost a year of aggressive rate hikes from the Federal Reserve. It brings up the question: Can the United States pull off a soft landing, bringing down inflation without triggering a recession? “That some in the Republican Party may bow to the demands of the extremists does not mean that the President of the United States should do that.”

☆ Paul Krugman says he agrees with Larry Summers that the Fed has to walk a fine line in order to prevent widespread US economic damage
▼ + stars: | 2023-01-30 | by ( Brian Evans | ) www.businessinsider.com time to read: +3 min

Dovish economist Paul Krugman concurs with hawk Larry Summers on the Fed's path forward. Summers told Bloomberg TV on Friday that the Fed is facing symmetric risks in going too fast or slow on rates. "This really disturbs me to say this, but I think I agree with Larry," Krugman told Bloomberg TV on Monday. In an interview with Bloomberg TV on Monday, the inflation dove Krugman concurred with an earlier statement from his more hawkish counterpart. On the other side, Krugman has warned that the Fed is at risk of going too far in fighting inflation, causing unnecessary economic damage.

[1/2] Climate activists Greta Thunberg, Helena Gualinga and Luisa Neubauer take part in a protest on the last day of the World Economic Forum (WEF) in Davos, Switzerland January 20, 2023. International Monetary Fund (IMF) Managing Director Kristalina Georgieva told the Davos audience that what had improved was the potential for China to boost growth and that the IMF now forecast Chinese growth of 4.4% for 2023. Wall Street executives in Davos said pessimism had eased as economies in the U.S. and Europe stayed resilient and China loosened its COVID-19 policies. For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here. Reporting by Mark John in Davos; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Summers: The world is 'utterly unprepared' for another Covid-style crisis
▼ + stars: | 2023-01-20 | 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 EmailSummers: The world is 'utterly unprepared' for another Covid-style crisisFormer U.S. Treasury Secretary Larry Summers lays out the biggest risks to global economic stability over the next year.

☆ Summers: The 'greatest tragedy' would be if central banks don't finish the job on inflation
▼ + stars: | 2023-01-20 | 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 EmailSummers: The 'greatest tragedy' would be if central banks don't finish the job on inflationFormer U.S. Treasury Secretary Larry Summers explains why central banks not finishing what they have started in bringing inflation back to Earth would be the "greatest tragedy" for the global economy.

☆ Top business leaders and policymakers discuss monetary policy at the World Economic Forum
▼ + stars: | 2023-01-20 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 3 a.m. Please refresh the page if you do not see a player above at that time.] Moderated by CNBC's Joumanna Bercetche, top business leaders and policymakers discuss surging inflation at Davos, Switzerland, and whether a radical rethink is needed by central banks. Joining CNBC is Larry Summers, Charles W. Eliot University professor at the Harvard Kennedy School of Government, Thomas Jordan, chairman of the Swiss National Bank, Kjerstin Braathen, CEO of DNB ASA, and Julio Velarde, governor of the Central Bank of Peru. Subscribe to CNBC on YouTube.

☆ IMF's Georgieva and ECB's Lagarde discuss the future of global growth at Davos
▼ + stars: | 2023-01-20 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 5 a.m. Please refresh the page if you do not see a player above at that time.] Moderated by CNBC's Geoff Cutmore, top business leaders and policymakers discuss the future of growth at Davos, Switzerland, and the policies needed to stabilize the global economy. Joining CNBC is Kristalina Georgieva, the managing director of the International Monetary Fund, Christine Lagarde, president of the European Central Bank, Bruno Le Maire, France's finance minister, Larry Summers, Charles W. Eliot University Professor at the Harvard Kennedy School of Government, and Kuroda Haruhiko, governor of the Bank of Japan. Subscribe to CNBC on YouTube.

☆ European markets set for higher open, seeking rebound as investors weigh Fed risks
▼ + stars: | 2023-01-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

European markets are set to climb on Friday as traders look for a partial recovery from Thursday's selloff, with the outlook for monetary policy still firmly in focus. Investors have grown increasingly concerned that the Federal Reserve will continue to hike interest rates despite signs of slowing inflation. Both the Dow Jones Industrial Average and the S&P 500 notched a third straight day of losses on Thursday, and U.S. stock futures were cautiously higher in early premarket trade on Friday. Shares in Asia-Pacific were mostly higher on Friday as investors digested Japanese inflation data, which showed nationwide core consumer prices rose by an annual 4% in December, the fastest inflation rate since 1981. Friday marks the conclusion of the World Economic Forum in Davos, Switzerland, where policymakers and CEOs have been discussing the key issues surrounding the economy, financial markets, geopolitics and climate change.

☆ ‘Utterly unprepared’: Larry Summers says another Covid-scale problem is a top economic risk
▼ + stars: | 2023-01-20 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Economist Larry Summers would place better than 50-50 odds on the world being shaken by another Covid-scale event within the next 15 years. The Harvard professor and former U.S. treasury secretary shared what he believes are the world's biggest near-term risks during a CNBC-moderated panel on the last day of the World Economic Forum in Davos, Switzerland. They included the possibility of the Covid-19 virus mutating again, which he noted that no other panelist had brought up when discussing the global economic outlook. "I would note that the odds in my view are better than 50-50 that there will be a Covid-scale problem within the next 15 years and that the world is utterly unprepared for that eventuality," he said. Where it has been a topic of discussion, it has generally been around risks to the Chinese population as it experiences a spike in infections.

☆ Larry Summers explains how a decade of policy created fertile ground for inflation
▼ + stars: | 2023-01-20 | 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 EmailLarry Summers explains how a decade of policy created fertile ground for inflationHarvard Professor and former U.S. Treasury Secretary Larry Summers shares his thoughts on the economy's journey from secular stagnation to runaway inflation, and where central banks go from here.

☆ The 'greatest tragedy' would be if central banks don't finish the job on inflation, Larry Summers says
▼ + stars: | 2023-01-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Central banks not finishing what they have started in bringing inflation back to Earth would be the "greatest tragedy" for the global economy, according to former U.S. Treasury Secretary Larry Summers. "Hyperpopulists lost elections and accepted their defeat, Europe has not frozen, recession has not come, China has adjusted its policies towards the world and inflation has decelerated. Inflation is down, but just as transitory factors elevated inflation earlier, transitory factors have contributed to the declines that we've seen in inflation and as in many journeys, the last part of a journey is often the hardest." Although recent data has shown signs that inflation is entering a sustained downward trajectory, it remains well above most central banks' targets. As such, policymakers have maintained a hawkish tone despite the perceived economic risks of persistent high interest rates.

☆ A 1970s-style financial crisis will slam the economy if the Fed abandons its inflation target, former Treasury Secretary Larry Summers says
▼ + stars: | 2023-01-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

A 1970s-style financial crisis will hit the US economy if the Fed lets up in its inflation fight, according to Larry Summers. The former Treasury Secretary criticized recent calls to raise the inflation target from 2%. At a panel discussion at the World Economic Forum, Summers rebuked suggestions from some economists that the Fed should lift its inflation target from its long-standing 2% target to 3%-4%. Economist Mohamed El Erian is among those that have suggested the Fed may have to revise its inflation target to 3%-4%, though the Fed has reiterated its commitment to its original 2% goal. "It would be a grave error for central banks to revise their inflation target upwards at this point.

☆ FTX money trails leading to politicians, media, and other crypto exchanges point to the deep influence of Sam Bankman-Fried
▼ + stars: | 2023-01-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Here's what Bankman-Fried seemed to be aiming at: Stash money with all the right people, while lobbying for policy favorable to FTX. As CoinDesk reported this week, 37% of Congress took money from Bankman-Fried and other FTX executives. House Speaker Kevin McCarthy and Senate Majority Leader Chuck Schumer were among the 196 senators and representatives that received funds. Other lawmakers included some who were just sworn into congressional ranks this month, which points to Bankman-Fried possibly seeking to hold sway over new members. GOLDMAN SACHS stock price on Jan. 19, 2023 Markets Insider10.

☆ Larry Summers is warming up to the idea that the Federal Reserve can stick a soft landing after previously warning a hard recession is imminent
▼ + stars: | 2023-01-18 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Larry Summers is growing more optimistic about the US economy as inflation starts to ease. Summers had previously said that a recession was imminent because job losses would be necessary to tame inflation. "We need two years of 7.5% unemployment, or five years of 6% unemployment, or one year of 10% unemployment" to tame inflation, Summers said last year. But inflation has been easing month after month even as the unemployment rate has held steady at about 3.5%. Even though the Fed might manage to stick a soft landing in the economy, that doesn't mean Summers is bulled up on stocks.

☆ Premarket stocks: Bonds are back, but for how long?
▼ + stars: | 2023-01-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Stocks soared on Friday to their best day in more than a month. But the big turnaround story during the short first week of the year isn’t just about equities, it’s also about bonds. Bonds are particularly sensitive to those increases — as rates are hiked, the price of existing bonds falls as investors prefer the new debt that will soon be issued with those higher interest payouts. This time around, investors are scooping up bonds as they anticipate the pace of Fed interest rate hikes will soon ease. Core bonds, or US investment grade debt, tend to perform well during Fed rate hike pauses.

☆ Markets are wrong to think things will return to normal and should brace for an era of tumult, debt, and high interest rates, former Treasury Secretary Larry Summers says
▼ + stars: | 2023-01-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Markets are wrong to think things will return to normal this year, former Treasury Secretary Larry Summers said. He warned investors to brace for a new period of debt, tumult, and volatile interest rates. Central bankers hiked interest rates an aggressive 425-basis-points to tackle sky-high inflation, driving stocks to a 20% loss for their worst performance since the 2008 recession. Markets may also be wrong to think a return-to-normal is possible after this inflationary shock, Summers said, as the era of ultra-low interest rates and steady economic growth is now in the past. Summers believed the new era would also be defined by higher debt levels due to higher national spending, as well as higher investment demand.

☆ Joe Biden's biggest successes and failures in his second year in office
▼ + stars: | 2022-12-31 | by ( Nicole Gaudiano | Brent D. Griffiths | ) www.businessinsider.com time to read: +15 min

His second year in office was marked by historic legislative achievements despite Democrats' razor-thin majority in Congress. Here are some of the highs and lows from Biden's second year:Success: UkrainePresident Joe Biden talks with Ukrainian President Volodymyr Zelenskyy outside the White House. Conservative New York Times columnist Bret Stephens in September called the "staggering gains" by Ukrainian forces "a victory for Joe Biden, too." Universal pre-K was included in a sweeping spending plan passed by House Democrats until their Senate colleagues cut that out too. Failure: InflationPresident Joe Biden arrives for an event focused on inflation and the supply chain at the Port of Los Angeles in June.

☆ Americans still haven't felt the worst of the war on inflation, meaning 2023 will be 'survival of the fittest'
▼ + stars: | 2022-12-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

The Federal Reserve hiked interest rates seven times during 2022 to fight inflation. He believes the new year will bring a whole host of different challenges for small businesses. "I believe that we're going to see small businesses dropping like flies, and competition thinning out among the pandemic entrepreneurs," Gray said. With nearly half of Americans employed by small businesses, financial hardship to the sector could significantly impact the overall workforce. "Just since June, the rates have gone up almost 3% so capital is getting a lot more expensive for small businesses generally," Wallace told Insider.

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