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☆ Bank Runs Spooked Regulators. Now a Clampdown Is Coming.
▼ + stars: | 2024-03-05 | by ( Jeanna Smialek | Rob Copeland | ) www.nytimes.com time to read: +1 min

One year after a series of bank runs threatened the financial system, government officials are preparing to unveil a regulatory response aimed at preventing future meltdowns. After months of floating fixes at conferences and in quiet conversations with bank executives, the Federal Reserve and other regulators could unveil new rules this spring. The interagency clampdown would come on top of another set of proposed and potentially costly regulations that have caused tension between big banks and their regulators. Taken together, the proposed rules could further rankle the industry. The goal of the new policies would be to prevent the kind of crushing problems and bank runs that toppled Silicon Valley Bank and a series of other regional lenders last spring.

Organizations: Federal Reserve, Bank Locations: Silicon

☆ Premarket stocks: Why it’s not all doom and gloom for commercial real estate
▼ + stars: | 2024-03-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. I take that as a signal of a potential turn in the CMBS market in terms of the market sentiment. It’s not just all gloom and doom in the CRE market. Richmond Federal Reserve President Tom Barkin echoed the idea that the central bank may not cut interest rates this year. OPEC+, a coalition of the world’s top oil producing countries, had announced voluntary oil cuts of 2.2 million barrels per day in November.

Persons: Tracy Chen, Chen, that’s, Bell, Banks aren’t, CMBS, We’ve, they’ve, —, Jerome Powell, Torsten Slok, “, Tom Barkin, ” Barkin, “ I’m, Eva Rothenberg, Brent, Goldman Sachs Organizations: CNN Business, Bell, New York CNN, New York Community Bancorp, Brandywine, Intercontinental Exchange and Bank of America, outperformance, Fed, New York Community Bank, York Community Bank, Federal, Apollo Global Management, Richmond Federal, CNBC, OPEC, AAA Locations: New York, Japan, Switzerland, Germany, New, New York City, Richmond, OPEC, Saudi Arabia, Russia, Iraq, United States

☆ NYCB stock tumbles to lowest level since 1996
▼ + stars: | 2024-03-04 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —Shares of New York Community Bank (NYCB) fell 23% Monday, hitting their lowest level since 1996. The issues caused a $2.4 billion loss to shareholders last quarter, NYCB said. That caused the stock to plunge, bringing it to its lowest level since 1997. NYCB’s troubles are having a mixed effect on other regional bank stocks. Shares of Valley National Bank (VLY) closed 5.6% lower on Monday, while Zions Bancorporation (ZION) closed 1% higher.

Persons: NYCB, Alessandro DiNello, Zions Organizations: New, New York CNN, New York Community Bank, Fitch, Moody’s Investors Service, First Republic Bank, Silicon Valley Bank, Signature Bank, National Bank Locations: New York, Silicon, NYCB, ZION

☆ Even Cookie Monster is complaining about the US economy now
▼ + stars: | 2024-03-04 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Cookie Monster has taken a stance on a very real and controversial trend in the US economy — and he hates it. Me cookies are getting smaller,” Cookie Monster wrote. “Household paper products, like toilet paper and paper towels, are 34.9 percent more expensive per unit than they were in January 2019. The latest Consumer Price Index showed that inflation didn’t ease in January as much as Wall Street was expecting. Americans’ attitudes toward the economy have improved recently, thanks to slowing inflation, according to consumer surveys, but remain below levels seen before the Covid-19 pandemic.

Persons: “, “ Guess, Democratic Sen, Bob Casey, It’s, Sherrod Brown, Cookie, ”, Joe Biden, Biden, shrinkflation, ” Biden, Casey, Jerome Powell, Powell Organizations: DC CNN, Democratic, Labor Department, Research, of, Federal Trade Commission, Fed Locations: Washington, Ohio

☆ OPEC+ members extend oil output cuts to Q2
▼ + stars: | 2024-03-03 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +2 min

CNN —OPEC+ member nations have agreed to extend their voluntary cuts to crude oil production through the second quarter, the group announced Sunday. The move is a part of the group’s perpetual balancing act to stabilize oil prices by reducing supply. OPEC+, a coalition of the world’s top oil producing countries, had announced voluntary oil cuts of 2.2 million barrels per day in November. The Energy Information Administration reported last month oil refinery inputs, crude oil stock, and gasoline production were all increasing. Oil prices fell on the agency’s announcement US commercial crude oil inventory was sitting at 447.2 million barrels.

Persons: Brent, Goldman Sachs Organizations: CNN, OPEC, The United Emirates, AAA, Energy Information Administration, EIA Locations: OPEC, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman, United States

☆ China PMI: Factories send mixed signals about the economy, pressing Beijing to do more
▼ + stars: | 2024-03-01 | by ( Laura He | ) edition.cnn.com time to read: +4 min

But the Caixin manufacturing PMI — which focuses on smaller, private companies — rose to 50.9 in February, up from 50.8 in January, according to S&P Global, which compiled the survey. The divergence in the output and new order sub-indexes is likely related to differences in geographic and sector coverage, as the Caixin PMI covers more southern regions, they said. “Overall, the manufacturing sector continued to improve in February,” said Wang Zhe, senior economist at Caixin Insight Group, in a statement that accompanied the Caixin PMI data. “Looking ahead, the focus should be on the effectiveness of the measures [announced previously by Beijing to boost growth],” Wang said. “Fiscal policy will lead the way,” HSBC analysts said Friday.

Persons: ” Goldman Sachs, ”, Wang Zhe, ” Wang, Xi Jinping, Lintao Zhang, “ Organizations: Hong Kong CNN, National Bureau of Statistics, P, National People’s Congress, PMI, Caixin Insight, “, of People, Communist Party’s Politburo, NPC, Xinhua, HSBC Locations: China, Hong Kong, Beijing, Southern China, Guangdong, Zheijang, ” China

A New York bank is under severe pressure Friday close to one year after absorbing a large chunk of another bank 30 miles away that had failed. That pressure has been compounded at the Hicksville, New York, bank because it grew massively almost overnight after absorbing the failed Signature Bank. That put New York Community Bancorp at a new level that requires higher regulatory scrutiny, a transition that has been rocky. One of those failed banks, Signature, was acquired by New York Community Bancorp, pushing it above $100 billion in assets, which by law puts it under more scrutiny from regulators. DiNello was CEO of Flagstar Bank, which New York Community Bancorp acquired in late 2022.

Persons: Thomas Cangemi, ”, Joe Biden, ” Citi’s Keith Horowitz, Horowitz, Cangemi, Alessandro DiNello, DiNello Organizations: New York Community Bancorp, Moody’s, U.S . Securities, Exchange Commission, Bank, Industry, Flagstar Bank, New, Community Bancorp Locations: York, New, , New York

☆ The US economy is so strong that there might not be any rate cuts in 2024
▼ + stars: | 2024-03-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

Now, some economists think the Fed won’t cut interest rates at all this year. “The Fed will not cut rates this year and rates are going to stay higher for longer,” he added. Richmond Federal Reserve President Tom Barkin echoed the idea that the central bank may not cut interest rates this year. In some ways, the expectations of interest rate cuts by the Fed undermined their efforts to actually cut the rates. Still, about half of investors are expecting an interest rate cut at the Fed’s June meeting, according to the CME FedWatch tool.

Persons: —, that’s, Jerome Powell, Torsten Slok, “, Tom Barkin, ” Barkin, “ I’m, ” Robert Frick, ”, Powell Organizations: New, New York CNN, Federal, Apollo Global Management, Richmond Federal, CNBC, Navy Federal Credit Union, CNN, Fed, National Federation of Independent, Investors, Financial Services, Senate Locations: New York, Richmond

☆ New York Community Bank Reports $2.4 Billion More in Losses as C.E.O. Resigns
▼ + stars: | 2024-02-29 | by ( Rob Copeland | ) www.nytimes.com time to read: +1 min

They sent the bank’s already pressured shares into another nosedive, down more than 20 percent in after-hours trading. The ugly developments were the last thing NYCB needed after weeks of trying to assuage investors’ concerns about its financial health. Despite its name, the bank has a national presence, partly because of its acquisition of much of Signature Bank, which collapsed during last year’s banking crisis. Based on Long Island, NYCB operates more than 400 branches under brands including Flagstar Bank across the Midwest and elsewhere. Flagstar is one of the nation’s largest residential mortgage servicers, making the bank particularly at risk to any weakness in the housing market in an era of persistently elevated interest rates.

Persons: NYCB Organizations: York Community Bank, Signature Bank, Flagstar Bank Locations: Long, NYCB, Midwest

☆ NYCB shares tumble after regional lender swaps out CEO, says it identified ‘material weakness’ in internal controls
▼ + stars: | 2024-02-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Shares of New York Community Bank (NYCB) fell by as much as 20% in after-hours trading on Thursday after the beleaguered regional lender said in a filing it had identified “material weakness” in the company’s controls. The issues caused a $2.4 billion loss to shareholders last quarter, NYCB said. The bank also announced that Alessandro DiNello, its recently appointed executive chairman, will be the new president and CEO, effective immediately. In the same filing, NYCB disclosed Hanif (Wally) Dahya resigned from serving as director of the board. In his February 25 resignation letter, he said he “did not support the proposed appointment” of DiNello to president and CEO.

Persons: NYCB, Alessandro DiNello, Thomas Cangemi, Hanif, Wally, Dahya, “, DiNello, Marshall Lux, Chase Organizations: New, New York CNN, New York Community Bank, Silicon Valley Bank, Signature Bank, First Republic Bank, Securities and Exchange Commission Locations: New York, Silicon

☆ Here’s why regional banks have so much commercial real estate exposure
▼ + stars: | 2024-02-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

New York CNN —It’s no secret that commercial real estate (CRE) has become a source of stress for banks. Regional banks were on high alert recently after New York Community Bancorp (NYCB) reported steeper-than-expected future losses on commercial real estate loans. So why is it that the smaller, regional banks are so much more exposed to commercial real estate? Office real estate is among the bank’s smaller commercial real estate subcomponents. Robbins of Valley National Bank told CNN “we remain comfortable with our diverse and granular commercial real estate portfolio.”Office real estate is just one component of commercial real estate, albeit the most worrisome to banks and economists.

Persons: New York CNN —, Goldman Sachs, Fitch, Banks, BankRegData, Flagstar, “, JPMorgan Chase, —, Michael Brochstein, it’s, Ira Robbins, Robbins, CNN “, Carlos Barria, ” Organizations: New, New York CNN, New York Community Bancorp, Flagstar Bank, Federal Deposit Insurance Corporation, National Bank, JPMorgan, Getty, Valley National Bank, CNN, Fitch, FDIC, Reuters Locations: New York, Morristown , New Jersey

☆ The Fed’s favored inflation gauge eases to slowest pace in more than two years
▼ + stars: | 2024-02-29 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

New York CNN —Rising prices continued to loom large in January, but new data released Thursday showed that inflation is still on a downward — albeit bumpy — path toward the Federal Reserve’s 2% target. The Personal Consumption Expenditures price index was up 2.4% for the 12 months that ended in January, a slowdown from December’s 2.6% increase, according to Commerce Department data released Thursday. The closely watched core PCE index that excludes energy and food edged down to 2.8%. While the latest read on the Fed’s preferred inflation gauge showed progress toward the central bank’s target, Thursday’s data also highlighted the choppiness of this yearslong battle to rein in spiking prices: Prices rose in January from December at their fastest clip in months. On a monthly basis, the PCE price index rose 0.3% and core jumped 0.4%.

Organizations: New, New York CNN, Federal, Commerce Department Locations: New York

☆ Rents Are Falling. So Why Isn’t That Showing Up in Inflation Data?
▼ + stars: | 2024-02-26 | by ( Ben Casselman | ) www.nytimes.com time to read: +1 min

The Federal Reserve may have a housing problem. The persistence of housing inflation poses a problem for Fed officials as they consider when to roll back interest rates. Housing is by far the biggest monthly expense for most families, which means it weighs heavily on inflation calculations. “If you want to know where inflation is going, you need to know where housing inflation is going,” said Mark Franceski, managing director at Zelman & Associates, a housing research firm. Housing inflation, he added, “is not slowing at the rate that we expected or anyone expected.”Those expectations were based on private-sector data from real estate websites like Zillow and Apartment List and other private companies showing that rents have barely been rising recently and have been falling outright in some markets.

Persons: ”, Mark Franceski Organizations: Labor Department, Zelman, Associates

☆ Premarket stocks: Could the Federal Reserve rule out rate cuts in 2024?
▼ + stars: | 2024-02-22 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Now, some are wondering if the central bank might not cut rates at all in 2024. He expects the central bank to cut rates two to four times this year. Plus, there’s no official indication that the central bank won’t cut rates this year. • If the neutral interest rate, or the rate that maintains full employment and stable inflation, is revised upward closer to 3.5%. The neutral rate should be 2.5%, based on Fed officials’ estimates for the central bank’s key interest rate, inflation and unemployment.

Persons: stoked, Stocks, won’t pare, ”, Tom Graff, Jerome Powell, Oliver Darcy, “, Eddy, Apple’s, Read, Here’s what’s, Chris Isidore Organizations: CNN Business, Bell, New York CNN —, Federal Reserve, Deutsche Bank, Fed, Deutsche Bank economists, ” Apple, Wednesday, Apple Sports, NBA, NHL, MLS, NCAA, NFL, MLB, ESPN, Labor Department, Bureau of Labor Statistics, SAG Locations: New York, America

☆ Early recruitment for investment-banking internships left students scrambling this year. Here are 15 ways to get ahead of the ultra-competitive process.
▼ + stars: | 2024-02-22 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +22 min

But never had one come this early — one year and eight months ahead of said internship’s start date. While it has always been competitive, the investment banking summer internship process has gotten increasingly premature. As a result, wannabe financiers may want to start getting ready for the process as early as their freshman year. The Internship movieNetwork with upperclassmen firstNetworking is one of the most important aspects of getting a competitive investment banking internship. “A lot of kids don't realize they don't want to do it until they’ve done it for 10 weeks after the internship,” Sibley said.

Persons: Steve Sibley, ” Sibley, Goldman Sachs, Sibley, ”, —, they’re, it’s, you’ll, “, ’ inboxes, You’ll, ‘, ’, Goldman, Don’t, Carlo Allegri, don’t, there's, might’ve, “ I’m, Sturti, you’re, It’s, you'll, would've Organizations: Indiana University’s Kelley School of Business, Business, “, Finance, Bank of America, Citi, BI, Investment, Excel, IB, LinkedIn, Goldman, Getty, Lazard, Reuters, I’m Locations: “, New York City, Manhattan, Chicago, Charlotte, Atlanta, Houston, New York

☆ Stocks in Japan Hit Record High, Surpassing 1989 Peak
▼ + stars: | 2024-02-22 | by ( Joe Rennison | Jason Karaian | ) www.nytimes.com time to read: +1 min

Stocks in Japan have looked cheap because of a weak yen, which has been a boon to exporters that make their profits overseas. Important changes to the corporate sector have also given shareholders more rights, allowing them to push for changes that favor their stock holdings. Earnings at large Japanese companies are set to rise by more than 40 percent in their latest quarterly results, according to Goldman Sachs. The biggest companies, like Toyota and SoftBank, have also reported some of the biggest earnings surprises, the bank’s analysts noted. Toyota recently rose to a record market value for a Japanese company, about $330 billion, surpassing the mark set in 1987 by the telecom conglomerate NTT.

Persons: haven’t, Goldman Sachs Organizations: Japan Exchange Group, Toyota, NTT Locations: Japan, China

☆ The odds of no interest-rate cuts in 2024 are growing
▼ + stars: | 2024-02-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today’s big story, we’re looking at the chances of there being no rate cuts this year, and how the markets would react. What's on deck:This story is available exclusively to Business Insider subscribers. The big storyCuts are canceledAaron Schwartz/Xinhua via Getty ImagesDon't count your chickens before they hatch and don't price in your rate cuts before they materialize. Last December, Fed Chair Jerome Powell signaled that three cuts were on the table for 2024, which he reiterated earlier this month. AdvertisementBonds could struggle, though, with further delays on rate cuts raising the risk that debt markets suffer another meltdown like they did last fall.

Persons: —, Mark Zuckerberg, Aaron Schwartz, ”, won’t, Jerome Powell, Phil Rosen, There's, BI’s Yuheng Zhan, NYCB’s, Ark's Cathie Wood, Paul Judge, Tessa Flippin, Claude Grunitzky, Gayle Jennings O'Byrne, Black VCs, Masayoshi Son, OpenAI’s, Jenny Chang, Rodriguez, Vladimir Putin, Donald Trump, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, UFC, Business, Xinhua, Getty, Federal, Paramount, Fed, Big Tech, JPMorgan Private Bank, Discover, Discover Financial, Nvidia, Opportunity, Equity Alliance, Wocstar Fund, Opportunity Fund, Equity Alliance Wocstar, Google, Walmart, Pandora, Home Locations: Japan, Ukraine, Moscow, Russia, Fox, New York, London, Chicago

☆ Higher-for-longer interest rates favor large companies over their smaller rivals in many ways
▼ + stars: | 2024-02-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

High interest rates squeeze companies of all sizes, but that’s especially the case for smaller firms, unlike large companies better equipped to weather the storm. Before the Bell: How do the effects of higher-for-longer interest rates on companies vary by size? I think it might be a stretch to say that M&A activity picks up because of higher interest rates, so instead, it’s that if good businesses are beginning to suffer because of higher interest rates, then they might be more likely to be a target. Gas prices always rise as winter winds down because demand increases and gas stations must switch over to more expensive summer fuel. No matter the cause, rising gas prices are bad news for consumers already frustrated by the cost of living.

Persons: It’s, Bell, Lauren Goodwin, Matt Egan, ”, Patrick De Haan, doesn’t, ” Read, Raphael Bostic, Michelle Bowman, Philip Jefferson, Patrick Harker, Lisa Cook, Neel Kashkari, Christopher Waller Organizations: CNN Business, Bell, DC CNN, Federal Reserve, New York Life Investments, AAA, ’, HSBC, Walmart, Home Depot, Barclays, Caesars Entertainment, Nvidia, Rivian, Fidelity, Marriott, Intuit, Pacific Gas & Electric, Global, Chicago Fed, US Labor Department, National Association of Realtors, Warner Bros ., Icahn Enterprises Locations: Washington, Wingstop, United States

In addition to the $355 million penalty — payback of what the judge deemed “ill-gotten gains” from his spurious financial statements — Trump is required to pay interest on that amount. James’ office calculates that, to date, Trump owes an additional $98.6 million in interest, bringing his total penalty to $453.5 million. Trump used $170 million of the $375 million to pay off a loan on the property. — $60 million, plus interest, from selling the rights to manage a New York City golf course in June 2023. Trump testified that regardless of what his financial statements said, banks did their own due diligence and would’ve qualified him for the loans anyway.

Persons: Donald Trump, “, ”, Arthur Engoron, Letitia James, who’s, Trump, who's, Friday's, what's, Engoron, James ’, Allen Weisselberg, Jeffrey McConney, — Trump, Eric, Donald Trump Jr, Donald Jr, untethered, ” Trump, Christopher Kise, would’ve, James, Engoron’s, Barbara Jones, Michael Cohen, Cohen, —, Forbes, Trump “, ” Engoron, Michael Cohen's Organizations: Republican, Trump, Trump Organization, longtime Trump Organization, TRUMP, New, Deutsche, Trump International Hotel, Waldorf, Bally's Corporation, Trump Organization finance, Division, Democrat Locations: New York, New, Manhattan, Lago, Florida, Miami, Chicago, Washington, New York City, Engoron’s, York, Trump

A New York judge on Friday ordered former President Donald Trump to pay $364 million in damages for fraud he committed by inflating his net worth to obtain favorable treatment from banks and insurers. The blistering 92-page ruling from Judge Arthur Engoron was replete with references to the brazen nature of the misdeeds of Trump, his adult sons and his business organization. Here are nine key quotes from Engoron’s ruling. The frauds found here leap off the page and shock the conscience.”On the reaction of Trump and his adult sons:“Their complete lack of contrition and remorse borders on pathological. Donald Trump is not Bernard Madoff.

Persons: Donald Trump, Judge Arthur Engoron, Trump, Justice Potter Stewart, ”, “, Bernard Madoff, ’, “ Donald Trump, Trump’s, Ivanka Trump, Rosemary, ” Ivanka Trump, fraudsters, Eli Bartov’s, Bartov, “ John Shubin, Mr, Shubin, Robert Unell, Unell, Birney, Donald Trump’s, Whitley Penn, Donald Bender, Mazars, Allen Weisselberg doesn’t, Allen, Weisselberg Organizations: United States Supreme, Trump Organization, ”, Trump, Deutsche, OAG, trifles, Allen Weisselberg’s Locations: York, ”, New York, ’

☆ Why some investors don’t mind waiting longer for rate cuts
▼ + stars: | 2024-02-15 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

Stocks and bonds both sold off as investors painfully recalibrated their expectations for five to six interest rate cuts this year to align more with the Fed’s projected three cuts. For example, Yardeni Research has pushed back against the idea that immediate rate cuts are necessary to avoid the Fed overshooting on slowing the economy. Stocks wouldn’t crater even if cuts were off the table completely in 2024, according to Bank of America, despite what Tuesday’s losses suggest. “No cuts could stymie a full-fledged recovery in more credit-sensitive areas,” wrote BofA strategists in a note on February 9. That means regional lenders will no longer have that crutch if they run into trouble after the program’s expiration on March 11.

Persons: Jerome Powell, ”, Ed Yardeni, it’s, Marc Dizard, Allison Morrow, Bitcoin, bitcoin, Antoni Trenchev, ” Read, Alicia Wallace, Read Organizations: CNN Business, Bell, New York CNN, Wall, Federal Reserve, Traders, Fed, Federal Deposit Insurance Corporation, US Treasury, Valley Bank, Signature Bank, Yardeni Research, Bank of America, PNC Asset Management Group, Federal Reserve Bank of New, New York Fed, Liberty Street Economics, , New York Fed Locations: New York, pare, Federal Reserve Bank of New York, , New

☆ Mortgage rates rise for the second week, reaching 6.77%
▼ + stars: | 2024-02-15 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —After treading water for months, US mortgage rates jumped higher Thursday following a string of strong employment and inflation reports. “On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, Freddie Mac’s chief economist. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The addition of needed inventory and the prospect of lower mortgage rates this year may spur buyers to jump into the market. “This spring, buyers are likely to see lower mortgage rates than in the fall of 2023, which may mean more eager buyers in the market,” Jones said.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit, Broeksmit, Jerome Powell, Hanna Jones, who’ve, Lisa Sturtevant, Jones, Alicia Huey, ” Jones Organizations: DC CNN, “, Mortgage Bankers Association, Labor Department, Federal Reserve, Realtor.com, National Association of Home Builders Locations: Washington, ”

☆ The Fed can still break markets. Here’s how
▼ + stars: | 2024-02-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Those gains came even as Federal Reserve officials attempted to reduce investors’ lofty expectations for a plethora of interest rate cuts this year. It is now signaling that interest rates could come this year but not until spring or summer. That means they think the Fed is keeping interest rates too high and could potentially slow down economic growth too much and risk a recession. That makes the NFL and the Super Bowl all the more valuable to advertisers trying to reach a mass market. Li-Lac Chocolates, which calls itself the oldest chocolate shop in Manhattan, told CNN that their raw chocolate prices are up 13% this February compared to a year ago.

Persons: Torsten Slok, Jerome Powell, Raphael Bostic, Olivier Darcy, Sunday’s, CNN’s John Towfighi, ”, Michele Buck Organizations: CNN Business, Bell, New York CNN, Big Tech, Federal Reserve, Investors, Nasdaq, Federal, Apollo Global Management, National Association for Business, Atlanta Fed, CNN, Kansas City Chiefs, San Francisco 49ers, CBS, Chiefs, Philadelphia Eagles, NFL, Allegiant, NFC, Fox, AFC, Super Bowl, Companies, Hershey Co Locations: New York, There’s, Las Vegas, West Africa, North America, Manhattan

The most common measure of inflation, the CPI is expected to have fallen to 2.9% annually from 3.4% while the core CPI, excluding food and energy costs, is forecast to have declined to a 3.7% rate from 3.9% in December. Year-end revisions to 2023 CPI data, released last Friday, showed inflation was actually slightly lower on a monthly basis in December than earlier estimated. “But ‘generally’ doesn’t necessarily mean linear or consistent – there could very well be bumps ahead.”“Core inflation today is being primarily driven by shelter and wage-sensitive core services,” Lin added. Headier growth could mean prices will take longer to revert back to the 2% annual inflation target set by the Federal Reserve. The day also brings the first reading on consumer sentiment for February from the University of Michigan’s key index.

Persons: ”, BeiChen Lin, ” Lin, Jerome Powell, David Andolfatto, Louis, “, Bill Adams, Waran Organizations: Russell Investments, Economic, Federal Reserve Bank, Atlanta’s, Federal Reserve, Research, Miami Herbert Business School, University of Miami, Federal Reserve Bank of St, University of, Comerica Bank, “ Locations: U.S

☆ Why do people keep uninsured money in banks?
▼ + stars: | 2024-02-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Somehow, the same issue plaguing last year’s failed banks is back in focus at the latest bank in crisis: massive loads of uninsured deposits. To be sure, the risk isn’t anywhere close to that of the banks that failed last year: About 94% of domestic deposits at Silicon Valley Bank were uninsured and 90% of Signature Bank’s deposits were uninsured, according to the Federal Reserve. The money is guaranteed by the Federal Deposit Insurance Corporation, which is funded by fees paid by major US banks. About 40% of all money in the US, or $8 trillion, sitting in banks is uninsured, said Lawrence White, a professor at New York University’s Stern School of Business. “It also risks violating the FDIC’s statutory requirement to resolve failed banks and protect insured depositors in the least expensive way possible.”Sometimes, he said, rescuing those uninsured depositors may be the cheapest way to protect insured depositors at banks.

Persons: NYCB, Brian Snyder, James Lee, David Wessel, Lawrence White, University’s, Banks, Ting Shen, ”, Kori Suzuki, JPMorgan Chase, Michael Ohlrogge, Maxine Waters, Elizabeth Warren, “ Organizations: New, New York CNN, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Bank, Xinhua, Federal Deposit Insurance Corporation, FDIC, Reuters, Brookings Institution, International Monetary Fund, University’s Stern School of Business, US Treasury, Bloomberg, Getty, Securities and Exchange Commission, Valley Bank, Signature Bank, JPMorgan, Bank of America, Citigroup, First Republic Bank, New York University’s School of Law, Financial Services, Banking Committee, CBS, Bank Coalition of America Locations: New York, Silicon, United States, New, ”, Washington , DC, San Francisco , California, Sen

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