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☆ Fed on schedule to pause in September: Dreyfus and Mellon's Vincent Reinhart
▼ + stars: | 2023-09-13 | 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 EmailFed on schedule to pause in September: Dreyfus and Mellon's Vincent ReinhartVincent Reinhart, Dreyfus and Mellon chief economist and macro strategist, joins 'Squawk on the Street' to discuss the August CPI print's impact on interest rates, what to expect from the Fed's next meeting, and more.

Persons: Dreyfus, Mellon's Vincent Reinhart Vincent Reinhart Organizations: Fed, Mellon

☆ Explore How Income Influences Attendance at 139 Top Colleges
▼ + stars: | 2023-09-11 | by ( Aatish Bhatia | Claire Cain Miller | ) www.nytimes.com time to read: +8 min

Explore How Income Influences Attendance at 139 Top CollegesAt many selective private colleges, being very rich is a door to entry — students with parents earning in the top 1 percent attend at much higher rates than other similarly qualified students, new data shows. The data is available for 139 colleges, including the top private colleges according to Barron’s and many of the top public and private colleges in U.S. News & World Report. The researchers also had access to internal admissions data for several of the most elite private colleges. In much of the next tier of elite private colleges, rich students have a similar advantage. Even though college attendance rises with parental income, when it comes to educating the majority of America’s four-year college students, public universities play a vital role — regardless of how much their parents make.

Persons: Raj Chetty, Deming, Friedman, Professor Chetty, John N . Friedman of Brown, David J . Deming, ”, Jesse Rothstein, Chetty, They’re Organizations: U.S . News, Harvard, Dartmouth, Chetty, Ivy League, University of California, Stony Brook University, Carnegie Mellon Locations: U.S, Dartmouth, Georgetown, Berkeley, Los Angeles, California, Swarthmore, Wellesley

☆ Affirmative Action Is Still in Effect. For Men.
▼ + stars: | 2023-09-08 | by ( Susan Dominus | More About Susan Dominus | ) www.nytimes.com time to read: +4 min

The trend continued upward, so much so that by 1999 some universities had admissions policies that explicitly favored men. In doing so, the school managed to maintain a ratio of 45 percent men to 55 percent women. The young women’s lawyers argued that the extra points for men violated both the equal-protection clause and Title IX, which guarantees equal educational opportunities for men and women. But Title IX does not prohibit gender-based affirmative action in admissions at all schools. That Title IX exemption still stands, allowing private colleges and universities to privilege men during the admissions process.

Persons: Katie Lew, Marie Bigham, Pérez, ’ ”, — that’s, ”, Sourav Guha, “, You’d, ’ ” Jason England Organizations: University of Georgia, Georgia, system’s, Regents, Princeton, Trinity College, National Association for College, ”, Wesleyan University, Carnegie Mellon, Wesleyan

☆ BNY Mellon's Jolly: Tactically, it's still a very challenging market
▼ + stars: | 2023-09-07 | 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 EmailBNY Mellon's Jolly: Tactically, it's still a very challenging marketJake Jolly, BNY Mellon Investment Management head of investment analysis, joins 'Squawk Box' to discuss where we are with the markets, Jolly's expectations for a soft landing from inflation, and how the strategist considers the employment picture.

Persons: Jolly, Jake Jolly Organizations: Mellon Investment Management

☆ US banks hoard $3.3 trillion in cash amid fears of an economic slump
▼ + stars: | 2023-09-06 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Since the collapse of SVB and Signature Bank in March, US banks have become cautious on lending. They're holding a cash pile of $3.3 trillion amid fears of an economic slowdown, Reuters reported. The sector remains subdued after Moody's slashed the credit ratings on 10 US banks in August. US banks are now holding back almost $3.3 trillion in cash amid fears of an economic slowdown, ongoing deposit withdrawals, and stricter liquidity rules, Reuters reported. The banking sector has remained subdued this year and was hit with a ratings downgrade in August.

Persons: Moody's, David Fanger Organizations: Signature Bank, Service, Silicon Valley Bank, Reuters, Moody's, BNY Mellon, US Bancorp Locations: Wall, Silicon

☆ Cross-Cultural Exchanges from Vietnam, Ethiopia, the Caribbean
▼ + stars: | 2023-09-02 | by ( Holland Cotter | More About Holland Cotter | ) www.nytimes.com time to read: +1 min

Never has “silence” been more resounding. (Chacon went on to win the Pulitzer Prize in music last year.) My 2023-24 go-to list includes other potentially horizon-expanding group shows, all historical. During the “global” moment a few decades back New York museums, large and small, regularly gave us valuable introductory samplings of unfamiliar (here, anyway) contemporary work from Asia. “Only the Young: Experimental Art in Korea, 1960s-1970s” at the Guggenheim Museum (Sept. 1-Jan. 7) is in the line of such shows and welcome in the present international spotlighting of Korean culture.

Persons: Harry Smith ”, Raven Chacon, ”, Chacon Organizations: Whitney Museum of American, Miller Institute for Contemporary Art, Carnegie Mellon University, Dakota, Pipeline, “, Guggenheim Museum Locations: Pittsburgh, New York, Asia, Korea

☆ Wall St Week Ahead Investors lower outlook for consumers as student loans, credit card debts pile up
▼ + stars: | 2023-09-01 | by ( David Randall | ) www.reuters.com time to read: +5 min

"The U.S. consumer is on thin ice coming into the final stretch of 2023," said Emily Roland, co-chief investment strategist at John Hancock Investment Management. Further declines in the labor market will likely act as a double-edged sword for investors, relieving some inflation pressures while weighing on consumer spending. Overall consumer spending rose slightly more than expected in August, while the savings rate fell to its lowest since November 2022, the Commerce Department said on Thursday. Betting against the consumer spending has so far been a losing wager. (This story has been corrected to say BNY Mellon Investment Management, not BNY Mellon, in paragraph 10)Reporting by David Randall; editing by Megan Davies and Andy SullivanOur Standards: The Thomson Reuters Trust Principles.

Persons: Caitlin Ochs, Nordstrom, Macy's, Emily Roland, Jake Jolly, Gregory Daco, Young, Jason Draho, Sandy Villere, Mellon, David Randall, Megan Davies, Andy Sullivan Organizations: New York Stock Exchange, REUTERS, Apollo Group . Department, John Hancock Investment Management, of Labor Statistics, Commerce Department, BNY Mellon Investment Management, Treasury, Ernst, Atlanta Fed's, UBS Global Wealth Management, Royal Caribbean Cruises, Villere, Thomson Locations: New York City, Russia, Ukraine, New York, U.S

☆ Dollar unlikely to lose global dominance soon even as BRICS expand, BNY Mellon says
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 1 (Reuters) - The dollar is unlikely to lose its status as the global reserve currency anytime soon, even as the expansion of the BRICS group of developing nations signals another challenge to the dollar's dominance in the world economy, BNY Mellon said in a note. One of the objectives of the BRICS is to find an alternative to the dollar, BNY noted in a report published on Friday. Adding Saudi Arabia, the UAE, and Iran, to the BRICS meanwhile would include three of the world’s largest oil exporters and make up 42% of global oil supply. Still, BNY Mellon added this would not be enough to challenge the dollar's dominance. "The USD is unlikely to lose its global reserve status anytime soon – new currency unions should look to technology or green baskets, rather than gold- or carbon-based ones," said Bob Savage, head of markets, strategy and insights at BNY Mellon wrote.

Persons: BNY Mellon, BNY, Bob Savage, Savage, Dhara Ranasinghe, Amanda Cooper Organizations: United Arab Emirates, BNY, Thomson Locations: Brazil, Russia, India, China, South Africa, Iran, Argentina, Saudi Arabia, UAE, Ethiopia, Egypt, Johannesburg

☆ Tesla ordered by auto regulators to provide data on 'Elon mode' Autopilot configuration
▼ + stars: | 2023-08-30 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Tesla has received a special order from federal automotive safety regulators requiring the company to provide extensive data about its driver assistance and driver monitoring systems, and a once secret configuration for these known as "Elon mode." If the driver leaves the steering wheel unattended for too long, the "nag" escalates to a beeping noise. As CNBC previously reported, with the "Elon mode" configuration enabled, Tesla can allow a driver to use the company's Autopilot, FSD or FSD Beta systems without the so-called "nag." Tesla CEO Elon Musk who also owns and runs the social network X, formerly Twitter, often implies Tesla vehicles are self-driving. His use of Tesla's systems would likely comprise a violation of the company's own terms of use for Autopilot, FSD and FSD Beta, according to Greg Lindsay, an Urban Tech fellow at Cornell.

Persons: Elon Musk, Porte, Tesla, Elon, John Donaldson, Philip Koopman, Koopman, Ann Carlson, Ashok Elluswamy, Greg Lindsay, Grep, Bruno Bowden, Musk Organizations: SpaceX, Twitter, Porte de, CNBC, Traffic Safety Administration, Bloomberg, NHTSA, Automotive, Carnegie Mellon University, California DMV, FSD, Urban Tech, Cornell Locations: Paris, California

[1/2] A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. A lawyer for BNY Mellon also declined to comment. They have long said their contracts shielded them from liability for RMBS losses, and that particularly sophisticated investors should have known the risks. In its December 2015 complaint, Commerzbank accused BNY Mellon of sitting "idly" as losses piled up, rather than force lenders to buy back and servicers to address troubled loans. The case is Commerzbank AG v. The Bank of New York Mellon et al, U.S. District Court, Southern District of New York, No.

Persons: Brendan McDermid, Germany's, George Daniels, Commerzbank's, Dave Wollmuth, BNY Mellon, Commerzbank, Daniels, The Bank of New York Mellon, Jonathan Stempel, Grant McCool Organizations: REUTERS, Bank of New York Mellon, District, BNY Mellon, Countrywide, NovaStar, BNY, New York, CDO, Commerzbank, The Bank of New York, Court, Southern District of, Thomson Locations: New, U.S, Manhattan, Barrington, Southern District, Southern District of New York, New York

☆ AI could 'turn good jobs into bad jobs'—3 labor historians on what the future of work might hold
▼ + stars: | 2023-08-28 | by ( Gili Malinsky | ) www.cnbc.com time to read: +6 min

Google and Microsoft are currently testing out their own generative AI tools as well. History could help predict how generative AI "might actually influence or change work in the future," says Benanav. Tech could 'turn good jobs into bad jobs'Generative AI could change the nature and parameters of certain jobs. Introducing new tech into the process has been a way "to turn good jobs into bad jobs," he says. A recent analysis by Goldman Sachs found that, globally, 300 million jobs could be lost to generative AI.

Persons: Aaron Benanav, Felix Koenig, Jason Resnikoff, Resnikoff, who've, there'd, You'd, Koenig, Goldman Sachs, ZipRecruiter Organizations: SAG, Guild of America, HBO, National Union Solidarity, Google, Microsoft, Technology, Syracuse University, Carnegie Mellon University, Pew Research Center, University of Groningen Locations: New York City, Netherlands

☆ US consumer spending is expected to cool further but not fall off a cliff
▼ + stars: | 2023-08-27 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Investors and economists are bullish that consumer spending, the US economy’s main engine, won’t deteriorate too much, which should help stocks avoid a massive sell-off this year. The US Labor Department releases July figures on job openings, quits, hires and layoffs. The US Commerce Department releases July data on household spending, income and the Fed’s preferred inflation gauge. The US Labor Department reports the number of new applications for jobless benefits in the week ended Aug. 26. Friday: The US Labor Department releases August figures on the labor market, including monthly payroll gains, wage growth, and the unemployment rate.

Persons: “ We’re, we’ve, ” Matthew Palazzolo, we’re, We’re, ” Palazzolo, pare, It’s, Biden, Jerome Powell, Sinead Colton Grant, Anna Cooban Organizations: CNN Business, Bell, DC CNN, Federal Reserve, US, Bernstein Private Wealth Management, CNN, Nvidia, Research, Fed, Kansas City, San Francisco Fed, Mellon, International Monetary Fund, Global, US Labor Department, Board, US Commerce Department, National Association of Realtors, China’s National Bureau of Statistics, P Global, Institute for Supply Management Locations: Washington, Wells Fargo, Jackson Hole , Wyoming, American, Germany, Europe, Berlin

☆ Here's why trillions of dollars in money market funds may not restart the stock market rally
▼ + stars: | 2023-08-25 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +6 min

The 2023 stock market rally caught many investors off guard, with mountains of excess cash sitting in money market funds. "Money market balances are building up, which is unusual given how much the stock market has rallied recently. And history suggests that money market funds are not always fuel for a buy-the-dip trend to support a late-stage rally. Through that lens, the growth of money market funds in 2023 can also be linked to the regional bank crisis earlier this year. Clissold said discussions with wealth advisory clients suggest that "some of that money market fund money does leak into the stock market," albeit over time.

Persons: Emmanuel Cau, Callie Cox, Cox, Todd Sohn, Sohn, Ed Clissold, Ned Davis, Clissold, John Tobin, Dreyfus, I'm, corporates, Tobin Organizations: Bank of America, EPFR, Investment Company Institute, Nasdaq, Barclays, Money, Federal Reserve, Ned, Ned Davis Research, BNY Mellon Investment Management, CIO Locations: U.S

☆ Leaving the office for dead may haunt investors
▼ + stars: | 2023-08-23 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

Those moves may herald a requirement for a return to a five-day office week. Average office attendance is only 35%, according to AWA, a consultancy that studied companies in 22 countries during April and May of 2023. Still, a mass exodus of tenants is unlikely as office leases in financial districts like London’s Canary Wharf have around 10 years left. But investors fear that once leases come up for renewal, companies will cull space. If bosses have it their way, office stocks may come back from the dead.

Persons: France’s, BNY Mellon, Jamie Dimon, “, ” BNY Mellon, Francesco Guerrera, Streisand Neto Organizations: Reuters, Boston Properties, Google, JPMorgan, . Tech, Communications, Reuters Graphics, AWA, Alexandria Real, Thomson Locations: London , New York, San Francisco, London, U.S, Alexandria, Britain

☆ S&P downgrades multiple US banks citing 'tough' operating conditions
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

S&P downgraded the ratings of Associated Banc-Corp (ASB.N) and Valley National Bancorp (VLY.O) on funding risks and a higher reliance on brokered deposits. It also downgraded UMB Financial Corp (UMBF.O), Comerica Bank (CMA.N) and Keycorp (KEY.N), citing large deposit outflows and prevailing higher interest rates. A sharp rise in interest rates is weighing on many U.S. banks' funding and liquidity, S&P said in a summarized note, adding that deposits held by Federal Deposit Insurance Corp (FDIC)-insured banks will continue to decline as long as the Federal Reserve is "quantitatively tightening." The rating agency also downgraded the outlook of S&T Bank and River City Bank to negative from stable on high commercial real estate (CRE) exposure among other factors. Reporting by Gokul Pisharody in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Moody's, Bank of New York Mellon BK.N, Gokul, Akanksha Khushi, Varun Organizations: Global, National Bancorp, UMB Financial Corp, Comerica Bank, Federal Deposit Insurance Corp, Federal, T Bank, City Bank, Bank of New York Mellon, US Bancorp, Truist, Silicon Valley Bank, Signature Bank, Thomson Locations: New York City, U.S, Silicon, Bengaluru

☆ S&P downgrades multiple U.S. banks citing 'tough' operating conditions
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: +1 min

S&P Global on Monday cut credit ratings and revised its outlook for multiple U.S. banks, following a similar move by Moody's, warning that funding risks and weaker profitability will likely test the sector's credit strength. S&P downgraded the ratings of Associated Banc-Corp and Valley National Bancorp on funding risks and a higher reliance on brokered deposits. It also downgraded UMB Financial Corp , Comerica Bank and Keycorp , citing large deposit outflows and prevailing higher interest rates. A sharp rise in interest rates is weighing on many U.S. banks' funding and liquidity, S&P said in a summarized note, adding that deposits held by Federal Deposit Insurance Corp-insured banks will continue to decline as long as the Federal Reserve is "quantitatively tightening." The rating agency also downgraded the outlook of S&T Bank and River City Bank to negative from stable on high commercial real estate exposure among other factors.

Persons: Moody's Organizations: Global, Corp, National Bancorp, UMB Financial Corp, Comerica Bank, Keycorp, Federal Deposit Insurance Corp, Federal, T Bank, City Bank, Bank of New York Mellon, US Bancorp, Truist, Silicon Valley Bank, Signature Bank Locations: Silicon, U.S

☆ These banks are solid and cheap. But here's why investors should be cautious
▼ + stars: | 2023-08-22 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

But the Club is exercising caution when it comes to our two bank names: Wells Fargo (WFC) and Morgan Stanley (MS). Shares of Wells Fargo and Morgan Stanley have lost 8.52% and 13.73%, respectively, during the same period. Still, big banks will ultimately be able to manage any new regulatory hurdles, Oppenheimer's Chris Kotowski told CNBC. For Wells Fargo, the company is buying back the most stock of any of the big banks. A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: Wells, Morgan Stanley, Jim Cramer, Banks, Moody's, Chris Kotowski, Oppenheimer, Jim, Morgan, Charles Scharf, Jim Cramer's, JPMorgan, Goldman Sachs Organizations: Silicon Valley Bank, Wells, Valley Bank, UBS Group, UBS, Credit Suisse, Federal Reserve, Street, Bank of New York Mellon, BK, P Global, CNBC, Club, Big Tech, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: Wells Fargo, Silicon, U.S

The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Aug 22 (Reuters) - Shares of Charles Schwab (SCHW.N) fell by nearly 5% to a one-month low on Tuesday after the U.S. brokerage unveiled a cost-cutting plan that came with steep one-time charges. Charles Schwab announced on Monday that it planned to layoff staff and close or downsize some corporate offices to save about $500 million. But Charles Schwab is expected to incur one-time charges of up to $500 million from the cost-cutting measure, potentially dampening its profit in the second half of this year. Charles Schwab's stock fell as much as 5.3% to $56.26, the lowest level since July and the biggest one-day percentage drop since March.

Persons: Charles Schwab, Brendan McDermid, Charles Schwab's, Morningstar, Michael Wong, Chibuike Oguh, Lisa Shumaker Organizations: REUTERS, State, Northern Trust, Bank of New York Mellon, U.S . Federal Reserve, Thomson Locations: New York, U.S, Northern

☆ Will Chinese deflation help cure the West’s inflation problem?
▼ + stars: | 2023-08-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —The Chinese economy has hit a rough patch. What’s happening: Chinese consumer spending, factory production and investments in long-term assets like property or machinery all slumped last month. On Monday, the Chinese government surprised investors by deciding not to cut an important interest rate that influences mortgages. The beauty company is “mindful of the headwinds that have emerged in China’s economy,” said the report. And even still, many regional banks have struggled to prevent deposit outflows.

Persons: ”, Jason Pride, Michael Reynolds, Lisa Shalett, Edward Moya, Estee Lauder, Moya, “, Elisabeth Buchwald, Moody’s, ‘ Barbie ’, “ Barbie ”, Jordan Valinsky, Greta Gerwig, “ Oppenheimer, “ Barbie Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Morgan Stanley Wealth Management, European, Apple, Intel, Ford, Starbucks, Nike, Saudi, Comerica Inc, National Bancorp, UMB Financial Corp, Bank of New York Mellon, State, Northern Trust, & $ Locations: New York, China, Europe, Beijing, Asia, Russia, Saudi Arabia, Silicon

☆ S&P downgrades five US banks following Moody’s lead
▼ + stars: | 2023-08-21 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +1 min

New York CNN —S&P Global Ratings downgraded five regional US banks by one notch and signaled a negative outlook for several others on Monday. Following the banking turmoil earlier this year that began with Silicon Valley Bank’s collapse, many regional banks have had to pay higher interest rates on deposits to keep customers from pulling their funds. And even still, many regional banks have struggled to prevent deposit outflows. Overall, 90% of the banks S&P rates have stable outlooks. The remaining 10% have negative outlooks and none have positive outlooks, S&P said Monday.

Persons: New York CNN —, Moody’s Organizations: New, New York CNN, Comerica Inc, National Bancorp, UMB Financial Corp, Bank of New York Mellon, State, Northern Trust, & $ Locations: New York, Silicon

☆ The No. 1 'underused' skill highly successful people share, says Harvard-trained career coach: 'It's really not that hard'
▼ + stars: | 2023-08-18 | by ( Ashton Jackson | ) www.cnbc.com time to read: +2 min

Highly successful people possess a skill that helps them get and stay ahead, says a Harvard-trained executive coach: They listen with curiosity. "It's really not that hard," Muriel Wilkins, co-founder of leadership consulting firm Paravis Partners, recently told the "Radical Candor" podcast. Listening is the biggest and the most underused skill that helps drive empathy, and a lot of other things as well." Nearly all (96%) professionals consider themselves to be good listeners, according to 2015 research from Accenture, a IT consulting company. However, 50% of adults don't recall what they hear only moments after hearing it, a 2013 Carnegie Mellon study reported.

Persons: Muriel Wilkins, Wilkins, they've, Everette Taylor, Taylor, Warren Buffett Organizations: Harvard, Paravis Partners, Accenture, Carnegie Mellon, American Psychological Association, Harvard University, Catalyst, CNBC

☆ We can have a correction in the market without going into recession: BNY Mellon's Catherine Keating
▼ + stars: | 2023-08-18 | 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 EmailWe can have a correction in the market without going into recession: BNY Mellon's Catherine KeatingCatherine Keating, BNY Mellon Wealth Management CEO, joins 'Squawk Box' to discuss the latest market trends, inflation and interest rate outlook, Treasury yields, and more.

Persons: Mellon's Catherine Keating Catherine Keating Organizations: BNY Mellon Wealth Management

☆ On Our National Mall, New Monuments Tell New Stories
▼ + stars: | 2023-08-17 | by ( Blake Gopnik | ) www.nytimes.com time to read: +2 min

Combine those three terms, and you often end up in a glorious muddle. For just one month, Friday, Aug. 18 through Sept. 18, the National Mall will be hosting “Pulling Together,” an open-air exhibition that tests what works best, or fails least, when artists, publics and monuments are brought together. “Pulling Together” makes room for monuments that talk, for instance, about Black church leaders with AIDS, about the schoolchildren who cut through Washington’s color line, and about Asian migration after America’s war in Vietnam. (One shocking absence: art that addresses the sexism undermining half the world’s humans. The show is planned as the first installment in “Beyond Granite,” a series of temporary public projects led by the Trust for the National Mall with the National Capital Planning Commission and the National Park Service.

Persons: Paul Farber, Salamishah Tillet, Lincoln, Farber Organizations: Art, AIDS, Trust, National Capital Planning Commission, National Park Service, Rutgers University, The New York Times, Mellon Foundation Locations: Vietnam, Philadelphia

☆ Yen treads on intervention zone; kiwi, Aussie dlrs hit by China woes
▼ + stars: | 2023-08-16 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. The Aussie bottomed at $0.6440, while the kiwi slid to a low of $0.5939, ahead of a rate decision by the Reserve Bank of New Zealand later on Wednesday. "But where we are at the moment, I think the jawboning will continue but I'm not convinced that we'll see intervention." The greenback predictably rode Treasury yields higher, with the dollar index ekeing out a slight gain to 103.22. The euro was little changed at $1.0902, while sterling dipped 0.05% to $1.2696, ahead of UK inflation data due later on Wednesday.

Persons: Florence Lo, Aninda Mitra, Shunichi Suzuki, Ray Attrill, I'm, Rae Wee, Shri Navaratnam Organizations: REUTERS, Rights, New, Reserve Bank of New, People's Bank of, BNY Mellon Investment Management, Finance, National Australia Bank, Federal Reserve, Treasury, Thomson Locations: Asia, Beijing, China, New Zealand, Reserve Bank of New Zealand, People's Bank of China, Japan

☆ Yen treads on intervention zone; kiwi, Aussie dollars hit by China woes
▼ + stars: | 2023-08-16 | by ( ) www.cnbc.com time to read: +3 min

The China gloom saw the Australian and New Zealand dollars, often used as liquid proxies for the yuan, tumbling to their lowest levels since November in early Asia trade. The Aussie bottomed at $0.6440, while the kiwi slid to a low of $0.5939, ahead of a rate decision by the Reserve Bank of New Zealand later on Wednesday. "But where we are at the moment, I think the jawboning will continue but I'm not convinced that we'll see intervention." The greenback predictably rode Treasury yields higher, with the dollar index eking out a slight gain to 103.22. The euro was little changed at $1.0902, while sterling dipped 0.05% to $1.2696, ahead of U.K. inflation data due later on Wednesday.

Persons: Aninda Mitra, Shunichi Suzuki, Ray Attrill, I'm Organizations: New, Reserve Bank of New, People's Bank of, BNY Mellon Investment Management, Finance, National Australia Bank, Federal Reserve, Treasury Locations: Asia, Beijing, China, New Zealand, Reserve Bank of New Zealand, People's Bank of China, Japan

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