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☆ NY Fed finds softer inflation expectations in October
▼ + stars: | 2023-11-13 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

A woman passes by The Federal Reserve Bank of New York in New York City, U.S., March 13, 2023. The relative stability of New York Fed expectations data contrasts with that seen in the University of Michigan Consumer Sentiment Survey. It found in November a rise in year-ahead expected inflation to 4.4% from 4.2% in October, with five-year expected inflation up to 3.2%, from October’s 3%. Over the last year and a half the Fed has aggressively raised rates in a bid to cool high inflation. But it kept alive the prospect of more action should inflation not fall further on the path back to 2%.

Persons: Brendan McDermid, there’s, Jerome Powell, Powell, ”, Michael S, Andrea Ricci Organizations: Federal Reserve Bank of New, REUTERS, Consumer, New, New York Fed, University of Michigan Consumer, University of Michigan, Federal, Committee, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, September’s, New York, York, October’s

☆ Morning Bid: Chip stocks cheered while the rest retreat
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 30, 2023. Monthly retail sales data is due on Wednesday but the country's Singles Day shopping extraganza over the weekend - equivalent to Black Friday sales elsewhere - recorded only meagre growth. A sub-index of tech shares remained firmly positive but another of mainland property developers slumped more than 1%. U.S. retail sales data is also due on Wednesday, preceded by CPI a day earlier. ECB President Christine Lagarde last week said that rates will stay restrictive at least for several quarters.

Persons: Kevin Buckland Chip, Christine Lagarde, Luis de Guindos, Catherine L, Mann, Huw Pill, BoE's Mann, Sweden SEB, Kevin Buckland, Edmund Klamann Organizations: REUTERS, Staff, Wall, Reuters, Nikkei, CPI, Federal Reserve, Finance, Bank of England, New York Fed, Thomson Locations: Frankfurt, Germany, China, Hong Kong, Elswhere, Sweden

☆ Morning Bid: Sidestepping Moody's rating twist
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. It's the last of the three major rating agencies to maintain a top rating for the U.S. Treasury as Fitch lowered its rating in August and S&P removed its AAA in 2011. On one level, there's some relief the AAA rating was maintained despite the darker outlook. And that would at least keep the Federal Reserve at bay despite its warnings last week that another rate hike was still on the table. Line chart with data from LSEG Eikon show the U.S. consumer price index inflation, core CPI inflation and federal funds target rate from Jan. 2019 to Sep. 2023.

Persons: Brendan McDermid, Mike Dolan, Fitch, William Foster, Mike Johnson, China's, Joe Biden, Xi Jinping, Suella Braverman, David Cameron, Lisa Cook, Bank of England policymaker Catherine Mann, Tyson, Henry Schein Organizations: New York Stock Exchange, REUTERS, U.S . Treasury, AAA, Reuters, . House, Republican, Treasury, Federal Reserve, Tyson Foods, Walmart, Bank of England, Moody's, U.S . AAA, Thomson Locations: New York City, U.S, Wall St, San Francisco, New York

The yield on the 10-year Treasury was up less than 1 basis point at at 4.63%. The 2-year Treasury yield was last trading at 5.058% after slipping four basis points. U.S. Treasury yields were little changed Monday, as investors considered the state of the economy and awaited key inflation data due out this week for indicators of monetary policy decisions ahead. On Friday, Moody's Investors Services lowered its U.S. credit rating outlook from stable to negative, citing fiscal deficits and political division as key factors. Meanwhile, several key data points that could inform the Federal Reserve's upcoming monetary policy plans are expected this week.

Persons: Jerome Powell, Powell Organizations: Treasury, U.S, Moody's Investors Services, Federal, New Locations: U.S, New York

☆ Most Americans think the economy should be in fairly good shape this time next year
▼ + stars: | 2023-11-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Consumers’ expectations for inflation one year and five years from now both dropped 0.1 percentage points from the month before, to land at 3.6% and 2.7%, respectively. However, median inflation expectations at the three-year horizon remained unchanged at 3%, a yearly high. On Friday, the University of Michigan’s closely watched consumer survey showed sentiment was waning about the current economic state and that inflation expectations ticked up over the long run. The median expected growth in household income ticked up a tenth of a percentage point to 3.1%. Overall, more respondents to the New York Fed survey said their households were better off than they were this time last year.

Persons: they’ll Organizations: Minneapolis CNN —, Federal Reserve Bank of New, Federal Reserve, Fed, University of Michigan’s, New Locations: Minneapolis, Federal Reserve Bank of New York, York

☆ New York Fed inflation expectations remain steady amid slowing earnings growth
▼ + stars: | 2023-11-13 | 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 EmailNew York Fed inflation expectations remain steady amid slowing earnings growthCNBC's Steve Liesman reports on the latest news from the New York Federal Reserve.

Persons: Steve Liesman Organizations: New, New York Federal Reserve

☆ The Fed is terrified Americans could get used to high inflation. It may already be happening.
▼ + stars: | 2023-11-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Fed officials don’t expect inflation to reach 2% until 2026, according to their latest economic projections released in September. If there’s one thing that would make the Fed quake in its boots, it would be worsening inflation expectations. The keyword there is “timely.”Sticky inflation could possibly “un-anchor” inflation expectations or elicit a consistent deterioration in Americans’ perception on inflation. “The Fed really just wants people to not expect inflation will run at 4% forever.”So what’s kept inflation expectations in check this long? For individuals and married people filing separately, the new federal standard deduction will increase to $14,600, up from $13,850 this year.

Persons: we’ve, Raphael Bostic, “, ” Luke Tilley, ”, Jerome Powell, presser, Powell, Michelle Bowman, Tilley, ” Drew Matus, what’s, Matus, “ They’re, Jeanne Sahadi, Lisa Cook, Phillip Jefferson, Michael Barr, Loretta Mester, Austan Goolsbee, John Williams, Christopher Waller, Mary Daly Organizations: DC CNN, Federal Reserve, Fed, University of Michigan’s, Atlanta Fed, Bloomberg, Investment Advisors, CNN, ”, New York Bankers Association, New York Fed, MetLife Investment Management, IRS, Tyson Foods, Depot, US Labor Department, National Federation of Independent Business, China’s National Bureau of Statistics, Target, National Statistics, US Commerce Department, Walmart, National Association of Home Builders, San Francisco Fed Locations: Washington, Wilmington, Palm Beach , Florida

☆ American consumers may be starting to buckle. Here are 5 warning signs a spending slowdown is on the horizon.
▼ + stars: | 2023-11-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Americans are saving lessThe personal savings rate slumped to 3.4% in September. That's well-below the pre-pandemic savings rate, when Americans were stashing away around 7% of their disposable personal income. Consumers aren't planning to splurge this holiday seasonAmericans are less likely to splurge this holiday season than last year. McKinsey & CompanyAmericans are looking less likely to splurge, even as they head into the holiday season. "Hiring for the holiday season is generally done in October, and adding up new jobs created in the BLS-defined holiday season retail sectors in the latest employment report shows that retailers expect a weaker holiday season," Apollo chief economist Torsten Slok said in a note on Tuesday.

Persons: Macquarie, Thierry Wizman, —, Wizman, Morgan Stanley, Torsten Slok Organizations: Service, Macquarie Global, New York Fed, Federal Reserve, San Francisco Fed, Conference, Conference Board, McKinsey & Company, McKinsey, Apollo, of Labor Statistics Holiday, Bureau of Labor Statistics, BLS Locations: York

☆ Wall Street will seek confirmation the Fed is done in next week's big inflation data
▼ + stars: | 2023-11-10 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Economists polled by FactSet expect U.S. inflation to have risen just 0.1% last month and 3.3% from the year-ago period. Cracks in consumer data Investors will also watch for the October retail sales data for insight into the consumer, who has thus far proven resilient even in the face of higher interest rates and inflation. Investors will also be watching for the October producer price index (PPI) data on Wednesday, as well as housing data on Friday. Monday Nov. 13 Earnings: Tyson Foods Tuesday Nov. 14 8:30 a.m. CPI (October) 8:30 a.m. Hourly Earnings final (October) 8:30 a.m. Average Workweek final (October) Earnings: Home Depot , Charles Schwab Wednesday Nov. 15 8:30 a.m.

Persons: Amy Magnotta, It's, There's, Gregory Daco, he'll, Ned Davis Research's, Joe Kalish, NDR's Kalish, Jeff Klingelhofer, Magnotta, Tyson, Charles Schwab, John Williams Organizations: Federal, Dow Jones Industrial, Nasdaq, Federal Reserve, Ategenos, FactSet, Thornburg Investment Management, Walmart, CPI, PPI, Retail, Palo Alto Networks, Price, Philadelphia Fed, Manufacturing, . New York Federal Reserve, . Kansas City Fed Manufacturing, Ross Stores, Body, Housing Locations: . New, NAHB, . Kansas, Bath

ICBC's U.S. unit told market participants on Friday it was hoping to finish the cyber review over the weekend, but the sources said they expected it would spill into next week. The cyberattack sent ripples through the U.S. Treasuries market, where ICBC acts as a broker for hedge funds and other market participants, helping them trade in the securities. The Chinese parent then injected capital into the U.S. unit, allowing it to settle the trades and pay back BNY Mellon, the sources said. They also told market participants about the capital injection but did not disclose the amount or the reason for it, the sources said. SIFMA, the trade group, organized calls for market participants with updates, the sources said.

Persons: Tingshu Wang, BNY Mellon, ransomware, ICBC, SIFMA, Janet Yellen, Lifeng, Scott Skyrm, Jack McIntyre, Harry Robertson, James Pearson, Naomi Rovinick, Yoruk, Davide Barbuscia, Chris Prentice, Mike Derby, Carolina Mandl, Laura Matthews, Paritosh, Zeba, Megan Davies, Dhara Ranasinghe, Alexander Smith, Richard Chang, Anna Driver Organizations: Asset Management, Fair for Trade, Services, REUTERS, Commercial Bank of China, U.S ., ICBC Financial Services, Securities Industry, Financial Markets Association, ICBC, Treasury, China, U.S, New York Federal Reserve, Securities, Depository Trust, Clearing Corp, Thomson Locations: Beijing, China, ICBC's U.S, U.S, San Francisco, Treasuries, Hong Kong, Shanghai, London, Amsterdam, Carolina, New York

Former U.S. President Donald Trump speaks on the day he attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., November 6, 2023. Engoron is unlikely to grant the request as he has already found that Trump and 10 of his businesses committed persistent fraud. However, Engoron's ruling covered only one of the seven fraud counts Trump faces. Trump, the frontrunner for the 2024 Republican presidential nomination, has testified along with his sons Donald Jr. and Eric Trump and daughter Ivanka Trump. The fraud trial is one of several legal battles Trump faces as he mounts a comeback bid for the White House.

Persons: Donald Trump, Shannon Stapleton, Donald Trump’s, Trump, Letitia James, Arthur Engoron, Donald Jr, Eric Trump, Ivanka Trump, James, Christopher Kise, There's, ” Kise, Engoron, they’re, Kise, Jack Queen, Luc Cohen, Jonathan Stempel, Andy Sullivan, Noeleen Waldeer, Lisa Shumaker, Alistair Bell Organizations: U.S, Trump Organization, Court, REUTERS, New, New York, Trump, White, Republican, Thomson Locations: New York, Manhattan, New York City, U.S, York

☆ Average credit card balances top $6,000, a 10-year high, as delinquencies rise
▼ + stars: | 2023-11-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Americans now owe $1.08 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. Credit card rates spiked more than 5% with the Federal Reserve's recent string of 11 rate hikes, including four in 2023. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. "Americans are addicted to credit cards, no question," said Howard Dvorkin, a certified public accountant and the chairman of Debt.com. How to tackle costly credit card debt

Persons: TransUnion, Charlie Wise, Wise, Greg McBride, Howard Dvorkin, Debt.com Organizations: Federal Reserve Bank of New, New York Fed, TransUnion, Federal, Finance, Bankrate, Debt.com Locations: Federal Reserve Bank of New York, TransUnion

“So many more people have credit cards now.”Wise says the main thing to watch for is how strapped consumers are in their overall financial condition. There are signs the consumer may still have a little left in the tank. And speaking of tanks, gas prices have been coming down, a move that will free up a little more money for consumers to spend. And this occurred while consumers repeatedly tell surveys they are feeling gloomy and pessimistic about the state of the economy. The pace of increase in consumer prices has fallen from around 9% annually in the summer of 2022 to under 4% now.

Persons: ”, Donghoon Lee, “, TransUnion, TrasnUnion, Charlie Wise, ” Wise, we’ve, ” Patrick De Haan, De Haan, Lisa Sturtevant, Goldman Sachs, Jan Hatzius, Joseph Brusuelas, Tuan Nyugen Organizations: Federal Reserve Bank of New York, New York Fed, TransUnion, “, MLS, Federal, ” Goldman, Adobe Locations: U.S, California

☆ US judge to weigh JPMorgan's $290 million settlement with Epstein accusers
▼ + stars: | 2023-11-09 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

The settlement covered more than 100 women, led by a former ballet dancer known as Jane Doe 1, who said Epstein abused them. It followed embarrassing disclosures that JPMorgan ignored internal warnings and overlooked red flags about Epstein because he had been a valuable client. JPMorgan in September agreed to pay $75 million to settle related claims by the U.S. Virgin Islands, where Epstein owned two islands. Rakoff on Oct. 20 gave final approval to a similar $75 million settlement between Epstein's accusers and Deutsche Bank (DBKGn.DE), where Epstein banked after JPMorgan fired him. Epstein died in a Manhattan jail cell in 2019 at age 66 while awaiting trial on sex trafficking charges.

Persons: Morgan, Stephanie Keith, JPMorgan Chase's, Jeffrey Epstein, Jed Rakoff, Epstein, Rakoff, Jane Doe, Sarah Ransome, Ghislaine Maxwell, Epstein's, Luc Cohen, Daniel Wallis Organizations: REUTERS, JPMorgan, Washington D.C, U.S ., Deutsche Bank, US, Islands, Thomson Locations: New York City, U.S, Manhattan, Washington, U.S . Virgin Islands, Rakoff, New York

☆ Analysis: The US presidential election is next year. Here’s what that could mean for stocks
▼ + stars: | 2023-11-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The US presidential election is less than a year away. Wall Street has a laundry list of uncertainties that it worries could threaten the current stock rally, including the upcoming presidential election. But history shows that stocks typically gain during the fourth year of presidential terms. The S&P 500 has gained 6.2% on average during the fourth year of presidential terms since 1932, according to Yardeni Research. That’s below the 13.5% gain the index has averaged during the third year of presidential terms since 1931.

Persons: ’, There’s, Darrell Crate, ”, Goldman Sachs, Joe Abbott, Abbott, Loretta Mester, Bryan Mena, Elisabeth Buchwald, Hawkish, Mester, Heidi Gartland, “, ” Gartland, Read, Niron, Peter Valdes, Niron Magnetics, Jonathan Rowntree Organizations: CNN Business, Bell, New York CNN, Federal Reserve, The New York Fed, Management, Investors, Research, Yardeni Research, “, CNN, Cleveland Fed, Reserve Bank, Cleveland, Regional, Bank, General Motors, China General Motors Locations: New York, East, Russia, Ukraine, Wisconsin, China, Minnesota

☆ What orange juice futures tell us about the state of our world
▼ + stars: | 2023-11-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Cocoa and orange juice futures have hit multi-decade highs as climate change and harsh weather takes their toll on crops in warmer climates. Here’s the latest in the commodities market:Orange juiceOrange juice futures have soared to their highest levels since the commodity began trading in 1966. The January contract for frozen concentrated orange juice is currently sitting around $3.95, up nearly 94% so far this year. The rally has led to a rise in speculative betting, leading some analysts to call orange juice futures the new GameStop. But “the eventual crash in the price of orange juice will be one for the record books,” he quipped.

Persons: Nicole, it’s, they’re, ”, Dave Reiter, It’s, Brent, David Morrison, stoking, That’s, WeWork, Nathaniel Meyersohn, Ermengarde Jabir, Alicia Wallace, “, Ted Rossman Organizations: CNN Business, Bell, New York CNN, OJ, Sunshine State, Futures, GameStop, Reiter Capital Investments, Cocoa, West Texas Intermediate, “ Traders, Trade Nation . Energy, Wheat, Organisation for Economic Co, Federal Reserve Bank of New, New York Fed Locations: New York, Ukraine, Orange, US, Brazil, Mexico, Florida, Ghana, Ivory Coast, Ivory, Chicago, Southeast Asia, Europe, China, Russia, America, United States

☆ Gambino family Mafia crackdown: 16 arrests by New York feds and Italian authorities
▼ + stars: | 2023-11-08 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Federal prosecutors in New York on Wednesday announced the arrests of 10 men allegedly belonging to or associated with the Gambino Mafia family, as well as the arrests in Italy of six other alleged organized crime members and associates. Prosecutors said the Brooklyn defendants, who are charged in a 16-count indictment, committed those crimes as part of an effort to dominate New York's carting and demolition industries. It previously was led by the late notorious boss John Gotti, who died in a federal prison in Missouri in 2002. The defendants arrested in New York on Wednesday included the alleged Gambino captain Joseph "Joe Brooklyn" Lanni. Prosecutors said the arrests were part of a coordinated operation with Italian law enforcement, who arrested the six defendants in Italy on charges that include mafia association and related offenses.

Persons: Gambino, Prosecutors, John Gotti, Joseph, Joe Brooklyn, Diego, Danny, Tantillo, Angelo Gradilone, Fifi, James LaForte, Vito Rappa, Francesco Vicari, Ciccio, Salvatore DiLorenzo, Robert Brooke, Kyle Johnson, Vincent Minsquero, Vinny Slick Organizations: Attorney's, Eastern, of, Federal, Wednesday, Gambino Mafia, Cosa Nostra, Mafia, CNBC PRO Locations: Brooklyn, of New York, New York, Italy, Missouri, Lanni, U.S

☆ Fed's Williams says US central bank's policymaking now more strategic
▼ + stars: | 2023-11-08 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, U.S., November 6, 2019. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 8 (Reuters) - New York Federal Reserve President John Williams said on Wednesday that the U.S. central bank had made great strides over recent decades in improving how it makes policy over the long run. Fed research analysis three decades ago was largely tactical and "very much about the here and now" of decision making, Williams said in prepared remarks for a speech to a U.S. central bank statistics conference in Washington. But the Fed has now undergone a large transformation both in transparency and how it thinks about making policy as a longer-running strategy, he said. Williams' prepared remarks did not address the monetary policy and economic outlook.

Persons: John Williams, Carlo Allegri, Williams, Michael S, Paul Simao Organizations: Federal Reserve Bank of New, REUTERS, New York Federal, Thomson Locations: Federal Reserve Bank of New York, New York, U.S, New, Washington

☆ US stocks rise as indexes look to extend winning streaks
▼ + stars: | 2023-11-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

US indexes continued to climb after the S&P 500 notched its best winning streak since 2021. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementUS stocks continued their upward ascent Wednesday, after the S&P 500 achieved its longest winning streak since 2021. Investors can also expect commentary from Chairman Jerome Powell later today, as well as New York Fed President John Williams.

Persons: Jerome Powell, —, Lisa Cook, John Williams Organizations: Service, Dow Jones, Nasdaq, York Fed Locations: Russia, China, Here's

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 8 (Reuters) - If the notorious 'term premium' is evaporating again, then last month's bond rout may just have been a nightmare. "If that's coming from term premium and it's tightening, then we have got to take that into account." As Summers estimated this week, a term premium just back at 60-year averages would put it at 150bps - 130bps above current levels. Morgan Stanley estimates an additional near $1 trillion in gross debt sales from G7 governments are coming down the pike next year. Morgan Stanley chart on G7 debt sales in 2024Reuters GraphicsThe opinions expressed here are those of the author, a columnist for Reuters.

Persons: Dado Ruvic, Christopher Waller, Larry Summers, selloff, York Fed's, Jerome Powell, Austan Goolsbee, Lisa Cook, Summers, Morgan Stanley, Mike Dolan, Josie Kao Organizations: REUTERS, Federal Reserve, Treasury, Fed, ., The, NY, Reuters Graphics Reuters, Reuters, Chicago Fed, Congress, Thomson Locations: York, midyear, 150bps

☆ Morning Bid: Oil-fueled rally turns to Powell
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +5 min

[1/2] Federal Reserve Board Chairman Jerome Powell answers a question during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. And that's hit home by dragging U.S. pump prices down to levels not seen since March. Overall, U.S. 10-year yields remained on the back foot at 4.57% first thing and ahead of Wednesday's auction. Although Asian and European stocks fell back a bit, Wall St stock futures were unchanged before the bell. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jerome Powell, Kevin Lamarque, Mike Dolan, who's, Christine Lagarde, Andrew Bailey, Michelle Bowman, Austan Goolsbee, Christopher Waller, BoE, Ping, Donald Trump, White, Philip Jefferson, Michael Barr, Lisa Cook, John Williams, Joachim Nagel, Walt Disney, Ralph Lauren, Toby Chopra Organizations: Federal Reserve, Federal, Committee, REUTERS, Mike Dolan Wall, European Central Bank, Bank of England, Atlanta, Fed, Chicago Fed, St, Reuters, Ping An Insurance, HK, New York Fed, Warner Bros Discovery, MGM Resorts, Biogen, Energy, Treasury, Federal Reserve Bank of New, Thomson Locations: Washington , U.S, U.S, Gaza, Tokyo, Ohio, Kentucky, Brussels, Federal Reserve Bank of New York

NEW YORK (AP) — Antonio “L.A.” Reid, the Grammy-winning music executive who influenced the career of artists including Pink, Usher and Mariah Carey, was sued by a former music executive who says he sexually assaulted her and derailed her career. Dixon, who worked for Reid when he was chief executive of Arista Records, alleges that Reid sexually assaulted her twice in 2001 and later cut her budget and sidelined artists when she rebuffed his continuing advances. Dixon left Arista in 2002 and contends that her “meteoric trajectory” in the music business was cut short by Reid's harassment. Political Cartoons View All 1237 ImagesThe Associated Press does not typically name people who say they were sexually assaulted unless they come forward publicly. In 2017, Reid left his position as CEO of Epic Records after a former female assistant accused him of sexual harassment.

Persons: — Antonio “ L.A, ” Reid, Pink, Usher, Mariah Carey, Drew Dixon, Dixon, Reid, Joel Katz, weren't, Associated Press wasn't, Reid didn't, “, ” Organizations: Arista Records, Arista, Press, Associated Press, The New York Times, New York, Epic Records Locations: New York

☆ S&P 500, Nasdaq poised for longest win streak in 2 years on rate hopes
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +4 min

Both Federal Reserve Bank of Minneapolis President Neel Kashkari and Chicago Fed President Austan Goolsbee also refused to rule out rate cuts. The pullback in yields helped lift megacap growth names such as Microsoft (MSFT.O), up 1.5%, and Apple (AAPL.O), up 1.7%, as the biggest boosts to both the S&P 500 and Nasdaq. Also due to speak on Tuesday was New York Fed President John Williams. The S&P 500 (.SPX) is on pace for its seventh straight day in the green, with the Nasdaq (.IXIC) on track to rise for the eighth day in a row, the longest such streak for each index in two years. The S&P 500 posted 13 new 52-week highs and three new lows while the Nasdaq recorded 43 new highs and 132 new lows.

Persons: Brendan McDermid, Christopher Waller, Michelle Bowman, Neel Kashkari, Austan Goolsbee, Jerome Powell, Powell, Ken Polcari, John Williams, Dow, Amruta Khandekar, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Treasury, Federal Reserve, Federal Reserve Bank of Minneapolis, Chicago Fed, Kace Capital Advisors, Microsoft, Apple, Dow Jones, Energy, New York Fed, Uber Technologies, Thomson Locations: New York City, U.S, Boca Raton , Florida, Bengaluru

☆ NY Fed: US Q3 credit card debt up on strong economy, as credit woes tick higher
▼ + stars: | 2023-11-07 | by ( Michael S. Derby | ) www.reuters.com time to read: +5 min

A credit card is used on a payment terminal at a shop near Nantes, France, in this illustration picture taken November 6, 2023. The New York Fed report found credit issues are rising, albeit from low levels. The report said increases in credit card delinquency rates were most pronounced for thirtysomething borrowers. “The continued rise in credit card delinquency rates is broad-based across area income and region, but particularly pronounced among millennials and those with auto loans or student loans,” the economist noted. Line chart with data from the Federal Reserve Bank of New York show credit card and auto loans delinquencies for over 30 days.

Persons: Stephane Mahe, there's, Donghoon Lee, “, Daniel Silver, Morgan, Lisa Cook, Michael S, Andrea Ricci, Jonathan Oatis Organizations: REUTERS, Federal Reserve Bank of New York, New York Fed, New, Fed, The New York Fed, New York Federal Reserve, Federal Reserve Bank of New, New York, Thomson Locations: Nantes, France, The, U.S, Federal Reserve Bank of New York, New

"This was an outstanding quarter ... this big blowout number," Waller told an economic data seminar at the St. Louis Fed. So this is something we are keeping a very close eye on when we think about policy going forward." It's clearly calming down," with recent employment gains more in line with the levels seen before the coronavirus pandemic, Waller said. The Fed is in the process of weighing that and other data to determine whether to hike the benchmark policy rate again. However neither Goolsbee nor Minneapolis Fed President Neel Kashkari, who spoke to Bloomberg Television on Tuesday, ruled out further Fed rate increases.

Persons: Christopher Waller, Waller, Louis Fed, Michelle Bowman, Bowman, Lisa Cook, Austan Goolsbee, Goolsbee, Neel Kashkari, Kashkari, Howard Schneider, Lindsay Dunsmuir, Michael Derby, Ann Saphir, Paul Simao, Andrea Ricci Organizations: Federal Reserve, St, Ohio Bankers League, Fed, New York Fed, Atlanta, CNBC, Chicago Fed, Minneapolis, Bloomberg Television, Thomson Locations: U.S

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