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    Hurricane Laura live coverage: Trump to visit damaged areas; at least 4 dead after extensive damage to Louisiana Amazon’s new grocery store could change shopping forever The Dow just turned positive for 2020 The Dow is roaring higher Thursday after Federal Reserve Chairman Jerome Powell revealed the central bank's new policy strategy, which will essentially keep interest rates lower for longer. © Erik Pendzich/Shutterstock Thanks to the boost, the Dow turned positive for the year for the first time since the pandemic hit. Load Error The index was up 0.9%, or 245 points, in the early afternoon. CNN's Fear & Greed index meanwhile flashed "extreme greed". It has been a big week for the Wall Street index, which went through a reshuffle on Monday. Salesforce, Amgen and Honeywell International will join the index, replacing Exxon Mobil, Pfizer, and Raytheon, S&P Dow Jones Indicies said in a statement...
    Federal Reserve Chair Jerome H. Powell during a speech on March 3, 2020 in Washington, DC.Mark Makela/Getty Images The Fed wants its policies to lift many more boats and go far deeper to get lower income and underemployed Americans to work, before it pulls back from its easy policy stance. Fed Chairman Jerome Powell Thursday announced that the Fed tweaked its inflation policy, indicating it would be willing to allow inflation to run hotter, or rise above its 2% target, while it continues to help the economy. Powell announced the new strategy of an average inflation target at its annual Jackson Hole symposium. But economists said the bigger change was Powell's comments on how the Fed views unemployment relative to inflation, after its experiences in the last recovery when it was raising interest rates and unemployment was below 4%. Powell acknowledged that declines in unemployment in the past led to...
    A BIBLICAL 'miracle' village were Jesus is said to have walked on water and fed the 5,000 has been dug up, according to a team of archaeologists. The experts are now convinced that the site they've been working on for 32 years is indeed the infamous village of Bethsaida that's mentioned in the Bible. 4The site has been worked on for 32 yearsCredit: Pen News / Bethsaida Excavations Project 4There is lots of evidence that is was once an ancient villageCredit: Pen News / Bethsaida Excavations Project It was uncovered just a mile from the Sea of Galilee, the location where some people believe Jesus walked on water. Bethsaida was said to be home to a few disciples, including Peter, and is mentioned as the location where Jesus cured a blind man. According to the Bible, Jesus eventually curses the village to destruction because its residents wouldn't repent and...
    VIDEO3:0903:09'Powell is on the side of the bulls'—Cramer on the Fed's historic policy shiftSquawk on the Street CNBC's Jim Cramer on Thursday praised the Federal Reserve and its chairman, Jerome Powell, for updating their approach to monetary policy to help the U.S. economy recover from the coronavirus pandemic.  "Powell is on the side of the bulls," Cramer said on "Squawk on the Street."  The Fed earlier Thursday said it would be willing to let inflation run hotter than usual in order to help the labor market and broader U.S. economy as it digs out of a deep hole caused by the Covid-19 crisis.  "[Powell] basically just said, 'Hey guys, just go. Go get the economy back. I am not going to get in the way of it,'" Cramer said, calling the approach "incredible" for investors because it allows corporate America to worry less about Fed intervention.  The Fed also made an...
    By Jonnelle Marte, Ann Saphir and Howard Schneider Aug 27 (.) – The United States Federal Reserve unveiled an aggressive new strategy on Thursday to restore employment and bring the consumer price index to healthy levels, considering that now in the world “the downside risks to the employment and inflation have increased. “ Under the new scheme, released in a statement approved by the 17 central bank governors, the Fed said that it will seek an average inflation target of 2% over time and that it will compensate for periods below that threshold by allowing an inflationary index. major “for a certain time”. In addition, he said he will focus on preventing employment from falling below its established maximum levels. “Our revised strategy reflects our appreciation for the benefits of a strong labor market, especially for many low- and middle-income communities, and because we believe that a robust labor market...
    VIDEO1:0301:03Jared Kushner: Fed chief Jerome Powell has stepped up during the crisisSquawk Box White House senior advisor Jared Kushner on Thursday praised Federal Reserve Chairman Jerome Powell for his leadership of the central bank's response to the coronavirus pandemic.  "Look, you really see what people are made of in times of crisis and I think that Chairman Powell has really stepped up to the plate, and he's done a lot of the right things to make sure that the market was able to get through the crisis," Kushner said on CNBC's "Squawk Box." President Donald Trump has been a fierce critic of Powell and the Fed over their approach to monetary policy, saying last fall they had "no 'guts,' no sense, no vision!" On March 14, Trump, who appointed Powell, said he was "not happy" with the Fed over its response to the burgeoning coronavirus pandemic. "I think they're following not leading, and...
    New York (CNN Business)The Federal Reserve is stepping up its quest to prevent the United States from tumbling into a spiral of falling prices that is difficult to escape from.After an 18-month review, the Fed announced changes Thursday to its long-term strategy that are designed to help the central bank meet long-elusive inflation goals. The new strategy, laid out in a speech by Fed chief Jerome Powell, declares that the central bank will now seek to achieve inflation that average 2% over time. That means after periods of low-inflation -- such as the dozen years following the Great Recession -- the Fed will allow inflation to run hot by climbing above 2%. Even Corporate America thinks the stock market is overvaluedThe Fed is once again signaling that it won't be in a rush to lift interest rates off the basement -- even if inflation starts to pick up as the...
    London (CNN Business)Every August, investors turn their attention to Jackson Hole, Wyoming, as the world's top central bankers gather for an exclusive meeting on the state of the economy. This year, during a pandemic and in the face of unprecedented central bank stimulus, the stakes for the conference — which, in true 2020 fashion, will be held virtually — are even higher.What's happening: Federal Reserve Chair Jerome Powell kicks off the symposium with a speech on Thursday morning.Powell is expected to indicate that the Fed could keep interest rates lower for longer. Any dovish rhetoric would be welcomed by investors, who view easy money from the Fed as a key justification for the recent run-up in markets.The chairman is also poised to discuss the results of a comprehensive review of the Fed's strategy, which before the Covid-19 crisis failed to consistently push inflation close to the central bank's 2% target...
    New York (CNN Business)Even Corporate America thinks Wall Street's meteoric recovery may be getting out of hand.A stunning 84% of Fortune 500 CFOs say the US stock market is overvalued, according to a survey released Thursday by Deloitte. That's up from the 55% who felt that way a quarter ago. Just 2% of finance chiefs say US stocks are undervalued.The findings add to the mounting evidence suggesting the slingshot rise in stocks created in part by the Federal Reserve may be overdone. Wall Streets worst nightmare isnt Trump or Biden. Its no clear winner at all Even as elevated levels of unemployment show that the real economy is still suffering from the pandemic, the S&P 500 has skyrocketed 55% since its March 23 lows. Not only has the index recovered all its losses, but it's even set new highs. The Nasdaq has climbed a staggering 70% over that span.Yet...
    Arizona has been on the verge of turning into a blue state for years. Now even some Republicans believe that President Trump’s sagging popularity amid the coronavirus pandemic and the worst economic crisis in a lifetime could flip the state to the Democrats. Arizona has long been to Democrats what “Lucy’s football was to Charlie Brown,” wrote FiveThirtyEight’s Nathaniel Rakich. The party has spent millions trying to win the state and media outlets have argued that “this year” would be the year Democrats finally flip Arizona since at least 2004. It hasn’t happened. Democratic nominee Joe Biden would become just the second Democrat to carry the state since 1948 if he can pull off a win, and Arizona would have two Democratic senators for the first time since 1953 if Sen. Martha McSally, a Republican appointed to her seat by Gov. Doug Ducey, loses her race to retired astronaut Mark Kelly. Unlike in past years, rising turnout, a changing electorate...
    Igor Derysh August 27, 2020 10:00AM (UTC) Arizona has been on the verge of turning into a blue state for years. Now even some Republicans believe that President Trump's sagging popularity amid the coronavirus pandemic and the worst economic crisis in a lifetime could flip the state to the Democrats. Arizona has long been to Democrats what "Lucy's football was to Charlie Brown," wrote FiveThirtyEight's Nathaniel Rakich. The party has spent millions trying to win the state and media outlets have argued that "this year" would be the year Democrats finally flip Arizona since at least 2004. It hasn't happened. Democratic nominee Joe Biden would become just the second Democrat to carry the state since 1948 if he can pull off a win, and Arizona would have two Democratic senators for the first time since 1953 if Sen. Martha McSally, a Republican appointed to her seat by Gov. Doug Ducey, loses her race to...
    NFL players concerned, sick and tired of racial injustice 25 Amazing Gifts Anyone Obsessed With Plants Will Adore Will Fed Chairman Jerome Powell Bring Talk of Stagflation to the Economy? In the midst of the worst recession of a lifetime, the Federal Reserve has built up a balance sheet of roughly $7 trillion. This has been paid for by trillions of dollars that were newly created in a rapid response to the COVID-19 recession. What has been seen despite creating all of this new money is that there has still been little core inflation to speak of. One of the Federal Reserve's two mandates is keeping inflation in-check. If inflation gets too high, it drives up the cost of living. If deflation comes into play, where prices begin to fall across the board, the lower cost of living is deemed to be more than negatively offset by the negative...
    Federal Reserve Chairman Jerome Powell speaks at his news conference following the two-day meeting of the Federal Open Market Committee (FOMC) meeting on interest rate policy in Washington, January 29, 2020.Yuri Gripas | Reuters Even before Covid-19 crushed the economy, the Fed was worried about low inflation and was working on ways to let it run slightly hotter temporarily in order avoid the trap of long-term sluggish growth and weak pricing power. Chairman Jerome Powell, in a much-anticipated speech Thursday, is expected to discuss the Fed's policy framework and specifically how it will alter its posture on inflation.  The Fed has had a 2% inflation target, but in the decade since the financial crisis it has more often than not seen inflation fall below its target. The way the Fed is expected to meet its goal is to say it will have an "average inflation" target, and Fed watchers said...
    By MARTIN CRUTSINGER, AP Economics Writer WASHINGTON (AP) — For decades, the Federal Reserve made clear its readiness to raise interest rates at the earliest signs of creeping inflation. That was then. In a sign of how vastly the U.S. economic landscape has changed, Chairman Jerome Powell may be on the verge of sending a wholly different message this week: That the Fed plans to leave its key rate pinned near zero even after inflation has surpassed the central bank's target level — at least for a while. Behind the Fed's new thinking is an ailing economy in the grip of a viral pandemic and a stubbornly low inflation rate that has long defied the Fed's efforts to raise it. On Thursday, Powell will address the Fed's annual gathering of global central bankers, normally held in picturesque Jackson Hole, Wyoming, amid the towering Grand Teton mountain range but this time...
    WASHINGTON (AP) — For decades, the Federal Reserve made clear its readiness to raise interest rates at the earliest signs of creeping inflation. That was then. In a sign of how vastly the U.S. economic landscape has changed, Chairman Jerome Powell may be on the verge of sending a wholly different message this week: That the Fed plans to leave its key rate pinned near zero even after inflation has surpassed the central bank’s target level — at least for a while. Behind the Fed’s new thinking is an ailing economy in the grip of a viral pandemic and a stubbornly low inflation rate that has long defied the Fed’s efforts to raise it. On Thursday, Powell will address the Fed’s annual gathering of global central bankers, normally held in picturesque Jackson Hole, Wyoming, amid the towering Grand Teton mountain range but this time being conducted virtually. The conference is...
    WASHINGTON (AP) — For decades, the Federal Reserve made clear its readiness to raise interest rates at the earliest signs of creeping inflation. That was then. In a sign of how vastly the U.S. economic landscape has changed, Chairman Jerome Powell may be on the verge of sending a wholly different message this week: That the Fed plans to leave its key rate pinned near zero even after inflation has surpassed the central bank’s target level — at least for a while. Behind the Fed’s new thinking is an ailing economy in the grip of a viral pandemic and a stubbornly low inflation rate that has long defied the Fed’s efforts to raise it. On Thursday, Powell will address the Fed’s annual gathering of global central bankers, normally held in picturesque Jackson Hole, Wyoming, amid the towering Grand Teton mountain range but this time being conducted virtually. The conference is...
    ESPN’s Tim Kurkjian says “I don’t like any of the new rules” in MLB’s unusual 2020 season 20 Things You Should Never Do When Making a Salad 5 Best Stories on Real Money: Apple, Telsa and the Fed It's perhaps one of the biggest market debates of our time: Should Telsa and Apple be this high? © TheStreet 5 Best Stories on Real Money: Apple, Telsa and the Fed These heavyweights and their elite FAANG tech buddies on Nasdaq have kept the indexes rising while many others have lagged. Load Error So what's going on? Find out on Real Money/Real Money Pro where Jim Cramer explains why AAPL and TLSA are nearing the stratosphere and technical analyst Helene Meisler explains what happens when only a few mega-cap names carry the brunt of the market (remember the Nifty 50, anyone?). For those columns as...
    A Biblical village where Jesus performed some of his most famous miracles really existed, and today lies in ruins only a mile from the Sea of Galilee, archaeologists believe. In the Bible, Bethsaida was home to disciples Peter, Andrew and Philip, and was where Jesus was said to have fed the 5,000, walked on water and helped a blind man to see.  Archaeologists have been working for 32 years to prove that the city, which was eventually cursed to destruction by Jesus, once stood at the El-Tell excavation site.  The true location of Bethsaida was lost to history, with different archaeologists believing it to be different places including the El-Araj site near El-Tell.  Professor Rami Arav of the University of Nebraska believes that Et-Tell, in the Golan Heights near the Jordan River estuary, is the same place as the biblical village. A biblical village cursed to destruction by Jesus...
    VIDEO1:5701:57It's dangerous to root for higher inflation, Peter Boockvar suggestsTrading Nation With or without the Federal Reserve's involvement, Peter Boockvar of the Bleakley Advisory Group sees signs inflation is making a comeback. His call comes two days before Fed Chair Jerome Powell is scheduled to deliver a key policy speech at this week's virtual Jackson Hole event. During his comments, Powell is expected to tackle how the central bank can return inflation to a healthy level from historic lows. "The Fed and any central bank always has to be careful of what they wish for when they want higher inflation," the firm's chief investment officer told CNBC's "Trading Nation" on Tuesday. "Higher inflation is typically associated also with a higher cost of living, reduced purchasing power for the average consumer and also higher interest rates, and I think that's not the kind of environment we should be rooting for." Boockvar, a...
    By Ann Saphir Aug 25 (.) – A year ago, US Federal Reserve Chairman Jerome Powell warned central bank governors about the significant risks of not having clear guidance on monetary policy and about the lack of precedent in the implementation of measures in times of uncertainty. And now, as Powell prepares his speech this week for the annual Jackson Hole central bank conference – which this year is held virtually due to the pandemic – the uncertainty and danger that COVID-19 represents for economic growth looks more threatening than ever. Everything seems uncertain: the spread of the coronavirus, the deaths expected from the pandemic and the number of infections in the world. Investors are also coping with an atmosphere charged with complex discussions of a new tax aid package from Washington. Added to this are the political storms that are brewing ahead of the US presidential elections on November...
    US waterways benefit international trade and resource conservation This Bankrupt Restaurant Chain Is Rebounding With a New Location Powell set to deliver profoundly consequential speech, changing how the Fed views inflation Fed Chairman Jerome Powell speak Thursday during a virtual version of the Fed's annual Jackson Hole, Wyoming conference. He is expected to outline what could be the central bank's most active efforts ever to spur inflation back to a healthy level. "Average inflation" targeting means the Fed will allow inflation to run higher than normal for a period of time. The effort will be the reverse of former Fed Chairman Paul Volcker's rate hikes instituted to quash inflation in the 1980s. © Provided by CNBC Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a Senate Banking Committee hearing in Washington, D.C., U.S., on Wednesday, Feb. 12, 2020. History will remember Paul Volcker and Jerome...
    Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a Senate Banking Committee hearing in Washington, D.C., U.S., on Wednesday, Feb. 12, 2020.Andrew Harrer | Bloomberg | Getty Images History will remember Paul Volcker and Jerome Powell as standing on the opposite ends of the inflation canyon, with the former taking desperate actions to try to tamp it down and the latter expected this week to announce an unprecedented effort to crank it back up. Volcker, the Federal Reserve chairman from 1979-87, ushered through a series of inflation-busting interest rate hikes that dragged the country into recession but won the fight against pricing pressures and spurred a powerful economic recovery.  Powell, the central bank chief since 2018, is likely to detail a set of measures aimed at pushing inflation higher amid a pandemic that has dragged the U.S. economy into one of its darkest hours. While the average consumer...
    Federal Reserve Chair Jerome Powell arrives for a news conference following the Federal Open Market Committee meeting in Washington, December 11, 2019.Joshua Roberts | Reuters Market pros hold out little hope that Congress will agree to a stimulus package before September, but they will look to Jerome Powell in the coming week to provide a roadmap for what else the Fed might do to help the economy. The Fed holds its annual Jackson Hole symposium starting Thursday, and it will conduct the Kansas City Fed-sponsored meeting virtually rather than against the backdrop of the Grand Tetons as it normally does at this time of year. The Fed chairman speaks Thursday morning on the implications for monetary policy and the Fed's anticipated policy framework review. The past week was a big week for markets, with the S&P 500 finally recovering its losses from the pandemic selloff and setting new all-time highs....
    Joe Smith Jr.’s blue-collar work ethic will be key for him vs. Eleider Alvarez How Covid-19 is transforming grocery e-commerce in Dubai Is the stock market more important to the economy than the $600 unemployment benefit? The stock market is not the economy. But it may have more influence on consumer spending than the extraordinary fiscal stimulus program put in place to stem the fallout from the pandemic, one economist notes. Load Error “The $600 top-up in unemployment benefits is critical for those getting the funds, but its absence means less to overall retail spending than many opine,” wrote Steve Blitz, chief US economist for TS Lombard, in a note out Monday. “More critical to the revival in retail spending is the recovery in the equity market, a recovery itself owed to the Federal Reserve and the increase in overall employment as the economy reopened.” It’s...
    A new study from Federal Reserve Board economists argues that the rising market power concentration of American companies has contributed to a host of economic ills, including rising inequality and financial instability. The study published earlier this month by Isabel Cairo and Jae Sim, titled Market Power, Inequality, and Financial Instability, uses mathematical modeling to examine the impact of monopoly power. The authors identified a decline in competition, with large firms controlling more of their markets, as a common cause in a series of important shifts over the last four decades.  Those shifts include stagnating wage growth, a 'dramatic increase' in corporate profits, rising disparities in income and wealth, rising household debt and greater risk of large-scale financial instability.  A new study from Federal Reserve Board economists argues that the rising market power concentration of American companies has contributed to a host of economic ills (stock image) RELATED ARTICLES Previous...
    VIDEO4:5104:51El-Erian on how market assistance may help Big Business more than small businessesSquawk Box Small-business devastation during the coronavirus crisis presents risks to capitalism in the United States, Mohamed El-Erian told CNBC on Thursday.  "If you want capitalism to be sustained, you need buy-in from a lot of people. You cannot get buy-in if it's all about large corporations," the chief economic advisor at Allianz said on "Squawk Box."  "Remember what small businesses do. They're not just large employers, they also are the main way to have inclusive capitalism, an inclusive market-based system," said El-Erian, imploring Washington to sharpen focus on providing targeted assistance.  The pandemic has caused dramatic economic upheaval, putting millions of Americans out of work as governments ordered nonessential businesses to temporarily shutter in order to help slow the spread of Covid-19. But for many small businesses, the closures may end up being permanent.  As of Aug. 11, there...
    US coronavirus: The country is seeing hopeful trends in new cases but official says that could quickly change if people arent careful Burger King prints customers orders on face masks so diners can avoid mask mumbling Rep. Pressley On How The Fed Can Fight Racial Inequality (Bloomberg) -- Subscribe to Odd Lots (Spotify)  © Bloomberg Representative Ayanna Pressley, a Democrat from Massachusetts, questions Mark Zuckerberg, chief executive officer and founder of Facebook Inc., not pictured, during a House Financial Services Committee hearing in Washington, D.C., U.S., on Wednesday, Oct. 23, 2019. Zuckerberg struggled to convince Congress of the merits of the company's plans for a cryptocurrency in light of all the other challenges the company has failed to solve. Subscribe to Odd Lots (Apple Podcasts) Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so-random walk through hot topics in markets, finance, and economics. In the United States, Black Americans have experienced persistently higher levels...
    DNC Roll Call showcases diverse, singular beauty of the US Coronavirus updates: Big changes at NFL games; Florida passes 10,000 deaths; Pope warns against the rich getting vaccine first Stock futures tick lower after the Fed highlights economic uncertainty Futures contracts tied to the major U.S. stock indexes ticked lower at the start of extended trading Wednesday evening. © Provided by CNBC A man walks by the Wall Street subway sign on March 23, 2020 in New York City. Dow Jones futures shed 4 points at the start of the overnight session and pointed to a slightly lower open when regular trading resumes Thursday morning. S&P 500 and Nasdaq-100 futures pointed to similar slips. Load Error The after-hours moves come after a lower day during the regular session as worries over the economic trajectory from the Federal Reserve came to weigh on investor sentiment later in the day....
    Golfweeks Best Wisconsin: The top golf courses in a surprising state How Covid-19 is transforming grocery e-commerce in Dubai Heres what happened to the stock market on Wednesday © Provided by CNBC The New York Stock Exchange (NYSE) stands in lower Manhattan on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City. Dow Jones Industrial Average falls 85 points The Dow fell 85.19 points, or 0.3%, to 27,692.88. The S&P 500 dipped 0.4% to end the day at 3374.85. The Nasdaq Composite fell 0.6% to 11,146.46. The S&P 500 hit an intraday record before a grim outlook on the economy from the Fed knocked the broader market index off that level. Load Error Fed minutesIn the minutes from its July meeting, the Fed said "the ongoing public health crisis would weigh heavily on economic activity, employment,...
    The New York Stock Exchange (NYSE) stands in lower Manhattan on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City.Spencer Platt | Getty ImagesDow Jones Industrial Average falls 85 points The Dow fell 85.19 points, or 0.3%, to 27,692.88. The S&P 500 dipped 0.4% to end the day at 3374.85. The Nasdaq Composite fell 0.6% to 11,146.46. The S&P 500 hit an intraday record before a grim outlook on the economy from the Fed knocked the broader market index off that level.Fed minutesIn the minutes from its July meeting, the Fed said "the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term." That remark put a lid on the market's enthusiasm over Apple reaching a market...
    25 college quarterbacks to watch in 2020 How Covid-19 is transforming grocery e-commerce in Dubai Fed staff lowers forecast for economic growth over the rest of year: FOMC minutes THE FED © Getty Images Federal Reserve Chair Jerome Powell testifies before the House Financial Services Committee in June. The Federal Reserve’s staff told central bank officials in late July that they were lowering their estimate for economic growth over the second half of the year, according to the minutes of the Federal Open Market Committee’s meeting released Wednesday. Load Error Fed staff members always present their own forecast at the central bank’s eight interest-rate committee meetings each year. At the latest meeting on July 28-29, the staff said they expected the rate of recovery in gross domestic product and the pace of declines in the unemployment rate to be “somewhat less robust than in the previous forecast.”...
    COVID-19, visas, Trump: International students turning away from US colleges for lots of reasons CDC: Salmonella outbreak linked to onions expands Opinion: Changing the Federal Reserve’s mandate could provide a down payment on ending racial inequality THE CONVERSATION The unemployment rate for Blacks is roughly double the rate for whites, but the gap narrows as the economy is allowed to expand longer. The job of slicing up the economic pie in the U.S. has traditionally fallen to Congress, with the Federal Reserve tasked with making sure there is enough to go around. But this could soon change. Load Error Under proposals put forward by Democrats in Congress, the mandate of the Fed would be tweaked for the first time since 1977, when its objectives were made explicit: promote maximum employment, stable prices and moderate long-term interest rates. Under the new proposals, the central bank would gain an additional...
    A startling lack of Black appointees to the highest echelons of U.S. financial regulation has contributed to entrenching institutional racism by ensuring it does not receive sufficient attention. New research from Georgetown Law Professor Chris Brummer highlights the stark lack of minorities, especially Blacks, in leadership roles at major regulatory agencies like the Securities and Exchange Commission and the Federal Reserve. “ “The absence of African American financial regulators poses enormous challenges from the standpoint of participatory democracy, and economic inclusion.” ” — --Chris Brummer The headline figure is just plain shocking: Just 10 of 327 individuals appointed to senior financial regulatory roles since the New Deal of the 1930s was Black. “Perhaps one of the biggest open secrets in Washington, D.C. is the virtual absence of African American financial regulators in the United States government,” wrote Brummer in the report. Also read this:A mostly white Federal...
    VIDEO7:5807:58ETF inflows pace for a record year. What it could mean for the marketETF Edge ETFs are tracking for a record year. So far in 2020, roughly $252 billion has flown into exchange-traded funds, according to ETF.com. That's up from the $153 billion ETFs had accrued year to date by this time in 2019 and puts the industry on track to beat its annual record of $452 billion set in 2017. Some of the funds with the largest inflows this year include the Vanguard S&P 500 ETF (VOO), the SPDR Gold Trust (GLD), the iShares Investment Grade Corporate Bond ETF (LQD), the Invesco QQQ Trust (QQQ) and the iShares High Yield Corporate Bond ETF (HYG). If there's one message this trading activity is sending, it's "don't fight the Fed," Jan van Eck, CEO of Van Eck Associates, told CNBC's "ETF Edge" last week. "You'd probably be shocked to see that our...
    Fed Chairman Jerome Powell is reflected in the sneeze guard set up between himself and members of the House Committee on Financial Services hearing on Oversight of the Treasury Department and Fed Reserve Pandemic response on June 30, 2020 in Washington, DC.Bill O'Leary-Pool | Getty Images Government spending from the Treasury Department and Congress along with stimulative bond purchases from the Federal Reserve are at unprecedented levels.   Deficit spending for the U.S. is over $3 trillion so far this year.  While the costs are clear, the benefits are less so. Financial relief for millions of Americans furloughed or unemployed has been a humanitarian godsend​.   Some argue that it was too much, and it may have been for some, but at moments of crisis, ​moments of necessity, more is better than not enough. The relief provided by the initial $1,200 checks and the ongoing supplemental unemployment insurance was the difference...
    Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York City BY JONNELLE MARTE Households with children are under severe economic strain and at greater risk of needing to dip into savings, missing a rent payment or not having enough food to eat during the coronavirus pandemic, according to a report published by the New York Federal Reserve on Thursday. Single parents households in particular, are losing jobs, income and health insurance at higher rates than other households with children. For example, 23.2% of single-parent households said the head of the household faced a permanent or temporary layoff in May or June, compared to 12.9% of households with children and 9.2% of households without children. Households with single parents were also more likely to depend on help from friends, family and food banks. Some 34.1% of single-parent households said they were receiving...
    Mic’Kale Smith, who works as a security guard but has had to take time off to care for her son during the coronavirus disease (COVID-19) outbreak, wears a face mask as she shops with her son Da’Mier at the Tiger Market in Oxon Hill, Maryland, May 20, 2020.Jonathan Ernst | Reuters Consumer prices excluding food and energy rose the most in one month in nearly 30 years in July, but the unexpected increase is seen more as a recovery from the Covid-19 recessionary hit rather than the start of an inflationary spiral. Core inflation, less food and energy, was up 0.6%, and is now running at a 1.6% rate year over year on an unadjusted basis, according to the Bureau of Labor Statistics. That's the biggest jump since January 1991, but it is still considered to be a low rate and it is below the Fed's 2% target. Headline CPI...
    A man wearing a mask walks past the U.S. Federal Reserve building in Washington D.C., the United States, on April 29, 2020.Xinhua News Agency | Getty Images The Federal Reserve in July bought up more bonds from blue chip companies including Microsoft and Coca-Cola, while it added to its positions in junk debt and made its biggest Main Street loan to a ski resort and casino in the Pocono Mountains. In its latest report to Congress on the myriad lending and liquidity programs implemented during the coronavirus pandemic, the Fed detailed a slew of new bond purchases as well as the first tepid steps in its much-touted loan program geared to small- and medium-sized businesses. Though the Main Street initiative has the capacity for $600 billion in loans, the first month saw just 13 companies gain approval, with a total value of just over $92 million. That has come amid...
    Dustin Johnson settles for second straight runner-up at PGA Championship The fast food meals celebrities cant resist Fed’s Kashkari warns of a ‘greater catastrophe’ that could make the last few months feel like ‘just a warm-up’ KEY WORDS © Getty Images More restrictions on the way? ‘To be effective, the lockdown has to be as comprehensive and strict as possible. If we aren’t willing to take this action, millions more cases with many more deaths are likely before a vaccine might be available. In addition, the economic recovery will be much slower, with far more business failures and high unemployment for the next year or two.’ — That’s Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, sharing his thoughts in a recent New York Times op-ed co-authored with Michael Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota Load Error...
    Neel Kashkari, president of the Minneapolis Federal Reserve, in an interview on February 17, 2016.David Orrell | CNBC  The U.S. economy needs an even more stringent shutdown than the last time if it's going to defeat the coronavirus, Minneapolis Federal Reserve President Neel Kashkari said. In a Friday New York Times op-ed he authored with Michael T. Osterholm, a professor and director of the Center for Infectious Disease Research and Policy at the University of Minnesota, Kashkari argues that the government should issue a shelter-in-place order "for everyone but the truly essential workers" for up to six weeks. March's lockdown, issued as the coronavirus became a pandemic, was not sufficiently stringent and has led to the U.S. lagging other stricter nations when it has come to containing Covid-19, they said. The result "could make what we have experienced so far seem like just a warm-up to a greater catastrophe." "To be effective,...
    New York (CNN Business)Americans have less debt for the first time in six years, as they spent less money during the pandemic lockdown, new data from the Federal Reserve Bank of New York shows.American credit card balances fell by $76 billion, their steepest decline on record, between April and June, which included the most restrictive period of the Covid-19 lockdown. The New York Fed began tracking household debt and credit in 1999.It's highly unusual for credit card debt to fall in the spring, according to analysts at the New York Fed. The only other time that happened was during the Great Recession.Although falling debt sounds like good news, it's not that simple. The American economy runs on consumer spending. So if people keep their credit cards stored away in their wallets for the rest of the year, the recovery from the recession could be slower.Total household debt fell by 0.2%...
    Cleveland Federal Reserve Bank President Loretta Mester poses during an interview on the sidelines of the American Economic Association's annual meeting in San Diego, California, January 3, 2020.Ann Saphir | Reuters Cleveland Federal President Loretta Mester called Wednesday for more help from Congress and said the central bank stands at the ready to provide whatever resources it can to help an economy at risk from rising coronavirus cases. A spike in cases among hotspots across the U.S. has increased dangers to an economy that slumped nearly 33% in the second quarter on an annualized basis.  However, Mester said in a speech to the Liberal Arts Macroeconomic Conference that the threat posed from the virus "does not mean we are helpless." "The actions we take can help control the virus and thereby change the impact of the virus on the economy," said Mester, a voting member of the policymaking Federal Open...
    A woman counts U.S. dollar bills.Marcos Brindicci | Reuters With the Federal Reserve and Congress pushing stimulus efforts to new heights, some investors are keeping a close eye on a surge in the U.S. money supply for signs of inflation's long-awaited return. With a litany of metrics showing rapid growth in the value of money waiting in banks and other liquid accounts, investors from Ray Dalio to Paul Tudor Jones have warned that the era of tepid price rises may be coming to an end. "It's fair to say we have never observed money supply growth as high as it is today," Morgan Stanley chief U.S. equity strategist Mike Wilson wrote this week. The "Fed may not be in control of Money Supply growth which means they won't have control of inflation either, if it gets going," he added. Zoom In IconArrows pointing outwards There are several different ways economists...
    Federal Reserve Vice Chairman Richard Clarida said he expects the economy to continue to recover through the year and likely return to its pre-pandemic level by the end of the 2021. In an interview with Steve Liesman on CNBC's "Squawk Box," the central bank's director of bank supervision said he hasn't changed his forecast despite a swell in Covid-19 cases that has caused a general slowing in resumption of activities. "The economy took a huge hit in the spring," Clarida  said. "My own personal forecast is that we'll see a rebound in economic activity in the third-quarter data. The course of the economy is going to depend on the course of the virus, and it's a complex picture." Clarida spoke just minutes after ADP reported a sharp slowdown in private payroll growth for July. Companies added just 167,000 positions for the month after a surge of 4.3 million in June....
    Juan Soto reinstated from COVID IL, but not in Nats lineup The Most Colorful Streets in the World The Fed is expected to make a major commitment to ramping up inflation soon The Federal Reserve is completing a year-long policy review and is expected to announce the results soon. One big change would be a harder commitment to getting inflation higher, through a pledge not to raise rates until it hits at least 2%. Markets have been betting on higher inflation, with surging gold prices, a falling dollar and a rush to inflation-indexed bonds. © Provided by CNBC Federal Reserve Board Chairman Jerome Powell speaks during a press conference following the January 28-29 Federal Open Market Committee meeting, in Washington, DC on January 29, 2020. In the next few months, the Federal Reserve will be solidifying a policy outline that would commit it to low rates for...
    CHICAGO — A suspect has been arrested in the murder of 9-year-old Janari Ricks and the Cabrini Green community played a key role in the arrest, Chicago Police officials said Monday. Speaking at a press conference Monday outside the Near North (18th) Police District, Chief of Detectives Brendan Deenihan said a suspect is in custody and police are working with the Cook County State’s Attorney’s Office to determine charges. He stressed that main reason for the quick arrest was neighbors who spoke up. “We’re not in this position without the help of the community who came forward and gave us information which allowed us to identify and arrest the suspect,” Deenihan said. “So, all the video in the world and all the hard work of the detectives, we aren’t able to arrest the suspect unless the community comes forward and actually helps us and in this case they did.”...
    Justin Thomas confident he can hold onto No. 1 this time Heres How to Do Non-Cheesy Skeleton Makeup This Halloween ‘Massive consequences are coming,’ but that doesn’t mean it’s time to get out of the stock market, strategist says THE TELL © Getty Are you fighting the Fed? In case you haven’t heard (you likely have), don’t fight the Fed. Load Error Investors are absolutely eating up that common stock-market refrain these days, and who can blame them? After all, the central bank is armed with ample firepower, and it’s pumping a seemingly endless flow of liquidity into markets. Hence, sky’s the limit—for now. Read: The Fed treats investors like ‘foolish children’ by propping up stocks despite ‘dreadful fundamentals,’ hedge-fund heavy Seth Klarman says “What the Fed has basically said is: ‘Our goal is to make sure we have orderly and liquid markets.’ The...
    A TOP Federal Reserve official called for a "really hard" lockdown lasting "four to six weeks" to save the economy. Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis spoke about how a lockdown may save the economy in an interview with CBS' Face the Nation. 8Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, called for a hard shutdown to save the US economy 8A New York City street is pictured empty amid the coronavirus pandemic on March 23, 2020Credit: © 2020 Pacific Press 8Many businesses have been shuttered due to COVID-19, and millions of Americans have been put out of workCredit: Getty Images - Getty The call for the shutdown as coronavirus cases in the US continue to climb past 4.6million, with more than 154,00 deaths. Although President Donald Trump has been strongly opposed to lockdowns, and has been pushing for schools...
    The cellphones of many Trump supporters have become inundated with aggressively-worded text messages accusing them of abandoning their president if they don’t fork over cash to Republican groups. “It’s crazy. I don’t know if it’s a scam or what. Nobody’s getting my money now,” Pennsylvanian Trump supporter Bill Supplee told the Daily Caller News Foundation. The National Republican Congressional Committee publicly mocked a prominent pro-Trump political commentator on Twitter who urged the group to stop sending demeaning texts to its conservative base. A growing number of people within President Donald Trump’s conservative support base say they feel insulted over the aggressive, spam-like text messages they receive from the Trump campaign and national Republican groups seeking their money. Studies have shown that more than 90 percent of text messages are opened and read within three minutes of being sent, making it a valuable tool in the arsenals of Democratic...
    Homeland Security gathered intelligence on journalists covering Portland protests At least 150 hospitalized due to salmonella outbreak in 48 states The jobs report and congressional politics may matter more for markets than earnings in the week ahead About 1.4 million jobs were expected to have been added in July, and Friday's employment report could be big for the markets since expectations for nonfarm payrolls fall in a wide range. About a quarter of S&P 500 companies report earnings, but analysts say now that Big Tech has reported, the earnings season will be a less-important driver of markets in the coming week. Politics is moving to the foreground as Republicans and Democrats need to come together to approve a stimulus package that will help the millions of out-of-work Americans. © Provided by CNBC A pedestrian wearing a face mask looks at a smartphone while passing in front of...
    Phillies Seranthony Dominguez undergoes Tommy John surgery My Two-Year-Old Tested the New Lovevery Play Kit Subscription Box The Fed treats investors like ‘foolish children’ by propping up stocks despite ‘dreadful fundamentals,’ hedge-fund heavy Seth Klarman says KEY WORDS © Bloomberg Seth Klarman, founder of the Baupost Groups. Photographer: David Paul Morris/Bloomberg. ‘Investors are being infantilized by the relentless Federal Reserve activity. It’s as if the Fed considers them foolish children, unable to rationally set the prices of securities so it must intervene. When the market has a tantrum, the benevolent Fed has a soothing yet enabling response.’ — That’s Seth Klarman, the billionaire behind hedge-fund giant Baupost Group, trying to explain the current market climate in a letter to investors cited by Bloomberg News Thursday. Load Error “Surreal doesn’t even begin to describe this moment,” he said, adding that investor “psychology is surprisingly ebullient even though business...
    Seth Rogen, who is Jewish, drew criticism over his remarks about Israel this week Seth Rogen is facing backlash from supporters of Israel after saying that he was fed a 'huge amount of lies' about the country as a child and didn't know the Jewish state was created where Palestinians were already living. The Hollywood actor, who attended Jewish schools and camps growing up in Canada, opened up this week about his Jewish heritage in an interview on the WTF with Marc Maron podcast.  'As a Jewish person I was fed a huge amount of lies about Israel my entire life,' the actor said of his experience in Jewish schools. 'They never tell you that, "Oh, by the way, there were people there". They make it seem like it was just like sitting there, like the f***ing door's open. They forget to include the fact to every young Jewish person.' More than 700,000...
    Viewing Picks for July 30, 2020 My Two-Year-Old Tested the New Lovevery Play Kit Subscription Box Buy stock dips because the S&P 500 could ‘easily’ reach 3,500 next year, says Credit Suisse NEED TO KNOW © AFP via Getty Images The dips. Could the worst U.S. growth reading since World War II trigger stock gains on Thursday? Load Error After an unsurprisingly gloomy economic assessment from Federal Reserve Chairman Jerome Powell on Wednesday, some are pondering whether markets would take cheer from data that may secure more stimulus down the road. So far, there is not much optimism and equity futures are down on what is also a big day for earnings. But that segues straight into our call of the day from Andrew Garthwaite, Credit Suisse’s global equity strategy analyst, who believes the S&P 500 could “easily hit 3,500 on our models” by the end...
    By Ann Saphir and Howard Schneider Jul 29 (.) – The rise in coronavirus cases in the United States and restrictions aimed at containing it have begun to weigh on the economic recovery, the head of the Federal Reserve said on Wednesday, pointing to an apparent weakening of consumers and a slowdown in the rehire of workers, particularly by small businesses. “We have seen some signs in recent weeks that the surge in virus cases and renewed measures to control it are beginning to weigh on economic activity,” Jerome Powell said at a press conference following the release of the latest statement from monetary policy of the US central bank. The country “has entered a new phase to contain the virus, which is essential to protect our health and our economy.” Powell’s comments, made via videoconference, confirmed what many economists and other analysts have maintained in recent weeks as coronavirus...
    NBA bubble, explained: A complete guide to the rules, teams, schedule & more for Orlando games 9 Soft and Chic Baby Crib Sheets for Your Nursery The Fed just virtually guaranteed that mortgage rates will stay down The Federal Reserve has taken a fresh look at what the coronavirus is doing to the economy — and Chairman Jerome Powell and his colleagues have decided they'd better stick with the policies that have pushed mortgage rates to record lows that were once unimaginable. © Sundry Photography / Shutterstock Grim Fed outlook will help depress mortgage rates Rates on 30-year mortgages have been sliding below 3% for the first time in history, and the results of the Fed's July meeting virtually guarantee that rates will stay in the cellar. In fact, the central bank's gloomy outlook may send rates down even deeper. Economic yardsticks are "well below" where they were at...
    Seth Rogen, who attended Jewish schools and camps growing up in Canada, opened up this week about his heritage, his views on Israel and antisemitism Seth Rogen says he was fed a 'huge amount of lies' about Israel when he was a child because he didn't know the Jewish state was created where Palestinians were living. The Hollywood actor, who attended Jewish schools and camps growing up in Canada, opened up this week about his heritage, his views on Israel and antisemitism. 'As a Jewish person I was fed a huge amount of lies about Israel my entire life,' Rogen said in an interview on the WTF with Marc Maron podcast.  'They never tell you that, 'Oh, by the way, there were people there'. They make it seem like it was just like sitting there, like the f***ing door's open. 'They forget to include the fact to every young Jewish person.'...
    Coronavirus death toll passes 150,000 McDonalds Is Closing 200 US Locations This Year—Heres Why Powell Says Fed Will Wrap Up Strategy Review in the Near Future (Bloomberg) -- The Federal Reserve will wrap up its review of monetary policy strategy, tools and communications in the near future, Chair Jerome Powell said. © Bloomberg Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a virtual news conference seen on a laptop computer in Arlington, Virginia, U.S., on Wednesday, July 29, 2020. Federal Reserve officials left their benchmark interest rate unchanged near zero and again vowed to use all their tools to support the U.S. economy amid a shaky recovery from the coronavirus pandemic. “At this meeting, my colleagues and I resumed our discussions” about the review, which was temporarily delayed by the onset of the pandemic, Powell said Wednesday in opening remarks prepared for a press conference following a...
    New York (CNN Business)The Federal Reserve left interest rates unchanged near zero in its monetary policy update Wednesday, and it once again reiterated that the economic recovery will depend on the path of the virus."The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term," the central bank said in a statement.Even though the economy was beginning to rebound after grinding to a halt during the pandemic lockdown in the spring, the level of economic activity was still well below the levels from the start of the year, the Fed said. "What that data shows is that the pace of the recovery looks like it has slowed since the cases began that spike in June," Federal Reserve Chairman Jerome Powell said in Wednesday's news conference. "On balance it looks like the...
    Federal Reserve Chairman Jerome Powell speaks at his news conference following the two-day meeting of the Federal Open Market Committee (FOMC) meeting on interest rate policy in Washington, January 29, 2020.Yuri Gripas | Reuters The Federal Reserve is expected to again promise to do whatever it takes to fix the economy at the same time it is working on what more it can do.  The Federal Open Market Committee winds down its two-day July meeting Wednesday with a 2 p.m. ET statement. That will be followed by a press briefing by Fed Chairman Jerome Powell, who could provide an update on the Fed's view on the economy and also the extraordinary actions it has taken so far..  "I don't think we're going to learn a ton at this meeting, but I think behind the scenes, it will be pretty interesting around the work they're doing and setting up for the...
    Joe Biden speaks at a campaign event in New Castle, Delaware, on July 21, 2020.Andrew Harnik/AP For indispensable reporting on the coronavirus crisis and more, subscribe to Mother Jones' newsletters.The Federal Reserve has a huge role to play in racial equality, but it has long perpetuated the income and wealth gaps between Black and white Americans. Joe Biden wants to change that. Biden’s proposal, unveiled as part of his racial equity economic recovery plan, calls for the Federal Reserve to “aggressively enhance” the way it both measures and targets the racial job, wage, and wealth gaps, something the network of Federal Reserve banks have done only sporadically and without any formal mandate. Biden also wants the Fed to report on “data and trends in racial economic gaps” and the steps it is taking to close them, a move that would require an amendment to the Federal Reserve Act. As the...
    Clippers’ Ivica Zubac had coronavirus: ‘I couldn’t stay in shape’ Every hand sanitizer the FDA has flagged as dangerous and potentially deadly The Federal Reserve just extended its pandemic lending programs until year-end The Federal Reserve announced Tuesday its lending programs will be extended until the end of the year. It's a sign the central bank doesn't think the US economy has weathered the pandemic storm yet. © Tasos Katopodis/Getty Images The programs, which include the main street lending facility that lends to small and medium-sized businesses, were previously meant to expire at the end of September. Load Error "The three-month extension will ... provide certainty that the facilities will continue to be available to help the economy recover," the Fed said, calling the programs "a critical backstop." Fed Chairman Jerome Powell has said time and time again that more action from both the central bank...
    New York (CNN Business)The Federal Reserve announced Tuesday its lending programs will be extended until the end of the year. It's a sign the central bank doesn't think the US economy has weathered the pandemic storm yet.The programs, which include the main street lending facility that lends to small and medium-sized businesses, were previously meant to expire at the end of September. "The three-month extension will ... provide certainty that the facilities will continue to be available to help the economy recover," the Fed said, calling the programs "a critical backstop."Fed Chairman Jerome Powell has said time and time again that more action from both the central bank and Congress will be necessary to get the economy through this crisis.Economic data has improved since the worst of the lockdown's effects, and the stock market has rebounded to near record highs. Still, many economists believe the recovery is fragile. Read MoreTo...
    The Federal Reserve said Tuesday it is extending its menu of lending programs to businesses, governments and individuals to the end of 2020. Originally set to expire Sept. 30, the myriad facilities, stretching from credit to small businesses up to the purchase of junk bonds now will stretch to Dec. 31. The Fed began rolling out the initiatives as market functioning broke down in March. A lack of liquidity stemming from fears over the coronavirus crisis froze markets and pushed the Fed into various credit facilities, a number of which had their origins during the financial crisis. This is breaking news. Check back here for updates.Related Tags Breaking News: Politics Breaking News: Economy Economy Breaking news
    Lewis returns to Capitol to lie in state How the Hamptons got even bougier in summer 2020 How the Fed could push mortgage rates even lower this week Both homebuyers and homeowners are loving today's record-breaking mortgage rates, which have been averaging less than 3% for the very first time. As rates have made history this month, mortgage applications have been rising. © Shutterstock How the Fed could push mortgage rates lower Borrowers owe the Federal Reserve a great big THANK YOU for the plunging rates on new and refinance home loans, and Fed policymakers who meet this week could help push them even lower. America's central bank is expected to stick with and even sharpen its coronavirus-fighting policies that have driven interest rates down. Fed officials also are likely to spread more gloom about the economy — and when Fed chief Jerome Powell and his colleagues get grim,...
    PSGs Mbappe out for 3 weeks, could miss Champions League QF 60 Best Friend Gifts for Every Type of Friend The economy could fall off a fiscal cliff The economy is once again teetering on the edge of a so-called fiscal cliff. Investors don't seem to care. © Johannes Eisele/AFP/Getty Images The broader stock market has roared back to life in recent months. The Nasdaq, led by big tech companies, has surged 16% this year and is not far from a record high. Load Error Yet as July 31 approaches, there are growing concerns that Congress will only pass a watered down fiscal stimulus package -- one that does not include an extension of the $600 in unemployment benefits that many Americans have come to rely on during the Covid-19 outbreak. This has brought back memories of the last time the US was brought to the edge...
    The euro has started the week with momentum afterwards thanks to the weakness of the dollar and news related to the new coronavirus. The EURUSD is currently trading higher for the seventh consecutive session and marks its highest level since September 2018. The dollar is under pressure due to the risk aversion that COVID-19 is generating and therefore the rise of the yen against the greenback. USD / JPY is currently trading at 105.68, its lowest level on March 16. In contrast, the dollar index not only fell below the 94.50 area, but advanced to operate near 94.25, its lowest level since September 27, 2018. At the moment, the DXY is being exchanged at 94.25, representing a decrease of 0.10 percent at the beginning of the week. COVID-19: 16 million cases To have a little context and fear about the advance of the coronavirus, according to the latest update from...
    Todd Gurley heading to Atlanta despite COVID-19 concerns EXCLUSIVE: Dani Michelle, Stylist to Kendall Jenner, Releases Missguided Line How the Federal Reserve affects ARMs, HELOCs and home equity loans The Federal Reserve’s interest rate decisions influence the rates you pay for home equity loans, HELOCs and adjustable-rate mortgages. While no one expects the central bank to change its rates this week, if you have a loan with a variable rate, you should understand the stakes. © Getty Images Federal Reserve Chairman Jerome Powell Fed influence home equity loans, HELOCs and ARMsThe Fed is responsible for setting the federal funds rate, the interest rate banks charge each other for overnight loans to meet reserve requirements. Home equity loans and HELOCs: The prime rate is another benchmark rate, and it tends to be 3 percentage points higher than the fed funds rate. Many lenders tie the rates on home...
    The Federal Reserve Board—our unaccountable Central Bank—needs more citizen and congressional supervision. Fees from financial institutions fund its operations, not congressional appropriations. It is as secret as it wants to be and that’s plenty. (See Secrets of the Temple: How the Federal Reserve Runs the Country by William Greider). Plus, the Fed can print money at will. In the past several years it has “produced” trillions of dollars that juiced the stock market’s speculation. Back nearly 90 years ago, the influential British economist, John Maynard Keynes, warned about stock markets veering into speculation and away from investments to build the real economy. Today, he might view stock markets as the epitome of wasteful “casino capitalism.” They have very little to do with raising money for useful investments and everything to do with making bets, as in multi-tiered derivatives, puts, and options to make money from money. Most often using, in Justice Louis...
    SACRAMENTO —  If there’s one thing I had hoped most Californians could agree on, it’s that federal agents snatching American citizens off the streets, throwing them into unmarked vehicles, taking them to undisclosed locations for interrogation and then releasing them without an explanation is a bad thing. In particular, I thought that maybe — just maybe — the most conservative of Republicans, who are constantly on guard for some unwelcome overreach by government, would be like-minded about this. But no. That’s not where we are in 2020. Hundreds of people — from anti-vaxxers to conspiracy theorists to concerned parents and understandably irked business owners — gathered Saturday in the midday Sacramento heat to gripe about Gov. Gavin Newsom. It was dubbed the “United We Stand” rally, and indeed those who attended were pretty united in their grievances about the state’s inconsistent and often unclear response to COVID-19....
    AP sources: NFL owners offer opt-out guidelines for players Jill Granoff Named to Eurazeo Executive Committee Can the Fed tame an avalanche of corporate distress? Bond investors are betting on it MARKET EXTRA © Getty Images Betting booths for horse raging at Belmont Park in New York City. Getty Images The Federal Reserve has proven it knows how to keep credit flowing during a crisis. Load Error Look at the record debt already issued this year by highly rated and speculative-grade U.S. corporations during the pandemic. But bond investors now also expect the Fed’s unprecedented stimulus sloshing around financial markets to turn the tide on the credit cycle, namely by preventing more companies from going belly up than was expected only a few months ago. “It’s a key axiom that businesses don’t default because they are losing money,” said Steven Oh, global head of credit and fixed-income...
    In a summer of unending news, we may be heading into what could be the newsiest week of all. The Nasdaq's sputtering rally could be put to its biggest test yet, as tech bellwether Apple and other stalwarts of the tech rally report earnings. Early in the week, Republicans will unveil their stimulus package proposal, which will then be debated as Friday's deadline nears for the expiration of enhanced unemployment benefits. The Federal Reserve also meets on and is likely to discuss other steps it can take. It's not likely, however, to make any moves as it wraps up on Wednesday, other than to assure markets it will continue to use extraordinary programs to help the economy. Then on Thursday, the government will release a big number many investors have been dreading — the first official reading of second quarter gross domestic product, which which should show how hard the economy...
    Latinos, many with essential jobs, disproportionately affected by COVID-19 An Unknown Salmonella Outbreak has Infected Over 100 People in 15 States The Fed Needs to Focus on Employment (Bloomberg Opinion) -- When the U.S. Federal Reserve holds its next big policy-making meeting, officials will discuss forward guidance — that is, how to communicate the central bank’s future plans in a way that will boost the economy today. If they want to have maximum impact, they should focus the guidance on progress in getting people back to work. © Photographer: Joe Raedle/Getty Images What people need to expect. In the simplest form of forward guidance, the central bank promises not to remove stimulus — for example, by raising interest rates - before a certain date, in the hopes that the guarantee of easy money will encourage people to spend and invest. This, for example, is what the Fed did under...
    Welcome to Crony Capitalism 2.0, brought to America by the Trump administration and the COVID-19 pandemic. Washington’s current approach to rescue the economy has made investors in stocks and bonds whole, even as incomes fall for most Americans. Now, only Congress can lessen that injustice — and the suffering of millions of people — only by going big. Until the crisis ends, everyone who needs them should receive checks from the government every six weeks, the expanded jobless benefits should stay in place, and small businesses that need another round of payroll supports should get them. For the top 10 percent of American households that own 91 percent of all financial assets, the economic impacts of the pandemic crisis are virtually over. After an 11-year bull run for stocks, the S&P 500 reached a historic high on February 19, 2020 and then slid 34 percent as the economy fell off...
    Looks like we've reached the 'burn it all down' stage of Republican rule The Republican Senate still seems quite determined to install any crackpot, no matter how unqualified or damaging, to any position Trump's team of catastrophic screw-ups can think of. On Tuesday the Senate Banking Committee voted on party lines to advance the nomination of Judy Shelton as Trump-desired addition to the Federal Reserve Board. Shelton is a crackpot, pure and simple. She is a crackpot that puts Trump's other crackpots to shame. Even Republicans were extremely dubious about her nomination, until as usual Something Happened and the children of the Senate decided to just do whatever the orange gasbag's team wanted. How bad is Shelton as a pick? Bad enough to inspire "God Help Us" headlines and theories that Trump is choosing her because he knows he is going to lose reelection and is "salting the earth behind...
    People walk past the U.S. Federal Reserve building in Washington D.C., the United States, May 21, 2020.Ting Shen | Xinhua via Getty Images Former Federal Reserve chairs Ben Bernanke and Janet Yellen are raising questions about the role hedge funds played in the March market tumult. The duo pointed out in an essay that says the Fed was pushed into action as a result of a breakdown in market functioning triggered by massive hedge fund selling in the early days of the coronavirus pandemic declaration. As the market became flooded with Treasurys and other long-term securities, buyers bailed out and the Fed had to step in with liquidity facilities and asset purchases aimed at maintaining basic functioning. The Fed's purchases caused its balance sheet to swell past $7 trillion, or nearly double from its size earlier in the year. "Although risk and liquidity premiums in these key markets have returned...
    The Federal Reserve is our nation’s central bank, responsible for managing the money supply, interest rates and general credit conditions. Should its officials publicly advocate wearing masks to contain COVID-19? Perhaps a vital issue, but not monetary policy. Edward Lotterman Or, should it tout early-childhood education or bash public financing of sports facilities? What of a Fed Chair testifying to Congress in favor of a specific tax bill? Such questions arise from Dallas Fed President Robert Kaplan’s advocacy of masks as quoted in the July 17 Washington Post: “We’re confident that masks work, and if you want to reopen the economy faster, you want to get people back on planes and in stores.… Part of my job, I believe, is to call it out.” Well perhaps. I and, I think, most other economists would agree on the wisdom of using masks and how it would be good for the economy. ...
    Jul 17 (.) – The United States Federal Reserve opened its “Main Street” loan program on Friday to non-profit organizations, allowing educational, healthcare and social service entities with a minimum of up to 10 employees to access the central bank financing. The announcement extends the Fed’s loans to a whole new sector of the economy, which could also face additional difficulties in the crisis caused by the coronavirus, possibly due to the sharp drop in charitable donations. Nonprofits are strong employers and often represent key institutions for local communities. Loan terms were significantly expanded following the Fed’s initial proposal and include a lower threshold of employees per organization or company, from the previous 50 workers, as well as laxer requirements regarding revenue and developed operating margins to determine your financial status. “We have carefully listened to and adapted our initiative to better support you as you carry out this vital...
    NEW YORK, Jul 16 (.) – It may take a few years for the US economy to recover from the damage caused by the coronavirus pandemic, and it is not yet time to think about raising interest rates, the president of the New York Federal Reserve, John Williams. “This is not the time to think about ‘take off’ or normalization,” Williams said in an interview with Yahoo Finance. The virus has created a “huge amount of uncertainty” and even if the US economy begins to recover in the second half of 2020, it could take a while for it to emerge from a “very deep hole.” “We have a long way to go to regain full strength,” Williams said. The rebound is beginning to halt in states where the number of coronavirus cases is increasing, a trend that is causing people to cut back on outings to restaurants and other...
    WASHINGTON, Jul 15 (.) – US companies saw a surge in activity in early July, when states eased restrictions to contain the new coronavirus pandemic, a Federal Reserve report showed on Wednesday, but many did not. they were sure of the economic prospects. The disparate picture illustrated in the latest snapshot of corporate views collected by the central bank reflects broader economic data, from the unemployment rate to manufacturing activity, which have improved since confinements were reduced in late May, but They may soon show signs of hesitation in the face of a surge in the virus. “Economic activity increased in almost all districts, but remained well below what it was before the COVID-19 pandemic,” the Fed said in its report. “The outlook was still very uncertain as contacts grappled with the duration of the COVID-19 pandemic and the magnitude of its economic implications.” The Fed survey, known as the...
    Jul 15 (.) – The United States has been unable to control the coronavirus and there is a high level of uncertainty about how much the pandemic will affect the economy, Philadelphia Federal Reserve Chairman Patrick Harker said on Wednesday. Based on average projections, Harker said that real GDP growth could fall by 20% in the first half of this year and then grow by 13% in the second half of the year. He stated that the economy could decline by around 6% in 2020. “That is a much sharper recession than we experienced during the financial crisis,” Harker said in remarks prepared for an online event, also noting that the projections are “constantly changing along with the direction the virus is taking.” Authorities are limited in terms of what they can do to support the economy, he said. However, Fed officials will support the functioning of the markets by...
    DEAR JOAN: I would like your help and advice about a small group of crows that seems to have taken up residence in my neighborhood, especially around my cul-de-sac of six homes. About six months ago, we noticed crows caw-caw-cawing away throughout the day. Instead of being awakened in the morning with the sweet songs and chirping of small birds, I was rudely awakened by the annoying caw-caw-caw of crows. Since then, the songbirds have all but disappeared and the crows are dominating the neighborhood. I witnessed two crows chasing after a squirrel running along a fence and actually pecked at it.  And more than once, I’ve seen one or two crows chasing away a hawk that used to occupy the top of a very tall redwood tree. Now the crows own that property. A couple of months ago, I noticed a crow’s nest near the top of a large...
    By Lindsay Dunsmuir and Howard Schneider WASHINGTON, Jul 14 (.) – The US economy will recover more slowly than expected amid a surge in coronavirus cases, and a second wave of the disease could cause economic suffering to deepen again, they warned. on Tuesday Federal Reserve authorities. One by one, central bank officials have become more pessimistic in recent days, reviewing expectations and warning that recent improvements in economic data such as job earnings could be fleeting. “The pandemic remains the key catalyst for the course of the economy. A thick fog of uncertainty still surrounds us and bearish risks predominate,” Fed Governor Lael Brainard said at a virtual event hosted by the National Association for Business Economics. He called on the central bank to commit to delivering sustained monetary expansion through forward-looking and large-scale asset purchases, and argued that additional fiscal support would be “vital” to the strength of...
    Funds may be king through a crisis. But for best financial investment banking institutions helping the Federal Reserve do “whatever it takes” to retain credit flowing through the pandemic, the ace in the gap has been money markets service fees. Acquire JPMorgan, Chase & Co. JPM, +.57%, which recorded a chart-busting $33.8 billion of earnings for the 2nd-quarter on Tuesday, in spite of the coronavirus recession, and a 54% jump in investment banking expenses from a year ago. “Not to be a cheerleader, but 2Q20 showcased that there is superior motive JPM is viewed as the market leader,” a workforce led by Jesse Rosenthal, head of U.S. economic firm investigation at CreditSights, wrote in a be aware pursuing the bank’s results. Citigroup Inc. C, -3.92% also on Tuesday described $19.8 billion in earnings for the next-quarter, driven in section by a 68% surge in fastened-revenue buying and selling revenue and a...
    Bradley Beals agent indicates he would have played if Wizards were in contention A Grandmother Taught Her Son to Braid His Daughters Hair, and Im Crying Feds Kaplan says the U.S. economy will see above-trend growth in 2021 Dallas Federal Reserve President Robert Kaplan said the U.S. will see above-trend growth next year. The Fed president said the pace of the economic recovery depends on how well the country manages the spread of the coronavirus. The most important thing for the economy now is wearing protective face coverings, he said. Dallas Federal Reserve President Robert Kaplan said the U.S. economic growth will accelerate next year as the country rebounds from the coronavirus crisis. Load Error "In '21, we will see an above-trend growth, and we will continue to grind down the unemployment rate," Kaplan said on CNBC's "Closing Bell" on Tuesday. "I still believe if we follow...
    VIDEO5:2505:25Robert Kaplan says mandatory masks will improve economic outlookClosing Bell Dallas Federal Reserve President Robert Kaplan said the U.S. economic growth will accelerate next year as the country rebounds from the coronavirus crisis. "In '21, we will see an above-trend growth, and we will continue to grind down the unemployment rate," Kaplan said on CNBC's "Closing Bell" on Tuesday. "I still believe if we follow these protocols, we would see a rebound from the deep hole we dug in the second quarter."The question is when you get to a normalized economy, and it's going to depend on the path of the virus and how well we manage it, and the timing of the vaccine," Kaplan added. "I'm optimistic we will work our way through this. But it would be a lot less costly if we did a good job managing the virus." The Fed president said the most important thing for...
    FAN favourite The Walking Dead character Carol nearly met a bitter end in the years that followed the zombie apocalypse. Carol (Melissa McBride) has arguably grown more than any other protagonist on the show, developing from a cowed, scared wife to one of the most fearsome warriors among the allied communities. 5Carol and Ezekiel have a complicated past The zombie virus outbreak saw Carol leave an abusive marriage and lose her beloved daughter Sophia, turning points that saw a colder, more formidable persona take hold. More recently, Carol lost adopted son Henry to leader of The Whisperers Alpha (Samantha Morton) and the grief saw her spiral into a dark place. She suffered from hallucinations and even endagered the lives of her friends by recklessly pursuing revenge at all costs. However, her efforts ultimatelty proved to be fruitful after she set Negan (Jeffrey Dean Morgan) free from Alexandria's jail and taked...
    Chargers safety Teamer suspended first 4 games of season The Best Looks from the First-Ever Digital Paris Couture Week What is the Federal Open Market Committee (FOMC)? Meet the faces behind the U.S. economy. © Olivier Douliery / AFP / Getty Images The Federal Reserve Eccles Building in Washington, D.C. The Federal Reserve is the central bank of the U.S. It’s tasked with maintaining a stable and sound financial system - most notably by raising or lowering interest rates at (what's typically) eight meetings a year. But those decisions are made by a voting body: the Federal Open Market Committee (FOMC), of which several Fed officials belong. They're the ones actually deciding on whether to raise, lower or maintain interest rates. The decisions they make directly influence the economy and your wallet. Here's what the FOMC is, including who's on it and why it matters.What is the FOMC?The FOMC...
    An author has given a powerful insight into what it was like growing up in the generation of children whose parents survived the Holocaust.  Jerry Bagel, 67, from New Jersey, explains in the foreword of his new book The Numbers on My Parents’ Arms that as a child, his bedtime stories were horrific tales from his parents' time at Auschwitz-Birkenau.  He also reveals how he learned to count by using his parents' concentration camp tattoos, and was told how his father lost a testicle during medical experiments by the Nazis. The author said that his parents' struggles meant they put even more pressure on him to be successful, and told how his parents said they'd 'kill themselves' if he did not marry a Jewish woman, which he did in the 1980s.  The Numbers… is a striking retelling of the Holocaust using the stories his parents told him as materials, as well...
    Jul 10 (.) – The key to ensuring a faster economic recovery in the United States is to wear face masks and slow down the spread of the coronavirus, Dallas Federal Reserve President Robert Kaplan said Friday. “The behavior of the virus and its incidence are going to be directly related to the speed of growth,” Kaplan told Fox Business Network in an interview. “Although monetary and fiscal policy have a key role to play, the main economic policy from here on is a broad use of face masks and a good execution of health protocols; if we do this well, we will grow faster,” he added. . (Information from Ann Saphir; edited in Spanish by Carlos Serrano)
    Gerard Miller | CNBC Amid historically aggressive policy moves from the U.S. central bank and Congress, Dallas Federal Reserve President Robert Kaplan said the most important thing for the economy now is wearing protective face coverings. Masks in public, Kaplan said, are key to stopping the coronavirus spread, which is increasing in record numbers and threatening to roll back the progress made since the U.S. went into lockdown in mid-March. "The main message I'd have today about the economy from here and how to grow it probably has to do with managing this virus," he told Fox Business's Maria Bartiromo in an interview Friday morning. "While monetary and fiscal policy are very important, they're not as important right now as us doing a good job flattening the curve on this virus. If we do that, we'll grow faster." The Fed has instituted programs that could provide $2.3 trillion in liquidity...
    By Sam Aung Moon HPAKANT (Reuters) - Sut Seng Du says he turned over 100 bodies as he clawed through the mud in a heavy downpour last week, before he finally found his brother, one of 172 people buried alive in the worst mining disaster anyone can remember in Myanmar's "jade city". His brother, La Htoi, 23, was a local hero: a philosophy student and the first in the village to get into university, with a good job teaching at the local school. But then the coronavirus came, the school was shut and he was left desperate. So he went to the mines. "The sadness is just indescribable," said Sut Seng Du, wiping away tears after he buried the body at a small cemetery near the mine. "I did not have the strength to tell my parents about his death. I felt sorry for my mum and dad." Campaigners say...
    Nationals, Astros cancel workouts because of testing delays The planets biggest shopping malls before and during COVID-19 Raphael Bostic, the Feds first Black branch president, says racism has economic impacts Atlanta Fed President Raphael Bostic said in an essay that racism has economic consequences. "Systemic racism is a yoke that drags on the American economy," he wrote. Bostic is the central bank's first Black regional president. © Provided by CNBC President and Chief Executive Officer of the Federal Reserve Bank of Atlanta Raphael W. Bostic speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019. The Federal Reserve has a role to play in ending systemic racism, in the view of the central bank's first Black regional president. Load Error In an essay on the site of the Atlanta Fed, where Raphael Bostic presides, he said the organization has multiple ways it can...