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Fed's Goolsbee Signals Multiple Rate Cuts Ahead, Cites Recession Warning Signs As Unemployment Rises
2024 Sep 23, 6:54pm | 592Chicago Federal Reserve President Austan Goolsbee hinted at a series of interest rate cuts over the next 12 months in a discussion at the Economic Club of Minnesota on Monday. “We have a long way to come down to get the interest rate to something like neutral,” Goolsbee said,...
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US Needs To Do One Simple Thing To Bring Inflation Down, Says Former Vice Chair Of Federal Reserve
2024 Sep 23, 6:11pm | 375Lael Brainard, the former vice chair of the Federal Reserve and current director of the National Economic Council, spoke at a Detroit Economic Club event Monday and discussed the current economic climate and why inflation has remained sticky. While she acknowledged that inflation has fallen from...
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Citigroup's China Expansion Plans Stalled Amid Regulatory Probes
2024 Sep 23, 3:28pm | 636Citigroup Inc.'s (NYSE: C) plan to expand in China has met a snag with the U.S. regulators after the Federal Reserve imposed a penalty on the bank related to its data management and risk controls, per a Bloomberg report. The bank is currently awaiting a clearance letter from the U.S. Federal...
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Upstart Soars 71% in 3 Months: Is it Too Late to Buy the Stock?
2024 Sep 23, 1:40pm | 1266Upstart Holdings, Inc. (NASDAQ: UPST), the artificial intelligence-driven fintech, has surged by 71.1% in just three months, outpacing both the broader tech sector and the S&P 500. While the Technology Select Sector SPDR Fund ETF remained relatively flat, and the S&P 500 posted modest...
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Should You Buy, Sell, or Hold KB Home Before Q3 Earnings?
2024 Sep 23, 1:15pm | 1389KB Home (NYSE: KBH) is slated to report third-quarter fiscal 2024 results (ended Aug. 31) on Sept. 24, after the closing bell. In the last reported quarter, KB Home's earnings and revenues beat the Zacks Consensus Estimate by 20.8% and 4.3%, respectively. On a year-over-year basis, earnings...
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US Services Growth Tops Estimate, Contraction In Manufacturing Worsens: 'Reacceleration Of Inflation'
2024 Sep 23, 10:31am | 709Economic activity in the U.S. private sector grew at a slightly faster pace than anticipated in September, marking a stark contrast between the healthy services sector and the struggling manufacturing industry, according to the flash estimates from the Purchasing Managers’ Index (PMI) report...
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Gold Reaches New Record As Investors Eye Further Rate Cuts
2024 Sep 23, 9:31am | 511By RoboForex Analytical Department Gold prices soared to a new all-time high, with the troy ounce surpassing 2614 USD. This surge is primarily driven by expectations of additional interest rate cuts and ongoing geopolitical tensions, which enhance gold's appeal as a safe-haven asset. Following...
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Consumers Turn To 401(k)s To Pay Down Credit Cards: 'Life Is Expensive'
2024 Sep 23, 8:43am | 473Consumers are turning more frequently to their 401(k) accounts to pay down their credit cards as they face higher prices for essentials such as food, gas and electricity, according to a financial planner. Total credit-card debt in the U.S. reached $1.34 trillion as of June, Federal Reserve data...
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Wall Street Eyes Modestly Positive Start As Atypical September Rally Generates Positive Sentiment, China Cuts Rate: Intel, Palantir, Bitcoin Make Huge Moves
2024 Sep 23, 7:03am | 1568U.S. index futures are modestly higher at the start of a new week as the rate cut euphoria fades and traders look ahead to the next key catalysts. The tech space could get a lift from a potential lifeline for struggling Intel Corp. (NASDAQ:INTC) and traders may also look ahead to Micron Corp....
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S&P 500 Outpaces Wall Street Projections As Year-End Nears: Will The Rally Hold?
2024 Sep 23, 4:25am | 1030The S&P 500 Index – a measure of broader market performance, has been on a tear this year, thanks to inflation’s downward trajectory that allowed the Federal Reserve the leeway to cut rates, the resilient economy and robust corporate profit growth. With the year approaching its last...
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JPMorgan, BOfA And Other US Banks Reportedly Reap $1 Trillion Windfall From Fed's High Interest Rates
2024 Sep 23, 4:13am | 638U.S. banks have reportedly gained a $1 trillion windfall due to the Federal Reserve’s prolonged period of high interest rates. What Happened: The Federal Reserve maintained elevated interest rates for two and a half years, allowing banks to earn higher yields on deposits held at the Fed....
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Federal Reserve's Bold Rate Cut, Retail Sales Rise And More: This Week In Economics
2024 Sep 22, 6:00am | 563The past week was a rollercoaster ride for the financial world, with the Federal Reserve making a bold move, retail sales showing unexpected resilience, and prominent voices sharing their views on the economy. Here’s a quick recap of the top stories that made headlines. Federal Reserve...
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Fed Rate Cut May Drive Investors Away From Money Markets, Says Portfolio Manager
2024 Sep 20, 4:10pm | 467The Federal Reserve’s decision cut interest rates by 0.5% on Wednesday may pull investors away from money market funds and into longer duration bonds, according to a portfolio manager. Total money market fund assets decreased by $20.02 billion to $6.30 trillion for a week ending on...
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Fed Delivers Large Rate Cut In Bid To Sustain Labor Market; Stocks, Gold Set New Record Highs: This Week In The Markets
2024 Sep 20, 4:03pm | 564The Federal Reserve cut interest rates by 50 basis points at its September meeting, lowering the target range to 4.75%-5%. This bold move defied the predictions of most economists who had anticipated a more modest 25-basis-point reduction. The Fed also hinted at the potential for additional cuts in...
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Fed's Historic Dissenter Bowman Says Smaller Interest Rate Cut Was Justified: 'We Have Not Yet Achieved Our Inflation Goal'
2024 Sep 20, 3:43pm | 508Federal Reserve Governor Michelle W. Bowman defended her decision on Friday to withhold support for a 50-basis-point interest rate cut during this week’s Federal Open Market Committee’s meeting. Instead, Bowman advocated for a more measured approach and was the lone vote for a 25-basis-...