6 days ago
By Ann Saphir
Oct 7 (Reuters) - The interest rate on the most common US home loan jumped last week to its highest in almost three years, worsening affordability for buyers four weeks before elections that will decide if President Donald Trump's Republicans keep control of Congress.
The average 30-year fixed-rate mortgage surged 19 basis points to 7.49% in the week ended October 2, the Mortgage Bankers **** ociation said on Wednesday. It was last higher in November 2023.
Mortgage rates are tied closely to the yield on US 10-year Treasury notes, which earlier this week hit a 24-year high, driven by worries over inflationary pressures from soaring oil prices and data showing stronger US economic growth.
The cost of living is the top issue on Americans' minds as they decide how they will vote on November 3, a Reuters/Ipsos poll completed on Monday showed, and is one reason why Trump's approval rating is at a record low of 32%.
#week #rate
Oct 7 (Reuters) - The interest rate on the most common US home loan jumped last week to its highest in almost three years, worsening affordability for buyers four weeks before elections that will decide if President Donald Trump's Republicans keep control of Congress.
The average 30-year fixed-rate mortgage surged 19 basis points to 7.49% in the week ended October 2, the Mortgage Bankers **** ociation said on Wednesday. It was last higher in November 2023.
Mortgage rates are tied closely to the yield on US 10-year Treasury notes, which earlier this week hit a 24-year high, driven by worries over inflationary pressures from soaring oil prices and data showing stronger US economic growth.
The cost of living is the top issue on Americans' minds as they decide how they will vote on November 3, a Reuters/Ipsos poll completed on Monday showed, and is one reason why Trump's approval rating is at a record low of 32%.
#week #rate
7 days ago
Actress Jaime King and investment banker Austin Sosa have ended their marriage after completing California's required waiting period. A Los Angeles County Superior Court judge signed the final dissolution decree Friday, October 2, making the pair legally single.
According to court records cited by PEOPLE, neither King nor Sosa will receive spousal support. The court permanently ended King's ability to seek payments from Sosa, while Sosa waived his right to receive ongoing support from the actress.
The couple did not have children together, so their divorce did not require custody or child support arrangements. Sosa's initial filing also stated that the pair had no community property, real estate, or marital debts that needed to be divided by the court.
The divorce follows a brief marriage. King and Sosa reportedly married in April 2025 and publicly announced their engagement that July. Sosa filed for divorce on January 22, citing irreconcilable differences.
California law requires a divorce to remain pending for at least six months after the respondent receives the petition and summons. The final court decision came nearly nine months after the initial filing.
#sosa #divorce
According to court records cited by PEOPLE, neither King nor Sosa will receive spousal support. The court permanently ended King's ability to seek payments from Sosa, while Sosa waived his right to receive ongoing support from the actress.
The couple did not have children together, so their divorce did not require custody or child support arrangements. Sosa's initial filing also stated that the pair had no community property, real estate, or marital debts that needed to be divided by the court.
The divorce follows a brief marriage. King and Sosa reportedly married in April 2025 and publicly announced their engagement that July. Sosa filed for divorce on January 22, citing irreconcilable differences.
California law requires a divorce to remain pending for at least six months after the respondent receives the petition and summons. The final court decision came nearly nine months after the initial filing.
#sosa #divorce
23 days ago
In the end, Kevin Warsh's Federal Reserve acquitted itself well. For all the uncertainty he had sparked at the previous meeting of the Federal Open Market Committee, when he refused to provide any indication of what he was prepared to do to tame stubborn inflation, the chair on Wednesday presided over a unanimous decision to raise interest rates for the first time in three years.
"Today's action starts to show that we're serious about this," he said at the press conference after the meeting, with "this" meaning inflation in excess of the Fed's 2% target for over five years. Welcome though it was, his embrace of economic orthodoxy nonetheless did little to dispel the Keystone Cops quality of governance in Donald Trump's US.
Warsh's resolve – raising rates just a few weeks before elections that will determine whether Republicans retain control of Congress – appeared even more resolute in the face of a veiled threat from White House economic adviser Kevin Hassett, who pointed out to his chums on Fox that "if you want an independent Fed, then one thing the Fed does is it stays out of the way of elections".
The central bankers' parsimonious comments in the press conference following the meeting made a sharp contrast with the more unhinged commentary from other members of the administration, including the president himself, who earlier this month celebrated the resilience of the labor market with a mind-boggling threat to "STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT" unless the Fed cut interest rates.
Trump has yet to turn on Warsh in the way he did on his predecessor, Jerome "numbskull" Powell. But the signs are ominous. After the rate hike, Trump went ballistic – spewing more of the random, incoherent thoughts that have become his trademark. "Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World," he wrote on social media, despite recalcitrant inflation and a budget deficit that is likely to exceed $2tn this year. He again demanded the powers that be to "LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!"
#rates #federal #states
"Today's action starts to show that we're serious about this," he said at the press conference after the meeting, with "this" meaning inflation in excess of the Fed's 2% target for over five years. Welcome though it was, his embrace of economic orthodoxy nonetheless did little to dispel the Keystone Cops quality of governance in Donald Trump's US.
Warsh's resolve – raising rates just a few weeks before elections that will determine whether Republicans retain control of Congress – appeared even more resolute in the face of a veiled threat from White House economic adviser Kevin Hassett, who pointed out to his chums on Fox that "if you want an independent Fed, then one thing the Fed does is it stays out of the way of elections".
The central bankers' parsimonious comments in the press conference following the meeting made a sharp contrast with the more unhinged commentary from other members of the administration, including the president himself, who earlier this month celebrated the resilience of the labor market with a mind-boggling threat to "STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT" unless the Fed cut interest rates.
Trump has yet to turn on Warsh in the way he did on his predecessor, Jerome "numbskull" Powell. But the signs are ominous. After the rate hike, Trump went ballistic – spewing more of the random, incoherent thoughts that have become his trademark. "Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World," he wrote on social media, despite recalcitrant inflation and a budget deficit that is likely to exceed $2tn this year. He again demanded the powers that be to "LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!"
#rates #federal #states
25 days ago
Watch Highlights From the 2025 Palm Beach CorpGov Forum:
CorpGov, IPO Edge and PE Edge will host the sixth annual Palm Beach CorpGov Forum on November 4-5, 2026, at the Palm Beach Lake Pavilion and The Cove Club, both located waterfront with sweeping views of Palm Beach Island, along with a reception at Cucina Palm Beach. The Forum will feature a VC-focused keynote panel on Wednesday evening and a full day of panels on Thursday, with networking events both nights.
Our audience will include approximately 300 attendees including institutional investors, board directors, family offices/HNWIs, attorneys, investment bankers and key advisors. For sponsorship, speaker or media enquiries, email EditorCorpGov.com
The event will be digitized into reports published on CorpGov and by its content partners (under relevant company stock tickers) Yahoo Finance, Bloomberg Terminals, Reuters via LSEG Workspace, and AlphaSense, and filmed with multiple 4K video cameras and professional editing.
Preliminary Agenda
#beach #corpgov #watch
CorpGov, IPO Edge and PE Edge will host the sixth annual Palm Beach CorpGov Forum on November 4-5, 2026, at the Palm Beach Lake Pavilion and The Cove Club, both located waterfront with sweeping views of Palm Beach Island, along with a reception at Cucina Palm Beach. The Forum will feature a VC-focused keynote panel on Wednesday evening and a full day of panels on Thursday, with networking events both nights.
Our audience will include approximately 300 attendees including institutional investors, board directors, family offices/HNWIs, attorneys, investment bankers and key advisors. For sponsorship, speaker or media enquiries, email EditorCorpGov.com
The event will be digitized into reports published on CorpGov and by its content partners (under relevant company stock tickers) Yahoo Finance, Bloomberg Terminals, Reuters via LSEG Workspace, and AlphaSense, and filmed with multiple 4K video cameras and professional editing.
Preliminary Agenda
#beach #corpgov #watch
25 days ago
Brace for minor market tremors now that the Fed has hiked interest rates by 0.25%.
Although if history holds up, any losses could prove short-lived.
The S&P 500 (^GSPC) has declined by an average of 4.0% over the six weeks following the first Fed rate hike of a cycle across seven such episodes since 1988, per new ****** ysis from strategists at The Kobeissi Letter.
Stocks recovered all of those losses over the next five to six weeks on average.
In the six months following the first interest rate hike, the S&P 500 returned 4% on average. After 12 months, the S&P 500's average gain tallied 9%. Positive returns have occurred in every episode except 2022 over the 12 months.
"Fed rate hikes have historically been great buying opportunities," the strategists added.
Read more: Follow live coverage of the Fed meeting
The decision by the Fed to lift rates comes as sticky inflation readings — from the CPI to PPI — and rising energy costs force central bankers back into tightening mode. The rate hike marks the central bank's first interest rate increase since July 2023.
Investors are also focused on the updated economic projections and the Fed's "dot plot" to gauge future moves on rates — said dot plot didn't rule out one more hike this year. A hawkish dot plot as was received and follow up commentary from Fed Chairman Kevin Warsh could further elevate borrowing costs and pressure stocks initially around the world.
#rate #hike #first #plot
Although if history holds up, any losses could prove short-lived.
The S&P 500 (^GSPC) has declined by an average of 4.0% over the six weeks following the first Fed rate hike of a cycle across seven such episodes since 1988, per new ****** ysis from strategists at The Kobeissi Letter.
Stocks recovered all of those losses over the next five to six weeks on average.
In the six months following the first interest rate hike, the S&P 500 returned 4% on average. After 12 months, the S&P 500's average gain tallied 9%. Positive returns have occurred in every episode except 2022 over the 12 months.
"Fed rate hikes have historically been great buying opportunities," the strategists added.
Read more: Follow live coverage of the Fed meeting
The decision by the Fed to lift rates comes as sticky inflation readings — from the CPI to PPI — and rising energy costs force central bankers back into tightening mode. The rate hike marks the central bank's first interest rate increase since July 2023.
Investors are also focused on the updated economic projections and the Fed's "dot plot" to gauge future moves on rates — said dot plot didn't rule out one more hike this year. A hawkish dot plot as was received and follow up commentary from Fed Chairman Kevin Warsh could further elevate borrowing costs and pressure stocks initially around the world.
#rate #hike #first #plot
26 days ago
The Federal Reserve raised interest rates for the first time in three years in a unanimous decision on Wednesday, with central bankers now seeing a second hike this year to arrest sticky inflation.
The Federal Open Market Committee voted to raise its benchmark interest rate to the range of 3.75% to 4% from 3.5% to 3.75%, the first rate hike since July 2023, as renewed tensions in the Middle East drive oil prices higher and raise concerns about broadening price pressures.
"We now have data broadly defined that says the economy has indeed strengthened," Fed Chairman Kevin Warsh said in a press conference following the meeting. "Underlying growth is higher. Inflation is the problem. Stable prices have been the problem for, now, more than five and a half years.
"So what the committee decided to do today was take an action to ensure a timely return to our price stability."
Noting that the economy is essentially at full employment, Warsh said he thinks the Fed can tame inflation without depressing growth.
#committee #rate
The Federal Open Market Committee voted to raise its benchmark interest rate to the range of 3.75% to 4% from 3.5% to 3.75%, the first rate hike since July 2023, as renewed tensions in the Middle East drive oil prices higher and raise concerns about broadening price pressures.
"We now have data broadly defined that says the economy has indeed strengthened," Fed Chairman Kevin Warsh said in a press conference following the meeting. "Underlying growth is higher. Inflation is the problem. Stable prices have been the problem for, now, more than five and a half years.
"So what the committee decided to do today was take an action to ensure a timely return to our price stability."
Noting that the economy is essentially at full employment, Warsh said he thinks the Fed can tame inflation without depressing growth.
#committee #rate
1 month ago
SAO PAULO (AP) — Brazilian presidential candidate Sen. Flávio Bolsonaro is under investigation for corruption, money laundering and tax evasion for receiving millions of dollars from a disgraced banker to finance a movie about his father, former President Jair Bolsonaro.
Brazil's top court unsealed several documents late Thursday that show Sen. Bolsonaro, President Luiz Inácio Lula da Silva's primary opponent, is under investigation for receiving 61 million reais ($12 million) from a banker at the center of a corruption scandal to produce an unreleased movie ******* led "The Dark Horse."
The investigation, which centers on whether the Bolsonaro family misused the funds and whether the payments were properly reported to Brazilian authorities, threatens to undermine Sen. Bolsonaro's bid for the presidency. The first round of elections is slated for Oct. 4, and the senator is locked in a tight race with Lula.
The banker, Daniel Vorcaro, who was arrested in March, is accused of defrauding many of Banco Master's 800,000 clients, including several state government pension funds, out of hundreds of millions of dollars by convincing them to make questionable investments. The scandal has engulfed several high-ranking officials in Brazil.
The allegations first became public in May. Sen. Bolsonaro has denied any wrongdoing and said Friday during a campaign event in the Amazonian city of Manaus that he was seeking private investment for the movie.
#bolsonaro #brazilian #president #receiving
Brazil's top court unsealed several documents late Thursday that show Sen. Bolsonaro, President Luiz Inácio Lula da Silva's primary opponent, is under investigation for receiving 61 million reais ($12 million) from a banker at the center of a corruption scandal to produce an unreleased movie ******* led "The Dark Horse."
The investigation, which centers on whether the Bolsonaro family misused the funds and whether the payments were properly reported to Brazilian authorities, threatens to undermine Sen. Bolsonaro's bid for the presidency. The first round of elections is slated for Oct. 4, and the senator is locked in a tight race with Lula.
The banker, Daniel Vorcaro, who was arrested in March, is accused of defrauding many of Banco Master's 800,000 clients, including several state government pension funds, out of hundreds of millions of dollars by convincing them to make questionable investments. The scandal has engulfed several high-ranking officials in Brazil.
The allegations first became public in May. Sen. Bolsonaro has denied any wrongdoing and said Friday during a campaign event in the Amazonian city of Manaus that he was seeking private investment for the movie.
#bolsonaro #brazilian #president #receiving
1 month ago
Deutsche Bank Aktiengesellschaft (NYSE:DB) said on September 7 that it had settled a Frankfurt lawsuit brought by former banker Dario Schiraldi, according to Reuters. He had sought €152 million in damages, but the settlement amount was not disclosed. The bank said the agreement would have only a small financial effect on third-quarter earnings.
The distinction matters: €152 million was the claim, while the payment remains confidential. The earnings impact also does not establish the cash cost, because a settlement payment may discharge a liability for which an expense was recognized earlier.
Four former employees continue to pursue claims exceeding £600 million in London. The Frankfurt agreement therefore reduces the number of unresolved cases without establishing the cost of resolving the wider dispute.
Deutsche Bank Aktiengesellschaft (NYSE:DB) has removed one source of litigation uncertainty. The Frankfurt court confirmed that Schiraldi withdrew his case ahead of the scheduled hearing. Investors now have management's ***** sment of a limited near-term earnings effect instead of an unresolved damages demand.
The agreement also shows that negotiated resolutions are possible. It was the second settlement involving the six former employees who brought related claims. Further agreements could reduce litigation costs and management distraction if acceptable terms can be reached.
#million
The distinction matters: €152 million was the claim, while the payment remains confidential. The earnings impact also does not establish the cash cost, because a settlement payment may discharge a liability for which an expense was recognized earlier.
Four former employees continue to pursue claims exceeding £600 million in London. The Frankfurt agreement therefore reduces the number of unresolved cases without establishing the cost of resolving the wider dispute.
Deutsche Bank Aktiengesellschaft (NYSE:DB) has removed one source of litigation uncertainty. The Frankfurt court confirmed that Schiraldi withdrew his case ahead of the scheduled hearing. Investors now have management's ***** sment of a limited near-term earnings effect instead of an unresolved damages demand.
The agreement also shows that negotiated resolutions are possible. It was the second settlement involving the six former employees who brought related claims. Further agreements could reduce litigation costs and management distraction if acceptable terms can be reached.
#million
1 month ago
Crypto advocates and community bankers are taking their fight over the Clarity Act to senators' home states ahead of a key vote next week.
The Senate is scheduled to hold a procedural vote on the Clarity Act on September 15. The legislation would establish federal rules for digital ******* ets and divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
According to a report by Reuters, during the August recess, both sides targeted senators with meetings, local events, op-eds, calls, emails, and advertising.
Stand With Crypto, a Coinbase-backed advocacy group that says it has 3 million supporters, said members called or emailed Congress nearly 50,000 times in August while organizing events and placing pro-Clarity Act op-eds in local newspapers. In Georgia, chapter president Tia Williams met with staff for Democratic Senator Raphael Warnock, who voted against advancing the bill out of the Senate Banking Committee.
Crypto groups have already spent at least $190 million ahead of the November midterm elections.
#Crypto #august #ahead #vote
The Senate is scheduled to hold a procedural vote on the Clarity Act on September 15. The legislation would establish federal rules for digital ******* ets and divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
According to a report by Reuters, during the August recess, both sides targeted senators with meetings, local events, op-eds, calls, emails, and advertising.
Stand With Crypto, a Coinbase-backed advocacy group that says it has 3 million supporters, said members called or emailed Congress nearly 50,000 times in August while organizing events and placing pro-Clarity Act op-eds in local newspapers. In Georgia, chapter president Tia Williams met with staff for Democratic Senator Raphael Warnock, who voted against advancing the bill out of the Senate Banking Committee.
Crypto groups have already spent at least $190 million ahead of the November midterm elections.
#Crypto #august #ahead #vote
1 month ago
OpenAI launched a product on Thursday called ChatGPT for Financial Services, a version of its enterprise tool tailored to handle tasks traditionally performed by entry-level investment bankers, including company research, financial data ***** ysis, and pitchbook creation.
According to CNBC, the product was developed alongside Morgan Stanley and Evercore as design partners, is built on top of ChatGPT Work, and is powered by GPT-6 Astra, the most capable model in OpenAI's current lineup. It is initially aimed at investment banking and equity research teams.
"We're effectively teaching ChatGPT to research like an ***** yst and back up its conclusions like an ***** yst as well," Nick Turley, OpenAI's vice president of product, told CNBC during a briefing announcing the product.
Unlike the standard ChatGPT Work offering, the financial services version connects directly to data from LSEG, Daloopa, and Pitchbook — giving the system ready access to financial statements and earnings transcripts — and can also tap into a firm's existing data subscriptions automatically, according to CNBC. The product also includes sourcing tools that link figures directly to underlying filings, chart verification functionality, and permission controls designed to safeguard confidential deal information.
In a live demo, Turley walked through the platform's capabilities as it examined a prospective M&A target, drew financial figures from industry-standard data sources, and generated a formatted PowerPoint presentation styled to a bank's existing template, according to CNBC.
#according
According to CNBC, the product was developed alongside Morgan Stanley and Evercore as design partners, is built on top of ChatGPT Work, and is powered by GPT-6 Astra, the most capable model in OpenAI's current lineup. It is initially aimed at investment banking and equity research teams.
"We're effectively teaching ChatGPT to research like an ***** yst and back up its conclusions like an ***** yst as well," Nick Turley, OpenAI's vice president of product, told CNBC during a briefing announcing the product.
Unlike the standard ChatGPT Work offering, the financial services version connects directly to data from LSEG, Daloopa, and Pitchbook — giving the system ready access to financial statements and earnings transcripts — and can also tap into a firm's existing data subscriptions automatically, according to CNBC. The product also includes sourcing tools that link figures directly to underlying filings, chart verification functionality, and permission controls designed to safeguard confidential deal information.
In a live demo, Turley walked through the platform's capabilities as it examined a prospective M&A target, drew financial figures from industry-standard data sources, and generated a formatted PowerPoint presentation styled to a bank's existing template, according to CNBC.
#according
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1 month ago
CNBC reported that Chris Churchman, The Goldman Sachs Group, Inc. (NYSE:GS) partner who leads the bank's Marquee digital platform for institutional clients, warned that AI's spread across Wall Street risks eroding the reasoning skills of the next generation of bankers.
Churchman said on Goldman's internal "Exchanges" podcast, "There's a huge danger here that in the era of AI, we outsource our reasoning to these models, and we have cognitive atrophy that stops us being able to reason from first principles ourselves." He compared it to how GPS and search engines eroded navigation skills and said much of banking's knowledge is learned only "by doing." Churchman said the firm has not yet determined how it will manage the transition.
The Goldman Sachs Group, Inc. (NYSE:GS) is surfacing this risk proactively, through its own senior AI leadership, rather than being caught off guard by it later. Having the executive who leads Marquee flag the danger publicly signals internal scrutiny that could help Goldman build safeguards into its AI rollout before problems show up in deal execution. It is an advantage over firms deploying AI without asking the same questions.
The near-term efficiency case for AI remains fully intact regardless of the long-term talent question. CNBC itself framed the tradeoff as a "devil's bargain" that could make the industry more profitable today while potentially eroding the talent it needs for tomorrow. It means Goldman still captures AI's productivity benefits now even as it works out the downstream risk.
Marquee itself is a genuine strategic **** et getting AI investment. The platform, through which hedge funds and other large institutional clients access Goldman's market data, research, **** ytics, and execution tools, is being built out with AI features, which positions it as a differentiated offering for Goldman's most valuable client relationships.
#churchman #marquee #cnbc #sachs
Churchman said on Goldman's internal "Exchanges" podcast, "There's a huge danger here that in the era of AI, we outsource our reasoning to these models, and we have cognitive atrophy that stops us being able to reason from first principles ourselves." He compared it to how GPS and search engines eroded navigation skills and said much of banking's knowledge is learned only "by doing." Churchman said the firm has not yet determined how it will manage the transition.
The Goldman Sachs Group, Inc. (NYSE:GS) is surfacing this risk proactively, through its own senior AI leadership, rather than being caught off guard by it later. Having the executive who leads Marquee flag the danger publicly signals internal scrutiny that could help Goldman build safeguards into its AI rollout before problems show up in deal execution. It is an advantage over firms deploying AI without asking the same questions.
The near-term efficiency case for AI remains fully intact regardless of the long-term talent question. CNBC itself framed the tradeoff as a "devil's bargain" that could make the industry more profitable today while potentially eroding the talent it needs for tomorrow. It means Goldman still captures AI's productivity benefits now even as it works out the downstream risk.
Marquee itself is a genuine strategic **** et getting AI investment. The platform, through which hedge funds and other large institutional clients access Goldman's market data, research, **** ytics, and execution tools, is being built out with AI features, which positions it as a differentiated offering for Goldman's most valuable client relationships.
#churchman #marquee #cnbc #sachs
1 month ago
September has a bit of a bad rep on Wall Street. The ninth month of the year has historically delivered negative or weaker returns with such consistency that it has even been dubbed "The September Effect."
It's a market anomaly -- an unusual pattern -- but this year it is compounded with real market uncertainty. Among investor concerns: sticky inflation, rising energy prices, hawkish signals from bankers, high yields on U.S. Treasury bonds, a trade war between the U.S. and Canada, an actual war between U.S. and Iran, plus ballooning national debt and continued fears over an AI bubble.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
These are, to be fair, just the negatives, and a complete picture would have to add the positives, such as soaring profits for S&P 500 (SNPINDEX: ^GSPC) companies, steady growth in the U.S. economy, and a stock market that is broadening beyond a few megacap leaders.
There is, however, one persistent concern that goes beyond September's historically weak performance. One of the market's most reliable valuation metrics has been flashing a warning light for months. And, if history is any guide, Wall Street won't like what's coming next.
#flashing
It's a market anomaly -- an unusual pattern -- but this year it is compounded with real market uncertainty. Among investor concerns: sticky inflation, rising energy prices, hawkish signals from bankers, high yields on U.S. Treasury bonds, a trade war between the U.S. and Canada, an actual war between U.S. and Iran, plus ballooning national debt and continued fears over an AI bubble.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
These are, to be fair, just the negatives, and a complete picture would have to add the positives, such as soaring profits for S&P 500 (SNPINDEX: ^GSPC) companies, steady growth in the U.S. economy, and a stock market that is broadening beyond a few megacap leaders.
There is, however, one persistent concern that goes beyond September's historically weak performance. One of the market's most reliable valuation metrics has been flashing a warning light for months. And, if history is any guide, Wall Street won't like what's coming next.
#flashing
1 month ago
Our ******* ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Nobody announces that they've stopped trusting you. They just start moving things out on weekday afternoons, a carload at a time, and by the time you notice, the good coat is already somewhere else. Central banks do this too but their subtle breaking up with you involves armored trucks, an ocean, and a press release that leans very hard on the word "logistics."
Between March and August, the Dutch central bank moved 86 tonnes of gold out of New York and Ottawa and into London. It called the project "crisis preparedness" and cited "increasing geopolitical unrest," which is central banker for saying the quiet part at a normal indoor volume.
De Nederlandsche Bank, DNB to its friends, closed 2025 sitting on 612.4 tonnes of gold worth €72.2 billion ($83.7 billion). About 31.3% of it lived in New York and another 19.7% in Ottawa, roughly 313 tonnes parked in North America. The 86 tonnes that left is a bit more than a quarter of that pile.
Roughly 59 tonnes never went anywhere at all. DNB sold that gold in New York and bought the same quantity in London, which is the bullion version of Venmo-ing a friend instead of driving across state lines with a duffel bag. The other 27-odd tonnes actually traveled, first from New York and Ottawa to DNB's own vault in the Dutch town of Zeist, then an equivalent amount from Zeist onward to London. The gold, in other words, flew with a layover. Structuring it that way let the bank skip melting down and re-casting bars to meet London's standards, which costs real money and carries the always-unwelcome risk of finishing the process with less gold than it started with.
#york #central #bank #roughly
Nobody announces that they've stopped trusting you. They just start moving things out on weekday afternoons, a carload at a time, and by the time you notice, the good coat is already somewhere else. Central banks do this too but their subtle breaking up with you involves armored trucks, an ocean, and a press release that leans very hard on the word "logistics."
Between March and August, the Dutch central bank moved 86 tonnes of gold out of New York and Ottawa and into London. It called the project "crisis preparedness" and cited "increasing geopolitical unrest," which is central banker for saying the quiet part at a normal indoor volume.
De Nederlandsche Bank, DNB to its friends, closed 2025 sitting on 612.4 tonnes of gold worth €72.2 billion ($83.7 billion). About 31.3% of it lived in New York and another 19.7% in Ottawa, roughly 313 tonnes parked in North America. The 86 tonnes that left is a bit more than a quarter of that pile.
Roughly 59 tonnes never went anywhere at all. DNB sold that gold in New York and bought the same quantity in London, which is the bullion version of Venmo-ing a friend instead of driving across state lines with a duffel bag. The other 27-odd tonnes actually traveled, first from New York and Ottawa to DNB's own vault in the Dutch town of Zeist, then an equivalent amount from Zeist onward to London. The gold, in other words, flew with a layover. Structuring it that way let the bank skip melting down and re-casting bars to meet London's standards, which costs real money and carries the always-unwelcome risk of finishing the process with less gold than it started with.
#york #central #bank #roughly
1 month ago
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter.
TD's aim to open 100 U.S. branches by 2028 is "a today strategy," not simply a revival of branch expansion plans shared in 2023, U.S. executive Allison Robinson said Wednesday.
The Canadian bank said last week it intends to open 100 branches in the U.S. by the end of 2028, as it purses organic growth. The lender also plans to hire more retail and commercial bankers, U.S. CEO Leo Salom said during the bank's fiscal third-quarter earnings call Aug. 27.
In May 2023, Toronto-based TD shared plans to open 150 U.S. branches by 2027, with a focus on the Southeast – just a few weeks after its proposed $13.4 billion acquisition of Memphis, Tennessee-based First Horizon was terminated. At the time, TD circled south Florida, Atlanta and North Carolina as targeted areas for branch expansion.
But as the bank tackled anti-money laundering issues and was hit with a related $3.09 billion penalty and $434 billion ******* et cap on U.S. retail operations, those branch opening plans slowed "dramatically," then-CEO Bharat Masrani acknowledged in 2024. TD has also closed about 91 branches over the past two years, Salom said last week.
#dive
TD's aim to open 100 U.S. branches by 2028 is "a today strategy," not simply a revival of branch expansion plans shared in 2023, U.S. executive Allison Robinson said Wednesday.
The Canadian bank said last week it intends to open 100 branches in the U.S. by the end of 2028, as it purses organic growth. The lender also plans to hire more retail and commercial bankers, U.S. CEO Leo Salom said during the bank's fiscal third-quarter earnings call Aug. 27.
In May 2023, Toronto-based TD shared plans to open 150 U.S. branches by 2027, with a focus on the Southeast – just a few weeks after its proposed $13.4 billion acquisition of Memphis, Tennessee-based First Horizon was terminated. At the time, TD circled south Florida, Atlanta and North Carolina as targeted areas for branch expansion.
But as the bank tackled anti-money laundering issues and was hit with a related $3.09 billion penalty and $434 billion ******* et cap on U.S. retail operations, those branch opening plans slowed "dramatically," then-CEO Bharat Masrani acknowledged in 2024. TD has also closed about 91 branches over the past two years, Salom said last week.
#dive
1 month ago
Over a 14-year NBA playing career, Harrison Barnes' polished and erudite demeanor has earned him the moniker "The Senator" from teammates.
This offseason, Barnes has perhaps required a new nickname: "The Banker."
That appellation is a literal one.
In the months since the Spurs ended their run to the NBA Finals, their 34-year-old veteran forward went out and bought himself a whole entire bank.
Barnes committed $25 million to purchase Community State Bank in Paton, Iowa, a community bank located 40 minutes outside his hometown of Ames, Iowa.
#barnes #year #banker #SPURS
This offseason, Barnes has perhaps required a new nickname: "The Banker."
That appellation is a literal one.
In the months since the Spurs ended their run to the NBA Finals, their 34-year-old veteran forward went out and bought himself a whole entire bank.
Barnes committed $25 million to purchase Community State Bank in Paton, Iowa, a community bank located 40 minutes outside his hometown of Ames, Iowa.
#barnes #year #banker #SPURS
2 months ago
By Chuck Mikolajczak
NEW YORK, Aug 27 (Reuters) - The dollar was roughly flat on Thursday after a round of economic data, while attention moved towards a speech by Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium.
Warsh is scheduled to speak at the gathering of central bankers on Friday, where investors will watch for clues on how policymakers plan to navigate a landscape in which higher Treasury yields could do some of the tightening work for them.
The dollar has rebounded 0.35% this week after a 0.83% drop in the prior week after U.S. Treasury Secretary Scott Bessent said the Treasury would double the size of quarterly repurchases of longer-dated bonds, sparking concerns that a shift to a more direct strategy to mitigate the rise in borrowing costs could lead to a debasement of the dollar.
The dollar index, which measures the greenback against a basket of currencies, edged up 0.05% to 99.18, with the euro off 0.03% at $1.1646.
#warsh #chuck #york #thursday
NEW YORK, Aug 27 (Reuters) - The dollar was roughly flat on Thursday after a round of economic data, while attention moved towards a speech by Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium.
Warsh is scheduled to speak at the gathering of central bankers on Friday, where investors will watch for clues on how policymakers plan to navigate a landscape in which higher Treasury yields could do some of the tightening work for them.
The dollar has rebounded 0.35% this week after a 0.83% drop in the prior week after U.S. Treasury Secretary Scott Bessent said the Treasury would double the size of quarterly repurchases of longer-dated bonds, sparking concerns that a shift to a more direct strategy to mitigate the rise in borrowing costs could lead to a debasement of the dollar.
The dollar index, which measures the greenback against a basket of currencies, edged up 0.05% to 99.18, with the euro off 0.03% at $1.1646.
#warsh #chuck #york #thursday
2 months ago
On August 21, 2026, Reuters reported that JPMorgan Chase & Co. (NYSE:JPM) is hiring veteran dealmaker David Fishman away from Bank of America Corporation (NYSE:BAC) to lead North America technology mergers and acquisitions, according to an internal memo.
Fishman, who spent nearly 16 years at Bank of America and most recently co-headed its technology, media, and telecommunications banking group, resigned. JPMorgan is also elevating Vineet Seth, its current North America tech M&A head, to vice chair of investment banking, with both bankers joining a new Technology M&A Leadership and Advisory Council. The move follows other recent senior departures from Bank of America, including Mike Joo to Barclays and Amy Lissauer, who is also joining JPMorgan.
JPMorgan Chase & Co. (NYSE:JPM) is deliberately consolidating senior technology banking talent rather than simply filling a vacancy. Creating a dedicated Technology M&A Leadership and Advisory Council around both Fishman and Seth signals the bank wants concentrated expertise serving its largest technology clients. It's exactly the kind of strong relationship that wins big contracts in a sector that pays huge fees.
Landing a banker with Fishman's specific relationships adds value beyond his **** le. Senior dealmakers carry the client relationships that determine who gets the first call when a board weighs a merger. After almost 16 years running technology, media, and telecom deals at Bank of America Corporation (NYSE:BAC), Fishman brings a book of relationships JPMorgan did not have to build organically.
The hire fits a broader pattern of JPMorgan pulling senior talent from Bank of America. With Amy Lissauer also joining JPMorgan later this year, JPMorgan is compounding its technology and shareholder-defense banking bench at the same time, a coordinated buildout rather than an isolated hire.
#technology #bank
Fishman, who spent nearly 16 years at Bank of America and most recently co-headed its technology, media, and telecommunications banking group, resigned. JPMorgan is also elevating Vineet Seth, its current North America tech M&A head, to vice chair of investment banking, with both bankers joining a new Technology M&A Leadership and Advisory Council. The move follows other recent senior departures from Bank of America, including Mike Joo to Barclays and Amy Lissauer, who is also joining JPMorgan.
JPMorgan Chase & Co. (NYSE:JPM) is deliberately consolidating senior technology banking talent rather than simply filling a vacancy. Creating a dedicated Technology M&A Leadership and Advisory Council around both Fishman and Seth signals the bank wants concentrated expertise serving its largest technology clients. It's exactly the kind of strong relationship that wins big contracts in a sector that pays huge fees.
Landing a banker with Fishman's specific relationships adds value beyond his **** le. Senior dealmakers carry the client relationships that determine who gets the first call when a board weighs a merger. After almost 16 years running technology, media, and telecom deals at Bank of America Corporation (NYSE:BAC), Fishman brings a book of relationships JPMorgan did not have to build organically.
The hire fits a broader pattern of JPMorgan pulling senior talent from Bank of America. With Amy Lissauer also joining JPMorgan later this year, JPMorgan is compounding its technology and shareholder-defense banking bench at the same time, a coordinated buildout rather than an isolated hire.
#technology #bank
2 months ago
By Chuck Mikolajczak
NEW YORK, Aug 28 (Reuters) - The U.S. dollar rose on Friday, extending gains to a session high after U.S. Federal Reserve Chair Kevin Warsh hinted that interest rate hikes may be needed should policymakers doubt that inflation is headed back toward the central bank's 2% target.
In his debut speech at the Jackson Hole symposium of central bankers, Warsh said the Fed will "have work to do" should inflation not appear to be cooling, in remarks that acknowledged financial conditions do not appear restrictive and marked the closest he has come to recognizing that interest rate hikes may be needed to ease price pressures.
Expectations for a rate hike of at least 25 basis points at the Fed's September meeting jumped to about 50% following Warsh's comments, up from about 35% before the speech.
"At least for the time being, we're getting more of the same Warsh-speak that we saw prior to any of the Fed decisions that he had been a part of. Meaning he's saying a lot, but none of this seems really substantive," said Eugene Epstein, head of trading and structured products at Moneycorp in Stamford, Connecticut.
#warsh #hikes #needed #least
NEW YORK, Aug 28 (Reuters) - The U.S. dollar rose on Friday, extending gains to a session high after U.S. Federal Reserve Chair Kevin Warsh hinted that interest rate hikes may be needed should policymakers doubt that inflation is headed back toward the central bank's 2% target.
In his debut speech at the Jackson Hole symposium of central bankers, Warsh said the Fed will "have work to do" should inflation not appear to be cooling, in remarks that acknowledged financial conditions do not appear restrictive and marked the closest he has come to recognizing that interest rate hikes may be needed to ease price pressures.
Expectations for a rate hike of at least 25 basis points at the Fed's September meeting jumped to about 50% following Warsh's comments, up from about 35% before the speech.
"At least for the time being, we're getting more of the same Warsh-speak that we saw prior to any of the Fed decisions that he had been a part of. Meaning he's saying a lot, but none of this seems really substantive," said Eugene Epstein, head of trading and structured products at Moneycorp in Stamford, Connecticut.
#warsh #hikes #needed #least
2 months ago
The Kansas City Fed's annual gathering of central bankers, economists, and academics kicked off on Thursday in Jackson Hole, Wyo. The stakes are high for new Fed Chairman Kevin Warsh — and for markets.
In the closely watched speech Friday, Warsh said inflation is running too high and should be the focus for the central bank, while laying out a strong ****** sment of the economy for the first time. But he held to his pledge not to provide forward guidance.
"We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do," Warsh said in his first speech as chairman in Jackson Hole, Wyo. "It is the Fed's job to deliver stable prices."
Markets are likely to put a great deal of emphasis on Warsh's words as they remain on edge after a bond sell-off earlier this month. A subsequent Treasury intervention has raised questions about whether the market can tighten financial conditions in place of the Fed. Following the speech Friday morning, 55% of bond traders expect the Fed to raise rates at its September meeting, a jump from roughly a third on Thursday.
Federal Reserve Chairman Kevin Warsh suggested Friday that artificial intelligence could turbocharge the economy and that the central bank is closely monitoring its impact.
#thursday
In the closely watched speech Friday, Warsh said inflation is running too high and should be the focus for the central bank, while laying out a strong ****** sment of the economy for the first time. But he held to his pledge not to provide forward guidance.
"We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do," Warsh said in his first speech as chairman in Jackson Hole, Wyo. "It is the Fed's job to deliver stable prices."
Markets are likely to put a great deal of emphasis on Warsh's words as they remain on edge after a bond sell-off earlier this month. A subsequent Treasury intervention has raised questions about whether the market can tighten financial conditions in place of the Fed. Following the speech Friday morning, 55% of bond traders expect the Fed to raise rates at its September meeting, a jump from roughly a third on Thursday.
Federal Reserve Chairman Kevin Warsh suggested Friday that artificial intelligence could turbocharge the economy and that the central bank is closely monitoring its impact.
#thursday
2 months ago
Elon Musk backed a bold Grok Bot promise on Wednesday. If the AI agent loses money while running an investor's bank account, xAI will make the user whole, he says.
One investor is taking him up on it. Yet the numbers tell a different story. It starts with a $100 liability cap sitting in xAI's own terms.
Teslaconomics, a Tesla and xAI investor, asked a simple question on Wednesday. Had anyone connected Grok Bot to a bank account? In a post on X (Twitter), he said the agent could track spending, pay bills, and catch strange charges.
He even wondered whether he still needed a personal banker. His partner reportedly told him an outright no. She fears what an AI with that much access could do.
However, Elon Musk is confident, and even guaranteed reimbursement should the Grok bot mess up.
#wednesday #account
One investor is taking him up on it. Yet the numbers tell a different story. It starts with a $100 liability cap sitting in xAI's own terms.
Teslaconomics, a Tesla and xAI investor, asked a simple question on Wednesday. Had anyone connected Grok Bot to a bank account? In a post on X (Twitter), he said the agent could track spending, pay bills, and catch strange charges.
He even wondered whether he still needed a personal banker. His partner reportedly told him an outright no. She fears what an AI with that much access could do.
However, Elon Musk is confident, and even guaranteed reimbursement should the Grok bot mess up.
#wednesday #account
2 months ago
By Chuck Mikolajczak
NEW YORK, Aug 26 (Reuters) - The dollar advanced on Wednesday after a batch of U.S. economic data, including a reading on inflation, that slightly pushed up expectations for a rate hike from the Federal Reserve ahead of the Jackson Hole symposium of central bankers this week.
The Commerce Department said the Personal Consumption Expenditures Price Index increased 3.7% in the 12 months through July, unchanged from June and slightly above the 3.6% estimate of economists polled by Reuters. On a month-over-month basis, PCE rose 0.2% versus the estimate calling for a 0.1% increase, after falling 0.1% in June.
"Overall, because the headline was warm enough to prevent a dovish victory, those details weren't really strong enough to hand the hawks a clear win, so I wouldn't chase the rally at all," said George Vessey, lead FX and macro strategist at Convera in London.
"But I wouldn't fade it aggressively either, we've got loads of competing narratives driving FX at the moment, particularly the dollar, haven't we, so it's hard to have a strong conviction in either direction right now."
#reuters #estimate
NEW YORK, Aug 26 (Reuters) - The dollar advanced on Wednesday after a batch of U.S. economic data, including a reading on inflation, that slightly pushed up expectations for a rate hike from the Federal Reserve ahead of the Jackson Hole symposium of central bankers this week.
The Commerce Department said the Personal Consumption Expenditures Price Index increased 3.7% in the 12 months through July, unchanged from June and slightly above the 3.6% estimate of economists polled by Reuters. On a month-over-month basis, PCE rose 0.2% versus the estimate calling for a 0.1% increase, after falling 0.1% in June.
"Overall, because the headline was warm enough to prevent a dovish victory, those details weren't really strong enough to hand the hawks a clear win, so I wouldn't chase the rally at all," said George Vessey, lead FX and macro strategist at Convera in London.
"But I wouldn't fade it aggressively either, we've got loads of competing narratives driving FX at the moment, particularly the dollar, haven't we, so it's hard to have a strong conviction in either direction right now."
#reuters #estimate
2 months ago
As central bankers gather for the 49th annual economic symposium in Jackson Hole, Wyo., starting Thursday evening, Kansas City Fed president Jeff Schmid warned that the rise of innovation in payments from stablecoins to blockchain and instantaneous payments could be disruptive.
"I think we're going to find that not only is this, from an innovation standpoint, very transitional, it's going to be very disruptive too," Schmid said in an interview with Yahoo Finance.
The theme of this year's gathering focuses on financial innovation in payments and the implications for monetary policy.
"I think we need to prepare," Schmid said. "We're going to be talking in the next decade more about sources of liquidity and duration, maybe more than we talked about capital, because at the end of the day, that $5 [trillion] or $10 trillion that we move a day is going to over time become instantaneous, and that's going to be a change in the system at large."
If payments become instantaneous and settle instantaneously, Schmid wonders, how does that impact liquidity, and what's the nature of ******* ets backing the instruments?
#liquidity
"I think we're going to find that not only is this, from an innovation standpoint, very transitional, it's going to be very disruptive too," Schmid said in an interview with Yahoo Finance.
The theme of this year's gathering focuses on financial innovation in payments and the implications for monetary policy.
"I think we need to prepare," Schmid said. "We're going to be talking in the next decade more about sources of liquidity and duration, maybe more than we talked about capital, because at the end of the day, that $5 [trillion] or $10 trillion that we move a day is going to over time become instantaneous, and that's going to be a change in the system at large."
If payments become instantaneous and settle instantaneously, Schmid wonders, how does that impact liquidity, and what's the nature of ******* ets backing the instruments?
#liquidity
2 months ago
By Chuck Mikolajczak
NEW YORK, Aug 27 (Reuters) - The dollar was little changed on Thursday after a round of economic data, while attention began to shift towards a speech by Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium.
Warsh is scheduled to speak at the gathering of central bankers on Friday, where investors will watch for clues on how policymakers plan to navigate a landscape in which higher Treasury yields could do some of the tightening work for them.
The dollar has rebounded somewhat this week from sharp declines in the prior week after U.S. Treasury Secretary Scott Bessent said the Treasury would double the size of quarterly repurchases of longer-dated bonds, sparking concerns that a shift to a more direct strategy to mitigate the rise in borrowing costs could lead to a debasement of the dollar.
The dollar index, which measures the greenback against a basket of currencies, edged up 0.02% to 99.14, with the euro up 0.01% at $1.165.
#shift #week #chuck #reuters
NEW YORK, Aug 27 (Reuters) - The dollar was little changed on Thursday after a round of economic data, while attention began to shift towards a speech by Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium.
Warsh is scheduled to speak at the gathering of central bankers on Friday, where investors will watch for clues on how policymakers plan to navigate a landscape in which higher Treasury yields could do some of the tightening work for them.
The dollar has rebounded somewhat this week from sharp declines in the prior week after U.S. Treasury Secretary Scott Bessent said the Treasury would double the size of quarterly repurchases of longer-dated bonds, sparking concerns that a shift to a more direct strategy to mitigate the rise in borrowing costs could lead to a debasement of the dollar.
The dollar index, which measures the greenback against a basket of currencies, edged up 0.02% to 99.14, with the euro up 0.01% at $1.165.
#shift #week #chuck #reuters
2 months ago
By Michael S. Derby
Aug 27 (Reuters) - Two Federal Reserve officials on Thursday shared their ongoing concerns about the U.S. inflation outlook, as central bankers gathered in Jackson Hole, Wyoming for the Kansas City Fed's closely watched annual economic symposium.
Inflation is "still stubborn and it's still sticky and we've got to continue to find ways to break through" and get it back to 2%, Kansas City Fed President Jeffrey Schmid said on CNBC on the sidelines of the conference.
He noted that the U.S. central bank's current 3.50%-3.75% policy rate did not appear to be restrictive.
"I don't know what we're restricting currently with the rate policy that we're at today," Schmid said.
#policy #we 're #michael
Aug 27 (Reuters) - Two Federal Reserve officials on Thursday shared their ongoing concerns about the U.S. inflation outlook, as central bankers gathered in Jackson Hole, Wyoming for the Kansas City Fed's closely watched annual economic symposium.
Inflation is "still stubborn and it's still sticky and we've got to continue to find ways to break through" and get it back to 2%, Kansas City Fed President Jeffrey Schmid said on CNBC on the sidelines of the conference.
He noted that the U.S. central bank's current 3.50%-3.75% policy rate did not appear to be restrictive.
"I don't know what we're restricting currently with the rate policy that we're at today," Schmid said.
#policy #we 're #michael
2 months ago
By Alun John and Gregor Stuart Hunter
LONDON/SINGAPORE, Aug 26 (Reuters) - The dollar edged higher but remained range-bound against major peers on Wednesday as investors awaited U.S. inflation data that could set the tone ahead of the Jackson Hole symposium of central bankers later this week.
The most notable mover was the Australian dollar, which hit $0.71865, its highest level in three months, after data showed the trimmed mean CPI gauge, the Reserve Bank of Australia's preferred measure of cost-of-living pressures, rose at a faster-than-expected annual rate of 3.6%.
It was last up 0.24%, just below that level.
"With underlying inflation showing no signs of slowing, there's still a risk that the RBA will deliver another rate hike over the coming months," Capital Economics ***** ysts wrote in a research note.
#inflation
LONDON/SINGAPORE, Aug 26 (Reuters) - The dollar edged higher but remained range-bound against major peers on Wednesday as investors awaited U.S. inflation data that could set the tone ahead of the Jackson Hole symposium of central bankers later this week.
The most notable mover was the Australian dollar, which hit $0.71865, its highest level in three months, after data showed the trimmed mean CPI gauge, the Reserve Bank of Australia's preferred measure of cost-of-living pressures, rose at a faster-than-expected annual rate of 3.6%.
It was last up 0.24%, just below that level.
"With underlying inflation showing no signs of slowing, there's still a risk that the RBA will deliver another rate hike over the coming months," Capital Economics ***** ysts wrote in a research note.
#inflation
2 months ago
JPMorgan Chase is easing its approach to loans secured against shares held by employees and early investors in recently listed companies, the Financial Times reported citing people familiar with the matter.
Under its usual policy, the US banking giant does not accept shares in a company that has been public for fewer than 135 days as collateral for lending.
But before ******* eX's IPO in June, the bank told its bankers it would be willing to lend against shares in Elon Musk's rocket and AI company earlier than that, the report said.
People inside JPMorgan told the FT they expect the bank could take a similar view if Anthropic, the company behind the Claude chatbot, goes public. No final decision has been taken, however.
JPMorgan earned $75m from its role on the ******* eX listing, the report said.
#told #report #chase
Under its usual policy, the US banking giant does not accept shares in a company that has been public for fewer than 135 days as collateral for lending.
But before ******* eX's IPO in June, the bank told its bankers it would be willing to lend against shares in Elon Musk's rocket and AI company earlier than that, the report said.
People inside JPMorgan told the FT they expect the bank could take a similar view if Anthropic, the company behind the Claude chatbot, goes public. No final decision has been taken, however.
JPMorgan earned $75m from its role on the ******* eX listing, the report said.
#told #report #chase
2 months ago
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter.
Artificial intelligence can help shave off hours of time when it comes to previously manual tasks, such as scenario planning or financial modeling. But as finance employees begin to rely more heavily on AI, it's crucial for finance employees to understand its inner workings — meaning "the CFO needs to have a whole set of processes in place around governance and ethics" when it comes to AI, according to Ian Schnoor, executive director of the Financial Modeling Institute.
The FMI offers a global program for financial modeling accreditation, a discipline where AI is becoming more entrenched. At the moment, many companies are still in the early days of adopting the technology, and "do not have strong disclosures or guidelines yet around AI," Schnoor told CFO Dive. "But if I was a CFO, I would want a policy to know exactly, how was AI used in this process?"
Schnoor, who began his career as an investment banker at Citibank, has served as executive director for the Toronto, Canda-based institute since 2016, according to his LinkedIn profile.
He also serves as an adjunct professor for the Smith School of Business at Queen's University in Toronto, Canada. Before FMI, he served as founder and president for the Marquee Group, a financial modeling training provider he sold to Training the Street in March of 2023.
#financial #toronto #institute #daily
Artificial intelligence can help shave off hours of time when it comes to previously manual tasks, such as scenario planning or financial modeling. But as finance employees begin to rely more heavily on AI, it's crucial for finance employees to understand its inner workings — meaning "the CFO needs to have a whole set of processes in place around governance and ethics" when it comes to AI, according to Ian Schnoor, executive director of the Financial Modeling Institute.
The FMI offers a global program for financial modeling accreditation, a discipline where AI is becoming more entrenched. At the moment, many companies are still in the early days of adopting the technology, and "do not have strong disclosures or guidelines yet around AI," Schnoor told CFO Dive. "But if I was a CFO, I would want a policy to know exactly, how was AI used in this process?"
Schnoor, who began his career as an investment banker at Citibank, has served as executive director for the Toronto, Canda-based institute since 2016, according to his LinkedIn profile.
He also serves as an adjunct professor for the Smith School of Business at Queen's University in Toronto, Canada. Before FMI, he served as founder and president for the Marquee Group, a financial modeling training provider he sold to Training the Street in March of 2023.
#financial #toronto #institute #daily
2 months ago
$544. That is the average withdrawal on Argentine retail crypto rails such as Lemon Wallet. The median transfer is between $150 and $270—closer to rent money than a portfolio shift.
That figure changes the familiar image of capital flight. Money once moved offshore through private bankers and complex accounts. Across Latin America, workers and small businesses can now do it from a phone.
BeInCrypto Intelligence's 23-page report, The Exodus Economy, traced six routes money takes out of the region and audited 12 products marketed as dollar accounts. We shared the findings with five industry executives. Their responses point to a difficult question: once digital dollars remove the friction from leaving, what could persuade that money to return?
Brazil shows why returns alone cannot explain the movement. The report sets local savings and dollars to a starting value of 100 in 2016.
Money-earning Brazil's benchmark CDI rate grew to about 150 over the next decade, while dollars held without yield ended at 99. Yet Brazilians' declared offshore wealth reached an estimated $654 billion in 2024.
#money #once #argentine
That figure changes the familiar image of capital flight. Money once moved offshore through private bankers and complex accounts. Across Latin America, workers and small businesses can now do it from a phone.
BeInCrypto Intelligence's 23-page report, The Exodus Economy, traced six routes money takes out of the region and audited 12 products marketed as dollar accounts. We shared the findings with five industry executives. Their responses point to a difficult question: once digital dollars remove the friction from leaving, what could persuade that money to return?
Brazil shows why returns alone cannot explain the movement. The report sets local savings and dollars to a starting value of 100 in 2016.
Money-earning Brazil's benchmark CDI rate grew to about 150 over the next decade, while dollars held without yield ended at 99. Yet Brazilians' declared offshore wealth reached an estimated $654 billion in 2024.
#money #once #argentine
2 months ago
Concerned about an AI bubble? Sign up for The Daily Upside for smart and actionable market news, built for investors.
For Kevin Warsh, this week brings high stakes in the Grand Tetons, where the world's business leaders will travel to look for clues about Federal Reserve economic policy.
The Fed chairman is slated to give his inaugural address to the Jackson Hole Economic Policy Symposium, where central bankers, Wall Street power brokers and government officials are hosted annually by the Kansas City Fed.
Sign up for The Daily Upside at no cost for premium **** ysis on all your favorite stocks.
READ ALSO: Nvidia Invites Investor Scrutiny of Capital Spending With Perplexity Talks and O, Canada: Trade Faceoff With US Snarls Automobile, Steel Markets
#sign #upside #warsh #grand
For Kevin Warsh, this week brings high stakes in the Grand Tetons, where the world's business leaders will travel to look for clues about Federal Reserve economic policy.
The Fed chairman is slated to give his inaugural address to the Jackson Hole Economic Policy Symposium, where central bankers, Wall Street power brokers and government officials are hosted annually by the Kansas City Fed.
Sign up for The Daily Upside at no cost for premium **** ysis on all your favorite stocks.
READ ALSO: Nvidia Invites Investor Scrutiny of Capital Spending With Perplexity Talks and O, Canada: Trade Faceoff With US Snarls Automobile, Steel Markets
#sign #upside #warsh #grand
2 months ago
After a dizzying week centered on mixed retail earnings, rising bond yields, and a surprise intervention from the Treasury Department, investors step into another action-packed five-day stretch. The president plans to unveil an economic battle plan against Iran, AI kingpin Nvidia (NVDA) will report earnings to punctuate Big Tech's quarter, and all-important inflation data will arrive to steer the Fed on its next rate-setting journey. Economists and central bankers will huddle at the Jackson Hole Symposium, too.
The S&P 500 (^GSPC) closed out Friday up 0.4% for a loss of 1.4% on the week. The Dow (^DJI) rose 1% to close the week on a loss of 0.9%. And the Nasdaq (^IXIC) increased 0.4% but shed 2% on the week.
Retailers across the budget spectrum will continue the stretch of earnings offering insight into the American consumer. **** 'S Sporting Goods (DKS) will report on Tuesday, followed by Five Below (FIVE), Urban Outfitters (URBN), and Bath & Body Works (BBWI) on Wednesday. Ulta Beauty (ULTA) will share results on Thursday after major retailers last week spotlighted beauty as a growth center. And Dollar General (DG) and Dollar Tree (DLTR) will shed light on how strongly middle- and higher-income Americans are trading down and hunting for bargains. But perhaps the most attention will land on Nvidia, reporting on Wednesday, in a test of the comeback AI trade.
The economic data front is just as busy. The Chicago Fed will kick the week off delivering the national activity index. Tuesday will feature the Conference Board's consumer confidence surveys. And then all eyes will turn to the Fed's preferred inflation gauge, the PCE price index, on Wednesday, helping to define which way the central bank will go at its next policy meeting in September. The University of Michigan's consumer surveys on inflation expectations and the broader economy will round out the week.
The last of the "Magnificent Seven" is set to report on Wednesday in what amounts to a test of the once flagging but now resurgent AI trade.
#wednesday #Consumer
The S&P 500 (^GSPC) closed out Friday up 0.4% for a loss of 1.4% on the week. The Dow (^DJI) rose 1% to close the week on a loss of 0.9%. And the Nasdaq (^IXIC) increased 0.4% but shed 2% on the week.
Retailers across the budget spectrum will continue the stretch of earnings offering insight into the American consumer. **** 'S Sporting Goods (DKS) will report on Tuesday, followed by Five Below (FIVE), Urban Outfitters (URBN), and Bath & Body Works (BBWI) on Wednesday. Ulta Beauty (ULTA) will share results on Thursday after major retailers last week spotlighted beauty as a growth center. And Dollar General (DG) and Dollar Tree (DLTR) will shed light on how strongly middle- and higher-income Americans are trading down and hunting for bargains. But perhaps the most attention will land on Nvidia, reporting on Wednesday, in a test of the comeback AI trade.
The economic data front is just as busy. The Chicago Fed will kick the week off delivering the national activity index. Tuesday will feature the Conference Board's consumer confidence surveys. And then all eyes will turn to the Fed's preferred inflation gauge, the PCE price index, on Wednesday, helping to define which way the central bank will go at its next policy meeting in September. The University of Michigan's consumer surveys on inflation expectations and the broader economy will round out the week.
The last of the "Magnificent Seven" is set to report on Wednesday in what amounts to a test of the once flagging but now resurgent AI trade.
#wednesday #Consumer
