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Minneapolis Fed President Kashkari sees a slower pace of rate cuts ahead
Key Points Minneapolis Fed President Neel Kashkari said Monday that he expects policymakers to dial down the pace of interest rate cuts after last week’s half percentage point reduction. Speaking separately Monday morning, Atlanta Fed President Raphael Bostic indicated he expects the Fed to move aggressively in getting back to a neutral rate. Source
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Middle Eastern funds are plowing billions of dollars into hottest AI start-ups
Sovereign wealth funds out of the Middle East are emerging as key backers of Silicon Valley’s artificial intelligence darlings. Oil-rich nations like Saudi Arabia, United Arab Emirates, Kuwait and Qatar have been looking to diversify their economies, and are turning to tech investments as a hedge. In the past year, funding for AI companies by […]
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Fed Governor Waller says inflation softening faster than he expected put him in half-point-cut camp
Federal Reserve Governor Christopher Waller said Friday he supported a half percentage point rate cut at this week’s meeting because inflation is falling even faster than he had expected. Citing recent data on consumer and producer prices, Waller told CNBC that the data is showing core inflation, excluding food and energy, in the Fed’s preferred […]
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The Fed has set out on a ‘recalibration’ of policy. Here’s what Powell’s new buzzword means
Federal Reserve Chair Jerome Powell has unveiled his latest buzzword to describe monetary policy, with a “recalibration” of policy at a pivotal moment for the central bank. At his news conference following Wednesday’s open market committee meeting, Powell used variations of the word no fewer than eight times as he sought to explain why the […]
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Fed slashes interest rates by a half-point, an aggressive start to its first easing campaign in four years
WASHINGTON – The Federal Reserve on Wednesday enacted its first interest rate cut since the early days of the Covid pandemic, slicing half a percentage point off benchmark rates in an effort to head off a slowdown in the labor market. With both the jobs picture and inflation softening, the central bank’s Federal Open Market […]
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Intel stock jumps on plan to turn foundry business into subsidiary and allow for outside funding
Intel CEO Pat Gelsinger holds a sample of a wafer during his keynote speech at the Computex conference in Taipei on June 4, 2024. I-hwa Cheng | AFP | Getty Images Intel shares jumped 8% in extended trading on Monday after the company said it plans to turn its foundry business into an independent unit […]
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DirecTV, Disney reach deal to end blackout in time for college football
DirecTV and Disney have reached a deal that brings Disney’s ESPN and other channels back to the pay-tv provider’s customers after a roughly two week blackout. The deal comes in time for college football this Saturday, which airs on ABC, ESPN, as well as the SEC Network and ACC Network, as well as the Emmy […]
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Pfizer says its experimental drug for deadly condition that causes appetite and weight loss in cancer patients shows positive trial results
Pfizer‘s experimental drug for a common, life-threatening condition that causes cancer patients to lose their appetite and weight showed positive results in a midstage trial, the drugmaker said Saturday. Patients with the condition, called cancer cachexia, who took Pfizer’s treatment saw improvements in body weight, muscle mass, quality of life and physical function, according to […]
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The Fed has the proof it wants that inflation is slowing, but the next move is still up in the air
US Federal Reserve Chair Jerome Powell arrives to testify before the Senate Banking, Housing, and Urban Affairs Hearings to examine the Semiannual Monetary Policy Report to Congress at Capitol Hill in Washington, DC, on July 9, 2024. Chris Kleponis | AFP | Getty Images Federal Reserve officials head into their policy meeting Tuesday closer to […]
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Stocks making the biggest moves premarket: Boeing, Oracle, Moderna and more
Check out the companies making headlines before the bell. Boeing — The stock sank 4% after Boeing factory workers went on strike early Friday after rejecting a new labor contract. The work stoppage will impact production of most aircrafts, including the 737 Max. Oracle — Shares of the database software company rallied more than 6%. […]
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