Watch These Tesla Price Levels as Stock Tries to Jumpstart Rally
Shares Gained More Than 4% on Wednesday
Oaktree’s Marks Says Fed Cuts Won’t Take US Rates Below 3%
(Bloomberg) -- US interest rates will settle in a range of between 3% and 4% after reductions by the Federal Reserve, according to Oaktree Capital Management LP’s Howard Marks.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US Roads“The Fed will back off from the emergency rate of five and a quarter, five and a half and get down into the threes,” Marks, the co-chairman and co-founder
Robinhood's Former Ban on Crypto Withdrawals Draws $3.9M Settlement in California
Robinhood's crypto-trading subsidiary used to prevent customers from withdrawing the tokens they bought. Though Robinhood Crypto LLC abandoned that policy in 2022, on Wednesday its past practices earned a $3.9 million slap on the wrist from the state of California.
Robinhood's Former Ban on Crypto Withdrawals Draws $3.9M Settlement in California
The popular trading app's sunsetted ban on customer crypto withdrawals caught the ire of California's attorney general.
Vape-to-Earn Crypto Project PuffPaw Raises $6M For Blockchain Vapes
Puffpaw is betting specialty vapes that give tokens to smokers can help them kick nicotine addiction.
Fed's Daly says rate cuts needed to keep labor market healthy
The Federal Reserve needs to cut interest rates to keep the labor market healthy, but it is now down to incoming economic data to determine by how much, San Francisco Fed President Mary Daly said on Wednesday. "As inflation falls, we've got a real rate of interest that's rising into a slowing economy; that's a basic recipe for over-tightening," Daly told Reuters in an interview. Labor market health, she said, has to be "sustained and protected, and we have to be very mindful that if policy is overly tight, you might get additional slowing in the labor market, and to my mind, that would be unwelcome."
Dollar weakness to stall as markets over-egg Fed rate cuts: Reuters poll
Recent U.S. dollar weakness will stall in the coming three months despite financial market traders ramping up bets for Federal Reserve interest rate cuts, according to a majority of foreign exchange strategists surveyed by Reuters. After surging about 5% against a basket of major currencies by midyear, the greenback lost almost all its gains as interest rate futures started pricing in about 100 basis points of Fed easing this year, nearly double June's expectations. That was driven in part by July labor market data showing signs of a slowdown, bolstered by reassurance from Fed chair Jerome Powell in his latest speech at Jackson Hole hinting rate cuts were coming.
Wealthy investors make an unexpected move on stocks, bonds
Both stock and bond prices have risen this year.
Economic Growth is Cooling, But Jobs Market Remains Stable, Fed Report Shows
The Federal Reserve Beige Book said economic growth was slowing in some places, but that labor markets remained stable.