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    Stocks Fall; Hollywood Strike Progress

    enSeptember 21, 2023

    Podcast Summary

    • Central banks grapple with inflation and interest ratesCentral banks worldwide are making decisions on interest rates to combat inflation. The Fed expects rates to stay high, while some believe a November hike would be surprising. JPMorgan's Dimon urges more aggressiveness, while the Bank of England may halt rate increases. US registration open for Bloomberg's Future Investor event.

      Central banks around the world, including the Federal Reserve and the Bank of England, are grappling with inflation and making decisions on interest rates to combat it. The Fed signaled that rates will stay higher for longer, while former New York Fed president Bill Dudley thinks a November rate hike would be surprising. JPMorgan Chase CEO Jamie Dimon believes the Fed needs to be more aggressive. Meanwhile, the Bank of England is set to decide whether to halt its string of interest rate increases, and a possible government shutdown is less than 10 days away in the US. Speaking of the US, the registration is open for Bloomberg's Future Investor event series on May 7th, where the role of data in investment decisions and the construction of innovative enterprises will be explored. Stay tuned for more updates on these developing stories.

    • Ukrainian President Faces Quizzing Over Weapons Package, Labor Disputes Persist, Stock Market MovesRepublicans grill Zelensky on weapons funding, Writers Guild and Hollywood Studios clash over streaming payments, UAW dissatisfied with Stellantis' contract, FedEx beats earnings, Broadcom stocks drop, Instacart IPO struggles, Brown to become top military officer, Russia attacks Ukraine causing harm

      During his visit to Washington D.C., Ukrainian President Volodymyr Zelensky will face questioning from Republican lawmakers, led by Speaker Kevin McCarthy, regarding the use of taxpayer dollars for a new weapons package. Meanwhile, two major labor disputes are ongoing - the Writers Guild of America and Hollywood Studios are negotiating over streaming service payments, while the United Auto Workers are dissatisfied with Stellantis' contract offer. On Wall Street, FedEx shares rose after posting earnings that beat estimates and implementing cost-cutting measures, while Broadcom stocks fell due to potential Google supplier drop discussions. Additionally, Instacart's IPO gains were wiped out in just a few days. In other news, General Charles Q Brown Jr. is set to become America's top military officer, despite a delay due to political maneuvering. Russia's ongoing conflict with Ukraine continues, with increased missile attacks causing injuries and damage.

    • Political age limits and debates in the spotlightCongress debates age limit for politicians, former President Trump skips GOP debates, Google sued for negligence, FBI investigates Bears' defensive coordinator, and more

      Political battles and debates continue to dominate headlines, with age limits for politicians, judicial confirmations, and presidential debates making waves. In Congress, a proposed age limit for politicians is causing controversy, with some older lawmakers expressing concern. Meanwhile, former President Trump is continuing his strategy of avoiding Republican debates. Elsewhere, a family is suing Google for negligence, claiming that its outdated navigation system led to a father's death due to a collapsed bridge. In sports, the Chicago Bears are facing challenges both on and off the field, with reports of an FBI raid on the home of defensive coordinator Alan Williams and starting quarterback Justin Fields expressing dissatisfaction with his coaching. Global news coverage continues to provide in-depth analysis and reporting on these and other developing stories.

    • Fed Chair Powell Signals Caution on Rate CutsFed Chair Powell indicated the economy is too strong for rate cuts, but will continue assessing data before making decisions, downplaying significance of economic projections and avoiding premature rate hike pricing in markets.

      Federal Reserve Chairman Jay Powell signaled caution in the ongoing fight against inflation, indicating that the economy is currently too strong for rate cuts but that the Fed will continue to assess incoming data before making any further decisions. Powell downplayed the significance of the Fed's economic projections, acknowledging the unclear picture of the economy and expressing a desire to avoid having markets price in rate hikes prematurely. The Fed's stance comes as the Giants face the 49ers in Week 3 NFL action, with the Giants currently out of contention for a wildcard spot after a loss to the Diamondbacks. Elsewhere in sports, the Astros and Nationals secured wins, while the Red Sox and A's suffered defeats. In other news, global leaders will gather in Doha for the Qatar Economic Forum in May.

    • Fed Chair Powell Confident in Current Inflation State, No Rate Hike ExpectedFed's Powell maintains current inflation rate, no imminent rate hike; Bank of England deals with food and fuel price inflation, awaits Fed's move

      Despite the U.S. inflation rate being lower than many other countries, Jerome Powell, the Federal Reserve chairman, is confident in the current state of inflation and does not expect another interest rate hike in the near future. However, Powell is keeping the possibility open to prevent markets from pricing in rate cuts too soon. Regarding the Bank of England, their recent surprise drop in inflation has been attributed to a decrease in food price inflation, but fuel prices may cause another increase in the coming months. The Bank of England is content with the current situation and is waiting for the Fed to join them at the "tabletop" before making further moves.

    • ECB raises interest rates to combat inflation, with more increases expectedThe ECB is aggressively raising interest rates to combat inflation, prioritizing wage control over price control and causing 'monetary pain' to get inflation under control.

      The European Central Bank (ECB) is raising interest rates to combat inflation, with the latest increase bringing rates to around 4%. The ECB is expected to make one more increase to 5.5%, signaling their determination to control inflation. However, they are more concerned about wage data than consumer prices, leading them to prioritize tackling wage growth over price growth. This focus on wages is driving the ECB to inflict "monetary pain" in order to get inflation under control. Listen to Bloomberg Daybreak Today for more news and insights. Additionally, mark your calendars for the Qatar Economic Forum in May, where global leaders will gather to make new connections and gain unique insights.

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    Mentioned in this podcast:

    IMF official warns central banks against fuelling inflation with rapid rate cuts 

    Stocks drop as ECB and UK inflation puncture interest rate cut hopes

    BP appoints interim boss Murray Auchincloss as permanent chief

    Tory rebels abandon revolt over Rishi Sunak’s Rwanda bill

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    The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.


    Read a transcript of this episode on FT.com



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    Important Takeaways from Fed's Rate Hike - Daily Live 2.1.23 | E311

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    Today's episode is a LIVE reaction to the FOMC policy decision drop and market action on February 1, 2023. Enjoy.

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