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Watch News4JAX at 6 a.m.

The News4JAX Morning Show team brings you breaking news from overnight -- local, national and international stories, as well as weather and traffic to start your day.

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LAEL BRAINARD


Biden announces departure of Brian Deese from top economic job

President Biden on Thursday publicly confirmed that Brian Deese, the director of the National Economic Council, is leaving the top economic position in the White House.

washingtonpost.com

White House likely to tap Brainard, Bernstein as top economic advisors, sources say

Brainard and Bernstein will have key roles in shaping Biden's economic policy and the choices are expected to be announced as soon as next week.

cnbc.com

Fed’s inflation fight begins yet another tricky chapter

Federal Reserve officials will contend with a hodgepodge of data when they raise interest rates this week, likely by a quarter of a percentage point

washingtonpost.com

Risky Manila Currency Move Tells a Big Global Story

When canvassing intervention, vagueness is good. The Philippines decided otherwise and survived — with help from a friend.

washingtonpost.com

White House zeroes in on its next top economist

The president plans to name Brainard, currently vice chair of the Federal Reserve, to head the National Economic Council.

washingtonpost.com

Watch the Federal Reserve's Waller speak live on the economy and interest rates

Fed Governor Christopher Waller speaks Friday at 1 p.m. ET before the Council on Foreign Relations.

cnbc.com

Inflation is cooling, Fed Vice Chair Lael Brainard says

But central bank will have to keep interest rates elevated "for some time" to keep a lid on price increases, official notes.

cbsnews.com

Fed's Brainard backs smaller hikes, saying inflation easing

Federal Reserve Vice Chair Lael Brainard noted Thursday that recent reports show high inflation in the United States is cooling and suggested it was possible that price acceleration may cool without causing significant job losses.

Fed Governor Lael Brainard sees high rates ahead even with progress on inflation

Brainard insisted that the Fed won't waiver in its commitment to taming prices that have come down some, but remain near four-decade highs.

cnbc.com

Treasury yields slip after wholesale prices report comes in less than expected

Treasury yields fell on Tuesday as markets after October’s producer price index figures came in less than expected, indicating inflation may be slowing

cnbc.com

Jim Cramer says there’s enough pain in the market for the Fed to slow rate hikes

Stocks fell on Monday as investors mulled over corporate and economic news that sent mixed signals about the state of the economy.

cnbc.com

Fed Vice Chair Brainard is 'reassured' by inflation report

Federal Reserve Vice Chair Lael Brainard said she was encouraged by last week’s U.S. inflation report, which pointed to slower price increases, and said the Fed would likely soon reduce the size of its interest rate hikes.

Fed Vice Chair Brainard says it may 'soon' be appropriate to move to slower pace of rate hikes

Federal Reserve Vice Chair Lael Brainard indicated Monday that the central bank could soon slow the pace of its interest rate increases. With markets expecting a likely step down in December from the Fed's rapid pace of rate increases this year, Brainard confirmed that a slowdown if not a stop is looming. "I think it will probably be appropriate soon to move to a slower pace of rate increases," she told Bloomberg News in a live interview. Along with the rate hikes, the Fed has been reducing the bond holdings on its balance sheet at a maximum pace of $95 billion a month. Since that process, nicknamed "quantitative tightening," began in June, the Fed's balance sheet has contracted by more than $235 billion but remains at $8.73 trillion.

cnbc.com

Key issue as Fed meets this week: When to slow rate hikes?

The Federal Reserve may reach a turning point this week as it announces what’s expected to be another substantial three-quarter-point hike in its key interest rate — its fourth straight.

Regulators approve U.S. Bank's $8B purchase of Union Bank

Key financial regulators having approved U.S. Bank’s $8 billion acquisition of Japanese financial titan MUFG’s Union Bank franchise.

Asian shares rise after 'relief rally' on Wall Street

Asian shares are higher, encouraged by a rally in U.S. shares after some weak economic data raised hopes that the Federal Reserve might ease away from aggressive interest rate hikes.

Brainard warns US rates to stay high, notes global impact

Federal Reserve Vice Chair Lael Brainard said Friday that U.S. interest rates will likely have to remain high for an extended period to combat inflation, capping a week of tough rhetoric by Fed officials.

Fed Vice Chair Brainard warns against retreating from inflation fight prematurely

Fed Vice Chair Lael Brainard stressed the need to tackle inflation and the importance of not shrinking from the task until it is finished.

cnbc.com

Stocks end September down 9.3%, worst month since March 2020

Wall Street closed out a miserable September with a loss of 9.3%, the worst monthly decline since March 2020.

The Global Recovery Is Sending Flares. Is Anyone Watching?

The initially robust economic revival is close to exhaustion. Thankfully, at least one senior central banker is be paying attention.

washingtonpost.com

The Fed is ready to charge ahead with higher interest rates

Markets are increasingly expecting another supersized hike of three-quarters of a percentage point when Fed officials convene later this month

washingtonpost.com

Fed's Brainard: Rates to rise higher, stay elevated longer

A top Fed official says the Federal Reserve will need to continue lifting its short-term interest rate to a level that restricts economic growth and keep it there for an extended period.

Fed Vice Chair Brainard vows 'we are in this for as long as it takes' to stop inflation

Federal Reserve Vice Chair Lael Brainard vowed Wednesday to press the fight against inflation that she said is hurting lower-income Americans the most.

cnbc.com

Fed rate hikes won't bring down inflation as long as government spending stays high, paper says

A paper released at the same Jackson Hole, Wyoming summit where Powell spoke suggests that the Fed can't do the job itself.

cnbc.com

Fed tackles inflation with its most diverse leadership ever

When Diane Swonk first attended the Federal Reserve’s annual economic conference in Jackson Hole in the late 1990s, there was a happy hour for women who attended the event.

Powell: Fed's inflation fight could bring 'pain,' job losses

Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed is determined to fight inflation with more sharp interest rate hikes, which will likely cause pain for Americans in the form of a weaker economy and job losses.

Fed ethics inquiry clears Powell and Clarida trades

The Federal Reserve’s inspector general concluded that financial trades made several years ago by Chair Jerome Powell and Richard Clarida, then the vice chair, did not violate any laws or ethics rules.

Fed's Brainard says crypto needs regulation now before it becomes so big that it threatens financial system

Fed Vice Chair Lael Brainard is the latest regulator to call for regulation of the crypto industry.

cnbc.com

Senate panel backs Michael Barr, Biden pick as Fed regulator

The nomination of Michael Barr, President Joe Biden’s choice to be the top regulator on the Federal Reserve’s Board of Governors, was approved by a congressional committee and sent on the full Senate.

Stock futures are slightly higher ahead of May's jobs report

Investors focus their attention on more jobs data due out Friday morning.

cnbc.com

Fed Vice Chair Lael Brainard says it's 'hard to see the case' for the Fed pausing rate hikes

Fed Vice Chair Lael Brainard said it's unlikely the central bank will be taking a break from its current rate-hiking cycle anytime soon.

cnbc.com

Kansas City Fed President Esther George announces retirement

Esther George, the president of the Federal Reserve Bank of Kansas City, will retire in January, as required by the Fed’s mandatory retirement rules.

Fed nominee Michael Barr calls inflation 'far too high'

President Joe Biden’s pick to be the Federal Reserve’s top banking regulator pledged Thursday to help reduce high inflation and provide clear rules to govern financial innovation.

Senate confirms Black economist to Federal Reserve Board

The Senate has confirmed economist Phillip Jefferson to the Federal Reserve’s Board of Governors.

Senate approves Lisa Cook as first Black woman to Fed post

The Senate has confirmed Michigan State economist Lisa Cook to serve on the Federal Reserve’s board of governors.

Anti-discriminatory bank law getting update for modern era

The three major U.S. banking regulators say they plan to rewrite many of the outdated regulations tied to a decades-old banking law.

Feds propose first major revamp to fair housing rules since 1995

The changes would tailor the Community Reinvestment Act's approach to making sure banks are not engaging in "redlining."

cnbc.com

Senate Confirms Brainard For Vice Chair Of Federal Reserve

Lael Brainard is the lone Democrat on the board for now, and has prior economic experience during the Clinton and Obama administrations.

newsy.com

Brainard wins Senate confirmation to be Fed's vice chair

The Senate confirmed the nomination of Lael Brainard to a four-year term as vice chair of the Federal Reserve, elevating her to the Fed’s No. 2 post in the midst of the central bank’s toughest fight against inflation in four decades.

Senate confirms Lael Brainard as Fed vice chair

The Senate confirmed Lael Brainard to be the Fed's next vice chair, a long-awaited step in her ascent to the top of the central bank.

cnbc.com

Biden to nominate Michael Barr as Fed bank regulator in second attempt to fill post

President Joe Biden will nominate Michael Barr to be the Fed's big banks regulator, the administration's second attempt to fill the post.

cnbc.com

Here's how the Fed raising interest rates can help get inflation lower, and why it could fail

That higher rates help stamp out inflation is essentially an article of faith, based on long-held economic gospel. But how does it really work?

cnbc.com

Who Will Buy Bonds the Fed No Longer Wants?

The new era of inflation has only just begun to wreak havoc

washingtonpost.com

Fed casting its inflation fight as battle against inequality

As the Federal Reserve intensifies its efforts to tame high inflation, its top officials are casting their aggressive drive in a new light: As a blow against economic inequality.

Asian shares track Wall St retreat on interest rate worries

Asian shares have tracked a retreat on Wall Street after details from last month’s Federal Reserve meeting showed the central bank plans to be aggressive in fighting inflation.

Fed signals more aggressive steps to fight inflation

Federal Reserve officials are signaling that they will take a more aggressive approach to fighting high inflation in the coming months — actions that will make borrowing sharply more expensive for consumers and businesses and heighten risks to the economy.

10-year yield rises to highest level since early 2019 after Brainard signals speedy Fed tightening

The 10-year Treasury rose Wednesday as investors weighed remarks from Federal Reserve Governor Lael Brainard.

cnbc.com

Stock futures inch higher ahead of Fed minutes release

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, March 30, 2022. Stock futures inched higher in overnight trading Tuesday as investors await the latest insights into the Federal Reserve's policy tightening. S&P 500 futures added 0.1% and Nasdaq 100 futures ticked up 0.2%. The moves in stock futures came after the three major stock averages each fell in Tuesday's regular session. San Francisco Fed President Mary Daly also pledged rate hikes ahead while sharing concerns about inflation.

cnbc.com

Key people from the Fed just spooked the markets — here's what they said

Investors didn't like what the heard from the Fed's Lael Brainard and Mary Daly, sending major averages considerably lower on the day.

cnbc.com

30-year fixed mortgage crosses 5%

The average rate on the popular 30-year fixed mortgage just crossed 5%, for the first time 2011, save two days in 2018. It stood at 3.38% one year ago today.

cnbc.com

Fed's Brainard sees balance sheet reduction soon and 'at a rapid pace'

Brainard said that policy tightening will include a speedy reduction in the balance sheet and a steady pace of interest rate increases.

cnbc.com

Senate advances Fed nominee Lisa Cook on party-line vote

The Senate on Tuesday agreed to consider the nomination of Lisa Cook for a position on the Federal Reserve’s Board of Governors on a 50-49 party-line vote.

Powell and 3 other nominees to Fed posts clear Senate panel

The Senate Banking Committee has approved Jerome Powell’s nomination to a second four-year term as chair of the Federal Reserve.

Raskin nomination for Fed in peril as Democrat opposes pick

Sen. Joe Manchin says he opposes the nomination of Sarah Bloom Raskin to a key position on the Federal Reserve’s Board of Governors.

Fed's Waller says bigger rate hike in March may be needed

Federal Reserve Governor Christopher Waller says he is willing to support a half-point interest rate hike at the central bank’s next meeting in March.

Senate GOP delays votes on Raskin and 4 other Fed nominees

Republican members of the Senate Banking Committee boycotted a vote on President Joe Biden’s five nominees to the Federal Reserve, delaying indefinitely the confirmation of Chair Jerome Powell to a second four-year term.

Fed officials agree on a March rate hike but little else

A worsening inflation picture has touched off a range of opinions from the Federal Reserve’s policymakers about just how fast they should raise interest rates beginning at their next meeting in March.

Climate change a rising Fed concern as nominees face hearing

How far the Federal Reserve can go to compel banks to consider the consequences of climate change in their lending policies could take center stage at a Senate hearing Thursday on the nominations of Sarah Bloom Raskin and two economists to the Fed’s influential Board of Governors.

Fed releases long-awaited study on a digital dollar, but doesn't take a position yet on creating one

The Fed released its exploration of a digital dollar, exploring the pros and cons of the much-debated issue and soliciting public comment.

cnbc.com

Biden nominates 3 for Fed board, including first Black woman

President Joe Biden nominated three people for the Federal Reserve’s Board of Governors, including Sarah Bloom Raskin, a former Fed and Treasury official, for the top regulatory slot and Lisa Cook, who would be the first Black woman to serve on the board.

Biden to announce three more Federal Reserve nominees

Former Treasury official Sarah Bloom Raskin and economists Lisa Cook and Philip Jefferson are the three nominees Biden is expected to announce for the Fed board on Friday.

npr.org

Biden to nominate Sarah Bloom Raskin as vice chair for supervision at Fed; Lisa Cook and Philip Jefferson as governors

President Joe Biden will nominate Sarah Bloom Raskin to be the Federal Reserve's next vice chair for supervision.

cnbc.com

Fed nominee Brainard: Fighting inflation is top priority

Lael Brainard, President Joe Biden’s nominee for the Federal Reserve’s No. 2 spot, said Thursday that combating high inflation is the Fed’s top priority and promised the Fed could bring it down without sacrificing job growth.

Brainard vows to help combat inflation as No. 2 Fed official

Lael Brainard pledged in written remarks to help the Federal Reserve fight a spike in inflation while still supporting the economic recovery — a tricky balancing act she would face if confirmed as the Fed’s No. 2 official.

Watch Fed Chair Jerome Powell testify live at his Senate confirmation hearing

Federal Reserve Chairman Jerome Powell testifies Tuesday before the Senate Banking Committee as part of his confirmation process.

cnbc.com

Inflation, rising rates and the Federal Reserve could whip stocks around in the week ahead

The bond market could continue to set the course stocks in the week ahead, after a choppy start to the new year.

cnbc.com

Biden aims to do what presidents often can't: Beat inflation

LBJ tried jawboning.

Treasury yields fall as investors digest Powell renomination

Treasury yields rose on Tuesday morning, as investors digested the news that Jerome Powell had been renominated to the role of Federal Reserve chair.

cnbc.com

Asian stocks mixed after late slump on Wall Street

Asian shares are mixed after a late drop left major Wall Street indexes mostly lower.

Fed's Powell will aim to win a high-stakes bet in 2nd term

Federal Reserve Chair Jerome Powell gambled last year that his ultra-low rate policies would help revive an economy that had sunk deep into a pandemic-induced recession.

Watch live: Biden addresses his decision on Fed nominees Powell and Brainard

President Joe Biden will discuss his decision to renominate Fed Chairman Jerome Powell and promote Gov. Lael Brainard to vice chair of the central bank.

cnbc.com

Jerome Powell To Stay On As Federal Reserve Chair

President Biden pointed to Powell's leadership of the economy during the pandemic recession.

newsy.com

Jerome Powell To Stay On As Federal Reserve Chair

President Biden pointed to Powell's leadership of the economy during the pandemic recession.

www1.newsy.com

President Biden nominates Jerome Powell for second term as Federal Reserve Chair

Lael Brainard, whom progressives had pushed to lead the central bank, nominated as vice chair.

cbsnews.com

Biden to keep Powell as Fed chair, Brainard gets vice chair

President Joe Biden announced he’s nominating Jerome Powell for a second term as Federal Reserve chair, endorsing Powell’s stewardship of the economy through a brutal pandemic recession in which the Fed’s ultra-low rate policies helped bolster confidence and revitalize the job market.

Here's what you need to know about Lael Brainard, Biden's pick for vice chair at the Fed

Biden's decision to nominate Lael Brainard is thought to be the work of progressives, who say she'll put emphasis on climate change and equitability.

cnbc.com

Biden picks Jerome Powell to lead the Fed for a second term as the U.S. battles Covid and inflation

President Joe Biden made the announcement Monday morning following weeks of speculation that Fed Governor Lael Brainard could get the spot.

cnbc.com

Treasury yields rise after Biden picks Powell over Brainard for top Fed post

U.S. Treasury yields rose on Monday morning after President Joe Biden renominated Jerome Powell for a second term as Federal Reserve chair.

cnbc.com

Stock futures rise slightly as market enters holiday-shortened week

Stocks have a track record of posting gains during Thanksgiving week, which will set the stage for a potential year-end Santa rally.

cnbc.com

Stocks may be entering an optimal period in the Thanksgiving holiday week

If history is a guide, the market should do well in the upcoming Thanksgiving holiday week.

cnbc.com

Two Democratic senators oppose Powell as Fed chair

Two Senate Democrats said Friday they oppose the reappointment of Jerome Powell as chair of the Federal Reserve, as President Joe Biden is expected to announce within days who he will pick for the nation’s most powerful economic position.

A Brainard Fed Could Finally, Openly Embrace the World

If Biden nominates her as Fed chief and she’s confirmed, the role of the global economy may no longer have to be whispered in U.S. monetary policy.

washingtonpost.com

Authers’ Notes: Benjamin Ho on ‘Why Trust Matters’

A discussion with the Vassar professor on the role trust plays in how we view our modern economic and political institutions.

washingtonpost.com

Pressure on Fed's Powell is rising as inflation worsens

Federal Reserve Chair Jerome Powell surely expected to have some breathing room after taking the first step this month to dial back the Fed’s emergency aid for the economy.

If Biden picks Brainard over Powell for Fed chief, expect an immediate market impact

If Lael Brainard is named Federal Reserve chairman, the market may move to price in a Fed that could be slower to raise interest rates or tighten policy.

cnbc.com

Powell highlights Fed's commitment to 'inclusive' recovery

Federal Reserve Chair Jerome Powell said inequality can prevent the U.S. economy from reaching its potential.

Biden meets with Fed leaders Powell and Brainard as nomination decision nears

President Joe Biden met with Federal Reserve Chairman Jerome Powell and Governor Lael Brainard on Thursday, a source told CNBC.

cnbc.com

Fed Governor Lael Brainard is in line for a key banking position. Here's what it could mean for Wall Street

Fed Governor Lael Brainard should figure prominently as President Joe Biden weighs who will chair the central bank and who will specifically supervise banks.

cnbc.com

Puzzle overhanging job market: When will more people return?

When the U.S. government issues the September jobs report on Friday, the spotlight will fall not only on how many people were hired last month.

A potential Powell renomination for Fed faces some dissent

Resistance to the potential renomination of Federal Reserve Chair Jerome Powell intensified this week, with Sen. Elizabeth Warren becoming the first senator to publicly oppose Powell and many progressive groups pushing for some alternative leader at the Fed.

Rosengren: Fed should begin slowing stimulus efforts by fall

The president of the Federal Reserve Bank of Boston added his voice to a growing number of people, inside and outside the Fed, who say the central bank should soon begin to dial back its extraordinary aid for an economy that is strongly recovering from the pandemic recession.

Delicate task for Fed: When to pull back on low-rate support

The Federal Reserve is poised this week to discuss when it will take its first steps toward dialing back its ultra-low interest rate policies.

EXPLAINER: Why are fears of high inflation getting worse?

Gas prices are rising.

Fed warns high asset prices could make investors vulnerable

The Federal Reserve is warning that prices of stocks and other financial assets are rising to levels that could set investors up for big losses from sudden declines.

Why the pandemic left long-term scars on global job market

But when the pandemic slammed the U.S. economy a year ago, it swept away her job — and millions of others. Getting back the jobs lost to the pandemic is likely to prove a struggle. Even as viral vaccines increasingly promise a return to something close to normal life, the coronavirus seems sure to leave permanent scars on the job market. Millions of jobs lost likely won't come back — especially at employers that require face-to-face contact with consumers: Hotels, restaurants, retailers, entertainment venues. Jamison wonders whether the front desk operation will eventually be eliminated, the jobs lost as guests use keys on their smartphones to go straight to their rooms.

Why the pandemic left long-term scars on global job market

Even as viral vaccines increasingly promise a return to something close to normal life, the coronavirus seems sure to leave permanent scars on the job market. No one knows exactly what the job market will look like when the virus finally ends its rampage. The U.S. Labor Department, too, has tried to estimate the pandemic’s likely impact on the job market. Before taking the pandemic into account, the department last year projected that U.S. jobs would grow 3.7% between 2019 and 2029. “At this point," she said, “they have to move on with their lives.”Jamison wonders whether the front desk operation will eventually be eliminated altogether, the jobs lost to automation.

Asian shares track Wall St decline as bond yields rebound

Asian shares fell Thursday, tracking a decline on Wall Street as another rise in bond yields rattled investors who worry that higher inflation may prompt central banks to raise ultra-low interest rates. (AP Photo/Ahn Young-joon)BANGKOK – Asian shares fell Thursday, tracking a decline on Wall Street as another rise in bond yields rattled investors who worry that higher inflation may prompt central banks to raise ultra-low interest rates. Shares have yoyo'd recently with fluctuations in bond yields. When yields rise quickly, as they have in recent weeks, it forces Wall Street to rethink the value of stocks. U.S. government bond yields rose Wednesday after easing a day earlier.

Asian shares advance despite Wall Street retreat

Stocks advanced in Asia on Wednesday after a wobbly day on Wall Street, when the S&P 500 gave back most of its gains from a day earlier. (AP Photo/Eugene Hoshiko)BEIJING – Stocks advanced in Asia on Wednesday after a wobbly day on Wall Street, when the S&P 500 gave back most of its gains from a day earlier. Investors have taken heart from an easing in bond prices that has alleviated worries over possible interest rate hikes. But expectations for stronger economic growth in coming months continue to fuel worries that interest rates will head higher. Higher interest rates force investors to rethink how much they’re willing to pay for stocks, making each $1 of profit that companies earn a little less valuable.

Asian stocks mixed after Wall St. rises

A man walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Tuesday, March 2, 2021. Asian stock markets were mixed Tuesday after Wall Street rose as investor concern about possible higher interest rates receded. (AP Photo/Vincent Yu)TOKYO – Asian stock markets were mixed Tuesday after Wall Street rose as a wave of investor concern about possible higher interest rates receded. Market benchmarks in Tokyo, Shanghai and Hong Kong declined. The Hang Seng in Hong Kong lost 0.2% to 29,405.45.

Powell signals Fed will keep aiding economy with bond buying

Powell also stressed that the Fed probably won't raise its rate until inflation has topped 2% for some time. The speculation was fueled by comments from several regional Fed bank presidents, including Raphael Bostic of the Atlanta Fed and Robert Kaplan of Dallas. Bostic said last week that he was “hopeful that in fairly short order we can start to recalibrate” the bond purchases. And Lael Brainard, another governor, said Wednesday that the current level of bond buying “will remain appropriate for quite some time.”Some regional Fed bank presidents have signaled that any reduction in bond purchases is probably a long way off. Still, Powell also said he was quite optimistic that the economy would rebound later this year, once COVID-19 vaccines are widely distributed.

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