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Former JPMorgan exec Jes Staley loses bid to dismiss suit over Jeffrey Epstein ties
A federal judge on Wednesday denied a bid by former JPMorgan Chase executive Jes Staley to dismiss a lawsuit by the bank that seeks to hold him legally liable for sex trafficking by former JPMorgan customer Jeffrey Epstein. The ruling in U.S. District Court in Manhattan came two days before JPMorgan CEO Jamie Dimon is scheduled to be deposed in lawsuits by the government of the U.S. Virgin Islands and an Epstein accuser against the bank over its relationship with the late predator. The Virgin Islands alleges in its suit, filed in December, that JPMorgan facilitated and financially benefited from the trafficking of ... (full story)
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A Montenegrin court has annulled a lower court’s decision under which former crypto mogul and Terraform Labs co-founder Do Kwon would be released on bail. The high court in ...
Crypto exchange Bitfinex has made an undisclosed investment in Chilean crypto exchange OrionX with the aim of expanding its footprint in Latin America, the company said on ...
Thank you, Peter, and thank you for the opportunity to speak to you today. I confess I am not an expert on Santa Barbara County's diverse economy, beyond my abiding interest in the excellent wines you produce. But you will hear more about the regional outlook from the other two speakers and so I'll focus my remarks on a broader perspective of the U.S. economy and how the data is shaping my policy views.1 Let me cut to the chase—in my view, data since the last meeting of the Federal Open Market Committee (FOMC) has not provided sufficient clarity as to what we should do with our policy rate at the next meeting. We still have some major data releases coming up in the next three weeks and I'll also be learning more about evolving credit conditions, both factors which will inform me on the best course of action. Between now and then, we need to maintain flexibility on the best decision to take in June. Starting with the economy, activity has slowed from its pace in the latter half of last year. Real gross domestic product (GDP) is estimated to have grown at a modest rate last quarter, and different data available for the current quarter could be interpreted as suggesting growth is slowing or even accelerating a bit. Real GDP grew at an annual rate of 1.1 percent in the first three months of the year. The consensus of private sector forecasts tracked by the Blue Chip survey is for annualized growth of only a tenth of a percent or two above zero this quarter. By contrast, the Atlanta Fed's GDPNow projection, based on a range of data, is for a 2.9 percent growth rate. Retail sales and industrial production rose in April, though those gains followed two months of declining or flat readings. At the same time, April was the second month non-manufacturing businesses expanded modestly, according to respondents of the Institute for Supply Management survey. Despite this slowing in activity from last year, we have a very tight labor market and high inflation. We also are at a period of higher-than-usual uncertainty about how credit conditions are evolving in response to the recent bank failures and stress among some other mid-size banks. Let me talk about each of these three key issues and then conclude with how I see these factors playing into my June policy decision. post at 12:09pm: Waller Does Not Expect Data in Next Couple of Months to Make It Clear Terminal Interest Rate Has Been Reached Waller Says He Does Not Support Stopping Rate Hikes Unless There is Clear Evidence Inflation is Moving Down to 2% Target post at 12:10pm: Waller Says He’s Concerned About Lack of Progress on Inflation Waller Says He’s Concerned Inflation Won’t Come Down Much Unless Growth of Average Hourly Wages Nears 3% Waller: Says April PCE Inflation, May CPI Data Will Be ‘Critical’ post at 12:10pm: *Fed’s Waller: Don’t Halt Hikes Until It’s Clear Inflation is Tamed *Fed’s Waller: Incoming Inflation Data Key for June Rate Call post at 12:11pm: FED'S WALLER: PRUDENT RISK MANAGEMENT MAY SUGGEST SKIPPING A HIKE IN JUNE, AND LEANING TOWARD A JULY HIKE DEPENDING ON INFLATION DATA AND IF BANKING CONDITIONS HAVEN'T TIGHTENED EXCESSIVELY.
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It is a pleasure to welcome you to this reception marking the 25th anniversary of the ECB and the Eurosystem. Helmut Kohl, the former German Chancellor, once famously observed ...
Event to mark the ECB's 25th anniversary, Frankfurt am Main, Germany.
The manager turned first to a review of developments in financial markets. Asset prices were less volatile and financial market conditions eased somewhat over the intermeeting period as investor sentiment around the banking system stabilized. On net, nominal Treasury yields declined, equities appreciated, credit spreads tightened, and the trade-weighted value of the dollar depreciated. Measures of implied volatility declined across markets. Policy-sensitive rates, however, fluctuated a fair amount over the period, particularly in response to economic data but also because of market perceptions of risk and liquidity conditions. Treasury market liquidity improved somewhat over the period but remained challenged. Treasury cash and futures markets continued to function in an orderly manner despite the lower-than-normal liquidity. Regarding developments late in the intermeeting period, the closure and acquisition of First Republic Bank were seen as orderly, though investors remained focused on stresses in the banking sector. In addition, the U.S. Treasury Department announced it may not be able to fully satisfy the federal governme post at 2:00pm: *Fed Minutes Show Officials Split on Support for More Hikes *Fed: Officials Saw Timely Debt Limit Increase as Essential *Almost All Officials Saw Upside Risks to Inflation Outlook *Fed Officials Stress Data-Dependent Approach, Cuts Unlikely post at 2:00pm: FED MINUTES: PARTICIPANTS AGREED THAT INFLATION WAS UNACCEPTABLY HIGH, AND ARE DECLINING SLOWER THAN THEY HAD EXPECTED. post at 2:01pm: FED MINUTES: MANY PARTICIPANTS FOCUSED ON NEED TO RETAIN OPTIONALITY AFTER MAY MEETING.Fed officials less confident on the need for more rate hikes, minutes show Federal Reserve officials were divided at their last meeting over where to go with interest rates, with some members seeing the need for more increases while others expected a slowdown in growth to remove the need to tighten further, minutes released Wednesday showed. Though the decision to increase the Fed’s benchmark rate by a quarter percentage point was unanimous, the meeting summary reflected disagreement over what the next move should be, with a tilt toward less aggressive policy. At the end, the rate-setting Federal Open Market Committee voted to remove a key phrase from their post-meeting statement that had indicated “additional policy firming may be appropriate.”
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- Posted: May 24, 2023 1:45pm
- Submitted by:Category: Entertainment NewsComments: 0 / Views: 200