News Updates

News Updates

US economy on firmer footing heading into first quarter

U.S. economic growth in the fourth quarter was lowered slightly, but its composition was much stronger than initially thought, which bodes well for the near-term outlook even as activity got off to a weak start because of freezing temperatures. The Commerce Department’s slight downward revision to gross domestic product growth

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House conservatives demand delay on government funding February 27, 2024

Republican infighting could cause a government shutdown this Friday. Congress failed to release compromise appropriations bills on Sunday, as Speaker Mike Johnson (R-La.) faces increasing pressure from House conservatives. Since becoming speaker, Johnson has cut two spending deals with Democrats, something that cost Kevin McCarthy the speakership last year.

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Nvidia briefly hits $2 trillion valuation as AI frenzy grips Wall Street

Nvidia ( NVDA ) hit $2 trillion in market value on Friday, riding on an insatiable demand for its chips that made the Silicon Valley firm the pioneer of the generative artificial intelligence boom. The milestone followed another bumper revenue forecast from the chip designer that drove up its market value by $277 billion on Thursday – Wall Street’s largest

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Biden announces another round of student loan forgiveness

The White House has announced a new round of student debt relief as the administration tries to work around the Supreme Court. Yesterday, the White House said it was canceling $1.2 billion worth of loans – relieving debt for over 150,000 people. Last year, the Supreme Court shot down Biden’s

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Several large asset managers withdraw from green investment coalition

Several large finance corporations are rethinking their commitment to the climate movement. According to the Financial Times, JP Morgan and State Street Global Advisors will not renew their combined trillion-dollar investments in climate initiatives. This comes as the House Judiciary Committee has been investigating Climate Action 100+, a green shareholder

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Wall Street slides as hot producer price data crimps rate cut bets

U.S. stocks fell on Friday with the Nasdaq showing the largest decline after a hotter-than-expected producer prices report eroded hopes for imminent interest rate cuts by the Federal Reserve. A Labor Department report showed producer prices increased more than expected in January, feeding fears inflation was picking up after months of cooling.

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Charting the Fed’s economic data flow

The Federal Reserve held its benchmark overnight interest rate steady in the 5.25%-5.50% range at the end of its Jan. 30-31 policy meeting, but said it would consider reducing it once policymakers are more confident inflation will continue falling to the U.S. central bank’s 2% target. Upcoming data on inflation,

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