Fed’s Richard Clarida Says Officials Will Do What It Takes to Sustain Growth
Michael S. Derby, The Wall Street Journal
Federal Reserve Vice Chairman Richard Clarida said Thursday that the central bank will do what it takes to keep the longest U.S. economic expansion alive.
Five takeaways from Warren’s sweeping labor proposal
Rebecca Klar, The Hill
Sen. Elizabeth Warren (D-Mass.), a leading candidate for the Democratic presidential nomination, released a sweeping labor proposal Thursday that aims to bolster worker protections and make it easier for unions to assert their rights.
New tariffs on EU food will boost prices, cost U.S. jobs: industry
David Shepardson, Reuters
New 25% U.S. tariffs on Italian cheese, French wine, Scotch whisky, British biscuits, Spanish olives and thousands of other European food products will lead to higher prices ahead of the holiday season and cost American jobs, trade groups said on Thursday.
EU likely to respond to U.S. tariffs with own measures: Germany’s Maas
Tassilo Hummel, Reuters
The European Union is likely to take retaliatory measures in response to new U.S. tariffs on European goods, German Foreign Minister Heiko Maas told newspapers in remarks published on Friday.
A California City Tested Universal Basic Income. Here’s How Recipients Spent the $500 in Free Money
Adam Beam, The Associated Press
The first data from an experiment in a California city where needy people get $500 a month from the government shows they spend most of it on things like food, clothing and utility bills.
U.S. Stock Futures Slip, Bonds Edge Up Before Jobs: Markets Wrap
Yakob Peterseil, Bloomberg
U.S. equity futures drifted lower and European stocks pared a gain as investors awaited jobs numbers for clues on whether the Federal Reserve will cut rates this month to bolster the world’s largest economy. Government bonds including Treasuries edged higher.
New York Fed Adds About $33.6 Billion to Financial System
Robert Barba, The Wall Street Journal
The Federal Reserve Bank of New York added $33.55 billion to the financial system Thursday by using the market for repurchase agreements, or repo, to relieve funding pressure in money markets.
Bank executives seek allies in fight for gender equality
Laura Alix, American Banker
No executive rises to the top on his or her own. That was a consistent theme at American Banker’s 17th annual gala late Thursday recognizing the most powerful women in banking and finance.
Impeachment fight derailing banking bills? Think again
Neil Haggerty, American Banker
Despite partisan tumult over the impeachment inquiry into President Trump, lobbyists and industry analysts see two legislative priorities for banks potentially staying above the political fray.
Wall Street pulled its financing. Stocks have plummeted. But private prisons still thrive.
Renae Merle and Tracy Jan, The Washington Post
Over the past year, private prison giants CoreCivic and GEO Group have been abandoned by Wall Street and seen their stock prices plummet.
HUD’s new housing rule has an A.I. loophole that’s bad for America
Lisa Rice and Douglas Merrill, CNBC
There is growing support for the idea that artificial intelligence can help remove human bias from situations where institutional discrimination has persisted for decades.
Financial Products and Investments
Lazard Asset Management Laying Off As Much As 7% of Global Workforce
Juliet Chung and Justin Baer, The Wall Street Journal
Lazard Ltd. is cutting up to 7% of its employees in its asset-management division and closing some investment funds by year’s end, people familiar with the matter said, amid a tougher climate for money managers.
Square Opens Services to All CBD Businesses
Chloe Aiello, Cheddar
Square’s CBD program is now open for business. The financial services company on Thursday debuted its Early Access program, opening its services to all CBD sellers following the launch of a pilot program for CBD vendors in May.
Housing and GSEs
Mortgage rates hold steady but could be primed to move lower
Kathy Orton, The Washington Post
Mortgage rates barely budged this week despite downward pressure from lackluster economic news.
Which are the least tax-friendly states in America? California doesn’t crack the top 10, but Illinois sure does
Catey Hill, MarketWatch
This week, the personal-finance publication Kiplinger’s released its list of the most — and least — tax-friendly states in America. To draw its conclusions, it used a hypothetical couple with two kids and $150,000 in income a year plus $10,000 in dividend income, and then looked at the income-, property- and sales-tax burden that family would face.
An Early Bitcoin Millionaire Loses ‘Love for the Industry’
Olga Kharif, Bloomberg
As Bitcoin crashed 20% in late September, Jered Kenna — one of the first Bitcoin millionaires — returned to Twitter after a three-year hiatus with a startling statement, saying he “lost the love for the industry.”
Opinions, Editorials and Perspectives
Work Flexibility Key to Meeting Employer Demands in a USMCA Economy
Tana Greene, Morning Consult
Hiring a workforce in a USMCA-economy is going to take innovative approaches to bridge this ever-growing gap between employees who want to work, and the employers who seek them.
Unequal Access to Credit: The Hidden Impact of Credit Constraints
Federal Reserve Bank of New York
The Credit Insecurity Index is a new tool that helps to provide a more comprehensive view of credit access and community credit health. By moving beyond metrics that traditionally focus on residents without a credit file or score, this Index incorporates an additional assessment of residents who are “credit constrained,” that is, unlikely to obtain credit at choice to manage emergencies, take advantage of opportunities, or invest in one’s future.