Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyfor the first time in 16 years — or since July 20, 2007. The yield had eased back some as of Friday morning, last trading around 4.935%, but stock futures slipped as a result of the impressive bond action. Futures tied to theU.S.
Fed Chairman Jerome Powell said Thursday inflation is still — still! — too high but that the central bank sees its monetary policy working and that it would be"resolute" in its commitment to reaching 2%. The Fed's strategy of aggressively hiking rates to cool decades-high inflation has seen the pace of monthly increases decelerate and the annual rate slow to 3.7%.
this year by anywhere from about 2% to more than 5%, according to analysis by CNBC's Hugh Son. The cuts amount to 20,000 jobs altogether and come after a hiring boom on Wall Street. That, combined with lower attrition rates, had left many firms with more workers than expected. And with the possibility of rising loan defaults looming, lenders could be forced to make deeper cuts in 2024.U.S.