Powell Cheers Markets Looking for Signs on Rate Cuts
Summary
• None The best (for Wall Street): Powell’s update on new capital requirements for lenders sent shares of Goldman Sachs to a new high, and lifted other bank stocks, on hopes that the hotly contested measures would be tamer than first feared. On Tuesday, he deflected questions on market speculation that the first cut could come in September, saying that Fed policymakers were looking for “more good data” that inflation is edging closer to its 2 percent target before it begins lowering borrowing costs. Days of panic among donors and Democratic officials increasingly seem for naught, as President Biden’s defiant refusal to bow out of the election appears to be largely silencing his critics. “A company needs to actually outline, what are the sources that you are accounting for in that calculation?” Simon Fischweicher, director of supply chain and reporter services at CDP, a nonprofit group that measures climate disclosures for investors and others, told The Times. The proportion of employees working remotely is about four times as high today than before the pandemic, according to the latest monthly survey from researchers at Stanford University, the Hoover Institution and Instituto Tecnológico Autónomo de México.