JPMorgan CEO Jamie Dimon: AI will replace certain jobs, like all technology has
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CNBC
26 minutes ago
- CNBC
Why changing monetary and immigration policies may be edging U.S. closer to a recession: Carmen Reinhart
"Recession risks are higher than average," Carmen Reinhart, Harvard professor and former chief economist at The World Bank, said in a recent episode of CNBC's "The Bottom Line." Reinhart pointed out that the U.S. is now in an era of more volatile markets, financial instability and higher interest rates, brought on primarily, she said, by unpredictable market frameworks. "We have policy uncertainty from all angles, whether it's tariffs, ... there's concerns about President Trump's attacks on the Federal Reserve," said Reinhart. "Then there's a lot of geopolitical uncertainty as well." Reinhart warned that with President Trump's immigration policies and attempts to bring manufacturing back to the States, among other trends, the current U.S. shift away from globalization may further slow population growth in the country, and in turn economic growth, potentially leading to a recession. "We shouldn't be overly confident that a lot of the manufacturing that left will ever return," Reinhart said. "More globalization, more global cooperation is certainly preferred for everyone than variations of a Cold War and a fragmented system." All Americans will be affected by these changes, noted Reinhart. To protect their bottom lines in the meantime, she advised investors and workers alike to emphasize hedging across operations and embrace medium-term to longer-term investment plans. Watch the video to find out more about the fiscal and geopolitical policies currently putting the U.S. economy at risk, why people should care about the rising national debt, and what might be next for the country's financial future.
Yahoo
an hour ago
- Yahoo
'Concerning news': Wall Street worries Trump's BLS firing could shake market confidence
President Trump's firing of Bureau of Labor Statistics (BLS) commissioner Erika McEntarfer has Wall Street worried about the future path of economic data. In a note to clients titled "Concerning news from the BLS," JPMorgan chief US economist Michael Feroli wrote that the removal of the agency's commissioner creates "risks to the conduct of monetary policy, to financial stability, and to the economic outlook." "The risk of politicizing the data collection process should not be overlooked," Feroli wrote. "To borrow from the soft-landing analogy, having a flawed instrument panel can be just as dangerous as having an obediently partisan pilot." The firing came just hours after the BLS released the July jobs report, which showed more than a quarter million fewer jobs were added to the economy in May and June than initially thought. In a Truth Social post on Friday, Trump wrote that "we need accurate numbers" and the numbers "must be fair and accurate." On Monday morning, Trump continued posting on social media about the matter, writing, "last weeks Job's Report was RIGGED." Trump has maintained a stance that the revisions done prior to the 2024 presidential election were made to make the US economy look better under then-President Biden. While last Friday's jobs revisions were "larger than normal," per the BLS, the act of revising data once more information collected is a standard operating procedure for the agency. For Wall Street, the chief concern with Trump's rhetoric is his calling into question the accuracy of key economic data that typically drives the Federal Reserve's monetary policy decision making and is closely tracked by investors for a read on the health of the US economy. "The US public statistics represent the gold standard," Renaissance Macro head of economics Neil Dutta wrote in a note to clients after the firing on Aug. 1. "Calling them into question just because they tell you something you don't like undercuts market confidence." Barclays chairman of research Ajay Rajadhyaksha pointed out in a note to clients on Monday that a US president hasn't attempted to fire an active head of the BLS since President Nixon was in office 50 years ago. Recent examples of statisticians being fired because the heads of government disliked the data include cases in Greece and Argentina. "This move could lead to markets questioning data integrity, especially for releases that surprise investors," Rajadhyaksha wrote. Trump's firing of McEntarfer at the BLS came the same day Federal Reserve governor Adriana Kugler said she will resign from the central bank's Board of Governors, effective Aug. 8. Trump is expected to appoint a new Fed official and a BLS commissioner in the coming days. Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer. 登入存取你的投資組合
Forbes
an hour ago
- Forbes
Don't Miss Out: Best High-Yield Savings Accounts And CDs To Lock In Before Possible Fed Rate Cuts
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. The Federal Reserve held interest rates steady again at its July meeting, resisting pressure to cut rates despite growing signs of an economic slowdown. The federal funds rate still remains at a high level when looking over the past decade—between 4.25% and 4.50%—keeping the window open for savers to earn elevated returns on high-yield savings accounts (HYSAs) and certificates of deposit (CDs). But that window may not stay open for much longer. With the Fed's next decision scheduled for mid-September, and market analysts expecting a rate cut before the end of the year, locking in high rates now could be a savvy move for those looking to grow their cash with minimal risk. At its July meeting, the Federal Reserve held rates steady for the fifth time, pointing to stubborn inflation and a desire to gather more data ahead of its September decision. But cracks are starting to show inside the Fed. Several Fed officials are now signaling it might be time to start cutting rates, especially as inflation cools and job growth loses steam. This shift adds attention to the September meeting, which could mark a turning point toward a more dovish policy. In the meantime, savers can earn better returns on their cash. High-yield savings accounts offer rates well above most regular savings accounts, making them ideal for emergency funds or short-term savings you need quick access to. If you're willing to set money aside for a bit longer, certificates of deposit usually pay even more—but you'll need to keep your cash tied up for a set period, like six months or a year. Both are smart ways to take advantage of today's higher rates while keeping your money safe. With interest rates still at historically high levels, now may be your best opportunity to lock in top-tier APYs before the Fed makes its next move. If you want to start with a HYSA, several strong options are available, including the American Express® High Yield Savings Account or the Capital One 360 Performance Savings Account™ . American Express® High Yield Savings Account: This account offers a 3.50% APY with no minimum deposit and zero monthly fees. Plus, with daily compounding interest, your savings can grow quickly, and interest is deposited into your account each month. This account offers a 3.50% APY with no minimum deposit and zero monthly fees. Plus, with daily compounding interest, your savings can grow quickly, and interest is deposited into your account each month. Capital One 360 Performance Savings Account™: This is another solid option, offering 3.50% APY with no minimum deposit requirement on top of no monthly maintenance fees—ideal for anyone looking to dip their toes into a HYSA without needing a large starting balance. If you're considering a CD, here are some options to explore. Discover® 6-Month CD : This CD offers a 4.20% APY with no minimum deposit requirement. It's a simple way to earn higher interest, but you'll have to let your cash sit for six months to avoid any early withdrawal penalties. This CD offers a 4.20% APY with no minimum deposit requirement. It's a simple way to earn higher interest, but you'll have to let your cash sit for six months to avoid any early withdrawal penalties. Marcus by Goldman Sachs High-Yield Certificates of Deposit: Marcus by Goldman Sachs offers a six-month CD with a 4.40% APY, but this option does require a minimum deposit of $500. Keep in mind that CDs also come with terms longer and shorter than six months. Banks usually offer varying APYs depending on the CD's term length. For example, Marcus by Goldman Sachs High-Yield Certificates of Deposit offer a 4.40% APY for a six-month term and a 4.20% APY for a 12-month term. Rates and details accurate as of 08/4/2025 Even if the Fed cuts the federal funds rate later this year, you'll still earn those higher rates for the term of your CD. With a HYSA, your interest rate is variable, so it is best to take advantage of a higher interest rate now so you earn more interest if your account's interest rate takes a dive. The Fed held off on cutting interest rates in July, but September could bring a different story. While no one can predict policy changes with total certainty, current economic signals point toward at least one rate cut before the end of the year. For savers, that means time is of the essence. Locking in a high APY on a CD or moving funds into a high-yield savings account can help you take full advantage of today's elevated rates before they begin to drop in response to the Fed moving in the opposite direction. As always, your savings strategy should match your personal goals. But if you're aiming to grow cash with little to no risk, the time to act is now.
