Latest news with #Bostic
Yomiuri Shimbun
07-07-2025
- Yomiuri Shimbun
He Lost His Wedding Ring on a 50-Acre Farm. It Was Returned 15 Years Later.
Wayne Corprew cut down a Christmas tree for his family at a farm in 2010 – and when he got to his truck to drive it home, he realized his wedding ring was missing. He searched to no avail, then reported it to Sue Bostic, who owned the 50-acre farm. Bostic wrote Corprew's name and cellphone number on a yellow sticky note that she pinned onto a bulletin board in her office. 'Lost wedding Ring Band,' the note said. 'Do not throw Away.' Fifteen years later, Corprew was shocked to receive a call from Joe's Trees in Newport, Virginia. The farm's new owners found the ring covered in dirt while planting corn last month. Then they leafed through the sticky notes on the bulletin board, each one with a handwritten name and lost item, and called Corprew with the news. Corprew, who gave up on retrieving the ring a few months after he lost it, was shocked. Roanoke news channel WDBJ first reported the story. 'How in the world, in 50 acres of Christmas trees, you're walking all around it, and you get a call 15 years later and they find it?' Corprew, 61, told The Washington Post. Corprew said he and his then-wife, Teresa, found an 8-foot tall tree with the 'perfect shape' at Joe's Tree's in December 2010. Corprew cut it with a handsaw and – for a reason he can't remember – removed his gloves. He dragged the Fraser fir to a nearby trail, where a tractor picked it up and took it to the front of the farm. Corprew and Teresa rode a trailer with a man dressed as Santa Claus to the same location. When Corprew loaded the tree into the bed of his Ford F-350, he noticed his yellow and white gold wedding band was missing from his left ring finger. Corprew had bought the wedding band in the summer of 2008 from Ginger's Jewelry in Roanoke for about $1,100. Corprew searched every nook and cranny in his truck before reporting it missing to Bostic. Corprew placed the tree beside a window in his living room in Roanoke, but he returned to the farm the next day with a metal detector to search the ground, which was covered by a few inches of snow. He and Bostic's son, Jake, searched again in the following months to no avail. 'That was literally like trying to look for a needle in a haystack,' Bostic said. In the summer of 2011, Corprew gave up and bought an identical wedding band. Still, Corprew's mother, Jean Bowman, visited the farm in the following years to ask about it. Corprew still looked for the ring whenever he cleaned his car. The wedding band lost sentimental value to Corprew when he got divorced in September 2013. But the farm did not give up. When Bostic sold the business to her nephew, Darren Gilreath, in April 2018, she told him to never lose the note. 'This is important,' she recalled telling him. 'If you ever find this ring, you need to keep this.' The note remained on the bulletin board even as Gilreath and his wife, Samantha Gilreath, pinned thank you cards, family photos and other mementos there. Corprew remarried in December 2022 and now wears a black and blue titanium wedding ring. Last month, Darren, 47, tilled parts of the farm's pumpkin patch. Amid the smell of hay, fresh cut grass and evergreen trees on a hot and sunny day, Samantha was planting corn along a tilled row on June 11 when she spotted a small ring covered in dirt. 'The thought never crossed our mind to not return it,' said Samantha, 43. The next day, Darren looked through a handful of lost-and-found notes – from missing bracelets, necklaces, rings, credit cards and glasses – on the bulletin board. He found the note with Corprew's name near the back. Darren said he wasn't sure if the phone number would still work. Corprew was driving for his job delivering expedited freight when he answered the phone and Darren asked Corprew to describe the ring he lost. Corprew recited the inscription inside the ring: 'WITH THIS RING I THEE WED.' When Corprew picked up the ring the next day, the Gilreaths showed him the spot they found it. Corprew recognized the spot as the same place he cut the tree in 2010. Corprew doesn't know what he'll do with the ring. He might sell it, but he's also considering keeping it. He has a great story to tell about it. At the farm, there are still a handful of missing items the Gilreaths are searching for. Finding Corprew's ring 'leaves hope' they'll locate the others too, Darren said, even if it takes another decade or two.
Yahoo
03-07-2025
- Business
- Yahoo
Fed's Bostic Urges Patience Amid Uncertainty, Resilient Economy
(Bloomberg) -- Federal Reserve Bank of Atlanta President Raphael Bostic called for patience amid uncertainty over economic policy and said a wait-and-see approach can help to ensure officials don't have to reverse course on interest rates. NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds Massachusetts to Follow NYC in Making Landlords Pay Broker Fees Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals What Gothenburg Got Out of Congestion Pricing 'I believe a period characterized by such widespread uncertainty is no time for significant shifts in monetary policy,' Bostic said Thursday at an event in Frankfurt. 'That is especially the case against the backdrop of a still resilient macroeconomy, which offers space for patience.' Fed officials have held rates steady this year while they wait to see how President Donald Trump's tariffs, along with changes to immigration, taxes and regulation, will affect the economy. Projections released after last month's meeting show a divide over how much officials expect to reduce borrowing costs this year. While 10 policymakers expect to lower rates at least two times in 2025, seven see the Fed holding rates steady all year. The Atlanta Fed chief said earlier this week that the impact of tariff-induced price increases may be incremental, instead of amounting to a one-time jump, which could lead to more persistent inflation. He reiterated that concern on Thursday, saying tariff-related price bumps may be implemented over the course of the next year or more, causing a slow trickle of price increases that could lift inflation expectations. 'If I'm right, then the US economy will likely experience a longer period of elevated inflation readings,' Bostic said. Job Market A stronger-than-forecast jobs report for June, released earlier Thursday by the Bureau of Labor Statistics, lowered market expectations for a July cut. Bostic said Thursday there are signs the labor market is softening, including a slowdown in hiring, but he said the jobs market is not yet deteriorating. 'I believe the committee must await more clarity rather than move in a policy direction that it might need to quickly reverse,' he said, referring to the Federal Open Market Committee. Responding to questions following his remarks, Bostic said higher US government debt levels could eventually have implications for policymakers. He said debt servicing costs could 'crowd out' other activities, which could later affect prices and employment in 'material' ways. Republicans in Congress appear close on Thursday to passing Trump's tax and spending bill. The version that passed the Senate would add nearly $3.3 trillion to US deficits over a decade, according to a new estimate from the nonpartisan Congressional Budget Office. Bostic also said the size of the federal debt could affect monetary policy by moving interest rates. 'To the extent that those things are perceived in financial markets as risk elevators, you could see interest rates move to some extent independent of things that we do,' Bostic said. 'That would be really something that we'd have to think hard about.' --With assistance from Jana Randow. (Updates with additional Bostic comments starting in 10th paragraph.) SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too America's Top Consumer-Sentiment Economist Is Worried How to Steal a House China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P.
Yahoo
03-07-2025
- Business
- Yahoo
What do China's surging exports mean for the world?
-- China's recent export surge is creating ripple effects across global trade, with UBS analysts warning of a potential 'second China shock.' According to UBS, 'export volumes [are] up 20%' over the past two years, compared to just 6% growth in the rest of the world, marking China's strongest trade outperformance since joining the World Trade Organization. Much of this growth is being directed toward emerging markets (EM), which now account for over half of China's exports and trade surplus, said the bank. 'That China's share of final demand is rising in sectors ranging from Latam autos to ASEAN household appliances shows that its export penetration runs far deeper than cyclical 'transshipping' effects,' UBS wrote. They add that the quality of Chinese goods is improving, and the country's export momentum continues even as negative price deflators ease. 'This isn't just about low prices… quality is playing an increasingly important role,' UBS noted. While some of China's export strengths are in building new supply chains, such as Hungarian autos and Indonesian mining, UBS cautioned that the broader trend could weigh on other EM economies. 'China's rising export competitiveness may compromise growth in the rest of EM,' the analysts warned, citing weak FDI inflows, declining manufacturing/GDP ratios, and deflationary pressures in sectors like chemicals and household products. UBS sees limited near-term progress in China's efforts to curb overcapacity. Despite higher U.S. tariffs and attempts to boost domestic consumption, 'disinflationary spillovers' are likely to persist. 'These disinflationary spillovers will leave EM central banks with more work to do,' UBS added. The implications for global markets are said to be mixed, with some EM equities potentially benefiting from looser monetary policy, particularly in countries less exposed to Chinese competition. Related articles What do China's surging exports mean for the world? Fed's Bostic says tariffs effects may take a year 'to fully play out' President Trump's views on Japan tariffs may be misinformed, says PM Ishiba Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
30-06-2025
- Business
- CNBC
U.S. stocks are at record highs, but the outlook for the world's largest economy is no clearer
U.S. stocks have strongly rebounded after a rough start to the year, even as the outlook for the world's largest economy and its interest rates remains as uncertain as ever. Economic modeling is "very difficult" right now because "things are changing constantly," Atlanta Fed President Raphael Bostic told CNBC's "Squawk Box Europe" on Monday, pointing to Canada's recent walk-back on its digital services tax. Market participants are also closely-watching the latest progress of U.S. President Donald Trump's "big, beautiful bill," which cleared a key Senate hurdle over the weekend. From an inflation perspective, that means focusing on the expectations of businesses and consumers, along with the actions they are taking in response, Bostic continued. "The story there is that we are really starting to hear clear signs that they're expecting to raise prices, but how high and when that will happen is still quite unknown," he said. More businesses are reporting that they may not reach a final strategy on tariffs until 2026, so their impact on growth and price rises "could be a much more extended period than I think many expect," Bostic added. The latest Fed "dot plot," a map of members' expectations for rates, shows the wide range of different outlooks among officials for the economy, which Bostic said "really does speak to the uncertainty that's out there." The S&P 500 closed at an all-time high on Friday, coming back from early-April lows when it was down nearly 18% in the year to date. The index has logged big swings amid the White House's ongoing tariff story, the latest chapter of which introduced a framework trade agreement between the U.S. and China that helped boost market sentiment last week. The U.S. trade deal with the U.K. meanwhile went into force on Monday, reducing tariffs on British cars and aerospace parts, but keeping a baseline duty of 10% in place on most goods. The two countries have yet to finalize a deal on steel imports — while broader U.S. steel tariff policy is keeping prices elevated stateside and depressed elsewhere. The White House remains locked in negotiations with numerous key trading partners, including Canada, the European Union, Taiwan, Japan and India. "Markets at the moment are I think taking a very naive view of what's happening on the trade front," Bob Parker, senior advisor at the International Capital Markets Association, told CNBC's "Squawk Box Europe" on Monday. "We could easily be having this discussion at the end of the year or potentially going in to 2026, as we all know carrying out trade agreements is very complicated and lengthy," Parker said. "And as we saw over the weekend with Canada, there is a serious risk of trade negotiations failing." He added that, with the European Union in particular, even if the July 9 deadline to reach an agreement is extended, several sticking points could see an elevated level of tariffs stay in place.
Yahoo
24-06-2025
- Business
- Yahoo
Stocks Supported as Tensions Ease in the Middle East
The S&P 500 Index ($SPX) (SPY) today is up +0.81%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.79%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.15%. September E-mini S&P futures (ESU25) are up +0.84%, and September E-mini Nasdaq futures (NQU25) are up +1.15%. Stock indexes are trading higher today, with the S&P 500 and Nasdaq 100 posting 4-month highs and the Dow Jones Industrials posting a 1-1/2 week high. Global equity markets rallied, and WTI crude oil prices are down sharply by more than -5%, after President Trump announced that Israel and Iran had agreed to a tentative ceasefire, spurring hopes for a lasting resolution to the conflict. The easing of geopolitical risks has boosted market sentiment and prompted a risk-on for asset markets. Stocks fell back from their best levels after the Conference Board June US consumer confidence index unexpectedly declined. Also, hawkish Fed commentary today signaled the Fed is in no rush to cut interest rates. Fed Chair Powell said, 'The effects of tariffs will depend, among other things, on their ultimate level, and for the time being, we are well-positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.' Also, Atlanta Fed President Bostic said the Fed doesn't need to cut interest rates with companies planning to raise prices later this year in response to higher import taxes and with the job market still stable. The US Apr S&P CoreLogic composite-20 home price index rose +3.42% y/y, weaker than expectations of +3.90% and the smallest increase in 1-3/4 years. The Conference Board June US consumer confidence index unexpectedly fell -5.4 to 93.0, weaker than expectations of an increase to 99.8. The US June Richmond Fed manufacturing conditions survey unexpectedly rose +2 to -7, stronger than expectations of a decline to -10. The markets this week will look to see if the ceasefire between Israel and Iran holds. Also, any new tariff news or trade deals will be scrutinized. On Wednesday, Mr. Powell will testify before the Senate Banking Committee on monetary policy. Also, on Wednesday, US Mar new home sales are expected to fall -6.7% m/m to 693,000. On Thursday, Q1 GDP is expected to be unrevised at -0.2% (q/q annualized). Also, weekly initial unemployment claims are expected to be unchanged at 245,000. Friday brings May personal spending (expected +0.1% m/m) and May personal income (expected +0.3% m/m). Also, the May core PCE price index, the Fed's preferred price gauge, is expected to rise by +0.1% m/m and +2.6% y/y. Finally, the revised June University of Michigan US consumer sentiment index is expected to fall -0.2 to 60.3. The markets are discounting the chances at 21% for a -25 bp rate cut at the July 29-30 FOMC meeting. Overseas stock markets today are sharply higher. The Euro Stoxx 50 climbed to a 1-week high and is up +1.41%. China's Shanghai Composite rose to a 3-month high and closed up +1.15%. Japan's Nikkei Stock 225 rallied to a 4-month high and closed up +1.14%. Interest Rates September 10-year T-notes (ZNU25) today are up +3 ticks. The 10-year T-note yield is down -3.7 bp to 4.310%. Sep T-notes recovered from early losses today and moved higher as a -5% plunge in WTI crude oil knocked inflation expectations lower and sparked short covering in T-notes. The 10-year breakeven inflation rate fell to a 1-week low of 2.286%. Also, an unexpected decline in the Conference Board US Jun consumer confidence index is bullish for T-notes. T-notes today initially moved lower as the announcement of a tentative ceasefire between Israel and Iran has sparked a sharp rally in global equity markets and reduced safe-haven demand for T-notes. T-notes extended their losses on hawkish comments from Fed Chair Powell, who signaled he is in no rush to cut interest rates. Supply pressures are weighing on T-notes as the Treasury will auction $211 billion of T-notes and floating rate notes this week, beginning with today's $69 billion auction of 2-year T-notes. European government bond yields today are mixed. The 10-year German bund yield rose to a 1-week high of 2.573% and is up +2.4 bp to 2.531%. The 10-year UK gilt yield fell to a 1-week low of 4.467% and is down 2.5 bp to 4.468%. The German Jun IFO business climate index rose +0.9 to a 13-month high of 88.4, stronger than expectations of 88.0. ECB Governing Council member Villeroy de Galhau said. 'If we look at the present assessment of markets so far, inflation expectations remain moderate. If that was confirmed, it could possibly lead in the next six months to further accommodation.' Swaps are discounting the chances at 8% for a -25 bp rate cut by the ECB at the July 24 policy meeting. US Stock Movers Chip makers are rallying today to lift the broader market. Advanced Micro Devices (AMD) is up more than +5% to lead gainers in the Nasdaq 100, and Intel (INTC) is up more than +5%. Also, NXP Semiconductors NV (NXPI) and Marvell Technology (MRVL) are up more than +4%. In addition, Micron Technology (MU), KLA Corp (KLAC), Applied Materials (AMAT), Broadcom (AVGO), Lam Research (LRCX), GlobalFoundries (GFS), and Microchip Technology (MCHP) are up more than +3%. Airline stocks and cruise line operators are climbing as crude prices plunged more than -4% to a 1-1/2 week low on the announcement of a ceasefire in the Israel-Iran conflict. Carnival (CCL) is up more than +9% to lead gainers in the S&P 500, and Norwegian Cruise Line Holdings (NCLH) is up more than +6%. Also, American Airlines Group (AAL) is up more than +3%, and Delta Airlines (DAL), Alaska Air Group (ALK), and Royal Caribbean Cruises Ltd (RCL) are up more than 2%. Upstart Holdings (UPST) is up more than +8% after Piper Sandler assumed coverage of the stock with a recommendation of overweight and a price target of $75. Uber Technologies (UBER) is up more than +6% after beginning its driverless ride service in Atlanta. Lyft (LYFT) is up more than +4% after TD Cowen upgraded the stock to buy from hold with a price target of $21. Mastercard (MA) is up more than +1% after deepening its partnership with Fiserv to integrate its new FIUSD token across a range of Mastercard products and services. Teladoc Health (TDOC) is up more than +1% after Citron Research said the market is underestimating the value of the virtual health-care platform. Defense contractors are sliding today with the announcement of a ceasefire in the Israel-Iran war. RTX Corp (RTX) is down more than -3% to lead losers in the S&P 500. Also, Northrop Grumman (NOC) is down more than -2%, and Huntington Ingalls Industries (HII), Lockheed Martin (LMT), General Dynamics (GD) and L3Harris Technologies (LHX) are down more than -1%. Precious metals mining stocks are under pressure today, with the price of COMEX gold falling to a 2-week low. Anglogold Ashanti Plc (AU) is down more than -4% and Gold Fields Ltd (GFI) is down more than -3%. Also, Newmont (NEM) is down more than -2%. Advanced Auto Parts (AAP) is down more than -8% after Goldman Sachs downgraded the stock to sell from neutral with a price target of $46. Also, O'Reilly Automotive (ORLY) is down more than -2% to lead losers in the Nasdaq 100. Dollar General (DG) is down more than -2% after Goldman Sachs downgraded the stock to neutral from buy. Chewy (CHWY) is down more than -2% after holder BC Partners offered 23.95 million shares at $41.95/share, below Monday's closing price of $43.36. Earnings Reports (6/24/2025) AeroVironment Inc (AVAV), Anterix Inc (ATEX), Borr Drilling Ltd (BORR), Carnival Corp (CCL), FedEx Corp (FDX), Gencor Industries Inc (GENC), NexPoint Diversified Real Estate Trust (NXDT), TD SYNNEX Corp (SNX), Worthington Enterprises Inc (WOR). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
