#Beth Hammack

[lefkosahaberleri]

Cleveland Fed Başkanı Beth Hammack'tan Enflasyon Üzerine Açıklamalar

New Post has been published on https://lefkosa.com.tr/cleveland-fed-baskani-beth-hammacktan-enflasyon-uzerine-aciklamalar-35467/

Cleveland Fed Başkanı Beth Hammack'tan Enflasyon Üzerine Açıklamalar

Cleveland Fed Başkanı Beth Hammack, enflasyonun güncel durumu ve gelecekteki etkileri hakkında önemli açıklamalarda bulundu. Ekonomik gelişmeler ve enflasyon hedefleri üzerine derinlemesine analizler için makalemizi okuyun.

https://lefkosa.com.tr/cleveland-fed-baskani-beth-hammacktan-enflasyon-uzerine-aciklamalar-35467/ --------

[jackkammertime-blog]

You Can Use Logic to justify almost anything, that's it's power, and its flaw.

We have contrasting views on inflation from Fed President Beth Hammack and Fed Governor Christopher Waller. Hammack considers inflation an ongoing concern, opposed the December rate cut, and even supports the possibility of a rate hike this year. In contrast, Waller, who I heard yesterday on CNBC, sounded much more dovish. He expressed openness to rate cuts as early as March. My concern with…

[third-new]

Fed's Hammack says inflation remains a problem, WSJ reports via Reuters

(Reuters) – Federal Reserve Bank of Cleveland President Beth Hammack said in an interview published in the Wall Street Journal on Friday that inflation remains a problem. “We still have an inflation problem. We still have rate fluctuations to deal with,” Hammack told the Journal. Source link

[newtras]

Fed's Hammack says inflation remains a problem, WSJ reports via Reuters

(Reuters) – Federal Reserve Bank of Cleveland President Beth Hammack said in an interview published in the Wall Street Journal on Friday that inflation remains a problem. “We still have an inflation problem. We still have rate fluctuations to deal with,” Hammack told the Journal. Source link

[satrthere]

Fed's Hammack says inflation remains a problem, WSJ reports via Reuters

(Reuters) – Federal Reserve Bank of Cleveland President Beth Hammack said in an interview published in the Wall Street Journal on Friday that inflation remains a problem. “We still have an inflation problem. We still have rate fluctuations to deal with,” Hammack told the Journal. Source link

[leprivatebanker]

Fed rate cut dissenter, Beth Hammack, says 'there is more work to do on inflation'

[enterprisewired]

US Federal Reserve Cuts Interest Rates but Signals Slower Easing Ahead

Source: economictimes.indiatimes.com

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Fed Maintains Caution Amid Economic Stability

The United States Federal Reserve announced a Fed rate cut while signaling a more cautious approach to future reductions. The decision reflects stable economic conditions, with unemployment remaining low and inflation showing limited improvement. In its latest policy statement, the Federal Open Market Committee (FOMC) stated that “economic activity has continued to expand at a solid pace,” and inflation “remains somewhat elevated.”

This marked slowdown in rate cuts was underscored by new language in the FOMC’s statement, indicating that future adjustments will hinge on incoming data and risk assessments. Federal Reserve Chair Jerome Powell emphasized this cautious approach during a news conference, noting that risks to inflation and economic growth are now more balanced. The Fed’s projections now suggest only two quarter-percentage-point rate reductions through 2025, a more conservative stance than previously anticipated.

The central bank also adjusted its outlook for inflation, projecting a rise to 2.5% in the first year of the new administration, significantly above its 2% target. This inflationary pressure, paired with stable unemployment, signals a slower path to reaching the Fed’s goals. The latest reduction in the benchmark policy rate to a range of 4.25% to 4.5% reflects these concerns.

Rate Cuts Reflect Inflation and Growth Challenges

The Fed’s decision to moderate its rate-cutting pace is tied to slower-than-expected progress on inflation. Projections indicate that inflation is unlikely to return to the 2% target until 2027. This sluggish progress has prompted the Fed to reassess its long-run neutral rate of interest, raising it to 3%. The Fed rate cut represents a level that neither stimulates nor restricts economic activity.

Despite the rate cut, Federal Reserve Bank of Cleveland President Beth Hammack voted against the decision, favoring no change in policy rates. Analysts, such as Whitney Watson of Goldman Sachs Asset Management, anticipate a pause in January’s easing cycle before resuming in March, signaling the Fed’s commitment to gradual policy adjustments.

Powell described the latest Fed rate cut as a “closer call,” indicating that higher-than-expected inflation in 2024 was a critical factor in slowing the pace of cuts. The Fed’s projections also show continued economic growth above potential, with unemployment unlikely to rise significantly. However, some uncertainty remains as policymakers weigh the risks of premature or excessive easing.

Trump Administration Brings New Uncertainties

The Fed’s latest policy projections arrive in the context of a changing political landscape. With President-elect Donald Trump’s upcoming inauguration, uncertainty looms over potential economic policies, including tax cuts, tariff hikes, and immigration reforms. These proposals, if enacted, could introduce inflationary pressures, complicating the Fed’s policy decisions.

While Trump’s administration doesn’t take office until January 20, the Fed remains cautious about adjusting monetary policy based on speculative policy changes. However, internal discussions likely include scenarios reflecting the new administration’s possible impact on growth and inflation. Current projections suggest that growth will stay above potential at 2.1% in 2024, inflation will exceed the target for two more years, and unemployment will remain low at 4.3%.

The Federal Reserve’s decision to balance the Fed rate cut with economic stability highlights the complexities of navigating an evolving economic and political landscape. As Powell stated, the focus remains on ensuring that inflation trends align with long-term goals while safeguarding economic growth and employment stability.

[thitruonghomnay24h]

Fed Có Tiếp Tục Giảm Lãi Suất Trong Năm 2025?

Cục Dự trữ Liên bang Mỹ (Fed) đã thực hiện ba lần giảm lãi suất liên tiếp trong năm 2024, với lần gần nhất vào tháng 12. Tuy nhiên, triển vọng về việc tiếp tục hạ lãi suất trong năm 2025 đang trở nên khó đoán hơn.

Đánh Giá Chính Sách Tiền Tệ Hiện Tại

Các quan chức Fed gần đây cho biết đợt cắt giảm lãi suất vào tháng 12 có thể đánh dấu kết thúc giai đoạn đầu của chiến dịch hạ lãi suất. Trong giai đoạn này, Fed đã hạ lãi suất nhằm hỗ trợ nền kinh tế sau thời kỳ duy trì chi phí vay cao. Một số nhà hoạch định chính sách cho rằng cần thêm bằng chứng về việc lạm phát giảm hoặc thị trường lao động suy yếu trước khi tiếp tục giảm lãi suất. Chủ tịch Fed chi nhánh Cleveland, bà Beth Hammack, nhận định: "Chúng tôi đã tới hoặc đang rất gần điểm hợp lý để giảm tốc độ hạ lãi suất".

Lãi Suất Trung Tính và Chính Sách Tương Lai

Lãi suất trung tính là mức lãi suất không kích thích hay kiềm chế nền kinh tế. Fed càng tiến gần đến mức này, lý do để tiếp tục giảm lãi suất càng ít, đặc biệt nếu lạm phát tăng và thị trường lao động vẫn mạnh. Hiện tại, lãi suất chính sách của Fed ở mức khoảng 4,6%, trong khi ước tính về lãi suất trung tính dao động từ 2,5% đến 4%. Ông Donald Kohn, cựu Phó Chủ tịch Fed, cho rằng: "Có vẻ Fed còn phải hạ lãi suất thêm 50 đến 75 điểm cơ bản nữa".

Tác Động Từ Chính Sách Của Tổng Thống Đắc Cử

Chính sách kinh tế của Tổng thống đắc cử Donald Trump, bao gồm các biện pháp kích thích tài khóa, có thể ảnh hưởng đến quyết định của Fed. Nếu các biện pháp này thúc đẩy tăng trưởng kinh tế, Fed có thể cân nhắc tạm dừng việc giảm lãi suất để tránh nền kinh tế quá nóng. Ngược lại, nếu các chính sách không đạt hiệu quả như mong đợi, Fed có thể tiếp tục hạ lãi suất để hỗ trợ tăng trưởng.

Kết Luận

Việc Fed có tiếp tục giảm lãi suất trong năm 2025 phụ thuộc vào nhiều yếu tố, bao gồm diễn biến lạm phát, tình hình thị trường lao động và tác động từ các chính sách kinh tế mới. Các nhà đầu tư và doanh nghiệp nên theo dõi sát sao các tín hiệu từ Fed và các chỉ số kinh tế để đưa ra quyết định phù hợp.

[unitedventurez]

Fed Likely to Cut Rates This Month, Debate on 2025 Pause Intensifies

The Federal Reserve is expected to lower interest rates in December, following strong yet cooling job market data from November. U.S. employers added 227,000 jobs, bouncing back from October's slowdown caused by hurricanes. However, the unemployment rate ticked up to 4.2%, and over the past six months, monthly job gains have averaged less than 150,000, raising concerns about keeping up with the growing population.

Fed officials, including San Francisco Fed President Mary Daly and Chicago Fed President Austan Goolsbee, indicated that further rate cuts are likely, though the pace may slow. Daly emphasized that while another rate cut this month seems reasonable, future cuts will be more cautious as the policy rate nears its final level.

Market expectations surged following the jobs report, with traders increasing the probability of a rate cut at the upcoming December 17-18 meeting to 85%, up from below 70% previously. A rate cut of 0.25% would bring the Fed's policy rate to the 4.25%-4.50% range.

While many expect continued cuts through December, there is growing debate about pausing rate reductions in early 2025. Fed officials like Beth Hammack and Michelle Bowman have expressed the need for caution, citing still-elevated inflation and a healthy labor market. Powell’s recent comments on managing inflation risks suggest the Fed could slow the pace of rate cuts after December, with some analysts predicting a pause as soon as January.

[crisismonitor]

Η Fed ανταποκρίθηκε στις προσδοκίες των αγορών αποφασίζοντας μείωση των επιτοκίων κατά 0,25%, επισημαίνοντας ότι η αμερικανική οικονομία συνεχίζει να αναπτύσσεται με σταθερό ρυθμό, ενώ οι πιέσεις στην αγορά εργασίας έχουν χαλαρώσει και ο πληθωρισμός υποχωρεί αλλά παραμένει κάπως αυξημένος. Η Fed διατηρεί ανοιχτά όλα τα ενδεχόμενα για τις επόμενες συνεδριάσεις, ωστόσο δεν φαίνεται ότι θα βιαστεί για μια νέα μείωση επιτοκίων, καθώς από την ανακοίνωση προκύπτει μια ισορροπία και η αμερικανική οικονομία δεν φαίνεται να απειλείται από χαμηλά επίπεδα ανάπτυξης ή υψηλή ανεργία. Η ανακοίνωση Οι πρόσφατοι δείκτες υποδεικνύουν ότι η οικονομική δραστηριότητα συνεχίζει να αναπτύσσεται με σταθερό ρυθμό. Από την αρχή του έτους, οι συνθήκες στην αγορά εργασίας έχουν γενικά χαλαρώσει, και το ποσοστό ανεργίας έχει αυξηθεί, αλλά παραμένει χαμηλό. Ο πληθωρισμός έχει σημειώσει πρόοδο προς τον στόχο του 2 τοις εκατό της Επιτροπής, αλλά παραμένει κάπως αυξημένος. Η Επιτροπή επιδιώκει να επιτύχει τη μέγιστη απασχόληση και πληθωρισμό στο επίπεδο του 2 τοις εκατό μακροπρόθεσμα. Η Επιτροπή κρίνει ότι οι κίνδυνοι για την επίτευξη των στόχων της απασχόλησης και του πληθωρισμού είναι γενικά ισορροπημένοι. Οι προοπτικές της οικονομίας είναι αβέβαιες, και η Επιτροπή παραμένει προσεκτική στους κινδύνους και για τις δύο πλευρές της διπλής της εντολής. Στηρίζοντας τους στόχους της, η Επιτροπή αποφάσισε να μειώσει το στόχο για το επιτόκιο των ομοσπονδιακών κεφαλαίων κατά 1/4 της εκατοστιαίας μονάδας στο 4-1/2 έως 4-3/4 τοις εκατό. Κατά την εξέταση πρόσθετων προσαρμογών του στόχου για το επιτόκιο των ομοσπονδιακών κεφαλαίων, η Επιτροπή θα αξιολογήσει προσεκτικά τα εισερχόμενα δεδομένα, τις εξελισσόμενες προοπτικές και την ισορροπία των κινδύνων. Η Επιτροπή θα συνεχίσει να μειώνει τις συμμετοχές της σε ομόλογα του Δημοσίου, χρέη οργανισμών και ομολογιακά δάνεια ενυπόθηκων τίτλων οργανισμών. Η Επιτροπή παραμένει δεσμευμένη στη στήριξη της μέγιστης απασχόλησης και την επιστροφή του πληθωρισμού στον στόχο του 2 τοις εκατό. Κατά την αξιολόγηση της κατάλληλης κατεύθυνσης της νομισματικής πολιτικής, η Επιτροπή θα συνεχίσει να παρακολουθεί τις επιπτώσεις των εισερχόμενων πληροφοριών στις οικονομικές προοπτικές. Η Επιτροπή θα είναι έτοιμη να προσαρμόσει την κατεύθυνση της νομισματικής πολιτικής εφόσον προκύψουν κίνδυνοι που θα μπορούσαν να εμποδίσουν την επίτευξη των στόχων της. Οι αξιολογήσεις της Επιτροπής θα λάβουν υπόψη ένα ευρύ φάσμα πληροφοριών, συμπεριλαμβανομένων των δεδομένων για τις συνθήκες στην αγορά εργασίας, τις πιέσεις πληθωρισμού και τις προσδοκίες πληθωρισμού, καθώς και τις χρηματοοικονομικές και διεθνείς εξελίξεις. Στην ψηφοφορία για τη νομισματική πολιτική υπέρ ψήφισαν οι: Jerome H. Powell, Πρόεδρος· John C. Williams, Αντιπρόεδρος· Thomas I. Barkin· Michael S. Barr· Raphael W. Bostic· Michelle W. Bowman· Lisa D. Cook· Mary C. Daly· Beth M. Hammack· Philip N. Jefferson· Adriana D. Kugler· και Christopher J. Waller. Read the full article

[eitmonline]

EITM Playlist 11/12/20

Blame My Youth - Fantastic | 5:42

Theory Of A Deadman - Strangers | 6:07

AC/DC - Realize | 6:22

Clairo - Sofia | 6:28

Dispatch - May We All | 6:51

Jorge Buccio - The Napkin Song | 7:23

DMX - Party Up (Up In Here) | 7:35

Caylee Hammack - Just Friends | 7:41

The Beths - Mars, The God Of War | 8:10

UPSAHL & Absofacto - MoneyOnMyMind | 8:32

Meg Myers, morgxn - i hope you cry | 9:05

Elton John - I Can’t Go On Living Without You | 9:19

Smashing Pumpkins - Ramona | 9:25

Miley Cyrus ft. Stevie Nicks - Edge Of Midnight (Midnight Sky Remix) | 9:56

The War On Drugs - Pain (Live) | 10:17

[jackkammertime-blog]

Short week but important

https://MortgageNews.Blog

Quick update, Beth Hammack is replacing Loretta Mester as the new Cleveland Fed President and a voting member. Why is this important you may ask? Its because she has real world experience at Goldman Sachs and managing director. The Fed needs this. The JOLTS – Job Openings and Labor Turnover is coming out tomorrow. The numbers are expected to stay relatively stable. To note, Feb 2021 the number…

[xrpvibe]

Daily Repo Actions Starting to Smooth Out Markets, Goldman's Hammack Says Oct.03 -- Beth Hammack, Goldman Sachs global treasurer, discusses the long-term effects of the Federal Reserve's daily repo operations with Bloomberg's ... source

[coin-news-blog]

The Fed’s Money Creation System Is Fueling One of the Biggest Heists in History

New Post has been published on https://coinmakers.tech/news/the-fed-s-money-creation-system-is-fueling-one-of-the-biggest-heists-in-history

The Fed’s Money Creation System Is Fueling One of the Biggest Heists in History

The Fed’s Money Creation System Is Fueling One of the Biggest Heists in History

Since mid-September, the Federal Reserve has injected three trillion U.S. dollars into the hands of private banks and Wall Street. Despite the fact that massive amounts of money was created out of thin air, the central bank still believes repurchase agreements (repos) are needed to tame the turbulent economy. Nearly every day the Federal Reserve Bank of New York gives primary lenders billions of dollars. Like clockwork on Tuesday, December 3, the entity introduced another $95.56 billion to private institutions.

The Fed Created $3 Trillion Dollars for Private Banks and Continues to Create More

Around two and a half months ago, the U.S. Federal Reserve cut interest rates and started creating massive amounts of money using repo operations because of a so-called short-term lending crunch. It started on September 17 at 10 a.m. with a massive $53 billion repo, which was accepted by the NY Fed. The following day, the Fed pumped another $75 billion into private financial markets claiming an “unusually high demand for cash.” When it all started, the Fed made sure to inform the press the move wasn’t another form of quantitative easing (QE). The last time the central bank cut rates and initiated colossal repurchase agreements was 10 years ago after the 2008 financial crisis. Beth Hammack, the Goldman Sachs Group treasurer, told the Wall Street Journal that the “market will be waiting to see if the Fed makes this a more permanent part of the playbook.”

A number of economists believe the financial crisis stems from the Federal Reserve’s money creation tactics.

So far it has continued and a mountainous $3 trillion dollars later, the Fed has continued to gift the private banks. A recent video published by Youtuber “The Hated One” reveals how the Fed creates free money for big banks by explaining the subject in great detail. The video emphasizes that private lenders the Fed deals with are either short on reserves or can’t pay their taxes. Now when ordinary folk are short on dough, the banks will repossess their items or foreclose their mortgage. The Hated One underlines the fact that if an average Joe can’t pay their taxes, the IRS will surely come knocking and possibly toss tax offenders in a cage. But the film also highlights that in contrast, when these issues arise for bankers, the fat cats get $3 trillion dollars in freshly created fiat. While all these funds are being distributed by the Fed on a daily basis, the narrator remarks:

Top 1% earnings and the U.S. stock market continue to rise despite the warning signs of an economic crisis.

The video goes on to detail how the entire economy is rigged against working-class citizens and a true free market in order “to favor speculators and their currency manipulation.” After the stimulus injections are given to certain financial entities, common people can gain access to these funds in the form of loans and by accruing more debt. Even though the same financial incumbents were seemingly broke or couldn’t pay their taxes, they are more than willing to lend the freshly created dollars with interest. As the money supply grows with daily creation, massive amounts of emerging funds typically eat away at an ordinary citizen’s purchasing power.

Purchasing power of the U.S dollar: (1913-2019) The USD has lost more than 95% of its value since 1913.

‘Inflation Is Legalized Robbery’

A great number of economists call state-induced inflation “legalized robbery” that’s likely more damaging than taxes. In 2006, the Future of Freedom Foundation author Gregory Bresiger gave his readers a “proper understanding of what inflation is.” “[Inflation] is the debasement of fiat currency through the overprinting of money without any stated limits — there is only one party responsible: the government’s banking authority.”

Bresiger and other economists have stressed that the victim is the average citizen who is required by law to follow legal-tender guidelines. Taxation is far more noticeable than inflation and a majority of people don’t notice the silent robbery of purchasing power until years later. This is usually when they reminisce about the cost of a loaf of bread compared to today’s prices. Central banks like the Fed act like inflation is ‘natural,’ but in fact the banking authority behind legal tender is the root cause of cost-push inflation. In Bresiger’s opinion, this fact highlights that “inflation is a tax, because only the government creates money.” Bresiger adds:

Tools That Allow Individuals to Opt Out of the Manipulated Monetary Game

Free market advocates, cryptocurrency proponents, Austrian economists and people who are tired of the manipulation understand the state and the country’s banking authority ignores private property rights and confiscates the average citizen’s wealth arbitrarily. Much like the American rally cry that there is no “taxation without representation,” freedom activists believe there should be no “inflation without representation.” There is zero representation when it comes to inflation in the U.S. and the central bank makes monetary choices without any accountability. Even with the repurchase agreements shown on the balance sheet, the Fed has been accused of creating way more money than what’s written in the books. 2013 reports indicate that the Fed created $9 trillion dollars of “off-balance-sheet” money and they don’t have a clue where the money went.

Learn how you can avoid the manipulated monetary system here with tools like cryptocurrencies.

When the NY Fed gave $95.56 billion to private institutions on Tuesday, only private members of the Fed board were in charge of monetary policy-making. No ordinary American citizen had any say in the stimulus injection and they will never get to vote on the most important part of society. However, strong believers in laissez-faire wholeheartedly believe that there are tools that can be used to combat the banking authority’s system through counter-economics. Tools like cryptocurrencies, precious metals, and participating in barter and trade allow individuals to remove themselves from state-induced inflation, taxation without representation, never-ending wars, and the intrusive surveillance of people’s monetary affairs.

Source: news.bitcoin

[biofunmy]

DealBook Briefing: Could the Trade War Spread to Wall Street?

Good Wednesday. (Want this by email? Sign up here.)

The next trade battle: China’s access to Wall Street?

Both inside and outside the White House, there are growing calls for a weakening of China’s links to U.S. financial markets, Keith Bradsher and Ana Swanson of the NYT report.

• “Some trade experts and others urging the Trump administration to keep a hawkish stance are discussing whether the White House should curb China’s access to Wall Street.”

• A bipartisan group of senators urged the administration last month to increase disclosure requirements for Chinese companies listed in the U.S. if they pose national security risks or are complicit in human rights abuses.

• Steve Bannon, Mr. Trump’s former chief strategist, has said that a lack of transparency about the ultimate owners of Chinese companies is problematic.

• “The New York Stock Exchange and Nasdaq are breaching their fiduciary responsibility to institutional investors, the pension funds of hardworking Americans,” Mr. Bannon said. “It’s outrageous. All of it should be shut down immediately.”

Adding urgency to the news: Alibaba, the Chinese e-commerce giant, is now considering listing shares in Hong Kong, five years after its hugely successful I.P.O. in New York. (Its shares would trade in both markets.) The company has long considered that option, and unidentified sources told the NYT that geopolitical worries were not the driving force for considering the listing.

It’s not clear if Mr. Trump wants to block China from U.S. markets. And for now, Chinese companies can still go public in America: Two weeks ago, Luckin Coffee, a Chinese rival to Starbucks, surged in its trading debut in New York, though its shares have since fallen.

But China has a nuclear option: Sell some of its $200 billion worth of U.S. stocks, which would throw markets into turmoil. But that could also hurt the investment return on China’s assets.

Huawei doubles down in its fight with the U.S.

The Chinese technology company is ramping up its legal challenge to a freeze-out by Washington, as it continues to favor public spats over quiet negotiations, Paul Mozur of the NYT writes.

• “The Chinese telecommunications giant filed a motion on Tuesday in the United States to accelerate its lawsuit against the White House.”

• The lawsuit argues that a ban on U.S. government agencies buying its hardware “is unconstitutional because it singles out Huawei as a danger without giving it any chance to appeal.”

• “The request for summary judgment could expedite an outcome without the costs and time of a full trial, including avoiding handing over sensitive corporate information during the discovery process.”

• “It also could give the company a chance to present its arguments publicly in front of a judge in just a few months rather than wait for a trial to unfold.”

It embarked on a media campaign, outlining its thinking in a WSJ op-ed and at a news conference at its headquarters in Shenzhen, China. This isn’t a new tactic: “Huawei has repeatedly turned to the American court system and press” in recent months, Mr. Mozur notes, including by offering “carefully managed and regularly scheduled interviews” with its founder, Ren Zhengfei.

But so far Huawei has little to show for its aggressive approach, Mr. Mozur writes.

More: South Korea is caught between the U.S. and China over the Huawei fight. Huawei’s biggest selling point: Its 5G prices are basically irresistible. And Mr. Ren said of speaking with Mr. Trump: “If he calls me, I may not answer.”

Nissan’s worries about Fiat-Renault

Fiat Chrysler’s proposal to merge with Renault has been lauded by investors and analysts. But Nissan, Renault’s Japanese partner, appears to be less enthusiastic.

Renault executives kept Nissan in the dark about their talks with Fiat until days before the proposal was announced, the NYT reports. That probably aggravated existing tensions between the two companies over their alliance, which came to light after the arrest of their former mutual chairman, Carlos Ghosn.

Nissan has long complained that Renault dominates their alliance, despite becoming the bigger partner. Nissan sold 5.5 million cars in its most recent fiscal year; Renault sold fewer than 4 million.

A merger with Fiat could give Renault even more leverage over Nissan. The combined European carmakers would have nearly double the sales of Nissan, the FT reports.

“It’s hell” for Nissan’s C.E.O., Hiroto Saikawa, whether he says yes or no to the Renault-Fiat deal, the analyst Koji Endo told the FT.

But Nissan could benefit. It would have a 7.5 percent voting stake in a combined Renault-Fiat, versus its current 15 percent nonvoting stake in Renault. And Fiat and Renault would want the Japanese company’s electric-car technology and strong presence in China.

So Mr. Saikawa may have some negotiating power. One unnamed investor told the FT: “What Nissan may have lost is a chance to be a dominant force in the merger, but they can preserve their independence.”

The global slowdown divides corporate America

While the U.S. economy is resilient, the picture overseas is gloomy, and profits at companies focused on the rest of the world are suffering, Stephen Grocer of the NYT reports.

“A wide divide has developed in the performance between the companies with the most exposure to the rest of the world and those that are mostly focused on the United States.”

• “At companies in the S&P 500 that draw more than half their revenue from abroad, first-quarter profits fell about 12 percent.”

• “By contrast, earnings at firms that generate most of their sales within the United States grew about 6 percent.”

The earnings slide was greatest for those with the largest exposure to the global economy and the escalating trade war between Beijing and Washington, including tech companies like Apple and semiconductor manufacturers.

“The split could persist as the Trump administration ratchets up the trade war,” Mr. Grocer adds. “Wall Street analysts now expect profits at companies with the most overseas exposure to fall 1.4 percent in 2019, compared with a 6 percent increase for domestically focused companies. At the start of the year, analysts forecast that profits for those two sets of companies would grow 6.9 percent and 8.4 percent.”

MacKenzie Bezos pledged her fortune to charity

The novelist and ex-wife of Jeff Bezos is one of the latest signatories of the Giving Pledge, to which the rich promise to donate most of their wealth to charitable causes.

Ms. Bezos will own a roughly 4 percent stake in Amazon once her divorce from Mr. Bezos is finalized in July. That’s worth about $36 billion as of yesterday’s close.

“I have a disproportionate amount of money to share,” she wrote in a letter explaining her decision. “My approach to philanthropy will continue to be thoughtful. It will take time and effort and care. But I won’t wait. And I will keep at it until the safe is empty.” (Mr. Bezos praised the move, tweeting, “Go get ‘em.”)

Her decision highlights how little Mr. Bezos gives. The Amazon founder has drawn criticism for donating little to charitable causes compared with peers such as Bill Gates, Warren Buffett and Michael Bloomberg. (His biggest donation to date: $2 billion last year, to help homeless families and preschoolers, which was made with Ms. Bezos.)

And it reignited criticism of the Giving Pledge itself. Signatories have no legal obligation to follow through on their promises, and it’s hard to track their charitable donations.

Other new additions to the Giving Pledge this year:

• The WhatsApp co-founder Brian Acton

• The hedge fund billionaire Paul Tudor Jones

• The British financier David Harding

• The Coinbase founder Brian Armstrong

Who is the savior of G.M.’s Lordstown plant?

President Trump proudly announced earlier this month that a buyer had been found for a shuttering G.M. plant in Lordstown, Ohio. But Nelson Schwartz, Matt Goldstein and Neal Boudette of the NYT write that there’s a lot of uncertainty about the factory’s potential savior.

• The would-be buyer is a company affiliated with Workhorse, an electric vehicle maker. It would have to raise at least $300 million to get the plant up and running again.

• But the head of the company, Steve Burns, wouldn’t tell the NYT whether he had raised any money or secured financial backers. “It’s a gargantuan task,” he said.

• “Workhorse, which would have a minority stake in the entity, is barely hanging on. It had just under $3 million in cash at the end of March,” Mr. Schwartz, Mr. Goldstein and Mr. Boudette write.

• “Between its founding in 2007 and the first quarter of 2019, Workhorse lost nearly $150 million. It has produced a total of 365 vehicles since its inception, fewer than Lordstown can churn out in a day.”

• “I have a lot more questions than I have answers,” Arno Hill, the Republican mayor of Lordstown, told the NYT. “Who is going to be underwriting all of this?”

Revolving door

Loretta Lynch, the former attorney general under President Barack Obama, has joined the law firm Paul Weiss as a litigation partner.

France is campaigning for Michel Barnier, who led the European Union’s negotiations over Brexit, to become the next president of the European Commission.

Walmart hired Suresh Kumar, a former executive at Google, Microsoft and Amazon, as its new technology chief.

Goldman Sachs promoted three executives to its management council: Beth Hammack, its treasurer, and James Paradise and Todd Leland, its co-presidents for Asia (excluding Japan).

Twitter is hiring a “tweeter in chief.”

The speed read

Deals

• Naspers plans to list its huge technology investment arm on the Euronext Amsterdam exchange on July 17. (Naspers)

• Sprint could reportedly collect up to $3 billion by selling its Boost Mobile prepaid wireless brand as part of its proposed merger with T-Mobile. (Reuters)

• Big investors in technology unicorns are starting to sell their stakes earlier than expected. (Axios)

• Short bets against Uber have risen to $1.5 billion. (Business Insider)

• Toyota is reportedly considering a $550 million investment in Didi Chuxing, the Chinese ride-hailing company. (Nikkei)

Politics and policy

• Transportation Secretary Elaine Chao promised to sell off her holdings in a major construction company. She hasn’t. (NYT)

• The Senate’s majority leader, Mitch McConnell, said that he would fill a Supreme Court vacancy in an election year, despite denying President Barack Obama that option in 2016. (WaPo)

• Netflix became the first major U.S. movie studio to threaten to move production out of Georgia over the state’s new anti-abortion law. (Business Insider)

Trade

• China’s state planning agency has suggested using limits on rare earth mineral exports as a weapon in the trade war with the U.S. (FT)

• The U.S. has again refrained from labeling China a currency manipulator. (CNBC)

• Cowen predicts that Apple’s profit could fall by 26 percent if China banned iPhone sales there. (Bloomberg)

Tech

• Citigroup reportedly pulled out of talks to partner with Apple on the tech giant’s forthcoming credit card because the bank thought it could never make money on the deal. (CNBC)

• Amazon is reportedly planning a purge of its small suppliers, though it denied that there is a “large-scale” plan to do so. (Bloomberg)

• Qualcomm asked a federal judge for a stay on the provisions of her recent antitrust ruling against the company while it appeals the decision. An F.T.C. commissioner was critical of the ruling: “I am dismayed that the judge took this opportunity to create new legal obligations” and “undermine intellectual-property rights.” (Reuters, WSJ op-ed)

• Hackers had access to Flipboard’s internal systems, including customer information, for more than nine months before they were spotted. (ZD Net)

Best of the rest

• Inside the race to succeed Larry Fink as the head of BlackRock. (Institutional Investor)

• Investors increasingly think that the Fed could cut rates twice this year. (FT)

• Jamie Dimon said that Wells Fargo was “irresponsible” for ousting its C.E.O. without a replacement in place. (FT)

• How the WikiLeaks of soccer is bringing down the sport’s most famous teams and players. (New Yorker)

• Wynn Resorts paid a record $35.5 million in fines to Massachusetts for failing to disclose allegations of sexual misconduct against its founder, Steve Wynn. (CNBC)

• Changes to pilot training could determine how soon Boeing’s 737 Max jets are back in the air. (FT)

• How Brexit could ruin the full English breakfast. (WSJ)

Thanks for reading! We’ll see you tomorrow.

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