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Fed taps Xbox chief for productivity task force amid H-1B backlash
politics17 hours ago

Fed taps Xbox chief for productivity task force amid H-1B backlash

Asha Sharma, head of Microsoft's Xbox division, was named to a Federal Reserve task force on Productivity and Jobs amid backlash over 4,800 layoffs and approvals to hire 2,273 H-1B visa workers. Microsoft says the visa figures are company-wide renewals and not Xbox-specific. Critics argue the move favors foreign labor, while the Fed says the panel will evaluate tools and methods to improve employment and productivity as policymakers reassess approaches.

via Fox News|
#federal-reserve#immigration#labor
Fed taps Xbox chief Asha Sharma to co-lead AI-economy task force
business1 day ago

Fed taps Xbox chief Asha Sharma to co-lead AI-economy task force

The U.S. Federal Reserve has named Xbox CEO Asha Sharma to co-lead its Productivity and Jobs task force to study the economic impact of AI and other general-purpose technologies, alongside Marc Andreessen and Stanford economist Charles I. Jones. The appointment comes as Microsoft/Xbox reveals 3,200 layoffs through 2027, part of a broader strategic shift following Sharma’s rise to Xbox CEO earlier this year after joining Microsoft in 2024 as president of CoreAI.

via GamesIndustry.biz|
#artificial-intelligence#asha-sharma#business
Fed Minutes Reveal Split Over Rates as Inflation Risks Persist
economy1 day ago

Fed Minutes Reveal Split Over Rates as Inflation Risks Persist

Federal Reserve minutes from last meeting show officials divided on the path for interest rates, with upside inflation risks from AI-driven demand and other shocks; most participants saw keeping rates unchanged this month as justified, but some favored firming if inflation remains elevated, and many projected rates at or below current levels by year-end, highlighting policy uncertainty as Warsh offered no new projections.

via Axios|
#ai-buildout#economy#federal-reserve
Warsh Forms Five Fed Task Forces With Industry and Academic Leaders
economy1 day ago

Warsh Forms Five Fed Task Forces With Industry and Academic Leaders

Fed Chair Kevin Warsh announced five independent task forces to review the Fed’s communications, data practices, balance sheet policy, productivity and jobs, and inflation-frameworks. The panels, populated by economists, former central-bank officials and business leaders including Marc Andreessen and Doug McMillon, will operate independently and report findings back to the FOMC, with changes potentially expected this year as Warsh emphasizes a rigorous, evidence-based approach.

via CNBC|
#doug-mcmillon#economy#federal-reserve
US jobless claims dip as labor market shows resilience
economy1 day ago

US jobless claims dip as labor market shows resilience

The Labor Department reported initial unemployment claims fell to 215,000 for the week ended July 4, suggesting the labor market remains stable even as June payroll growth slowed; continuing claims rose to 1.814 million due to seasonal adjustment issues from the summer holidays. Fed minutes indicated inflation concerns but generally expected near-term labor market stability, with unemployment hovering near current levels.

via Yahoo Finance|
#economy#federal-reserve#jobless-claims
Warsh Era Signals Prolonged Fed Rate-Hike Cycle
economy3 days ago

Warsh Era Signals Prolonged Fed Rate-Hike Cycle

With incoming Fed Chair Kevin Warsh, officials indicate a multi-rate tightening cycle rather than a single move, as the June meeting minutes are expected to offer clues on policy pace amid stubborn inflation; markets price a September hike and hold thereafter, while analysts debate how quickly policy will tighten further or ease later in the cycle.

via CNBC|
#economy#fed#federal-reserve
Yields rise as Trump signals Iran ceasefire may be over, oil surges
business3 days ago

Yields rise as Trump signals Iran ceasefire may be over, oil surges

U.S. Treasury yields rose after Trump said the Iran ceasefire may be over, sparking inflation fears as oil prices jumped; the 10-year yield moved to about 4.561%, the 2-year to 4.197%, and the 30-year to 5.061%. Brent crude hit roughly $78.20 a barrel and WTI around $74.15. Traders await the Fed's June meeting minutes for policy clues under new chair Warsh, while the 30-year fixed mortgage rate eased to about 6.57% from 6.59%.

via CNBC|
#business#federal-reserve#iran-ceasefire
Two Roberts rulings, one term, two opposite visions of power
law4 days ago

Two Roberts rulings, one term, two opposite visions of power

Chief Justice John Roberts authored two major decisions this term that pull in opposite directions: Slaughter ends independent agency status by allowing presidential firing for any reason, while Cook carves out a Fed-specific exemption to preserve independence, a split critics say is cynical and incompatible, revealing a judiciary agenda that strengthens executive power for business interests and undermines civil-service independence.

via Slate Magazine|
#executive-power#federal-reserve#independent-agencies
Fed official backs Warsh-led overhaul of investor communications
economy4 days ago

Fed official backs Warsh-led overhaul of investor communications

A top Federal Reserve official, Chris Waller, endorses Kevin Warsh's plan to overhaul how the Fed communicates with markets, arguing that 2020–21 forward guidance restrained rate decisions and contributed to inflation; Warsh has formed a task force to revamp communications with findings due by the end of 2026, while the Fed has moved away from traditional dot plots and clearer forward guidance in its policy signals.

via Financial Times|
#christopher-waller#economy#federal-reserve
business5 days ago

Wall Street futures drift higher after solid weekly gains ahead of Fed minutes

U.S. stock indexes’ futures edged higher on Monday after a holiday week, with S&P 500 futures up about 0.4% and Nasdaq-100 futures up roughly 1%, while Dow futures were little changed. Last week’s gains—Dow around 2%, S&P 500 about 1.8%, Nasdaq around 2.1%—came as softer June payroll data eased near-term rate-hike fears, even as AI-name valuations continue to attract scrutiny. Traders are awaiting the Fed’s June meeting minutes on Wednesday and monitoring early second-quarter earnings from Levi Strauss, PepsiCo and Delta Air Lines, while oil prices drift lower following another OPEC+ output boost.

via Investing.com|
#ai#business#federal-reserve
SCOTUS Expands Presidential Reach, Keeps the Fed’s Independence Intact
politics7 days ago

SCOTUS Expands Presidential Reach, Keeps the Fed’s Independence Intact

The Supreme Court’s term largely advanced Trump’s priorities—expanding presidential power, shrinking the administrative state, and advancing GOP-friendly outcomes—while preserving the Federal Reserve’s independence in a key ruling and constraining unilateral tariff authority. Birthright citizenship was a mixed result, not a sweeping loss or win, and the Court signaled it won’t upend the Fed’s autonomy even as it weakens protections for other independent agencies. Overall, the court leans toward a more empowered presidency with selective economic safeguards intact.

via Talking Points Memo|
#birthright-citizenship#federal-reserve#independent-agencies
Warsh's inflation stance unsettles markets, reshaping Fed-rate bets
economy8 days ago

Warsh's inflation stance unsettles markets, reshaping Fed-rate bets

Fed Chair Kevin Warsh, speaking at a Sintra gathering, said inflation risks have eased and reiterated a commitment to price stability, but offered no forward guidance on the Fed’s rate path. He outlined plans to shrink the Fed’s roughly $6.7 trillion balance sheet and stressed that policy will remain data-driven. May’s PCE rose 4.1% year over year (core 3.4%), keeping inflation concerns alive and leaving markets pricing in at least one 25bp rate hike by year-end, with some economists forecasting a sequence of hikes as inflation remains stubborn.

via Yahoo Finance|
#balance-sheet#economy#federal-reserve