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Fed’s Kashkari argues against U.S. central bank’s view of workforce participation

FILE PHOTO: Minneapolis Fed President Neel Kashkari speaks during an interview at Reuters in New York
FILE PHOTO: Minneapolis Fed President Neel Kashkari speaks during an interview at Reuters in New York February 17, 2016. REUTERS/Brendan McDermid

March 25, 2019

By Ann Saphir

SAN FRANCISCO (Reuters) – Minneapolis Federal Reserve Bank President Neel Kashkari, whose longtime opposition to further interest-rate hikes was last week suddenly ratified by a majority his colleagues, said on Monday he still has a “serious beef” with a key feature of how the Fed assesses the economy.

In a series of tweets, Kashkari argued against what he said was the Fed’s view: that the unexpected influx of people into the U.S. workforce over the past few years is a sign of a high-pressure economy that needs higher interest rates to cool it down.

“If people are choosing to work… why is that unsustainable?” Kashkari tweeted. “Why don’t they represent a greater supply potential than we realized rather than some unsustainable overheating?”

Labor force participation has bucked economists’ expectations in recent years, stabilizing rather than falling as more Americans previously on the sidelines of the labor market have joined back in.

While an aging population will push down labor force participation over the long term, Kashkari said, a short-term reversal of that trend need not set off alarm bells.

For a while now, Kashkari and St. Louis Fed President James Bullard had been a lone pair at the Fed arguing against a steady stream of interest rates hikes.

Last week, at least nine of their colleagues joined them in the view that the Fed should not raise rates at all this year, according to forecasts released at end of the Fed’s policy meeting.

Kashkari’s tweets, though, suggest he still sees himself at odds with the Fed’s mainstream thinking.

“I keep coming back to this: we should focus on actual inflation, inflation expectations, and real wage growth (net of productivity) to determine if the economy is running above or below potential,” he said.

(Reporting by Ann Saphir; Editing by Lisa Shumaker)

Source: OANN

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Mexican president talks trade, migration with Trump adviser Kushner

FILE PHOTO: Mexico's President Andres Manuel Lopez Obrador attends a news conference at the National Palace in Mexico City
FILE PHOTO: Mexico's President Andres Manuel Lopez Obrador attends a news conference to announce a plan to strengthen finances of state oil firm Pemex, at the National Palace in Mexico City, Mexico February 15, 2019. REUTERS/Henry Romero/File Photo

March 20, 2019

MEXICO CITY (Reuters) – Mexican President Andres Manuel Lopez Obrador met with U.S. White House adviser Jared Kushner on Tuesday, the Mexican government said, discussing trade and migration.

Kushner, who is U.S. President Donald Trump’s influential son-in-law, was invited by the Mexican government, it said in a statement.

(Reporting by Daina Beth Solomon; Editing by Michael Perry)

Source: OANN

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China central bank to encourage innovation in financial markets this year

FILE PHOTO: Woman walks past the headquarters of the PBOC in Beijing
FILE PHOTO: A woman walks past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, June 21, 2013. REUTERS/Jason Lee/File Photo

February 26, 2019

BEIJING (Reuters) – China’s central bank said on Tuesday that it will give guidance on macro-credit policy this year and encourage financial market innovation to boost the economy.

The role of the bond market in replenishing banks’ capital will be strengthened while bond financing by private and small firms will also be encouraged, the People’s Bank of China (PBOC)said in a statement on its website.

Fending off financial risk is still a difficult task, said the PBOC, adding that it will seek to step up risk controls over property financing, the gold market and commercial bill market.

(Reporting by Stella Qiu and Beijing Monitoring Desk; Editing by Nick Macfie)

Source: OANN

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Stacey Abrams Says Republicans ‘Stole’ 2018 Election

Democrat Stacey Abrams refuses to concede she lost the 2018 gubernatorial race in Georgia, telling a crowd at the National Action Network's annual convention Wednesday that Republicans "stole" the election from the state voters.

"We had this little election back in 2018," she said. "And despite the final tally and the inauguration and the situation we find ourselves in, I do have very affirmative statement to make: We won. . . . I refused to concede because, here's the thing: concession needs to say something is right and true and proper. . . . You can't trick me into saying it was right."

Abrams came up short against Republican Gov. Brian Kemp, edged out by fewer than 55,000 votes, but has declared she will run for public office again, perhaps as soon as next year for the Senate.

The former state legislature has also discussed a run for president in 2020, though the field is already crowded with Sens. Bernie Sanders, I-Vt., Kamala Harris, D-Calif., former Rep. Beto O'Rourke, D-Texas, and South Bend, Indiana, Mayor Pete Buttigieg.

Former Vice President Joe Biden, who is also considering running, met with Abrams in March, reportedly about potentially having her on his ticket.

Source: NewsMax Politics

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Politico: Stephen Miller Intimidating Immigration Officials

Presidential aide Stephen Miller is taking on an aggressive role in shaking up President Donald Trump's administration, including calling mid-level officials at several departments to demand they do more to slow the flow of immigrants, according to two people familiar with the phone calls.

“It’s intimidation,” one of those briefed on the calls told Politico. "Any time you get a call like this from the White House, it's intimidation...Under normal circumstances, if you were a deputy in one of these agencies, it would be very unusual.”

It was not made immediately clear if Miller was behind the departure of Homeland Security Secretary Kirstjen Nielsen, who announced her resignation Sunday after meeting with Trump. However, a person close to her said that there is "definitely a larger shakeup abreast being led by Stephen Miller and the staunch right wing within the administration...they failed with the courts and with Congress and now they’re eating their own.”

Miller may also have had a role in Trump's decision not to nominate acting Immigration and Customs Enforcement Director Ronald Vitiello for a permanent spot, according to sources who said he told Trump days before he pulled the nomination that Vitiello had doubts about the president's vow to shut down the Mexican border.

He also is reportedly pushing for Trump to fire Citizenship and Immigration Services Director Lee Francis Cissna, reports Politico.

Firing Cissna would be a "colossal mistake," said R.J. Hauman, government relations director at the Federation for American Immigration Reform. 

Source: NewsMax Politics

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China central bank sees benchmark rate cut as last resort, may use other tools: sources

FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, China
FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, China April 3, 2014. REUTERS/Petar Kujundzic/File Photo

February 21, 2019

By Kevin Yao

BEIJING (Reuters) – China’s central bank is not yet ready to cut benchmark interest rates to spur the slowing economy, despite cooling inflation and a stronger yuan, which have fanned market expectations of such a move, policy sources told Reuters.

But the People’s Bank of China (PBOC) is likely to cut market-based rates and further lower banks’ reserve ratios (RRR) to boost credit growth and reduce firms’ borrowing costs, according to the sources involved in internal policy discussions.

“We cannot rule out a (benchmark) rate cut, but we still need to watch economic data for a few months,” one said. “There is no sufficient reason for cutting benchmark rates if we look at the huge amount of new loans in January.”

China’s trading partners and major central banks are increasingly concerned over how quickly the world’s second-largest economy is decelerating, with investors asking if Beijing needs to speed up or intensify support measures to reduce the risk of a sharper slowdown.

Analysts polled by Reuters expect China’s official growth rate to cool to 6.3 percent in 2019, a 29-year low, and some believe real activity is already much weaker than government data suggest.

But China watchers note the PBOC has many policy tools to choose from before turning to blunter instruments such as a lending rate cut, which would bring down financing costs across the board but risk adding to a mountain of debt.

More RRR cuts have been widely expected in coming quarters after five over the past year, most recently in January. The PBOC has also been guiding money market rates lower in various ways, and offered a slightly better rate on a new medium-term lending program launched in January.

The PBOC did not immediately respond to Reuters request for comment.

(Reporting by Kevin Yao; Editing by Kim Coghill)

Source: OANN

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CDC: Zombie Virus Spreading in US, Humans Could be Infected

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The Center for Disease Control has issued a warning about a deadly disease that is spreading across the United States. Chronic Wasting Disease, also known as ‘zombie deer disease,’ is an illness that infects the brain, spine, and tissue of elk, moose and deer. 

According to the CDC, the deadly disease starts by infecting the brain and is passed through contact with contaminated body fluids and tissue. 

Symptoms include emaciation from forgetting to eat, stumbling, aggression, lack of fear of people, excessive thirst or urination, and excessive drooling. There are no treatments or vaccines for CWD, and the disease is fatal, the CDC said. 

The CDC raised the alarm about the potential for CWD to infect humans, after a July 2017 study showed monkeys who ate infected deer meat contracted the deadly disease. 

There is no known case of CWD in a human. 

The CDC is, however, continuing to warn the public to test their venison or elk meat for CWD before eating it from areas with documented infections.

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Sonia Bompastor, director of the Olympique Lyonnais womenÕs Youth Academy, leads a training at the OL Academy near Lyon
Sonia Bompastor, director of the Olympique Lyonnais womenÕs Youth Academy, leads a training at the OL Academy in Meyzieu near Lyon, France, April 16, 2019. REUTERS/Emmanuel Foudrot

April 26, 2019

By Julien Pretot

MEYZIEU, France (Reuters) – Olympique Lyonnais president Jean-Michel Aulas was wringing out his women’s team shirts in the locker room on a rainy London day eight years ago when he decided it was time to take gender equality more seriously.

It was halftime in their Champions League semi-final second leg against Arsenal at Meadow Park with 507 fans watching and Aulas realized that his players did not have a another kit for the second half.

“Next time, there will be a second set just like for the men, that’s how it’s going to work from now on,” he said.

Lyon have since won five Champions League titles to become the most successful women’s team in Europe and recently claimed a 13th consecutive domestic crown.

They visit Chelsea on Sunday in the second leg of their Champions League semi-final, with a fourth straight title in their sights.

At the heart of their achievements is a pervasive ethos that promotes gender equality throughout the club, starting in the youth academy.

In 2013, Aulas appointed former Lyon and France player Sonia Bompastor as head of the Women’s Academy — the female equivalent of one of France’s top youth set-ups that has produced players such as Karim Benzema, Alexandre Lacazette and Hatem Ben Arfa.

At the Youth Academy, girls and boys share the same facilities.

“Pitches, physiotherapy rooms are the same for all,” the 38-year-old Bompastor told Reuters.

As the girls train under the watch of former Lyon and France international Camille Abily, the screams of the boys practicing can be heard nearby.

The boys and girls also benefit from the same psychological support that includes hypnosis sessions and yoga.

“We have a ‘mental ability’ cell and the hypnotist acts on the girls’ subconscious, on their deeply held beliefs after observing them on and off the pitch,” Bompastor added.

SAME TREATMENT

One message the Academy staff are trying to convey is that girls are as good as boys.

“Women’s nature is such that we have low self-esteem. So self-esteem is a big topic for our girls,” said Bompastor.

This is not the case with the boys, she added.

“Some 14, 15-year-old boys still think they would beat our professional players, we tell them this would not be happening. We still need to work on those beliefs,” she said.

Female players also have to face questions that their male counterparts do not, Bompastor explained.

“In France there is a problem with the way women are considered, there are high aesthetic expectations. So we get heavy questions on femininity, intimate questions that men don’t get,” she said.

OL’s Academy has been held up as a shining example for others to follow, even in the U.S., where women’s soccer has a wider audience than in Europe.

“About one third of the (senior women’s) squad comes from the Academy, we have a good balance,” said Bompastor.

“I’m getting tons of requests from American universities and foreign clubs, who want to come and visit our facilities.”

‘ONE CLUB’

The salaries of the senior players is one area where there remains a large discrepancy between Lyon’s men’s and women’s teams.

While the three best-paid women players in the world are at Lyon with Ballon d’Or winner Ada Hegerberg earning 400,000 euros ($445,520) a year, this figure is dwarfed by the around 4 million euros earned annually by men’s player Memphis Depay.

There is, however, a level of interaction between the men’s and women’s players that is not present at many other clubs.

“When you talk about OL you talk about women and men, you talk about one club and you feel it when you are here or outside in the city,” Germany defender Carolin Simon told Reuters.

“We see it when we play in the big stadium. It’s not ‘normal’ for women’s football,” the 26-year-old, who joined the club last year, added.

Lyon’s female players also enjoy respect from their male counterparts, Simon said.

“It’s very cool, it’s a big honor to feel that it doesn’t matter if you are a professional man or woman. We talk with the men, there are handshakes, it’s a good atmosphere and it’s also why we are successful,” said Simon.

“The men respect us and it’s not just for the cameras.”

Her team mate, England’s Lucy Bronze, sees the men’s respect as key to improving women’s football.

“We might not be paid the same but they are just normal with us, they see us as footballers the same as they are,” Bronze told Reuters.

“Being at Lyon has really opened my eyes. To improve women’s football, it starts with having the respect of your male counterparts. It’s the biggest thing because they can influence so many people.”

(Reporting by Julien Pretot; Editing by Toby Davis)

Source: OANN

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FILE PHOTO: Ethiopian migrants, stranded in war-torn Yemen, sit on the ground of a detention site pending repatriation to their home country, in Aden, Yemen
FILE PHOTO: Ethiopian migrants, stranded in war-torn Yemen, sit on the ground of a detention site pending repatriation to their home country, in Aden, Yemen April 24, 2019. REUTERS/Fawaz Salman/File Photo

April 26, 2019

GENEVA (Reuters) – Yemeni authorities have rounded up about 3,000 irregular migrants, predominantly Ethiopians, in the south of the country, “creating an acute humanitarian situation,” the U.N. migration agency said on Friday.

“IOM is deeply concerned about the conditions in which the migrants are being held and is engaging with the authorities to ensure access to the detained migrants,” the International Organization for Migration said.

The migrants are held in open-air football stadiums and in a military camp, it said in a statement.

The detentions began on Sunday in the city of Aden and the neighboring province of Lahj, which are under the control of the internationally recognized government backed by Saudi Arabia and the United Arab Emirates. Iran-aligned Houthi rebels control Sanaa, the capital, and other major urban centers.

Both sides are under international diplomatic pressure to implement a United Nations-sponsored ceasefire deal agreed last year in Sweden and to prepare for a wider political dialogue that would end the four-year-old war.

Thousands of migrants arrive in Yemen every year, mostly from the Horn of Africa, driven by drought and unemployment at home and lured by the wages available in the Gulf.

(Writing by Maher Chmaytelli, Editing by William Maclean)

Source: OANN

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U.S. dollar notes are seen in this picture illustration
U.S. dollar notes are seen in this November 7, 2016 picture illustration. Picture taken November 7. REUTERS/Dado Ruvic/Illustration

April 26, 2019

(Reuters) – Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.

1/DOLLAR JUGGERNAUT

The dollar has zipped to near two-year highs, leaving many scratching their heads. To many, it’s down to signs the U.S. economy is chugging ahead while the rest of the world loses steam. After all, Wall Street is busily scaling new peaks day after day.

Never mind the cause, the effect is stark. The euro has tumbled to 22-month lows against the dollar and investors are preparing for more, buying options to shield against further downside. Emerging-market currencies are also in pain, with Turkish lira and Argentine peso both sharply weaker.

Now U.S. data need to keep surprising on the upside or even just meet expectations. The International Monetary Fund sees U.S. growth at 2.3 percent this year. For Germany, the forecast is 0.8 percent. The U.S. economy’s rude health has given rise to speculation the Fed might resume raising interest rates. Unlikely. But as other countries — Canada, Sweden and Australia are the latest — hint at more policy easing, there seems to be one way the dollar can go. Up.

(GRAPHIC: Dollar outperforms G10 FX – https://tmsnrt.rs/2Dz17S5)

2/FED: UP OR DOWN?

Wall Street is near record highs and recession worries are receding, so as we mentioned above, investors might wonder if the Federal Reserve will start raising rates again.

Such a pivot is unlikely after the Fed killed off rate-rise expectations at its March meeting. And the latest Reuters poll all but puts to bed any risk of rates will go up this economic cycle, given inflation remains below the Fed’s alarm threshold and unemployment is the lowest in generations.

Before the March rate-pause announcement, a preponderance of economists penciled in one or more increases this year. But that has flipped. A majority of those surveyed April 22-24 see no further tightening through December and more are leaning toward a cut by the end of next year.

Indeed, interest rate futures imply Fed Funds will be below the current 2.25-2.50 percent target range by this December.

Recent positive consumer spending and exports data have eased market concerns of a sharp economic slowdown. But inflation probably needs to run hot for a long period to panic policymakers off their wait-and-see course.     

(GRAPHIC: Federal funds and the economy – https://tmsnrt.rs/2DzjTZz)

3/HEISEI TO REIWA

Next week ends three decades of Japan’s Heisei era. Heisei, or Achieving Peace, began in 1989 near the peak of a massive stock market bubble and closes with the country trapped in low growth, no inflation, and negative interest rates.

The new era that dawns on May 1 is called Reiwa, meaning Beautiful Harmony. It begins when Crown Prince Naruhito ascends the Chrysanthemum Throne. But do investors really want harmony? What they want to see is a bit of economic growth and inflation to shake up the status quo.

The Bank of Japan’s stimulus toolkit to revive a long-suffering economy is anything but harmonious and yet it’s set to stay. The central bank confirmed recently rates will stay near zero for a long time. But the coming days may not be harmonious or peaceful for currency markets. A 10-day Golden Week holiday kicks off on April 29 and investors are fretting over the risk of a “flash crash” – a violent currency spasm that can occur in times of thin trading turnover.

The year has already seen two yen spikes and many, including Japan’s housewife-trader brigade – so-called Mrs Watanabes – appear to have bought yen as the holiday approaches. Their short dollar/long yen positions recently reached record highs, stock exchange data showed.

(GRAPHIC: Japan stocks: from Hensei to Reiwa – https://tmsnrt.rs/2W6a7Fe)

4/EARNING TURNING

Quarterly earnings were supposed to be the worst in Europe in almost three years, but with a third of results in, things are looking a little rosier.

Two-thirds of companies’ results have beat expectations, and they point to earnings growth of 4.5 percent year-on-year. Financials have delivered the biggest surprises, according to analysis by Barclays.

That might just show how low expectations were. In fact, analysts are still taking a red pen to their estimates.

The latest I/B/E/S data from Refinitiv shows analysts on average expect first-quarter earnings-per-share for STOXX 600-listed companies to fall 4.2 percent. That would be their worst quarter since 2016 and down sharply from an estimated 3.4 percent just a week earlier.

Those estimates may end up being a little too bearish as earnings season goes on, quelling worries that Europe is heading toward a corporate recession.

GSK and Reckitt Benckiser will give the market a glimpse of the health of the consumer products market and spending on everything from toothpaste, washing powder and paracetamol.

(GRAPHIC: Earnings forecasts – https://tmsnrt.rs/2DuO2ZF)

5/WAITING FOR THE OLD LADY

Sterling has gone into the doldrums amid the Brexit delay and unproductive talks between the UK government and the opposition Labour party on a EU withdrawal deal. The resurgent dollar, meanwhile, has taken 2 percent off the pound in April. It is unlikely the Bank of England will be able to rouse it at its May 2 meeting.

Despite robust retail and jobs data of late, the economic picture is gloomy – 2019 growth is likely to be around 1.2 percent, the weakest since 2009, investment is down and Governor Mark Carney says business uncertainty is “through the roof”.

Indeed, expectations for an interest rate increase have been whittled down; Reuters polls forecast rates will not move until early 2020, a calendar quarter later than was forecast a month ago. The hunt for a new governor to replace Carney in October adds more uncertainty to the mix.

The recent run of UK data has fueled hopes of economic rebound. That’s put net hedge fund positions in the pound into positive territory for the first time in nearly a year. The Old Lady of Threadneedle Street might temper some of that optimism.

(GRAPHIC: Sterling positions – https://tmsnrt.rs/2XJwUXX)

(Reporting by Alden Bentley in New York, Vidya Ranganathan in Singapore; Karin Strohecker, Josephine Mason and Saikat Chatterjee in London; compiled by Sujata Rao; edited by Larry King)

Source: OANN

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U.S. President Trump departs for travel to Indianapolis from the White House in Washington
U.S. President Donald Trump talks to reporters as he departs for travel to Indianapolis, Indiana from the White House in Washington, U.S., April 26, 2019. REUTERS/Jonathan Ernst

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said trade talks with China are going very well, as the world’s two largest economies seek to end talks with a trade agreement to defuse tensions.

Trump said on Thursday he would soon host China’s President Xi Jinping at the White House.

Earlier this week, the White House said that Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer would travel to Beijing for more talks on a trade dispute marked by tit-for-tat tariffs between the two countries.

(Reporting by Jeff Mason; Writing by Makini Brice; Editing by Chizu Nomiyama)

Source: OANN

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U.S. President Donald Trump hosts Take Our Daughters and Sons to Work Day at the White House in Washington
U.S. President Donald Trump gives a thumbs up to his audience as he hosts Take Our Daughters and Sons to Work Day at the White House in Washington, U.S., April 25, 2019. REUTERS/Kevin Lamarque

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday praised Russian President Vladimir Putin’s comments on North Korea this week following the Russian leader’s summit with Pyongyang’s Kim Jong Un.

Speaking to reporters at the White House, Trump also said China was helping with efforts aimed at the denuclearization of North Korea.

(Reporting by Jeff Mason and Makini Brice; Writing by Susan Heavey; Editing by Chizu Nomiyama)

Source: OANN

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