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Bloomberg
Oaktree’s Howard Marks Sees Return of Value as Markets Correct
(Bloomberg) — “Excesses” in financial markets that drove bullish psychology out of control are being corrected in this downturn, leading to better opportunities for value investors, according to Oaktree Capital Management co-founder Howard Marks. Most Read from BloombergElon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get OutReady to Buy a House? Just Wait a Few WeeksJamie Dimon Says JPMorgan Is Bracing Itself for Economic ‘Hurricane’One-Third of Americans Making $250,000 Live Payc
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Reuters
Fed’s Bullard: high inflation ‘straining’ credibility
“The current U.S. macroeconomic situation is straining the Fed’s credibility with respect to its inflation target,” Bullard said in slides prepared for a presentation to the Economic Club of Memphis. Inflation is at more than three times the Fed’s 2% target, pushed up by the collision of strong consumer demand and constrained supply of labor and parts. In response, the Fed has raised interest rates by three-quarters of a percentage point this year – a pace critics say is far too timid to bring inflation under control quickly.
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Bloomberg
Dudley Plays Down Suggestion of September Fed Rate-Hike Pause
(Bloomberg) — Former New York Fed President William Dudley said the US central bank will keep raising interest rates to curb high inflation, dismissing speculation that it will hold fire in September.Most Read from BloombergElon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get OutReady to Buy a House? Just Wait a Few WeeksJamie Dimon Says JPMorgan Is Bracing Itself for Economic ‘Hurricane’One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey FindsBiden’s New Weapo
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Bloomberg
Beijing Says US Supply Chain Curbs Sabotage China’s Development
(Bloomberg) — The United States is “over-stretching” the concept of national security by imposing supply chain sanctions on China to stymie its growth, according to Chinese Foreign Ministry spokesman Zhao Lijian.Most Read from BloombergElon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get OutReady to Buy a House? Just Wait a Few WeeksJamie Dimon Says JPMorgan Is Bracing Itself for Economic ‘Hurricane’One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey FindsBiden
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Reuters
Gold falls for second month on rising yields, dollar
Gold prices fell nearly 1% on Tuesday, and were headed for a second consecutive month of declines, pressured by a stronger dollar and as rising U.S. Treasury yields dented the metal’s appeal despite concerns over surging inflation. It was down 2.9% for the month in its biggest decline since last September. The dollar index was steady and benchmark U.S. 10-year Treasury yields jumped, dimming the appeal of the non-yielding metal.
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Reuters
Wall St slides 1% as strong factory data fans fears of aggressive rate hikes
U.S. stocks fell in volatile trade on Wednesday after strong factory activity and job openings data stoked concerns that the Federal Reserve would keep raising interest rates sharply this year. U.S. manufacturing activity unexpectedly picked up pace in May as demand for goods remains strong, easing concerns about an imminent recession. A separate report showed U.S. job openings fell to 11.4 million in April, but still remained at considerably high levels, suggesting that wages would continue to rise as companies try to attract workers, and contribute to inflation staying uncomfortably high for a while.
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Bloomberg
US Manufacturing Growth Unexpectedly Firms on Stronger Orders
(Bloomberg) — US manufacturing activity unexpectedly advanced in May as new orders and output growth quickened, suggesting underlying demand remains solid. Most Read from BloombergElon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get OutReady to Buy a House? Just Wait a Few WeeksJamie Dimon Says JPMorgan Is Bracing Itself for Economic ‘Hurricane’One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey FindsBiden’s New Weapons for Ukraine Are Called Escalation by Mosc
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The Wall Street Journal
Binance Raises $500 Million Fund for Crypto Investments
Investment capital continues to pour into the crypto space even as the prices of most cryptocurrencies are at half their highs. On Wednesday, Binance Labs, the investment arm of the crypto exchange Binance, announced it closed on a $500 million investment fund with capital from outside firms including DST Global Partners and Breyer Capital. Since 2018, Binance Labs has invested in about 100 startups including Axie Infinity, Polygon and Dune Analytics.
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Reuters
U.S. charges OpenSea ex-employee in first NFT insider trading case
NEW YORK (Reuters) -U.S. prosecutors in Manhattan on Wednesday charged a former product manager at OpenSea, the largest online marketplace for non-fungible tokens, with insider trading, the first such case involving digital assets. Nathaniel Chastain, 31, of Manhattan, was accused of secretly buying 45 NFTs on 11 separate occasions based on confidential information that the tokens, or others by the same creator, would soon be featured on OpenSea’s home page.
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Bloomberg
Russia Fails to Meet Bond Obligations, Triggering Swaps Payout
(Bloomberg) — Russia was judged to have breached the terms on a bond after missing a $1.9 million interest payment and triggering an insurance payout potentially worth billions of dollars. Most Read from BloombergElon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get OutReady to Buy a House? Just Wait a Few WeeksJamie Dimon Says JPMorgan Is Bracing Itself for Economic ‘Hurricane’One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey FindsBiden’s New Weapons for Ukra
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Bloomberg
Stocks Pare Loss as Data Show a Still-Hot Economy: Markets Wrap
(Bloomberg) — US equities started the month modestly lower after a strong set of data suggested the Federal Reserve has not yet slowed growth enough to tamp down inflation, while JPMorgan Chase & Co.’s Jamie Dimon warned restrictive policies threaten to tip the economy into recession.Most Read from BloombergElon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get OutReady to Buy a House? Just Wait a Few WeeksJamie Dimon Says JPMorgan Is Bracing Itself for Economic ‘Hurricane’One-Third
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Reuters
FDA withdraws approval for TG Therapeutics cancer treatment
Ukoniq received accelerated approval in the United States in February last year to treat adult patients with marginal zone lymphoma who have received prior therapy and for the treatment of adult patients with follicular lymphoma. The U.S. health regulator has rarely withdrawn approval for treatments, but has recently done so for drugs approved under its “accelerated approval” pathway.
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