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SPY

Federal Reserve Chairman Jerome Powell stated that more progress is needed before the Fed can conclude that its monetary policy is sufficiently restrictive. He noted that real interest rates are meaningfully positive.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:42 pm

SPY

Federal Reserve Chair Jerome Powell has stated that reducing inflation will likely require a period of below-trend growth and some softening of labor conditions.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:39 pm

SPY

Federal Reserve Chairman Jerome Powell has announced that the Fed will maintain restrictive interest rates until there is confidence that inflation is moving down to 2%.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:38 pm

NIO

Chinese luxury EV maker NIO Inc. has detailed the terms and pricing of its previously-announced $1 billion in new convertible debt. The debt will be issued in two $500 million tranches of 2029 and 2030 notes with interest rates of 3.875% and 4.625%, respectively. The notes will convert at $11.12, which is approximately 25% higher than Tuesday’s closing price. The refinancing upon conversion will add another 103,463,775 shares to the total 1.8 billion shares in issue, representing dilution for shareholders of 5.8%. The announcement of the new debt financing sent the stock price of NIO diving around 20%.

Portfolio Pulse from Daniel Harrison

September 20, 2023 | 6:15 pm

SPY

U.S. 10-Year Treasury Yields have risen to 4.357% following the Federal Reserve meeting statement. Additionally, U.S. Two-Year Treasury Yields have increased to 5.131%, marking the highest level since 2007.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:04 pm

SPY

Federal Reserve officials expect to hold rates higher for longer in 2024 and 2025 than previously projected in June. Most officials still anticipate one more 0.25-point rate increase in 2023.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:03 pm

JPM

JPMorgan Chase's CEO, Jamie Dimon, visited Detroit to mark the 10th anniversary of the bank's $200 million investment in the city. The investment supported over 70,000 citizens through job placements and small business loans, among other initiatives. Dimon spoke about the positive outcomes of economic activity and warned about potential risks of the Federal Reserve continuing to raise interest rates. He also expressed concerns about President Joe Biden’s Inflation Reduction and CHIPS Act.

Portfolio Pulse from Aaron Bry

September 20, 2023 | 5:11 pm

MJ

MSOS

Senate Majority Leader Chuck Schumer has committed to advancing a revised marijuana banking bill, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, which will allow cannabis businesses to accept credit and debit cards. Schumer also plans to include the Harnessing Opportunities by Pursuing Expungement (HOPE) Act and Gun Rights and Marijuana (GRAM) Act in the final legislation. The HOPE Act incentivizes states to expunge cannabis records, while the GRAM Act allows medical cannabis patients to purchase and possess firearms. The bill also includes provisions to increase access to deposit accounts for businesses and customers, especially those in rural, low-income areas, Tribal communities, and unbanked businesses and consumers.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 4:30 pm

ACB

CGC

TLRY

A revised bipartisan marijuana banking bill, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, has been filed in the Senate. The bill aims to give legal cannabis businesses access to traditional financial institutions, including bank accounts and small business loans. The legislation also requires federal banking regulators to work with state banking supervisors and the secretaries of commerce and treasury to form rules or guidance to increase access to deposit accounts for businesses and customers. The bill is set to receive a markup in the Senate Banking Committee on September 27.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 3:47 pm

ABNB

RDFN

ZG

The Barbie Malibu Dreamhouse, available on Airbnb, requires a high credit score and significant financial backing for purchase. Real estate firms estimate its worth differently, with RubyHome approximating it at $10 million, while Zillow Group and Redfin Corp assess it to be around $5.3 million and $3.3 million, respectively.

Portfolio Pulse from Bibhu Pattnaik

September 20, 2023 | 3:05 pm