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Regulatory

SPY

Federal Reserve Governor Lisa Cook stated that the neutral interest rate, or R-star, is not a key factor for real-time decision-making by the Fed. This suggests that the Fed may rely on other economic indicators for policy decisions.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 4:44 pm

SPY

Fed's Cook stated that it is challenging to push productivity beyond the long-term average and that it is too early to determine AI's impact on the economy and productivity.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 4:39 pm

SPY

Fed's Cook expressed no surprise at the variation in monetary policy approaches among central banks. This statement reflects the diverse economic conditions and policy responses globally.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 4:35 pm

GM

General Motors (NYSE:GM) shares are trading lower due to a combination of factors including an increased price target from Wells Fargo, a fine from California regulators over a self-driving vehicle incident, and the withdrawal of GM Financial's deposit insurance application. Additionally, GM Defense announced a new project to provide battery-electric technology for military platforms.

Portfolio Pulse from Nabaparna Bhattacharya

June 25, 2024 | 4:35 pm

SPY

Fed's Cook emphasized that the Federal Reserve remains data-dependent in its decision-making process, indicating that future monetary policy will be guided by economic data.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 4:34 pm

SPY

Fed's Cook discusses challenges in measuring housing inflation, supports including Owners Equivalent Rent in CPI, and notes a long-standing housing shortage. The Fed is monitoring the unemployment rate, which remains low, and has tools to adjust if needed. Monetary policy is currently restrictive, and the Fed acknowledges real lags but is also forward-looking.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 4:33 pm

SPY

Fed's Cook indicates that a rise in inflation expectations would necessitate maintaining a restrictive monetary policy for a longer period. The policy would also need to adapt to any sharper-than-expected economic or job market weakening. The Fed remains committed to a 2% inflation target, noting that inflation has slowed and labor market tightness has eased. Risks to achieving inflation and employment goals are now more balanced.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 4:11 pm

SPY

Fed's Cook states that the current monetary policy is well-positioned to respond to the economic outlook. While the policy is currently restrictive, rate cuts may be appropriate in the future depending on economic data and inflation expectations.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 4:11 pm

SPY

The U.S. CDC has monitored 690 people for bird flu, with 51 tested for flu-like symptoms and 3 testing positive for H5N1. The Agriculture Department aims to eliminate bird flu from dairy cattle without using vaccines.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 4:07 pm

NVO

Novo Nordisk (NYSE:NVO) shares are trading higher following China's approval of its weight loss drug, Wegovy. Despite a patent expiration in China in less than two years, the company has patents in the U.S. and Europe lasting until 2032 and 2031, respectively. Novo also announced a $4.1 billion investment in a U.S. facility for Wegovy and Ozempic.

Portfolio Pulse from Dylan Berman

June 25, 2024 | 3:58 pm