• September 12, 2024

Thailand's slumping economy is new leader Paetongtarn's focus in her first parliamentary speech

Thailand’s new Prime Minister Paetongtarn Shinawatra vowed Thursday in her inaugural speech to Parliament to continue many of her predecessor’s plans to solve the country’s economic woes. Paetongtarn, the leader of the ruling Pheu Thai Party and daughter of former Prime Minister Thaksin Shinawatra, took office last month after a court ousted Srettha Thavisin from his post over an accusation that he had violated an ethics law by appointing a Cabinet member who had served time in prison in connection with a bribery case. Pheu Thai formed a government headed by Srettha after members of the conservative Senate refused to endorse the prime minister nominated by the progressive Move Forward Party, which won the most seats in last year’s general election.

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• September 11, 2024

Global Funds Rush Into Southeast Asia Stocks as Fed Pivot Play

(Bloomberg) -- Southeast Asian equities have cemented their position as a favorite play of money managers positioning for the Federal Reserve’s policy pivot.Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisFor Tenants, AI-Powered Screening Can Be a New Barrier to HousingAfter a Record Hot Summer, Pressure Grows for A/C MandatesChicago Halts Hiring as Deficit Tops $1 Billion Through 2025UC Berkeley Gives Transfer Students a Purpose-Built Home on CampusFour of the five be

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• September 11, 2024

Federal judge temporarily blocks Utah social media law aimed at protecting children

A federal judge in Utah has temporarily blocked a social media access law that leaders said was meant to protect the personal privacy of children and limit their use of such platforms, saying it is unconstitutional. U.S. District Court Judge Robert Shelby on Tuesday issued the preliminary injunction against a law that would have required social media companies to verify the ages of their users, apply privacy settings and limit some features on those accounts. The law was set to take effect on Oct. 1 but will be blocked pending the outcome of the case filed by NetChoice, a nonprofit trade association for internet companies such as Google, Meta — the parent company of Facebook and Instagram — Snap and X.

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• September 11, 2024

Morning Bid: Strong open eyed after US inflation see-saw

The see-saw nature of U.S. market reactions to the latest U.S. inflation figures on Wednesday highlighted investors' general skittishness right now, as they try to predict whether the Fed will cut interest rates by 25 or 50 basis points next week. Core inflation rose a hotter-than-expected 0.3% while the annual headline rate fell to 2.5%, the lowest since February 2021. The yen on Wednesday surged to its strongest level against the dollar this year after Bank of Japan board member Junko Nakagawa said the central bank will raise rates again if inflation moves in line with policymakers' forecasts.

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• September 11, 2024

Fed official broke ethics rules but didn't violate insider trading laws, probe finds

A government investigation into Atlanta Federal Reserve President Raphael Bostic's securities trades and investments has found he violated several of the central bank's ethics policies. The Fed rules violations “created the appearance” that Bostic acted on confidential Fed information and that he had a conflict of interest, but the Fed's Office of Inspector General concluded there were no violations of federal insider trading or conflict of interest laws, according to a report issued Wednesday. The probe reviewed financial trades and investments in a roughly five-year period starting in 2017 made by several investment managers on Bostic's behalf — transactions that in October 2022 he said he had been initially unaware of.

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• September 11, 2024

Fed Watchdog Found No Proof Bostic Traded on Inside Information

(Bloomberg) -- The US central bank’s internal watchdog chastised Federal Reserve Bank of Atlanta President Raphael Bostic for his previously reported violations of the Fed’s investment restrictions, but said it found no evidence that he made trades based on confidential information.Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisFor Tenants, AI-Powered Screening Can Be a New Barrier to HousingAfter a Record Hot Summer, Pressure Grows for A/C MandatesChicago Halts Hirin

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• September 11, 2024

Atlanta Fed's Bostic violated trading rules, US central bank watchdog says

(Reuters) -Federal Reserve Bank of Atlanta President Raphael Bostic's trading and investing broke central bank rules, the Fed's in-house watchdog said on Wednesday. Bostic created the appearance he acted on confidential information and the appearance of a conflict of interest, in violation of the Atlanta Fed's code of conduct, according to a report by the Office of Inspector General for the central bank. However, the report said investigators found no evidence that Bostic in reality used inside information about Fed deliberations or had financial conflicts of interest.

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• September 11, 2024

Bond Market’s Bet on a Half-Point Fed Cut This Month Is Over

(Bloomberg) -- The bond market has ended its long flirtation with the Federal Reserve cutting interest rates by half a point this month as resilient inflation and labor market data reinforce a measured course of action.Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisFor Tenants, AI-Powered Screening Can Be a New Barrier to HousingAfter a Record Hot Summer, Pressure Grows for A/C MandatesChicago Halts Hiring as Deficit Tops $1 Billion Through 2025UC Berkeley Gives Trans

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• September 11, 2024

Blackstone Finance Chief Chae Says US Inflation Is ‘at Target’

(Bloomberg) -- Blackstone Inc. Chief Financial Officer Michael Chae said the firm is “cautiously optimistic about a soft landing,” signaling the alternative asset manager is betting the Federal Reserve’s efforts to tamp down inflation won’t trigger a US recession. Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisFor Tenants, AI-Powered Screening Can Be a New Barrier to HousingAfter a Record Hot Summer, Pressure Grows for A/C MandatesChicago Halts Hiring as Deficit Tops

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• September 11, 2024

Argentina's August inflation still stubborn as residents struggle to save

BUENOS AIRES (Reuters) -Argentina's monthly inflation rate stood at 4.2% in August, official data published on Wednesday showed, rising from last month and surpassing analysts' forecasts, while Argentines tighten their wallets to deal with spiraling costs. Inflation in the 12 months through August reached 236.7%, still the highest level recorded in the world, and also above a Reuters poll forecast of 235.8%. Analysts had hoped for a slight monthly slowdown to 3.9%, which would signal progress for the government of libertarian President Javier Milei, which has been focused on taming runaway prices.

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