New York City Council passes bill to cut building emissions

The New York City Council on Thursday took a major step toward implementing a pillar of the Green New Deal, the aggressive blueprint for addressing climate change supported by U.S. Rep. Alexandria Ocasio-Cortez, D-N.Y. The council passed a bill that requires large buildings to meet new standards aimed at reducing their carbon footprint. The bill aims to cut greenhouse gas emissions from the city’s buildings by 40% over the next decade. Lawmakers say the bill will help New York achieve its goal o


The New York City Council on Thursday took a major step toward implementing a pillar of the Green New Deal, the aggressive blueprint for addressing climate change supported by U.S. Rep. Alexandria Ocasio-Cortez, D-N.Y. The council passed a bill that requires large buildings to meet new standards aimed at reducing their carbon footprint. The bill aims to cut greenhouse gas emissions from the city’s buildings by 40% over the next decade. Lawmakers say the bill will help New York achieve its goal o
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Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: tom dichristopher, alex wong, getty images news, getty images
Keywords: news, cnbc, companies, emissions, york, city, green, council, cut, greenhouse, gas, energy, passes, passed, building, buildings, bill


New York City Council passes bill to cut building emissions

The New York City Council on Thursday took a major step toward implementing a pillar of the Green New Deal, the aggressive blueprint for addressing climate change supported by U.S. Rep. Alexandria Ocasio-Cortez, D-N.Y.

The council passed a bill that requires large buildings to meet new standards aimed at reducing their carbon footprint. The bill aims to cut greenhouse gas emissions from the city’s buildings by 40% over the next decade.

That will require many building owners to take measures to make them more energy efficient.

The bill is packaged with several other green initiatives in the Climate Mobilization Act and was passed ahead of Earth Day, which is Monday.

Lawmakers say the bill will help New York achieve its goal of slashing overall greenhouse gas emissions by 80 percent below 2005 levels by 2050.

It is also a response to the federal government’s “surrender” in the fight against global warming under President Donald Trump, said council member Costa Constantinides, who introduced the bill.

The legislation aligns with one of the topline goals in Ocasio-Cortez’s plan. Her Green New Deal, which would overhaul the nation’s economy, calls for retrofitting all buildings for energy efficiency within 10 years.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: tom dichristopher, alex wong, getty images news, getty images
Keywords: news, cnbc, companies, emissions, york, city, green, council, cut, greenhouse, gas, energy, passes, passed, building, buildings, bill


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Canon shares fall on report that company plans to cut earnings guidance

Shares of Canon fell 2.5% on Wednesday on a Nikkei report that said the company is expected to downgrade its earnings guidance for 2019. Nikkei reported that Canon’s operating profit is likely to fall short of the current forecast by about $447 million as consumers opt for smartphone cameras over digital cameras. The report found that Canon’s operating profit is anticipated to fall 20% to slightly above $2.4 billion, compared with the projected $2.9 billion. The Japanese company’s sales for 2019


Shares of Canon fell 2.5% on Wednesday on a Nikkei report that said the company is expected to downgrade its earnings guidance for 2019. Nikkei reported that Canon’s operating profit is likely to fall short of the current forecast by about $447 million as consumers opt for smartphone cameras over digital cameras. The report found that Canon’s operating profit is anticipated to fall 20% to slightly above $2.4 billion, compared with the projected $2.9 billion. The Japanese company’s sales for 2019
Canon shares fall on report that company plans to cut earnings guidance Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: matt lavietes, brian ach, getty images
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Canon shares fall on report that company plans to cut earnings guidance

Shares of Canon fell 2.5% on Wednesday on a Nikkei report that said the company is expected to downgrade its earnings guidance for 2019.

Nikkei reported that Canon’s operating profit is likely to fall short of the current forecast by about $447 million as consumers opt for smartphone cameras over digital cameras.

The report found that Canon’s operating profit is anticipated to fall 20% to slightly above $2.4 billion, compared with the projected $2.9 billion. The Japanese company’s sales for 2019 are also not expected to reach the standing projection of $34.8 billion.

Canon did not immediately respond to a request for comment from CNBC.

Canon’s digital camera sales are shrinking in China in particular, Nikkei said, adding that a slowdown in chipmaking equipment orders is also expected to hurt earnings as demand for smartphone semiconductors declines.

The Japanese company will announce its first-quarter results on April 24.


Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: matt lavietes, brian ach, getty images
Keywords: news, cnbc, companies, report, canon, plans, earnings, sales, operating, expected, nikkei, profit, company, smartphone, japanese, cut, guidance, shares, fall


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Stocks making the biggest moves midday: Snap, GE, Boeing, AMC & more

Boeing — Shares of Boeing dropped 4.44% after Bank of America Merrill Lynch cut its rating to neutral from buy after Boeing announced it plans to cut production of the jet on Friday. General Electric — GE tumbled 5.19% after J.P. Morgan’s Stephen Tusa downgraded the stock underweight from neutral and cut his 12-month price target to $5 from $6. AMC Entertainment — Shares of the movie theater company surged 92u% after B. Riley FBR upgraded them to buy from neutral. 2U — Shares of the educational


Boeing — Shares of Boeing dropped 4.44% after Bank of America Merrill Lynch cut its rating to neutral from buy after Boeing announced it plans to cut production of the jet on Friday. General Electric — GE tumbled 5.19% after J.P. Morgan’s Stephen Tusa downgraded the stock underweight from neutral and cut his 12-month price target to $5 from $6. AMC Entertainment — Shares of the movie theater company surged 92u% after B. Riley FBR upgraded them to buy from neutral. 2U — Shares of the educational
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Company: cnbc, Activity: cnbc, Date: 2019-04-08  Authors: fred imbert, getty images
Keywords: news, cnbc, companies, cut, snap, midday, making, boeing, moves, company, buy, stocks, shares, point, announced, upgraded, ge, biggest, stock, amc, neutral


Stocks making the biggest moves midday: Snap, GE, Boeing, AMC & more

Check out the companies making headlines midday Monday:

Snap — The social media company’s stock rose 3.6% after RBC Capital Markets upgraded it to outperform from sector perform, noting it is an “inflection point” amid improving fundamentals.

Boeing — Shares of Boeing dropped 4.44% after Bank of America Merrill Lynch cut its rating to neutral from buy after Boeing announced it plans to cut production of the jet on Friday. The bank expects delays with 737 will last six to nine months.

Southwest Airlines — The airline fell 2.46% after Raymond James downgraded it to hold from buy, citing concerns that Boeing jet groundings could last through peak summer travel. Southwest has 34 Max jets which account for roughly 4 percent of the airline’s passenger capacity.

General Electric — GE tumbled 5.19% after J.P. Morgan’s Stephen Tusa downgraded the stock underweight from neutral and cut his 12-month price target to $5 from $6. “We believe many investors are underestimating the severity of the challenges and underlying risks at GE, while overestimating the value of small positives,” wrote Tusa in a note to clients.

Sony — Shares of Sony surged 7.3% and ended the day little changed after Reuters reported that Daniel Loeb’s Third Point is building a stake in the company and plans to push for changes. Third Point is reportedly raising an investment vehicle to generate between $500 million and $1 billion to continue buying Sony shares. This is the second time in 6 years that the hedge fund has targeted Sony.

J. Alexander Holdings — The Southern restaurant chain’s stock rallied more than 8% after activist investor Ancora Advisors announced an offer to take the company private for $11.75 per share. The offering represented more than a 12% premium to Friday’s closing price.

Symantec — Symantec jumped more than 5% after an analyst at Goldman Sachs upgraded the stock to buy from neutral, highlighting an “undemanding” valuation and a “to sustained growth in current billings.”

AMC Entertainment — Shares of the movie theater company surged 92u% after B. Riley FBR upgraded them to buy from neutral. The firm cited a strong line-up of films coming out in the spring and summer, which includes Marvel’s “Avengers: Endgame.”

2U — Shares of the educational technology company dropped about 3.4% after 2U announced it is purchasing Trilogy Education Services for $750 million.

United Therapeutics —United Therapeutics fell around 5.7% after the company announced its clinical study of esuberaprost tablets did not meet its primary endpoint. The biotechnology company is discontinuing product development for the pulmonary arterial hypertension treatment.

—CNBC’s Jessica Bursztynsky , Tom Franck and Nadine El-Bawab contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-04-08  Authors: fred imbert, getty images
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Boeing to cut 737 Max production beginning in mid-April

Boeing is cutting production of the 737 Max jets as the company moves quickly to finalize a fix that will get the grounded aircraft flying again. “We’re adjusting the 737 production system temporarily to accommodate the pause in MAX deliveries, allowing us to prioritize additional resources to focus on software certification and returning the MAX to flight,” Boeing Chairman and CEO Dennis Muilenburg said in a statement announcing the rate cut. Muilenburg said the aerospace giant is already worki


Boeing is cutting production of the 737 Max jets as the company moves quickly to finalize a fix that will get the grounded aircraft flying again. “We’re adjusting the 737 production system temporarily to accommodate the pause in MAX deliveries, allowing us to prioritize additional resources to focus on software certification and returning the MAX to flight,” Boeing Chairman and CEO Dennis Muilenburg said in a statement announcing the rate cut. Muilenburg said the aerospace giant is already worki
Boeing to cut 737 Max production beginning in mid-April Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: phil lebeau, lindsey wasson
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Boeing to cut 737 Max production beginning in mid-April

Boeing is cutting production of the 737 Max jets as the company moves quickly to finalize a fix that will get the grounded aircraft flying again.

Boeing’s monthly production of the aircraft, involved in two plane crashes since October, is dropping by 20 percent from the current level of 52 a month to 42 a month, the company said Friday.

“We’re adjusting the 737 production system temporarily to accommodate the pause in MAX deliveries, allowing us to prioritize additional resources to focus on software certification and returning the MAX to flight,” Boeing Chairman and CEO Dennis Muilenburg said in a statement announcing the rate cut. Muilenburg said the aerospace giant is already working with suppliers to, “minimize operational disruption and financial impact of the production rate change.”

The production cut is likely to weigh on shares of Boeing which have held up relatively well after initially dropping more than 10% in mid-March following the crash of an Ethiopian Airlines 737 Max-8. It was the second crash of a 737 Max in the last six months and lead countries around the world to ground the airplane or ban it from flying in their airspace.


Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: phil lebeau, lindsey wasson
Keywords: news, cnbc, companies, dropping, cut, beginning, rate, month, production, 737, muilenburg, midapril, flying, max, boeing


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Trump says economy would take off like ‘a rocket ship’ if Fed cut rates, ending tightening policy

Trump: The Fed really slowed down the US economy 7 Hours Ago | 01:18President Donald Trump said Friday the U.S. economy would climb like “a rocket ship” if the Federal Reserve cut interest rates. White House aides have called for the Fed to cut interests rates by as much as 50 basis points. As Trump’s chief economic adviser Larry Kudlow did on Friday, Federal Reserve Chairman Jerome Powell highlighted the slowing global economy. But unlike the White House, the Fed did not conclude in March that


Trump: The Fed really slowed down the US economy 7 Hours Ago | 01:18President Donald Trump said Friday the U.S. economy would climb like “a rocket ship” if the Federal Reserve cut interest rates. White House aides have called for the Fed to cut interests rates by as much as 50 basis points. As Trump’s chief economic adviser Larry Kudlow did on Friday, Federal Reserve Chairman Jerome Powell highlighted the slowing global economy. But unlike the White House, the Fed did not conclude in March that
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Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: michael sheetz
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Trump says economy would take off like 'a rocket ship' if Fed cut rates, ending tightening policy

Trump: The Fed really slowed down the US economy 7 Hours Ago | 01:18

President Donald Trump said Friday the U.S. economy would climb like “a rocket ship” if the Federal Reserve cut interest rates.

Commenting after a strong jobs report for March, Trump said the Fed “really slowed us down” in terms of economic growth, and that “there’s no inflation.”

“I think they should drop rates and get rid of quantitative tightening,” Trump told reporters, referring to the Fed’s policy of selling securities to unwind its balance sheet, a stimulus put in place during the financial crisis. “You would see a rocket ship. Despite that we’re doing very well.”

White House aides have called for the Fed to cut interests rates by as much as 50 basis points.

Following the Fed’s most recent meeting in March, the central bank decided to maintain interest rates and hold off on any further increases this year. As Trump’s chief economic adviser Larry Kudlow did on Friday, Federal Reserve Chairman Jerome Powell highlighted the slowing global economy.

“We’re facing a worldwide slowdown [as] Europe is not doing well,” Kudlow said on Bloomberg TV.

But unlike the White House, the Fed did not conclude in March that slowing global growth means the bank should begin cutting rates. Trump has been heavily critical of Powell’s decisions at the Fed, going as far as to say that “the Fed has gone crazy” with raising rates. Trump has blamed Powell’s decision-making for drops in the stock market, calling him “loco” for steadily raising rates in 2018 and saying choosing Powell for Fed chairman was the worst mistake of his presidency,

But the White House declared repeatedly that Trump does not plan to remove Powell as Fed chairman.


Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: michael sheetz
Keywords: news, cnbc, companies, slowed, cut, slowing, white, trump, ending, ship, economy, house, chairman, policy, rates, powell, rocket, fed, tightening


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Few Americans think they’re getting a Trump tax cut: NBC/WSJ poll

Just 33% of Republicans believe they’re getting a tax cut, while an even punier 10% of independents and 7% of Democrats do. Across ages, genders, income groups, regions of the country, and races, 25% or fewer say they’re getting a tax cut. Republicans are the only group in which 30% or more believe they’re getting a tax cut. Among core Trump supporters, 36% believe they’re getting a tax cut. But another 36% say their taxes are staying the same, while 6% say they’re paying more to the IRS.


Just 33% of Republicans believe they’re getting a tax cut, while an even punier 10% of independents and 7% of Democrats do. Across ages, genders, income groups, regions of the country, and races, 25% or fewer say they’re getting a tax cut. Republicans are the only group in which 30% or more believe they’re getting a tax cut. Among core Trump supporters, 36% believe they’re getting a tax cut. But another 36% say their taxes are staying the same, while 6% say they’re paying more to the IRS.
Few Americans think they’re getting a Trump tax cut: NBC/WSJ poll Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: john harwood, saul loeb, afp, getty images
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Few Americans think they're getting a Trump tax cut: NBC/WSJ poll

Mueller report: Why Trump’s legal woes appear far from over 4:37 PM ET Thu, 4 April 2019 | 03:25

In reality, 8 in 10 Americans stood to receive tax cuts in 2018 under the law, according to an analysis by the nonpartisan Tax Policy Center. Yet the cuts for most taxpayers are so small that many didn’t notice.

The lowest earning 60% of households stood to receive an average cut of less than $1,000, the analysis found. The top 1% of taxpayers could expect more than $51,000.

In the NBC/WSJ poll, that sense of missing out is nonpartisan. Just 33% of Republicans believe they’re getting a tax cut, while an even punier 10% of independents and 7% of Democrats do.

Across ages, genders, income groups, regions of the country, and races, 25% or fewer say they’re getting a tax cut. Republicans are the only group in which 30% or more believe they’re getting a tax cut.

Among core Trump supporters, 36% believe they’re getting a tax cut. But another 36% say their taxes are staying the same, while 6% say they’re paying more to the IRS.

The NBC/WSJ poll of 1,000 adults was conducted by telephone from March 23-27. It carries a margin for error of 3.1 percentage points.


Company: cnbc, Activity: cnbc, Date: 2019-04-05  Authors: john harwood, saul loeb, afp, getty images
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No need for the Fed to enter ‘panic mode’ and cut rates now, says Moody’s

Economic data in the U.S. don’t justify an interest rate cut by the Federal Reserve — despite recent calls for the American central bank to do so, said Mark Zandi, the chief economist at Moody’s Analytics. Top White House economic advisor Larry Kudlow said last week that the U.S. central bank should “immediately” cut interest rates by 50 basis points. The central bank also warned of slowing growth in Europe and China. While the U.S. is indeed growing at a slower pace, economic data don’t suggest


Economic data in the U.S. don’t justify an interest rate cut by the Federal Reserve — despite recent calls for the American central bank to do so, said Mark Zandi, the chief economist at Moody’s Analytics. Top White House economic advisor Larry Kudlow said last week that the U.S. central bank should “immediately” cut interest rates by 50 basis points. The central bank also warned of slowing growth in Europe and China. While the U.S. is indeed growing at a slower pace, economic data don’t suggest
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Company: cnbc, Activity: cnbc, Date: 2019-04-02  Authors: yen nee lee, adam jeffery
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No need for the Fed to enter 'panic mode' and cut rates now, says Moody's

Economic data in the U.S. don’t justify an interest rate cut by the Federal Reserve — despite recent calls for the American central bank to do so, said Mark Zandi, the chief economist at Moody’s Analytics.

Top White House economic advisor Larry Kudlow said last week that the U.S. central bank should “immediately” cut interest rates by 50 basis points. His comment followed a similar stance by Heritage Foundation fellow Stephen Moore, whom U.S. President Donald Trump has said he intends to nominate for a position on the Fed.

Their comments came after the Fed’s latest decision to hold rates steady as it cut the central bank’s forecasts for U.S. economic expansion and inflation. The central bank also warned of slowing growth in Europe and China.

While the U.S. is indeed growing at a slower pace, economic data don’t suggest the need to cut interest rates, Zandi told CNBC’s “Squawk Box” on Tuesday.

“I’m not sure why the Fed needs to go into panic mode here,” he said. He pointed to the latest data that showed the U.S. economy was still healthy: Unemployment rate was close to a 50-year low, wage growth was strong, inflation inched closer to the Fed’s target of 2 percent and the stock market looked like it could hit record levels again.

Lowering interest rates under such conditions would be “counter-productive” because the move could “juice things up” and encourage debt to build up in the economy, he explained.

Rising debt in the U.S. is a risk that Zandi flagged last year. He said “over-borrowing” among companies would become problematic and could send the economy into a recession.


Company: cnbc, Activity: cnbc, Date: 2019-04-02  Authors: yen nee lee, adam jeffery
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US efforts to cut trade deficit show biggest win in almost a year

Economists surveyed by Dow Jones had forecast that the balance fell to $57 billion in January, from the $59.9 billion recorded the previous month. Exports rose to $207.3 billion, a $1.9 billion increase from December, while imports fell to $258.5 billion, off $6.8 billion. The goods deficit dropped 10 percent to $73.3 billion while the services surplus edged higher to $22.1 billion. “Nonetheless, with imports now likely to have been flat, or fallen slightly, in the first quarter overall, net tra


Economists surveyed by Dow Jones had forecast that the balance fell to $57 billion in January, from the $59.9 billion recorded the previous month. Exports rose to $207.3 billion, a $1.9 billion increase from December, while imports fell to $258.5 billion, off $6.8 billion. The goods deficit dropped 10 percent to $73.3 billion while the services surplus edged higher to $22.1 billion. “Nonetheless, with imports now likely to have been flat, or fallen slightly, in the first quarter overall, net tra
US efforts to cut trade deficit show biggest win in almost a year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: jeff cox, andy wong, afp, getty images, kevin lamarque
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US efforts to cut trade deficit show biggest win in almost a year

China seems to think that it is ‘out of the woods’: Professor 10 Hours Ago | 01:44

The trade deficit between the U.S. and its global partners dropped sharply in January to $51.15 billion as exports rebounded from a slowdown at the end of 2018, the Commerce Department reported Wednesday.

Economists surveyed by Dow Jones had forecast that the balance fell to $57 billion in January, from the $59.9 billion recorded the previous month.

The decline of 14.6 percent represented the sharpest drop since March 2018 and comes amid continued efforts by the Trump administration to level the playing field with China and other global partners.

Exports rose to $207.3 billion, a $1.9 billion increase from December, while imports fell to $258.5 billion, off $6.8 billion. The goods deficit dropped 10 percent to $73.3 billion while the services surplus edged higher to $22.1 billion.

“The sharp fall in the trade deficit in January was primarily due to a larger than expected fall in imports, which is hardly a positive sign for the economy,” Michael Pearce, senior U.S. economist at Capital Economics, said in a note. “Nonetheless, with imports now likely to have been flat, or fallen slightly, in the first quarter overall, net trade is likely to be a positive for economic growth in the first quarter.”

Following the trade report, the Atlanta Federal Reserve raised its estimate of first-quarter GDP to 1.5 percent. The estimate had been as low as 0.2 percent on March 12.


Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: jeff cox, andy wong, afp, getty images, kevin lamarque
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It’s not too soon for a Fed interest rate cut, according to this chart

The bond market has quickly priced in a Federal Reserve interest rate cut this year, just days after the Fed said it would stop raising rates. The Fed last hiked interest rates by a quarter point in December. That would leave interest rates unchanged for the balance of the year, with the Fed expecting one more increase next year. There are three conditions that need to be met for the Fed to reverse course and cut interest rates, LaVorgna said. In the current cycle, the Federal Reserve began rais


The bond market has quickly priced in a Federal Reserve interest rate cut this year, just days after the Fed said it would stop raising rates. The Fed last hiked interest rates by a quarter point in December. That would leave interest rates unchanged for the balance of the year, with the Fed expecting one more increase next year. There are three conditions that need to be met for the Fed to reverse course and cut interest rates, LaVorgna said. In the current cycle, the Federal Reserve began rais
It’s not too soon for a Fed interest rate cut, according to this chart Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-26  Authors: patti domm, james lawler duggan
Keywords: news, cnbc, companies, fed, chart, interest, rates, rate, soon, quarter, federal, tightening, hike, zero, cut, according


It's not too soon for a Fed interest rate cut, according to this chart

The bond market has quickly priced in a Federal Reserve interest rate cut this year, just days after the Fed said it would stop raising rates.

That has been a surprise to many investors, but it shouldn’t be — if history is a guide.

Joseph LaVorgna, Natixis’ economist for the Americas, studied the last five tightening cycles and found there was an average of just 6.6 months from the Federal Reserve’s last interest rate hike in a hiking cycle to its first rate cut.

The economist points out, however, that the amount of time between hike and cut has been lengthening.

“For example, there was only one month from the last tightening in August 1984 to the first easing in September 1984. This was followed by a four-month window succeeding the July 1989 increase in rates, a five-month gap after the February 1995 hike, an eight-month interlude from May 2000 to January 2001, and then a record 15- month span between June 2006 and September 2007,” he wrote.

The Fed last hiked interest rates by a quarter point in December. Last week, it confirmed a new dovish policy stance by eliminating two rate hikes from its forecast for this year. That would leave interest rates unchanged for the balance of the year, with the Fed expecting one more increase next year.

But the fed funds futures market has quickly moved to price in a full fledged 25 basis point easing, or cut, for this year.

“The market’s saying it’s going to happen in December,” said LaVorgna.

There are three conditions that need to be met for the Fed to reverse course and cut interest rates, LaVorgna said. First, the economy’s bounce back after the first quarter slump would have to be weaker than expected, with growth just around potential. Secondly, there would have to be signs that inflation is either undershooting the Fed’s 2 percent target or even decelerating. Finally, the Fed would have to see a tightening of financial conditions, with stock prices under pressure and credit spreads widening.

LaVorgna said the condition of a sluggish economy could be met.

“I don’t think the economy did very well in the first quarter just based on the fact the momentum downshifted hard from Q4, sentiment was awful, production was soft,” he said. ‘I’m worried growth is close to zero in the first quarter.”

LaVorgna said he does not see much of a snap back in the second quarter.

In the current cycle, the Federal Reserve began raising interest rates in December 2015 after taking the fed funds target rate to zero during the financial crisis.


Company: cnbc, Activity: cnbc, Date: 2019-03-26  Authors: patti domm, james lawler duggan
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White House and Pelosi’s staff in early talks about legislation to cut high drug costs

The Trump administration is in early talks with House Speaker Nancy Pelosi about possible legislation to lower prescription drug costs, a White House official confirmed. High drug costs have become a rare bipartisan issue, with lawmakers on both sides of the aisle demanding something be done. Last month, top executives from AbbVie, AstraZeneca, Bristol-Myers Squibb, Johnson & Johnson, Merck, Pfizer and Sanofi testified before the Senate Finance Committee about high prescription drug costs. White


The Trump administration is in early talks with House Speaker Nancy Pelosi about possible legislation to lower prescription drug costs, a White House official confirmed. High drug costs have become a rare bipartisan issue, with lawmakers on both sides of the aisle demanding something be done. Last month, top executives from AbbVie, AstraZeneca, Bristol-Myers Squibb, Johnson & Johnson, Merck, Pfizer and Sanofi testified before the Senate Finance Committee about high prescription drug costs. White
White House and Pelosi’s staff in early talks about legislation to cut high drug costs Cached Page below :
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White House and Pelosi's staff in early talks about legislation to cut high drug costs

The Trump administration is in early talks with House Speaker Nancy Pelosi about possible legislation to lower prescription drug costs, a White House official confirmed.

“Lowering the cost of prescription drugs is a shared common interest, and those conversations will continue,” the person said, asking not to be identified because the discussions aren’t public.

The official wouldn’t say what the legislation might look like or when a bill might be introduced. Politico first reported the news.

High drug costs have become a rare bipartisan issue, with lawmakers on both sides of the aisle demanding something be done. President Donald Trump has made lowering prices one of his key issues ahead of the 2020 election. Democrats are also jockeying to prove they can lead reform.

Last month, top executives from AbbVie, AstraZeneca, Bristol-Myers Squibb, Johnson & Johnson, Merck, Pfizer and Sanofi testified before the Senate Finance Committee about high prescription drug costs. Spending on prescription drugs in the U.S. increased to $333.4 billion in 2017, according to data from the Centers for Medicare and Medicaid Services.

Drug companies argue that price increases have been modest, and have instead pointed the blame at pharmacy benefit managers, sometimes called middlemen. They say that PBMs should pass the rebates negotiated with manufacturers along to patients. Drugmakers applauded the administration’s pursuit to change the nation’s rebate system.

White House Domestic Policy Council Director Joe Grogan and legislative director Shahira Knight are leading the talks for the Trump administration. Wendell Primus, Pelosi’s health policy staffer, is leading the talks for the House Democrats.

“We’ve been having some staff-level discussions with the administration about lowering prescription drug prices, but they aren’t negotiations,” Pelosi spokesman Henry Connelly told CNBC.

“House Democrats promised the American people we’d take bold action to lower prescription drug prices, and that’s what we’re going to do,” he added.

–CNBC’s Ylan Mui contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-26  Authors: berkeley lovelace jr, eamon javers, alex wong, getty images
Keywords: news, cnbc, companies, pelosis, house, trump, drug, administration, legislation, staff, high, white, prescription, policy, talks, early, cut, say, costs, prices


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