What you need to know today
No pre-election cut
David Rubenstein, co-founder of The Carlyle Group, said Monday the Federal Reserve was unlikely to cut rates before the November election due to political considerations. “Generally the Fed wants to stay out of politics,” Rubenstein told CNBC’s Andrew Ross Sorkin on “Squawk Box.” He expressed concerns about potential criticism from former President Donald Trump if rate cuts occur before the election. “I suspect the market is probably more right than wrong when it says the rate cuts are likely to come after the election,” he said.
David Rubenstein, co-founder of The Carlyle Group, said Monday the Federal Reserve was unlikely to cut rates before the November election due to political considerations. “Generally the Fed wants to stay out of politics,” Rubenstein told CNBC’s Andrew Ross Sorkin on “Squawk Box.” He expressed concerns about potential criticism from former President Donald Trump if rate cuts occur before the election. “I suspect the market is probably more right than wrong when it says the rate cuts are likely to come after the election,” he said.
Bitcoin tumbles
Bitcoin’s price on Monday dropped below $60,000, marking its lowest level in over a month. It has lost nearly 11% in the past week. The decline coincided with a second consecutive week of outflows from crypto investment products. James Butterfill, head of research at CoinShares, attributes the sell-off to concerns over the number of rate cuts. “We have now seen $1.2 billion of outflows from crypto ETFs over the last two weeks which all began after the FOMC meeting,” he said, alluding to the Fed’s reluctance to cut rates until there’s more evidence of declining inflation.
Bitcoin’s price on Monday dropped below $60,000, marking its lowest level in over a month. It has lost nearly 11% in the past week. The decline coincided with a second consecutive week of outflows from crypto investment products. James Butterfill, head of research at CoinShares, attributes the sell-off to concerns over the number of rate cuts. “We have now seen $1.2 billion of outflows from crypto ETFs over the last two weeks which all began after the FOMC meeting,” he said, alluding to the Fed’s reluctance to cut rates until there’s more evidence of declining inflation.
New Novo plant
Novo Nordisk will invest $4.1 billion in a new manufacturing plant in North Carolina to ramp up production of its sought-after weight loss drug Wegovy and diabetes treatment Ozempic. The investment is part of the Danish company’s broader effort to address ongoing supply shortages and increase its U.S. manufacturing presence. The construction is expected to be completed between 2027 and 2029. The plant will employ 1,000 workers, bringing the total number of Novo Nordisk employees in North Carolina to 3,500.
Novo Nordisk will invest $4.1 billion in a new manufacturing plant in North Carolina to ramp up production of its sought-after weight loss drug Wegovy and diabetes treatment Ozempic. The investment is part of the Danish company’s broader effort to address ongoing supply shortages and increase its U.S. manufacturing presence. The construction is expected to be completed between 2027 and 2029. The plant will employ 1,000 workers, bringing the total number of Novo Nordisk employees in North Carolina to 3,500.
Confidential IPO
Fast fashion retailer Shein has confidentially filed for a public listing in London, after failing to garner support from U.S. lawmakers for its initial public offering due to concerns over labor practices and tax exemptions. The move to London does not guarantee an IPO there, as Shein would prefer to go public in the U.S. and still needs approval from Beijing. Despite establishing its headquarters in Singapore, Shein’s supply chain remains predominantly based in China, raising regulatory concerns about its operations and data.
Fast fashion retailer Shein has confidentially filed for a public listing in London, after failing to garner support from U.S. lawmakers for its initial public offering due to concerns over labor practices and tax exemptions. The move to London does not guarantee an IPO there, as Shein would prefer to go public in the U.S. and still needs approval from Beijing. Despite establishing its headquarters in Singapore, Shein’s supply chain remains predominantly based in China, raising regulatory concerns about its operations and data.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Some famous words of Buffett. I hope it's useful to you. : )
360Followers
4Following
4897Visitors
Follow