News

(Bloomberg) -- The S&P 500 will hit 7,000 points by the end of next year, according to Deutsche Bank AG’s Bankim Chadha, making him the most optimistic among Wall Street strategists predicting further gains for US stocks. Most Read from BloombergNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Kansas City, a First-Ever Stadium Designed for Women’s Sports Takes the FieldNYC's Underground Steam System May Be Key to a Greener FutureNYC Gets Historic Push for 80,000 Homes With $5 Billi

Federal investigators in New York are seeking records from the manufacturer of an AI-powered weapons scanner that was briefly deployed this summer in New York City’s subway system. The tech company, Evolv, revealed in a public filing that it “received a voluntary document request from the U.S. Attorney’s Office of the Southern District of New York” on Nov. 1. The U.S. Attorney’s Office in Manhattan declined to comment on the request, which was first reported by the Daily News.

Some Federal Reserve policymakers believe it may soon be time to lower the rate on funds that banks and money market funds park at the Fed, minutes from the Fed's most recent meeting indicated, so that it once again matches the bottom of the range of the policy rate. The so-called overnight reverse repurchase agreement rate, one of two technical lending rates the Fed uses to ensure the federal funds rate stays within its monetary policy target range, is currently set at 4.55%, while the policy rate range is 4.5% to 4.75%. The overnight reverse repurchase agreement rate has ridden 5 basis points above the bottom of the Fed's policy rate range since 2021, when the Fed adjusted it to firm up the "floor" of the policy rate range.

(Bloomberg) -- Oil fell on anticipation that Israel and Lebanon-based Hezbollah would reach a cease-fire agreement, a deal that was announced after futures settled and which was expected to reduce the threat to crude flows from the Middle East. Most Read from BloombergNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Italy’s Motor City, Car-Free Options Are GrowingIn Kansas City, a First-Ever Stadium Designed for Women’s Sports Takes the FieldNYC's Underground Steam System May Be Ke

WASHINGTON (Reuters) -Federal Reserve officials appeared divided at their meeting earlier this month over how much farther they may need to cut interest rates, but as a group agreed to avoid giving much guidance from here on about how U.S. monetary policy is likely to evolve. There was uncertainty about the direction of the economy, Fed officials noted, according to the minutes of the Nov. 6-7 meeting, uncertainty about just how much the current level of interest rates was doing to restrict the economy - a key issue in deciding how much further rates should fall - and a developing case to step carefully. "Many participants observed that uncertainties concerning the level of the neutral rate of interest complicated the assessment of the degree of restrictiveness of monetary policy and, in their view, made it appropriate to reduce policy restraint gradually," said the minutes, which were released on Tuesday.

U.S. President-elect Donald Trump does not intend to spare crude oil from his planned 25% import tariffs on Canada and Mexico, sources told Reuters on Tuesday, as the oil industry warned the policy could hurt consumers, industry and national security. Canada and Mexico are the top sources of U.S. crude oil imports, together accounting for around a quarter of the oil U.S. refiners process into fuels like gasoline and heating oil, according to the U.S. Department of Energy.

(Bloomberg) -- The Federal Reserve is once again considering a tweak to one of the tools used by the US central bank to help control its main benchmark, according to its latest minutes.Most Read from BloombergNew York City’s ‘Living Breakwaters’ Brace for Stormier SeasIn Italy’s Motor City, Car-Free Options Are GrowingIn Kansas City, a First-Ever Stadium Designed for Women’s Sports Takes the FieldNYC's Underground Steam System May Be Key to a Greener FutureNYC Gets Historic Push for 80,000 Homes