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Fed chair Jerome Powell warns fight against inflation will bring 'some pain' [CNN]
"Our responsibility to deliver price stability is unconditional," he said…. "While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses," said Powell.

Top Executives Face More Scrutiny Over Pay in New SEC Rule [Bloomberg]
Publicly traded firms will have to disclose additional details about how senior managers are paid, including performance incentives, the SEC said on Thursday…. Companies now will have to start detailing the link between executive compensation and returns that investors make from holding corporate stock. The metric, known as total shareholder return, will help investors determine a company’s performance, according to the SEC….
The rule… was required in 2010 by the Dodd-Frank Act and last proposed in January….

Second-quarter GDP declined less than previously thought, but the economy is still shrinking [CNN]
The nation's gross domestic product -- the broadest measure of economic activity -- shrank 0.6% at an annualized rate from April through June. The activity was revised upward from the advanced estimate released in July, which showed a 0.9% decline…. Despite the upward revision, the latest estimates show an economy that has been contracting for two consecutive quarters, a threshold that's generally considered an unofficial indicator of a recession….

U.S., China Near Deal to Allow Audit Inspection of N.Y.-Listed Chinese Companies [WSJ]
Securities regulators in Beijing are making arrangements for U.S.-listed Chinese companies and their accounting firms to transfer their audit working papers and other data from mainland China to Hong Kong, the people said…. A final agreement can only be reached if the U.S. side determines that it has full access to the audit working papers, they said….
More than 200 U.S.-listed Chinese companies are facing the prospect of being booted off American stock exchanges starting in early 2024, if their auditors can’t be inspected by the PCAOB for three consecutive years.

Wharton’s Jeremy Siegel says the Fed needs to hike rates only by another 100 basis points [CNBC]
“I think we only need 100 basis points more,” Siegel said on CNBC’s “Squawk Box Asia.” “The market thinks it’s going to be a little more — 125, 130 basis points more. My feeling is we won’t need that much because of what I see as a slowdown.”
“If you want to do it all at once, or you want to do it over a period of two to three meetings — it won’t make that much of a difference,” he said. “The question is what terminal rate do we have to go to.”

Hedge funds have a new favorite stock and it’s Warren Buffett’s Berkshire Hathaway [CNBC Pro]
Hedge funds are embracing the stability of Berkshire Hathaway during a volatile market….

Three Arrows’ Zhu Worries About Jail Time in Liquidator Spat [Bloomberg]
In the affidavit, [Su] Zhu accused the liquidators of misleading the High Court of Singapore about the hedge fund’s structure…. [Three Arrows’ Singapore entity] is concerned “about the potentially draconian consequences arising from the Liquidators’ exercise of their wide powers,” the affidavit said.

Steven Hoffenberg, Debt Baron Who Ran a Vast Fraud, Dies at 77 [NYT]
Mr. Hoffenberg, who controlled The New York Post for a brief, tumultuous time in 1993, pleaded guilty two years later to conspiracy and fraud charges arising from a Ponzi scheme tied to his main company, Towers Financial Corporation, primarily a collection firm that bought debt from businesses like hospitals, nursing homes and phone companies…. In his guilty plea, Mr. Hoffenberg, who once had a corporate jet, a limousine, a yacht, a Long Island estate and a Manhattan apartment, admitted to being the scheme’s mastermind. After leaving prison, he sought to blame someone else: his onetime business associate Jeffrey Epstein, who was later charged with the serial sexual abuse of young women and girls.



Opening Bell: 9.17.21

Money management mergers; Jay Powell mulls Fed trading fetters; Steve Cohen seeks his Deep Throat; and more!


Opening Bell: 5.13.22

Jay Powell loses his confidence (but gains a second term); stocks lose everyone’s confidence; Pelham loses loads more; and more!


Opening Bell: 7.21.21

Will he Jay or will he go?; friends like these; excising Excel; and more!

JC Penney Whit walker

Opening Bell: 5.18.20

Jay Powell tells old people we’re screwed; J.C. Penney might be screwed; gold is definitely not screwed, but Elon Musk’s plan to nuke Mars into habitability is (although he’s in line for a consolation prize); and more!


Opening Bell: 3.25.21

Powell vs. debt hawks; Yellen vs. Warren; Chinese ADRs vs. “a perfect storm”; and more!

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Opening Bell: 8.10.21

Banks bet bags of money can cure burnout; Citi quits Australia; looks like Jay Powell may be looking for a job; and more!


Opening Bell: 9.22.21

Waiting for Jay Powell; Toast pops; Jamie Dimon’s shopping spree; pre-nup-less Paulson files for divorce; and more!


Opening Bell: 4.7.21

Pandemic punching bags bounce back; investors pour into space ETF without space stocks; Jay Powell might want to start looking for a new job; and more!