DealBook: China Feels The Weight Of The Trade War

Federal Reserve Chair Jerome H. Powell told Congress’s Joint Economic Committee on Wednesday that he saw’ no reason’ the economic expansion can’t continue and that the central bank has no imminent plans for further interest rate cuts, despite ongoing pressure from President Trump. Powell’s comments came 24- hours after Trump bashed the Fed for not slashing…

EF Legacy Securities, a broker-dealer platform owned by Edelman Financial Engines, has been acquired by RetireOne in a bid to expand insurance and annuity back-office services for RIAs who are interested in transitioning from commission-based to fee-based annuities options, the platform announced today. In April 2018, Hellman& Friedman purchased…

In a speech at the Economic Club of New York yesterday, President Trump claimed credit for an economic“ boom,” played down any negative effect on the American economy from his tariffs, and said the U.S. was“ close” to an interim trade deal with China— but did not rule out imposing additional tariffs on the country. Mr. Trump defended his tariffs to New York business…

President Trump has been good for America’ s billionaires. He slashed corporate taxes, cut the top income tax rate and raised the total exemption for the estate tax, directly benefiting several hundred billionaires and their heirs. He’ s placed wealthy supporters in key positions of government like the Commerce Department, rolled back Obama-era financial…

If you’ ve wondered what material effect Senator Elizabeth Warren’ s proposed tax increases for the wealthy would have, look no further than the estimates by two economists who advised her, Patricia Cohen of the NYT writes. •“If her wealth tax had been in effect since 1982, for example, Mr. Gates, who had made his first billion dollars by 1987, would have had $13.9…

The top 1% of American households have enjoyed huge returns in the stock market in the past decade, to the point that they now control more than half of the equity in U.S. public and private companies, according to data from the Federal Reserve. The very richest had assets of about $35.4 trillion in the second quarter, or just shy of the $36.9 trillion held by the tens…

BNY Mellon Investment Management recently conducted a national research study that revealed the majority of Americans surveyed have limited understanding about fixed income investing— with only 8% of those surveyed able to identify the definition of fixed income investments. While 67% of those surveyed believe stock-picking requires more skill, in…

Many people use their last will and testament to make bequests to charity. She considered outright gifts and contributions to a Donor Advised Fund or Charitable Remainder Trust, but ultimately decided that she was not ready to part with control of the assets for fear she may need them someday and would regret the irrevocable donation. A PPVA is a uniquely…

Members left the Seattle area where their company is based and where many had grown up, and returned home less often. For this family, a breakup could have had a far-reaching economic impact, given the shared ownership in the company, Port Blakel iy, which has its roots in Nova Scotia and operates from the United States to New Zealand. “Our third-generation chief…

Ten years ago, when the Illinois estate tax exemption was $2 million and the federal exemption $3.5 million, I started working with a couple whose farm was worth about $10 million. The Bush tax cut was phasing out the federal estate tax, but it would boomerang back to a mere $1 million exemption in 2011.. The Illinois estate exemption has doubled to $4 million.

A California congressman’ s plan would lower federal barriers to letting states experiment with health care policy. As presidential hopefuls campaign on a national“ Medicare for all” system, a California congressman is pushing for a different path to universal coverage: letting the states go first. Mr. Khanna concedes that his bill will not move forward during…

The families Dr. Jaffe analyzed have avoided falling into the trap in which grandchildren dissipate what the grandparents built. But Dr. Jaffe said his research kept bringing him back to one central point: 100- year families are better at communicating than other families. For the better part of four decades, Dr. Jaffe has been a leader in the field of family…

Written by: CION Investments for IRIS.xyz. And because we have been in a history-making economic expansion– 10 years and counting as of July 2019– both the stock market and some parts of the bond market have been posting gains year after year.. However, Wall Street consensus has now coalesced around the opinion that the economy has entered the“ late stage” of the…

Mr. Gilbert, the son of a Manhattan hedge fund manager, was raised with a silver-spoon lifestyle, attending the elite Buckley School for boys in Manhattan, the exclusive Deerfield Academy in Deerfield, Mass., and Princeton University, but he had trouble holding down a job after graduation. When his father cut the allowance, an outraged Mr. Gilbert, then 30, took a gun…

Worries of an ETF bubble just won’t go away. But two ETF professionals say they have proof the biggest worries about ETFs are just “fake news.”

—A New Jersey man is not going to prison for orchestrating a slip and fall insurance scam. Under terms of a plea agreement, a judge on Monday instead sentenced 58- year-old Alexander Goldinsky to probation, community service and ordered him to pay $563.48 in restitution to an insurance company. Middlesex County prosecutors say Goldinsky was an independent…

Somewhere around Halloween, the U.S. economy started to look a bit less scary. Top U.S. and Chinese officials are talking about a trade war truce. As recently as August, some models predicted a fifty-fifty chance of a U.S. recession in the next year.

Stocks rose Friday after a strong jobs report reassured investors about the health of the United States economy. The anticipation of that deal, which President Trump refers to as a“ Phase One” trade deal, and the fact that the Federal Reserve this week cut interest rates for the third time since July, have helped lift shares back to record territory.

WASHINGTON— When Senator Elizabeth Warren laid out her plan for“ Medicare for all” on Friday, she said she would raise taxes on the top 1 percent of households to help pay for it. On Saturday night, Ms. Warren presented an even narrower description of who would face higher taxes under her plan. “It doesn’ t raise taxes on anybody but billionaires,” Ms. Warren told reporters…

President Trump keeps arguing the stock market is rising and falling on impeachment developments. But Trump just issued an impeachment-related threat that could cause investors to take notice: He is refusing to rule out shutting down the government if congressional Democrats expand their inquiry into whether the president traded access and aid for…

But it is far from clear whether “tax cut 2.0” will play a meaningful role in the 2020 election, as Republicans are still struggling to convince the public of the merits of the GOP’s tax cut 1.0.. Republicans had high hopes for their first tax package when it was approved narrowly by Congress and signed into law by Trump at the end of 2017.. But the party’s push for a…

Employers kept hiring at a steady if unremarkable pace, adding 136,000 jobs, the Labor Department reported on Friday. The report capped a week of otherwise disappointing economic news. Manufacturing activity in the United States fell for the second month in a row, while the World Trade Organization predicted that the growth in global trade would slacken…

Donald Trump’ s signature legislative achievement was the corporate-tax cut he signed in 2017. Republicans said it would grow the economy by up to 6 percent, stimulate business investment, and pay for itself. These shortcomings alone might be enough to embolden Democrats to fight Trump on economic grounds just one year from a crucial 2020 election.

Many people don’t fear dying. His daily hospice rate was $300. “That was more than the $3,300 monthly rate at the assisted home where he lived for the last four years,” she wrote.

In a new survey from The New York Times as well as the Commonwealth Fund and the Harvard T.H. Chan School of Public Health, we forced the issue. One resembled the Medicare for all proposal; one was like more incremental Democratic proposals; and one was like a plan proposed by congressional Republicans, which would reduce federal involvement in the health system…

The Federal Reserve has been on an unprecedented listening tour this year in an effort to hear views about the economy from Americans far from the White House and Wall Street. Wall Street is pricing in a 97 percent likelihood that the Fed will cut the rate from under 2 percent now to below 1.75 percent. Wall Street investors do not expect another reduction this…

V.R. and online visual aids are giving workers a better idea of how much they need to save. Picture this: You are in the country, on a trip through a pleasantly green, rolling landscape dotted with trees. It has a slightly dreamlike quality.

Stocks Touch Record Amid a Thaw in U.S.- China Trade Fight. The S&P 500 was on track to hit a record on Monday, as optimism surrounding trade talks between China and the United States lifted consumer and technology stocks. And comments from President Trump gave the broad market a lift, after he suggested that trade talks with China were going better than expected.

As open enrollment nears for the Affordable Care Act, large swaths of Florida are doing without the health care“ navigators” who help Americans understand and sign up for insurance plans. Yet Florida remains an exception, an Obamacare juggernaut. “While we managed to get people enrolled across the whole state last year after some severe cuts, we still saw…

HANOVER, N.H.— Surging to the front of the crowded Democratic primary field, Elizabeth Warren has taken heat over the past few weeks for not saying how she would fund a Medicare for All plan. But when it comes to defending another piece of her platform— a wealth tax on fortunes over $50 million— the Massachusetts senator has gleefully gone to battle with her critics.

LOUISVILLE, Ky., Oct. 23, 2019/ PRNewswire/– Nearly six in ten High Net Worth investors and nearly two-thirds of Ultra HNW investors anticipate market volatility will increase in the next twelve months. “While managing taxes and protecting assets remain among their top financial concerns, High Net Worth and Ultra High Net Worth investors need help to identify…

Administration officials credited Mr. Trump with the resiliency of the law even as they echoed his contempt for it. “The A.C.A. simply doesn’ t work and is still unaffordable for far too many,” Alex M. Azar II, the secretary of health and human services, said on Monday.“ But until Congress gets around to replacing it, President Trump will do what he can to fix the problems…

As investment banks and hedge funds struggle, private equity—a business predicated upon raising capital subject to long-term lock-ups to invest in assets using large amounts of leverage—is enjoying go-go times.

Many commercial insurers are likely to lower premiums if they face competition from a public option on the Affordable Care Act’s exchanges, according to a new analysis.

The Federal Reserve’ s rate cuts have buoyed stocks, but the economy shows signs of a slowdown. What should an investor do? Stocks have been even more fickle than usual.

But then, this is the private kingdom of Ken Fisher, where Fisher’ s way is the only way. Indeed, Fisher Investments has done very well– most of all for Ken Fisher. Few who’ ve passed through his private-residence-turned-office in Woodside, California, or headquarters on a tree-lined campus in Camas, Washington, were surprised when Fisher let loose with a string of…

Elizabeth Warren’ s signature and most controversial policies is the Medicare for All plan that she borrowed from Sen. In fact, the proposal would cost a total of $34 trillion over the next decade. That figure, according to The Atlantic, is“ more than the federal government’ s total cost over the coming decade for Social Security, Medicare, and Medicaid combined.”.

U.S. President Donald Trump is not the first chief executive to pressure the Federal Reserve to follow a certain monetary policy. Lyndon B. Johnson physically shoved his Federal Reserve chairman, William McChesney Martin, at his ranch when Martin decided to raise short-term interest rates. Paul Volcker, former chairman of the Federal Reserve, alleged that…

Discount brokers Charles Schwab Corp., TD Ameritrade Holding Corp. and E* Trade Financial Corp. announced this month that they would cut fees to trade U.S.- listed stocks, ETFs and options to zero, sending shares plunging and fueling speculation about potential mergers. Instead, the firm sees more potential to expand its financial-advisory services to…

“You know, I haven’t seen any polling showing that nationally, on average, that anybody else is a front-runner,” Joe Biden said.

The end of 2019 is weeks away, and now would be good time to review your retirement accounts and make sure your financial house is in order.

For months, Facebook co-founder Chris Hughes has been warning about the dangers of corporate consolidation, even advocating for a break-up of the social-media giant where he started his career. The investments could serve as an early counterweight to the millions of dollars that Facebook, Google and other big businesses, well beyond tech, spend annually to…

Recent income gains— from investments, property appreciation, and retirement income— have gone disproportionately to the highest earners in the 65- and-older age group, while the number of older households burdened by housing costs has reached an all-time high, according to the report by Harvard’ s Joint Center for Housing Studies. The study, released…

Elizabeth Warren is feeling the heat from her rise in the polls: She parried attacks in last night’s debate from across the field on her go-big policy plans— including a soak-the-rich wealth tax that’s been central to her campaign.. “Sometimes I think that Senator Warren is more focused on being punitive and pitting some part of the country against the other…

“Companies are starting to do what they do when there is rampant uncertainty, which is just stop issuing guidance,” said Savita Subramanian, head of United States equity strategy at Bank of America Merrill Lynch.“ Companies just basically go dark.”. The“ rampant uncertainty” that Ms. Subramanian referred to flows from many sources: signs that the economy and job growth…

Camas billionaire Ken Fisher is starting to encounter a backlash after he made offensive remarks at a conference in San Francisco last week. The State of Michigan Retirement Fund’s pension account, worth more than $70 billion, ended its relationship with the $112 billion Fisher Investments, which was responsible for managing $600 million in retirement…

On the second day of one of the nation’s most elite conferences for wealth management CEOs, self-proclaimed “self-made multibillionaire” Ken Fisher shared his industry philosophy during a fireside chat at the Ritz-Carlton Hotel in San Francisco. Fisher, 68, had been previously honored at the Tiburon CEO Summit and has written 11 books, regularly writes…

This came against a return to a sputtering price action in stock markets in Europe after gains in Asia and on Wall Street yesterday. There hasn’t been an obvious news catalyst, and the gains look incongruous with trade figures showing German export orders declining by 1.8% m/m in August, which added to growing evidence that the Eurozone’s biggest economy is…

WASHINGTON— Trump administration officials are weighing a range of options that could inflict additional economic pain on China as the United States continues looking for ways to force Beijing to change longstanding practices that have put American companies at a disadvantage. Administration officials, including members of the National Security…

Fidelity Investments announced today the firm is eliminating trading commissions for stocks, ETFs and options for both retail investors and registered investment advisors that custody with the firm. Cutting trading costs for stocks and ETFs from $4.95 to zero follows similar moves by rivals Charles Schwab and TD Ameritrade earlier this month, and firmly…

Alex Chalekian, founder and CEO of Lake Avenue Financial, posted a video of himself on Twitter on Tuesday, denouncing Ken Fisher, an advisor with more than $100 billion in assets under management, for comments he made during a fireside chat at the Tiburon CEO Summit in San Francisco this week. “It was a true debacle,” Chalekian said, in the video.“ He made comments about…

Billionaire money manager Ken Fisher has come under fire for crass sexually charged comments he was said to have made Tuesday as part of a closed-door “fireside chat” at San Francisco’s Ritz Carlton Hotel.

While“ policy is not on a preset course,” Mr. Powell said, the Fed will“ act as appropriate to support continued growth.”. Mr. Powell, speaking at an economics conference in Denver, emphasized that the Fed’ s next meeting was a few weeks away. “That time is now upon us,” Mr. Powell said.

The administration plans to seek a stay if the U.S. Court of Appeals for the 5th Circuit invalidates all or part of the Affordable Care Act in the coming weeks— and may even try to delay a potential Supreme Court hearing on the matter until after the November 2020 election, as I reported over the weekend with my colleague Yasmeen Abutaleb. The administration also…

Every 90 days we breathlessly await the latest GDP estimates to see how the economy is doing. Actually, this measure is flawed. There’s a better one called Gross Output. Trouble is, Washington refuses to release GO in a timely fashion.

It will probably be soon, though, because President Trump’ s Justice Department and other plaintiffs took remarkable steps in September to get the Supreme Court to take cases presenting the issue squarely about the reach of the president’ s firing authority over independent agency heads, and Justice Brett Kavanaugh invited these audacious challenges to…

The bond market has increasingly signed on to the notion that low interest rates and low inflation will be with us for some time. It’s the new normal.

Economists said in a new survey said that they think the U.S.-China trade war will bring about a slowdown in U.S. growth this year and next, per the AP. Why it matters: The economists also said they expect the trade war to increase the risk of recession in late 2020, which would put an end to the longest period of economic expansion on record in the U.S. By the numbers: The…