Good Wednesday. (Want this by email? Sign up here .) Jay Powell hints at rate cuts The Fed chairman said yesterday that the central bank was prepared to act to sustain the economic expansion if President Trump’s trade disputes weakened the economy, Jeanna Smialek and Matt Phillips of the NYT write. “We do not know how or when these issues will be resolved,” Mr. Powell said of the trade disputes. “We are closely monitoring the implications of these developments for the U.S. economic outlook and, as always, we will act as appropriate to sustain the expansion.” He did not say explicitly that the Fed would cut rates. “But his comments sent a signal that the central bank was watching Mr. Trump’s trade wars warily, ready to fend off any economic damage,” Ms. Smialek and Mr. Phillips write. Futures markets for Fed funds now place a probability of more than 60 percent on a cut in interest rates at the Fed meeting at the end of July. Wall … [Read more...] about DealBook Briefing: A Rate Cut Isn’t a Done Deal
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Good Friday morning. (Was this email forwarded to you? Sign up here .) U.S. frustrations grow over China trade talks China’s vice premier, Liu He, is scheduled to hold face-to-face trade talks in Washington today, before attending a meeting with President Trump in the Oval Office. There is still plenty to be discussed. “The tone of the negotiations between the two nations has grown more stern,” according to Ana Swanson and Alan Rappeport of the NYT, citing unnamed sources. “American officials have come to realize that China has been repackaging promised reforms and trying to sell them as concessions to Mr. Trump,” which has “caused deep frustration among the administration’s China hard-liners.” Here are some of the key issues on the table: • Trade deficits. The two nations have “reached consensus on how to alleviate the trade imbalances,” Reuters reports. “Washington and Beijing are looking at a 10-item list … [Read more...] about DealBook Briefing: Is China Gaming America in the Trade Talks?
As a teenager in Maryland in the 1950s, Mary Allen Wilkes had no plans to become a software pioneer — she dreamed of being a litigator. One day in junior high in 1950, though, her geography teacher surprised her with a comment: “Mary Allen, when you grow up, you should be a computer programmer!” Wilkes had no idea what a programmer was; she wasn’t even sure what a computer was. Relatively few Americans were. The first digital computers had been built barely a decade earlier at universities and in government labs. By the time she was graduating from Wellesley College in 1959, she knew her legal ambitions were out of reach. Her mentors all told her the same thing: Don’t even bother applying to law school. “They said: ‘Don’t do it. You may not get in. Or if you get in, you may not get out. And if you get out, you won’t get a job,’ ” she recalls. If she lucked out and got hired, it wouldn’t be to argue cases in … [Read more...] about The Secret History of Women in Coding
Good Wednesday morning. (Was this email forwarded to you? Sign up here .) Trade talks: Still far from a resolution High-level delegates from Beijing and Washington are meeting near the White House today for the first of two days of trade talks, but appear to have a great distance left to bridge. Each government has reason to play nice. Evidence is mounting that reciprocal tariffs are hurting both sides, and global markets have been skittish while awaiting a deal. But there are signs that China is unwilling to bend on key U.S. demands involving intellectual property and technology transfer, even as its lawmakers accelerated a vote on legislation addressing foreign investors’ concerns. A pair of indictments revealed earlier this week against the Chinese telecommunications firm Huawei could complicate the discussions, as could disagreements over strategy within the Trump administration’s team. Other factors include: Weakness in the Chinese economy. At least 20 companies … [Read more...] about DealBook Briefing: Hoping to Bridge the Gap in Trade Talks
Apple Inc. continued its downward slide Tuesday after President Donald Trump suggested that 10 percent tariffs could be placed on mobile phones, like the iPhone, and laptops made in China. The shares, which have lost about a fifth of their value in a tech market rout since October, were down almost 2 percent in early trading Tuesday. On Monday, Apple briefly ceded its crown as world’s most valuable publicly traded company to Microsoft Corp. The company already is facing reports of suppliers cutting forecasts, signaling the new iPhone models introduced in September aren’t selling as well as anticipated. Trump’s comments to the Wall Street Journal that he may include Apple’s signature product in another round of tariffs on Chinese imports are another blow for Chief Executive Officer Tim Cook. “Maybe. Maybe. Depends on what the rate is,” the president said, referring to mobile phones and laptops. “I mean, I can make it 10 percent, and people could … [Read more...] about Trump suggests 10% tariffs on iPhones, laptops