Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female engineer named Morgan Beller.Technologyread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Agricultureread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
The president also said he "offered to personally vouch" for Rocky's bail. Sweden, however, does not have a bail system.Politicsread more
CoinShares Chief Strategy Officer Meltem Demirors discusses Facebook's Libra project and its impact on the cryptocurrency market after testifying to the House Financial...Fast Moneyread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
Now with no clear winner in sight, markets see a tight horse race shaping up for the Fed chairmanship in a shifting field.
A report that President Donald Trump was impressed by Stanford University economist John Taylor drove Treasury yields slightly higher Monday afternoon. Around the same time, another article said the the much more dovish Fed Chair Janet Yellen for another term, helping to push yields lower.
Last week, markets saw two different candidates as the leading contenders — Fed Gov. Jerome Powell and former Fed Gov. Kevin Warsh. Powell took the lead after a report that he was the choice being pushed by Treasury Secretary Steven Mnuchin. The week before, the more hawkish Warsh was seen as being the top choice following reports he could have a lock on the job because of his Wall Street background and family ties to Trump.
"I actually think that today's [bond] market movements kind of suggest the market doesn't have a firm idea," said Tom Simons, Jefferies money market economist. "It's kind of bouncing around on rumors and headlines. I think it's because it's hard to know what the decision criteria is. Where do these guys fall on the strata? You're going to know when you know."
Both Warsh and Taylor are viewed as more hawkish than Yellen and even Powell. Yields have moved higher when reports favored either of them.
"Taylor and Warsh are more cut out of the same fabric. Taylor is the economist version of Warsh, and Taylor is Warsh's mentor," said Diane Swonk, CEO of DS Economics. The two work together at Stanford's Hoover Institution. "Warsh is the markets guy, and Taylor is the actual economist."
Swonk said Taylor, who believes the Fed should follow strict rules on full employment and inflation when raising rates, would quickly work to make the Fed more rules-based and could drive interest rates higher. If Taylor looks to be in the lead, interest rates will rise.
"It suggests the fed funds rate is way too low right now," said Swonk. She said it's not out of the question that Trump could take Warsh and Taylor, with Taylor as Fed chair. The two together could make an interesting transition at the Fed, and they could act more quickly to deregulate financial institutions, a goal of the Trump administration.
The PredictIt probability market moved dramatically after the Bloomberg report about Taylor, whose "Taylor rule" on interest rates is widely discussed in markets. Taylor suddenly jumped above Warsh for second place with 25 percent odds to Warsh's 23 percent. That was still below Powell, who was in the lead with 29 percent.
Yellen was a not-so-distant fourth with 20 percent odds, followed by White House economic advisor Gary Cohn, with just 7 percent. Politico reported that Trump will interview Yellen this week.