China has other "weapons" in its trade battle with the United States — and selling off its U.S. Treasury holdings will not be one of them, said Richard McGregor, senior fellow...China Economyread more
Deutsche Bank Wealth Management's global chief investment officer predicted the Federal Reserve will cut interest rates twice in the next 12 months, but chances of a four-time...US Economyread more
Google's services have been blocked in China for several years, but the company still has businesses there, as the tech giant seeks to sell products to Chinese firms in...Technologyread more
Andrew Gillan of Janus Henderson Investors says he likes markets in the Philippines and Indonesia, and explains why it's difficult to invest in Vietnam despite its...Investingread more
Netflix can sustain its lofty valuation only if global subscriber growth can support increasing content spending and debt.Technologyread more
Germany online bank N26 said it raised a huge $170 million in additional funding, valuing the six-year-old fintech start-up at $3.5 billion.Technologyread more
Stocks in Asia traded lower on Thursday afternoon. Australia's jobs data showed the net number of jobs created was far below expectations.Asia Marketsread more
The House voted to table a resolution to start impeachment proceedings against President Donald Trump introduced by Rep. Al Green.Politicsread more
A photo editing app has introduced a few new wrinkles to the faces of celebrities — and to the ongoing discussion around personal digital security, NBC reports.Technologyread more
Property price gains across the wider U.K. have been slowing since 2016, according to the U.K.'s Office for National Statistics.Real Estateread more
The International Monetary Fund on Wednesday said that the U.S. dollar was overvalued by 6% to 12%, based on near-term economic fundamentals, while the euro, Japan's yen and...World Economyread more
President Donald Trump has resumed his efforts to put his own stamp on the Federal Reserve, preparing to nominate one person for vice chair and another for a governor's position, CNBC has learned.
The nominees are Richard Clarida, a Columbia University economist and global strategic advisor at bond giant Pimco who was tapped for vice chair, and Michelle Bowman, Kansas bank commissioner, who the president picked for an open governor's spot.
Both appointments had been rumored for months and come as Trump is trying to fill four vacancies at the central bank. One nominee, Marvin Goodfriend, faces an uncertain future as the name has been stuck in the Senate for months.
Clarida's nominee is key in that he will be the chief deputy for new Fed Chairman Jerome Powell. The position has been vacant since Stanley Fischer left in October.
The nomination comes at a critical time as the Fed is in the midst of normalizing policy after the extreme measures taken in the wake of the financial crisis. The Federal Open Market Committee, of which both nominees would be voting members, approved a quarter-point rate hike in March. It was the sixth rate increase since the Fed began normalizing policy in December 2015.
Clarida, 60, served as assistant Treasury secretary and has been an advisor to Pimco since 2006.
"We at PIMCO are thrilled to learn that President Trump has nominated Richard Clarida to be the next Vice Chairman of the Federal Reserve Board," the firm said in a statement. "Rich is an incredibly talented economist who has provided critical insights for our clients, investors and others throughout his many years at PIMCO and this nomination."
He is viewed as holding mostly conventional views on monetary policy and praised Trump's selection of Powell.
In particular, he noted in a blog post that Powell likely held the belief that "the pendulum in financial regulation has swung too far" since the crisis and probably needs some "prudent adjustments, especially for smaller banks."
For her part, Bowman is the head of the Kansas State Bank Commission. Congress created a special governorship for banking regulation in 2014, but the seat has gone unfilled.
She formerly served as a top official at Farmers & Drovers bank and worked for former U.S. Sen Bob Dole and as investigative attorney for the House Committee on Government Reform and Oversight and counsel for the House Committee on Transportation and Infrastructure.
Both nominations require Senate confirmation.
Another recent Fed development saw San Francisco President John Williams get the nomination for the same slot in New York. His nomination awaits full Fed approval.
—With reporting by Steve Liesman.