"The president is right to make this the center point of the rising and sustained trade conflict," says Sen. Chris Coons.Politicsread more
James Bullard said he dissented on this week's Fed decision to lower rates by a quarter percentage point because he didn't think the cut was big enough.The Fedread more
More than 400 Chinese products will be temporarily exempted from tariffs that President Donald Trump's administration imposed last year.China Economyread more
"I feel like I've contributed all I can to this primary election," he told MSNBC's "Morning Joe." "And it's clearly not my time. So I'm going to end my presidential campaign."2020 Electionsread more
The United Auto Workers union and General Motors are making progress on their labor contract talks, however there remain "many" outstanding issues, according to a union leader...Autosread more
Apple will get a taste of whether upgraded features on the new iPhone 11 are enough to lure shoppers to retail stores around the world as the new smartphones officially hit...Technologyread more
Joshua Harris, Apollo Global Management's co-founder, has a message for private equity's naysayers in Washington.Delivering Alpharead more
Roku shares have more than quadrupled this year, but the stock has had some rocky days of late as more players jump into streaming.Technologyread more
Two sites were hit Saturday — the Abqaiq and Khurais oil facilities — which took out 5.7 million barrels per day of oil production.World Politicsread more
Apple CEO Tim Cook greeted iPhone 11 customers at the reopening of the Fifth Avenue Apple store on Friday. CNBC also took a tour inside. Here's a look.Technologyread more
J.C. Penney is preparing for talks with its creditors on ways it can ease its debt load, buying the retailer some time ahead of the critical holiday shopping season, Bloomberg...Retailread more
Markets are becoming more convinced that the Federal Reserve is about to get more aggressive on interest rates.
The probability that the central bank will raise its benchmark rate a fourth time this year went above 50 percent for the first time, according to the CME's FedWatch tracking tool for the fed funds futures market.
Futures contracts are currently implying a funds rate of 2.21 percent from the current range of 1.5 percent to 1.75 percent. According to the CME, that translates into a 51 percent chance of a December rate hike, which would be the fourth of the year.
The Fed already approved one quarter-point hike, in March. Futures trading indicates a 95 percent chance of a June increase — the probability had been 100 percent as recently as last week — and an 81.4 percent likelihood of another move in September.
As things stand, Fed officials currently are indicating a total of three hikes this year. However, the Federal Open Market Committee meets in June, during which members will get a chance to update their forecasts.
Hawkish expectations are rising even though inflation pressures have been held at bay. The personal consumption expenditures index excluding food and energy is at 1.9 percent, and the Dallas Fed's inflation gauge is at 1.8 percent, both narrowly below the Fed's 2 percent inflation target.
In addition, wage pressures have been low, with average annual earnings rising a less-than-expected 2.6 percent annualized for April.
However, Fed officials, led by Chairman Jerome Powell, have been expressing concern about the effects that loose monetary policy can have on asset valuations. Also, the unemployment rate's drop to 3.9 percent could weigh on Fed officials who follow the Phillips Curve, an economic model that indicates wage pressures will rise as the jobless level falls.
Recently enacted fiscal stimulus in the form of lower taxes and higher spending levels also could prove inflationary.
"Now, with fiscal policy turning from restrictive to stimulative, the economy growing above trend, and investment rising, the short-term equilibrium interest rate is rising, too," Cleveland Fed President Loretta Mester said in a speech Monday in Paris. "As the expansion continues, it could be that in order to maintain our policy goals, we may need to move the fed funds rate, for a time, a bit above the level of the funds rate that is expected to prevail over the longer run."
Mester is considered one of the Fed's more hawkish members.