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
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread 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
"You need to understand that we're about to embark on the busiest week of the year for industrial earnings," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Boston Federal Reserve President Eric Rosengren is lining up against an apparent push to cut interest rates, telling CNBC in an interview Friday that the central bank can...The Fedread more
The MTA reported that the 1, 2, 3, 4, 5 and 6 trains are all facing delays due to a network communications issue impacting service in both directions, NBC New York reports.Transportationread more
Companies aren't waiting for the U.S.-China trade war to be resolved, says the head of the world's biggest money manager.Investingread more
US officials including Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow will host a meeting at the White House on Monday of semiconductor and...Technologyread more
Trump's constant berating of the Fed and its actions does not influence the central bank's decisions, Boston Fed's Eric Rosengren says.The Fedread more
The lawsuits allege J&J's talc-based baby powder contained asbestos and caused ovarian and other cancers.Health and Scienceread more
Switzerland's upcoming vote on how to create money is intellectually challenging for the traditional banking system, an economist told CNBC on Friday.
The wealthy nation is due to vote Sunday on whether it should have a so-called sovereign money system — meaning the central bank would be the only provider of Swiss francs. In other words, commercial banks would no longer be able to create cash; their ability to lend money would be restricted.
Supporters of the initiative argue that the potential change would make the system less dangerous to credit risks. They use the 2008 global financial crash as an example of why the banking system needs to reduce irresponsible spending. Opponents, such as UBS Chief Executive Officer Sergio Ermotti argue that approving the initiative would be "suicidal."
"For us, it's actually a really intellectual challenging exercise. What you just mentioned… would effectively prevent the commercial banking sector from running money multipliers, from lending out to the economy and creating deposits," Evelyn Herrmann, European economist at Bank of America Merrill Lynch, told CNBC's "Squawk Box Friday."
She added that a sovereign money system would have "a very different notion of what we label as money."
Around 85 percent of the money currently in circulation in Switzerland is thought to be electronic money created by domestic banks.
Sunday's vote has sparked debate over how the financial system should work, but the Swiss referendum is unlikely to bring practical changes at this point. Polls indicate that only a third of Swiss voters are in favor of the initiative.
And according to Herrmann, even if the Swiss people would approve the changes, these would not come into effect straightaway. "Even if the vote were to go through… the SNB (Swiss National Bank) policy would not change overnight. The government would have two years to actually implement this reform, that would give room to possibly modify it a little bit, to work around it."