Stocks fell sharply on Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.Marketsread more
A Ministry of Commerce spokesperson does not single out any U.S. action, but it's been a tense couple of weeks for the trade war.World Politicsread more
The e-mail's optimistic tone helped Tesla shares turn positive for the first time in seven days.Technologyread more
In a four-page letter sent Thursday morning, Warren and Ocasio-Cortez asked Mnuchin a series of questions about his advisory role in former Sears CEO Eddie Lampert's...Politicsread more
"For them to say that they don't work with the Chinese government is false," Secretary of State Mike Pompeo tells CNBC.Politicsread more
Facebook has stopped paying commission to staff for selling political advertisements on its platform, The Wall Street Journal reported.Technologyread more
The yield on the 10-year Treasury note fell to its lowest level since 2017 as more traders grew confident in a longer U.S.-China conflict.Bondsread more
Prosecutors allege that Stephen Calk, former president of Chicago-based Federal Savings Bank, loaned former Trump campaign chair Paul Manafort as much as $16 million in...Politicsread more
Oil prices tumble as the market braces for a prolonged U.S.-China trade war and on signs the U.S. is willing to negotiate with Iran.Energy Commoditiesread more
U.S. manufacturer growth hit new lows in May, the latest sign that the economic slowdown accelerated amid the ongoing trade war.Economyread more
European pilots are urging the EU's aviation regulator to conduct an independent and thorough review of the Boeing 737 Max before it flies again. The planes have been grounded...Airlinesread more
Former Federal Reserve Chairman Paul Volcker, who has reached legend status in the world of central banking, isn't optimistic about current conditions.
When Volcker looks around now, he sees "a hell of a mess in every direction," including a lack of basic respect for government institutions, a current Fed that seems to be following a completely arbitrary benchmark and a "swamp" in Washington run by plutocrats.
"At least the military still has all the respect. But I don't know, how can you run a democracy when nobody believes in the leadership of the country?" Volcker asks New York Times columnist and CNBC "Squawk Box " co-anchor Andrew Ross Sorkin in a column for the newspaper's DealBook section.
"Tall Paul" is most known for willfully taking the country into recession in the early 1980s to finally defeat the inflation that had been strangling the economy. Since then, he's lent his name to the "Volcker rule" part of banking reform legislation that restricts risk-taking at big Wall Street institutions.
In a book set for release Oct. 30, Volcker laments the current state of conditions, particularly the monied interests eating away at the system of governing.
"There is no force on earth that can stand up effectively, year after year, against the thousands of individuals and hundreds of millions of dollars in the Washington swamp aimed at influencing the legislative and electoral process," he writes, according to Sorkin.
Volcker, in ailing health but not short of opinions, also seems unhappy with the Fed itself. Though it's unusual for former chairmen to comment on Fed matters, Volcker said there appears to be no "theoretical justification" for its 2 percent inflation target. He said the Fed is just one of the institutions in which people have lost confidence.
And he also dispels with the myth that presidents historically haven't tried to influence interest rates. Recounting a 1984 meeting he had with former President Ronald Reagan, then-chief of staff James Baker flatly told Volcker, "The president is ordering you not to raise interest rates before the election."
"I was stunned," Volcker said.
In a statement, Baker said he has "absolutely no recollection" of Reagan telling him to order Volcker not to raise rates. He did say it was "quite conceivable" that he may have expressed a preference for lower rates heading into the election, but "it would not have been phrased an 'an order.'"
Read the full account of the Volcker interview here.