These are the stocks posting the largest moves before the bell.Market Insiderread more
Stock futures fell sharply as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.US 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
Tesla was set for its seventh straight day of losses after more analysts joined the growing list of those concerned with its finances.Investingread more
"For them to say that they don't work with the Chinese government is false," says Secretary of State Mike Pompeo.Politicsread more
With Tesla shares skidding, two experts weigh in on what could be next for the automaker and its volatile stock.Trading Nationread more
Here are the biggest calls on Wall Street on ThursdayInvestingread more
First-time claims for state unemployment benefits were expected to total 215,000 for the most recent week, up slightly from the 212,000 claims reported for the previous week.Economyread more
Chipotle Mexican Grill is about to take a hit from rising prices due to African swine fever, according to BMO Capital Markets.Marketsread more
British Prime Minister Theresa May could announce her resignation in the next few days, according to U.K. media reports, as she faces increasing pressure from members of her...Europe Politicsread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
before Great Recession@ (Adds more comments from Brainard)
WASHINGTON, May 10 (Reuters) - The wealth of middle class families still has not recovered from the 2007 to 2009 economic crisis, with a lagging rebound in home equity and slow wage growth continuing to widen inequality through the end of last year, Fed Gov. Lael Brainard said on Friday in a snapshot of soon to be released Fed data.
Brainard, in a broad discussion about the economic prospects of the middle class, said the Fed is increasingly concerned about the impact on the economy overall if families in the middle of the income distribution continue to struggle in their ability to build wealth, finance homes and educations, and even stay current with their bills.
Families in the 40th to 70th percentiles held wealth of around $340,000 at the end of 2018, based on a new Fed study whose results Brainard discussed. This was below the levels before the crisis and 13 times less than the average $4.5 million held by the top 10 percent.
"A strong middle class is often seen as a cornerstone of a vibrant economy and, beyond that, a resilient democracy," Brainard said. "The discrepancy between slow growth in income and wealth, on the one hand, and rising costs of housing, health care, and education, on the other, may be making it more difficult for middle-income families to achieve middle-class financial security. Long-term, the shifting of wealth and income to the top of the distribution and away from the middle could pose challenges to the health and resilience of our economy."
While monetary policy cannot necessarily influence those distributional issues, Brainard said the Fed needs to understand dynamics that "may have important implications for macroeconomic developments, such as the evolution of consumption" if middle income families, earning between $40,000 and $85,000 a year, aren't succeeding. (Reporting by Howard Schneider Editing by Chizu Nomiyama)