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As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Federal Reserve Chairman Jerome Powell said the he does not see the Fed using negative interest rates in the future.The Fedread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
Steve Dowling, the head of Apple's public relations department, announced he will be leaving this week.Technologyread more
Tracy Britt Cool is leaving the firm after a decade to start a company that replicates Warren Buffett's business model, the Wall Street Journal reported.Marketsread more
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According to a report in the Wall Street Journal, WeWork co-founder Adam Neumann has floated the idea of becoming Israel's prime minister or leader of the world.Technologyread more
Powell said on Wednesday that the Fed may have to resume regular balance sheet growth to help ease money markets.The Fedread more
The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared with the 25 basis point reduction for the benchmark funds rate.The Fedread more
Best Buy has dodged death, but for how long?
In April, the company handed over the CEO job to CFO Corie Barry. Her predecessor, Hubert Joly, had engineered a turnaround that surprised Wall Street and inspired other struggling retailers.
The once-embattled electronics retailing giant said it expects to grow same-store sales in 2019, despite headwinds from tariffs and concerns over consumer spending. It's up to Barry to make good on that promise.
For years, Best Buy had watched customers walk its floors and test out products they would then buy online for lower prices, often from Amazon. The retailer figured it could offer service and convenience that its online competition could not, and moves to work closely with vendors and train employees drew shoppers back into stores again.
"I think the company has done a great job over the past several years of transitioning from an Amazon showroom to an Amazon competitor," said Telsey Advisory Group analyst Joseph Feldman.
Barry is a company insider who is well liked on Wall Street and is known as a key player behind Best Buy's strategic turnaround.
"She has quickly established herself as one of the strongest executives in the retail sector," said UBS analyst Michael Lasser.
But Amazon is venturing further into bricks-and-mortar retail as well, such as through its acquisition of grocer Whole Foods. In the short term, a long list of tariffs could hit Best Buy harder than other retailers, since so much of its inventory is consumer electronics manufactured in Asia.
"The next couple of quarters do have some uncertainty," Lasser said.
Hubert Joly will be speaking at the inaugural CNBC Evolve Summit in New York on June 19. Apply now to join him and others as they explore transforming companies for the future.