As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
DoubleLine CEO Jeffrey Gundlach said the Federal Reserve might need to embark on quantitative easing to increase the money supply.Marketsread more
Wall Street economists think the Fed will cut rates by 25 basis points at its September meeting but have differing views about what will happen in the future.Marketsread more
The report, published by Rep. Carolyn Maloney, used data from the Giffords Law Center to Prevent Gun Violence and the Centers for Disease Control to estimate the cost of gun...Politicsread more
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
Federal prosecutors and commodity regulators have broadened their investigation into spoofing activity after receiving information from traders questioned for spoofing-related...Marketsread more
General Motors announced on Wednesday that it plans to temporarily lay off 1,300 workers at its final assembly plant in Oshawa, Canada due to a slowdown at U.S. plants during...Autosread more
Trump said he "is revoking" a federal waiver that allowed the state to craft its own rules on greenhouse gas emissions from vehicles.Politicsread more
FedEx CEO Fred Smith mentioned Amazon as one of his competitors during Tuesday's earnings call, a shift in stance for a company that's long downplayed Amazon's move into the...Technologyread more
DoubleLine Capital's Jeffrey Gundlach spoke to CNBC on Wednesday ahead of the Federal Reserve's decision on interest rates.Marketsread more
A Federal Reserve rate cut could lead to the same challenges for Wall Street lenders that European banks have been dealing with for years, Lorenzo Bini Smaghi, the chairman of Societe Generale, told CNBC Saturday.
The U.S. central bank was divided on projections for a rate cut this year at its last meeting, but the market is still expecting a cut in July even after the strong jobs report on Friday, according to the CME Fed Watch tool.
A cut would be a reversal of the slow normalization in policy that the Fed has embarked on in recent years, in stark contrast to the euro zone was has held rates at record lows in the face of ailing growth and weak inflation. Low rates traditionally hurt the ability of banks to make money as yields become suppressed.
SocGen's Bini Smaghi suggested that European lenders had already restructured and adapted to a low-rate environment and would be ahead of their U.S. peers if the Fed did indeed decide to drop its benchmark rate.
"For U.S. banks, probably they would get more into an environment like the one we are in. So they will also have to reconsider probably their presence," he told CNBC's Annette Weisbach Saturday at an economic conference in Aix-en-Provence in southern France.
"In particular if you have low volatility and higher presence of a central bank the (trading) floor type of business is going to become less profitable. And I think we have exited this earlier on than the U.S. banks," he said.
He added that SocGen's operations in the U.S. had been profitable by concentrating on specialized derivatives and tailor-made products.
—CNBC's Jesse Pound contributed to this article.