Chinese officials are expected to be in Washington this week to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
Saudi Arabia's defense spending is the world's third-largest — behind the U.S. and China, says Gary Grappo, former U.S. ambassador to Oman.Energyread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
A top strategist at J.P. Morgan Asset Management said on CNBC Wednesday that the Federal Reserve is "fundamentally making a mistake" with its anticipated rate cut at the end of the month.
David Kelly, the chief global strategist at J.P. Morgan Asset Management, said on CNBC's "Power Lunch" that he doesn't think rate cuts will boost the U.S. economy and that the expected cut is in part due to political pressure from the Trump administration on Fed Chair Jerome Powell.
"Chairman Powell admits that really it is fiscal policy that has any possibility at all of stimulating the economy," Kelly said. "Not, by the way, that you need to stimulate the economy when you've got a 3.7% unemployment rate."
President Donald Trump has reportedly discussed attempting to remove Powell from his position. Powell reiterated on Wednesday during a Congressional hearing that he intends to serve his entire term and said "my answer would be no" to an attempt by Trump to fire him.
"I think they're worried about independence. I think they're worried about getting too criticized by the administration," Kelly said.
On "Closing Bell," Guggenheim global chief investment officer Scott Minerd said he thinks the Fed will do three rate cuts this year, but shared Kelly's concerns about the rate cuts going too far.
"I think that perhaps the Fed is being overly aggressive here. In all likelihood, the economy is not doing as poorly as some people think, and we're probably going to overshoot in terms of providing too much stimulus," Minerd said.
Kelly also said members of the Fed "seem obsessed" with inflation, which has remained below the target rate of 2%.
"That's a slippery slope. We may not get to 2% inflation. Does that justify October? Does that justify December? You could go all the way down to zero on the Federal Funds Rate and not get to 2% inflation," Kelly said.
The overwhelming expectation in the market is for the Fed to cut interest rates at its meeting on July 30 and 31.The S&P 500 reached record highs on Wednesday when it became clear that Powell would not try to dissuade the market of that expectation in his Congressional testimony.