Japan and South Korea are part of a complex and tightly linked supply chain that produces electronic goods such as smartphones and laptops.Technologyread more
A different oil pricing dynamic has been evolving with new supply calculations based on the U.S. as the world's largest producer.Market Insiderread more
The Massachusetts senator's alarm-sounding on consumer debt neglects to measure it against the growth in the economy and the ability to pay.Economyread more
Stocks in Asia Pacific were edged up on Tuesday following overnight gains on Wall Street as the earnings season rolls on.Asia Marketsread more
Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
The deal between the White House and Democrats was earlier expected to raise the debt ceiling for two years and permanently end the sequester.Politicsread more
Britain's Antstream is jumping into the cloud gaming battle with a streaming platform for retro titles. And Tencent just backed the company.Technologyread more
American comedian Hannibal Buress, who stars in "The Eric Andre Show," has made a recent transition into the world of business as an angel investor — but there's an important...How I Made Itread more
The deal could be announced as soon as next week, according to the report.Technologyread more
President Donald Trump held "constructive" discussions on a range of economic issues including trade and national security issues.Technologyread more
Secretary of Education Betsy DeVos and her family have seen their investments skyrocket since President Donald Trump started enacting pro-business policies. Meanwhile, DeVos...Politicsread 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.