Chinese officials will be in Washington on Wednesday to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread 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
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Former Minneapolis Fed President Narayana Kocherlakota voiced agreement Tuesday with President Donald Trump's contention that interest rates are too high.
While he expressed some reservations about the impact a sitting president's criticism could have on Fed independence, Kocherlakota said the notion that monetary policy is too restrictive is basically correct.
"I agree with the president on the economics," he said during an interview on CNBC's "Squawk Box." "I think maybe not the 100 basis points [cut] that he mentioned yesterday, but in general I think the Fed has been too tight."
The comments come a day after Trump's latest broadside against the U.S. central bank in which he contended that a rate cut of 100 basis points, or 1 percentage point, should happen "over a fairly short period of time."
In a pair of tweets on the issue, Trump accused Fed Chairman Jerome Powell and his colleagues of showing a "horrendous lack of vision."
Kocherlakota served on the Fed from 2009 to 2015 and was considered one of the institution's leading dovish voices, meaning he favored lower interest rates. Just as he was leaving his post, the policymaking Federal Open Market Committee approved its first rate hike in a decade after keeping its benchmark overnight funds rate near zero for seven years.
After that initial hike, the committee raised rates eight more times before cutting in July. In the past, few if any presidents have been as publicly vocal in their criticism of Fed policy as Trump, who has said the economy would be doing much better if not for the rate hikes.
"I think the president's role ... is not to be as out there criticizing the Fed," Kocherlakota said. "I think that can lead to doubts about the Fed's credibility going forward. It's not much of a problem now."
He cited low inflation as a primary reason why the Fed should be cutting here. The committee considers 2% a healthy level, and the economy has not been able to sustain that during the decade-long recovery.
While Kocherlakota conceded that cutting might not allow for much maneuverability during the next downturn, he said it's important to keep rates low if a downturn is on the horizon.
"When a recession shock comes along, we really want to have a much lower interest rate," he said. "If we raised interest rates now, we'd just be choking off the economy."