SoftBank wants to push Neumann out of the CEO role ahead of the IPO.Technologyread more
The next three weeks are among the rockiest, on a historical basis, of the entire calendar.Trading Nationread more
Microsoft is looking for a new way to grab business from retailers as they fend off Amazon.Technologyread more
The holidays are a critical time for many brands, as sales during this time of year can make up 30% of a retailers annual sales. Heading into the gift-giving season, shoppers...Retailread more
On-demand delivery company Postmates is partnering with Phantom Auto, an autonomous vehicle teleoperator, to coordinate driverless deliveries.Autosread more
Oprah Winfrey is bringing her famed book club to Apple's new streaming subscription service.Technologyread more
Bruce Broussard, CEO of health insurance company Humana, sits down with CNBC's Bertha Coombs to discuss the state of the industry, integrating digital health technology,...Squawk Boxread more
(Adds Federal Reserve's Jackson Hole symposium)
Aug 20 (Reuters) - The Federal Reserve has lost control of interest rates as evidenced by the federal funds rate trading higher than any part of the U.S. Treasury yield curve, Jeffrey Gundlach, the chief executive of DoubleLine Capital, said on Tuesday.
"What else do you need to call it an inversion?" Gundlach said in a telephone interview. "Everyone is parsing all of these little arbitrary things. But weve got an inversion."
At around 1.55% and 2.03%, the yield on the benchmark 10-year Treasury note and 30-year Treasury bond, respectively, are below the target federal funds rate of 2.25% to 2.5%. The yield on the two-year Treasury note is currently around 1.51%.
Three weeks ago, Federal Reserve Chairman Jerome Powell characterized the U.S. central banks first rate cut since 2008 as a mid-cycle adjustment to policy, suggesting the move was not the start of a lengthy series of rate cuts.
Gundlach, who oversees more than $140 billion in assets, told Reuters last week that Powell's message to the markets have been inconsistent. He said Powell cant put a back-to-back consistent message together. It is different at every single meeting the mid-cycle adjustment statement is not going to hold up.
Powell could use the Fed's Jackson Hole symposium on Friday to clarify his stance on whether the Fed is at the beginning of a rate-cutting cycle or just intending to cut a few times as insurance against a possible downturn. (Reporting by Jennifer Ablan; editing by Jonathan Oatis and Sonya Hepinstall)