Wall Street Breakfast Podcast: Fed's Restrictive Policy Needs More Time To Work

seekingalpha04-17

Federal Reserve Chair Jerome Powell says restrictive policy needs more time to work as inflation remains a concern.Take-Two Interactive announces a 5% reduction in its workforce and the scrapping of ...

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Douglas Rissing Listen below or on the go on Apple Podcasts and Spotify","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","BK4577":"网络游戏","BK4579":"人工智能","HE":"夏威夷电力","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","ASML":"阿斯麦","BK4581":"高盛持仓","AMZN":"亚马逊","GP":"GreenPower Motor Company Inc.","MSFT":"微软","VLKAF":"Volkswagen AG","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","TCTZF":"Tencent Holding Ltd.","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","TCEHY":"腾讯控股ADR","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0056508442.USD":"贝莱德世界科技基金A2","BK4023":"应用软件","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU0080751232.USD":"富达环球多元动力基金A","03165":"华夏欧优股对冲","TTWO":"Take-Two Interactive Software","BK4592":"伊斯兰概念","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","BA":"波音","LU0234572021.USD":"高盛美国核心股票组合Acc","U":"Unity Software Inc.","KAMN":"Kaman"},"translate_title":"华尔街早餐播客：美联储的限制性政策需要更多时间才能发挥作用","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMZN":1,"VLKAF":1,"US7Y.BOND":1,"US6M.BOND":1,"US5Y.BOND":1,"US3Y.BOND":1,"US30Y.BOND":1,"US2Y.BOND":1,"US12M.BOND":1,"US10Y.BOND":1,"U":1,"TTWO":1,"TCTZF":1,"TCEHY":1,"MSFT":1,"BA":1,"ASML":1,"GP":1,"HE":1,"KAMN":1,"US912797FS14.BOND":0.6,"US912796CX52.BOND":0.6,"US912797FH58.BOND":0.6,"US912797GB79.BOND":0.6,"US912797GK78.BOND":0.6,"US912797GL51.BOND":0.6,"US912797GW17.BOND":0.6,"US912797HE00.BOND":0.6,"US912797HG57.BOND":0.6,"US912797HH31.BOND":0.6,"03165":0.6},"content_text":"Federal Reserve Chair Jerome Powell says restrictive policy needs more time to work as inflation remains a concern.Take-Two Interactive announces a 5% reduction in its workforce and the scrapping of several projects.Hawaiian Electric's stock plunges as a wildfire probe does not fault first responders.   Douglas Rissing Listen below or on the go on Apple Podcasts and Spotify \n\n\n\n\n\n\n\n\nFederal Reserve's restrictive policy needs more time to work, Jerome Powell says. (00:28) Theft Auto publisher Take-Two Interactive to lay off 5% of workforce. (01:24) Hawaiian Electric hits 40-year low as wildfire probe does not fault first responders. (02:38) This is an abridged transcript of the podcast. It will likely take longer for the central bank to gain confidence that inflation is headed lower. That’s the word from Federal Reserve Chair Jerome Powell on Tuesday at the Washington Forum on the Canadian Economy. He said recent data demonstrates a lack of progress on inflation heading toward the Fed's 2% target so it would be appropriate to give the Fed's restrictive policy more time to work. As of this recording, the probability that the Federal Open Market Committee will keep rates at 5.25%-5.50% stands at 98%. Tuesday following Powell’s speech it was 84.8%, according to the CME FedWatch tool. Powell also spoke about the lesson the Fed learned during the banking stresses in the spring of 2023. He said that the Fed wasn't forceful enough and fast enough in supervising banks like Silicon Valley Bank once it identified problems. More signs of trouble in the video game industry. Take-Two Interactive (NASDAQ:TTWO) disclosed on Tuesday that it will reduce its workforce by about 5%. As of March 31, 2023, the publisher of the Grand Theft Auto franchise had 11,580 employees. According to this figure, a 5% reduction in its headcount would impact 579 employees. The company added that it would scrap several projects in development as part of a cost reduction program, which is estimated to lead to total charges of $160 million to $200 million. Take Two expects its cost reduction plan to be largely complete by December 31, 2024. Just as in 2023, layoffs have hit the video game industry in 2024. In January, Tencent's (OTCPK:TCEHY) (OTCPK:TCTZF) Riot Games announced it would lay off 11% of its workforce. Unity (U) also announced a 25% reduction in its workforce, while Amazon's (AMZN) live-streaming site Twitch announced plans to cut about 35% of its workforce. Microsoft (MSFT) reportedly laid off 1,900 employees at its gaming division, affecting roles at Activision Blizzard, Xbox, and Zenimax. Hawaiian Electric (NYSE:HE) -10.9% in Tuesday's trading, plunging as much as 18% to its lowest in nearly 40 years. The drop followed a local news report that an investigation of last summer's devastating Maui fires did not find fault with first responders. The investigation is by the state Attorney General's office. The AG is expected to release the Phase One report today. The report will analyze how the fire incident unfolded, based on science, during the first 24 to 72 hours of the fire and its aftermath. It will also include a comprehensive timeline of events. The Maui Fire Department also released its own report on the fires, which did not address the cause. Hawaiian Electric (HE) has faced lawsuits alleging its power lines caused the fires and that the company failed to maintain its system and power grid during the storm that caused the fire. Other articles to look out for on Seeking Alpha: Evercore considers DOJ vs. Google a bigger risk to Apple than DOJ vs. Apple Shopify pits employees against each other to achieve higher pay - report SA Analyst Roundtable: What's next for Boeing? On our catalyst watch for the day,  Volkswagen (OTCPK:VLKAF) workers at the plant in Chattanooga, Tennessee, will hold a three-day vote on joining the United Auto Workers union. A Senate subcommittee hearing will feature testimony from Boeing (BA) CEO David Calhoun. Engineer Sam Salehpour is expected to detail safety concerns involving the manufacturing and assembly of the 787 Dreamliner. Shareholders with Kaman (KAMN) will vote on the $1.8B buyout offer from Arcline. GreenPower Motor (GP) will hold a webinar to share insight into the company's strategic positioning and growth trajectory.  U.S. stocks on Tuesday eventually ended mixed. The three major averages opened higher going into Powell's speech, and then moved sharply lower in the immediate reaction to the Fed chair's comments. They seesawed through the rest of the day. The Nasdaq (COMP:IND) slipped 0.12%. The S&P 500 (SP500) retreated 0.21%. The Dow (DJI) added 0.17%. Of the 11 S&P sectors, eight ended in the red. Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. Crude oil is down 1% at more than $84 per barrel. Bitcoin is up 0.3% at more than $62,000. In the world markets, the FTSE 100 is up 0.6% and the DAX is up 0.9%. The biggest movers for the day premarket: ASML Holding (ASML) is down 4% after reporting mixed Q1 results, with a top-line decline of 21% Y/Y. On today’s economic calendar:  2pm The Federal Reserve will release its Beige Book report. 530pm The Fed’s Loretta Mester will give an update on the Fed before the South Franklin Circle Dialogues Series. 715pm The Fed’s Michelle Bowman will participate in a fireside chat at the Institute for International Finance Global Outlook Forum in Washington, D.C.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428315372"}