Fed hints June rate hike possible on improving economy
Fed minutes show officials broadly expect a June 14 15 meeting rate rise if hiring and growth strengthen and inflation nears 2 percent. Some warned data may be unclear by mid June, but others favored a hike. Markets priced higher yields as traders reacted to the surprise stance.
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Stocks Drift as Fed Minutes Hint at Higher Rates
US equities ended little changed after Fed minutes suggested a higher rates path. Banks rose on the backdrop of rising rates while utilities slumped as investors priced in tighter monetary policy and bond yields moved higher.
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Charter completes Time Warner Cable Bright House deal to create Spectrum
Charter Communications acquires Time Warner Cable and Bright House Networks to form Spectrum. The move makes Charter the second largest home Internet provider and third largest video provider in the U S. Over the next 18 months the Time Warner and Bright House brands will be phased out. Spectrum aims to boost speeds with no usage caps and lower prices while negotiating better channel deals.
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Google assistant to rival Siri with ticket buying feature
Google plans an AI driven assistant that learns user preferences to offer options and even buy movie tickets. It will compete with Siri and Alexa and be embedded in Google Home, a voice controlled hub for music, lighting, and searches. Duo adds a Knock Knock preview for video calls and will debut worldwide this summer.
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New Overtime Rule Aims to Boost Middle Class Wages
The administration plans a higher overtime threshold taking effect December 1, expanding eligibility from 7 percent to about 35 percent of full time salaried workers. Labor Secretary Tom Perez says the change targets middle and lower income workers, with estimates of up to 4.9 million newly eligible and 7.6 million more affected by denied overtime. The rule allows bonuses to count toward threshold and lowers the prior proposal.
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Employers may add jobs to offset overtime rule costs
Economists at Goldman Sachs estimate employers will create about 120000 extra jobs in the year after the rule starts to offset lost hours. The National Retail Federation says retailers and restaurants face 745 million dollars in compliance costs.
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Stock Footnotes and Fees with SEC Reference
A brief note outlines stock footnotes including a reference to the SEC and mentions new items within the past year. It also notes multiple fees and a fund covering market costs.
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