Mamdani continues his ‘Five Boroughs Against Trump' tour in Staten Island
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 minutes ago
- Yahoo
Government data is now in question. Here's where macro investors are turning to fill the gaps.
The firing of the BLS head by President Donald Trump has spooked some macro investors. Trump's nomination of a partisan economist may push investors to rely more heavily on other data. Sources like ADP, Homebase, and MIT's Billion Prices Project have become critical, traders say. No savvy investor makes a decision off a single data point, but there are some numbers that carry more weight than others. For many macro investors, the North Star has long been the Bureau of Labor Statistics, the unit within the Department of Labor that measures, among other things, inflation, unemployment rates, and wage growth. Those in charge of the BLS have long been non-partisan economists, but President Donald Trump's firing of Commissioner Erika McEntarfer on August 1 and his top pick for her replacement, chief economist at the right-leaning Heritage Foundation, EJ Antoni, have many concerned with the validity of future government data, especially as Antoni floated pausing monthly jobs reports. Love Business Insider? Log in to Google and make us a preferred source. It's concerning for macro traders who rely on this data to make their bets, but there are non-governmental data sources that many already use. While helpful, these alternative databases can't replicate the widespread foundation BLS numbers provided for decades, where all market participants worked for the same set of basic facts about the state of the world's biggest economy. Still, traders are ramping up their use of this data in light of Trump's moves. "What's going to be tricky here is how to judge numbers coming out of the Bureau of Labor Statistics moving forward," said Andreas Steno Larsen, onetime macro investor and researcher, on his weekly podcast. He compared the firing to something that would happen "in Latin America" and predicted that investors would "look for alternative sources" to get a second opinion on the official data. Four macro investors pointed to the well-known ADP jobs report, which comes out monthly and tracks payroll from private employers, and MIT's Billion Prices Project as ways to track employment and inflation, respectively, in the US. The investors declined to be named because their firms don't authorize them to speak publicly. Some investors tap datasets that constantly scrape e-commerce prices, such as PriceStats, and track how different products rise and fall over time. This is a useful tool to understand Trump's tariff policies' impact, given the volume of online goods that US consumers buy from overseas. Payroll and scheduling company Homebase tracks more than 150,000 small businesses and produces monthly employment reports. LinkUp has tracked online job postings since 2007. Numerator has become a key source for in-person consumer data at places such as restaurants and home improvement stores. "Given the recent BLS conversations, we've recently seen demand for our data increase," Homebase CEO John Waldmann said in a statement. Not a replacement These alternative data sources are just that — alternative. They were used to get a sneak peek or a deeper look at inflation or unemployment figures that the government would release, not replace them entirely. They also sometimes vary. For example, ADP's payroll figures often diverge from the BLS's monthly jobs report, and MIT's Billion Prices Project can capture inflation trends sooner than the official CPI but is less comprehensive. "We don't see them replacing economic statistics altogether in the near future," said Julie Meigh, the head of ESG & macro research at alt-data platform Neudata, about non-traditional datasets. Even if BLS data becomes less trustworthy, the different macro investors who spoke with Business Insider said they'll still need to use it in some fashion unless there's a structural change in financial products. For example, Treasury Inflation-Protected Securities, or TIPS, change when the Consumer Price Index from the government is announced. For those who have exposure to these types of assets, ignoring the BLS is not possible even if the data becomes untrustworthy. As one trader at one of the world's biggest macro hedge funds said, he was surprised markets weren't more spooked by Trump's firing. Equity markets were near record highs, and bond yields stayed mostly steady. "I think it's clear that institutions are not as strong as many had thought," this individual said. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 minutes ago
- Yahoo
The Mayor Of Chicago Fired Back At Donald Trump Calling Him "Incompetent," And His Response Is Going Viral For Being The "Bar Of The Year"
The Mayor of Chicago, Brandon Johnson, is going viral for his "brilliant" takedown of a reporter and Donald Trump, which people are calling the "bar of the year." Chicago — like other major cities across the nation — is preparing for a potential "federal takeover of policing" following Donald Trump's issuing of National Guard troops on the streets of Washington, D.C. in the name of fighting crime. Recent videos of FBI and DEA agents patrolling the streets of Georgetown — a D.C. neighborhood — wearing tactical gear have gone viral online. FNTV / Twitter: @ScooterCasterNY Related: "If we need to, we're going to do the same thing in Chicago, which is a disaster," Trump said in a recent press conference. "We have a mayor there that's totally incompetent. He's an incompetent man." It's important to note that, according to FBI statistics, violent crime in Chicago is down. Well, the mayor of Chicago was repeatedly asked by a reporter to respond to Trump calling him "incompetent," and his response is going super-viral. "What do you say to Donald Trump? How did you feel when Donald Trump called you 'incompetent?' Please answer that question if you will," a reporter asked from the crowd. Related: "OK. Fine. Since you are begging," Johnson replied to the reporter. The reporter then tried to interrupt, but Johnson continued. "So let me just answer that. I do appreciate you begging," he repeated. "So, I will just say it like this, that the President has always been intimidated by the intellectual prowess of Black men." Related: "And so, of course, he would speak in those petite and puerile terms, because he's small." The clip of the interaction has received over 1.5 million views on TikTok and thousands of comments. People are absolutely obsessed with Johnson's quick-witted response, with many applauding the way he addressed the eager reporter. ...Others called Johnson's comments on the President the "bar of the year." Related: "Using vocabulary that he won't even understand is damn poetic," one person wrote. "*MAGA furiously googles petite and puerile,*" another person joked. And this person praised Black politicians who have clapped back at Trump. What are your thoughts? Let us know in the comments below. Also in In the News: Also in In the News: Also in In the News:
Los Angeles Times
4 minutes ago
- Los Angeles Times
Putin praises Trump's efforts to end Ukraine war ahead of Friday summit in Alaska
LONDON — Russian President Vladimir Putin on Thursday praised President Trump's efforts to end the war in Ukraine, more than three years after Moscow launched its invasion, as the two leaders prepared for a pivotal U.S.–Russia summit Friday in Alaska. Following a meeting Thursday with top government officials on the summit, Putin said in a short video released by the Kremlin that the Trump administration was making 'quite energetic and sincere efforts to stop the hostilities' and to 'reach agreements that are of interest to all parties involved.' Putin also suggested that 'long-term conditions of peace between our countries, and in Europe, and in the world as a whole,' could be reached under an agreement with the U.S. on nuclear arms control. In Washington, Trump said there was a 25% chance that the summit would fail, but he also floated the idea that, if the meeting succeeds, he could bring Ukrainian President Volodymyr Zelensky to Alaska for a subsequent, three-way meeting. In a radio interview with Fox News, Trump also said he might be willing to stay in Alaska longer, depending on what happens with Putin. Meanwhile, Zelensky and other European leaders worked to ensure their interests are taken into account when Trump and Putin meet in Anchorage. U.K. Prime Minister Keir Starmer welcomed Zelensky to London on Thursday in a show of British support for Ukraine a day before the critical Trump-Putin meeting. The two embraced warmly outside Starmer's offices at 10 Downing Street without making any comments, and Zelensky departed about an hour later. Zelensky's trip to the British capital came a day after he took part in virtual meetings from Berlin with Trump and the leaders of several European countries. Those leaders said that Trump had assured them that he would make a priority of trying to achieve a ceasefire in Ukraine when he meets with Putin. Speaking after the meetings to reporters, Trump warned of 'very severe consequences' for Russia if Putin doesn't agree to stop the war against Ukraine after Friday's meeting. While some European leaders, including German Chancellor Friedrich Merz and French President Emmanuel Macron, praised Wednesday's video conference with Trump as constructive, uncertainty remained over how the U.S. leader — whose rhetoric toward both Zelensky and Putin has evolved dramatically since retaking office this year — would conduct negotiations in the absence of any other interested parties. Both Zelensky and the Europeans have worried that the bilateral U.S.-Russia summit would leave them and their interests sidelined, and that any conclusions could favor Moscow and leave Ukraine and Europe's future security in jeopardy. Kremlin spokesperson Dmitry Peskov tamped down expectations for any breakthroughs from the Friday summit, saying there were no plans to sign documents and that it would be a 'big mistake' to predict the results of the negotiations, according to Russian news outlet Interfax. The Kremlin on Thursday said the meeting between Trump and Putin would begin at 11:30 a.m. local time. Putin's foreign policy adviser, Yuri Ushakov, told reporters that Trump and Putin will first sit down for a one-on-one meeting followed by a meeting between the two delegations. Then talks will continue over 'a working breakfast.' A joint news conference will follow. Trump contradicted the Kremlin, saying that no decisions have been made about holding a news conference with Putin. The uncertainty reflects just how much about the summit, including its schedule, remains unsettled. Starmer said Wednesday that the Alaska summit could be a path to a ceasefire in Ukraine, but he also alluded to European concerns that Trump may strike a deal that forces Ukraine to cede territory to Russia. He warned that Western allies must be prepared to step up pressure on Russia if necessary. During a call Wednesday among leaders of countries involved in the 'coalition of the willing' — those who are prepared to help police any future peace agreement between Moscow and Kyiv — Starmer stressed that any ceasefire deal must protect the 'territorial integrity' of Ukraine. 'International borders cannot be, and must not be changed by force,'' he said. Kyiv has long insisted that safeguards against future Russian attacks provided by its Western allies would be a precondition for achieving a durable end to the fighting. Yet many Western governments have been hesitant to commit military personnel. Countries in the coalition, which includes France and the U.K., have been trying for months to secure U.S. security backing, should it be required. Following Wednesday's virtual meetings, Macron said Trump told the assembled leaders that while NATO must not be part of future security guarantees, 'the United States and all the parties involved should take part.' 'It's a very important clarification that we have received,' Macron said. Trump did not reference any U.S. security commitments during his comments to reporters on Wednesday. With another high-level meeting on their country's future on the horizon, some Ukrainians expressed skepticism about the summit's prospects. Oleksandra Kozlova, 39, who works at a digital agency in Kyiv, told The Associated Press on Wednesday that she believes Ukrainians 'have already lost hope' that meaningful progress can be made toward ending the war. 'I don't think this round will be decisive,' she said. 'There have already been enough meetings and negotiations promising us, ordinary people, that something will be resolved, that things will get better, that the war will end. Unfortunately, this has not happened, so personally I don't see any changes coming.' Anton Vyshniak, a car salesman in Kyiv, said Ukraine's priority now should be saving the lives of its military service members, even at the expense of territorial concessions. 'At the moment, the most important thing is to preserve the lives of male and female military personnel. After all, there are not many human resources left,' he said. 'Borders are borders, but human lives are priceless.' Zelensky said Thursday that Ukraine had secured the release of 84 people from Russian captivity, including both soldiers and civilians. Those freed included people held by Russia since 2014, 2016 and 2017, as well as soldiers who had defended the now Russian-occupied Ukrainian city of Mariupol, Zelensky wrote on Telegram. The Russian Defense Ministry said Thursday that it too had received 84 soldiers as part of a prisoner exchange. In other developments, Russian strikes in Ukraine's Sumy region overnight Wednesday resulted in numerous injuries, Ukrainian regional officials said. A missile strike on a village in the Seredyna-Budska community wounded a 7-year-old girl and a 27-year-old man, according to regional governor Oleh Hryhorov. The girl was hospitalized in stable condition. In Russia, a Ukrainian drone attack damaged several apartment buildings in the southern city of Rostov-on-Don, near the border with Ukraine, where 13 civilians were wounded, according to acting governor of the region, Yuri Slyusar. Two of the wounded were hospitalized in serious condition, Slyusar said. Pylas and Spike write for the Associated Press. Spike reported from Budapest, Hungary. AP writers Lorne Cook in Brussels; Hanna Arhirova in Kyiv, Ukraine; Katie Marie Davies in Manchester, England; Dasha Litvinova in Tallinn, Estonia, and Will Weissert in Washington contributed to this report.
