New Tariff Twist Does More Dollar Damage: 3-Minute MLIV
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 minutes ago
- Yahoo
CVR Energy names Mark Pytosh as CEO, adds Brett Icahn to board
(Reuters) -Carl Icahn-backed CVR Energy on Wednesday named Mark Pytosh as chief executive officer and appointed Brett Icahn to its board. Pytosh will assume the top role effective January 1, 2026, succeeding Dave Lamp, who announced plans to retire from the position effective December 31. Icahn's activist investment firm Icahn Enterprises currently holds a 68.5% stake in the U.S. refiner and is working to further boost its ownership to 84%. Brett Icahn is the son of billionaire Carl Icahn. He will join the refiner's board, effective August 1. The activist investor believes CVR's shares are undervalued in the market and represent an attractive investment opportunity at a time when U.S. refining margins have slumped from the highs reached in 2022. The company also reported a net loss of $114 million for the second quarter, compared with a year-ago profit of $21 million. Its shares fell 4.5% after the bell. Sign in to access your portfolio
Yahoo
2 minutes ago
- Yahoo
Powell says Fed does not consider government interest rate costs in policy debate
By Michael S. Derby NEW YORK (Reuters) -U.S. Federal Reserve Chair Jerome Powell on Wednesday said there is no place for the central bank to consider government financing needs when setting interest rate policy. 'We have a mandate' from Congress, and that is to keep inflation in check and the job market as strong as it can be, Powell said in a press conference following the latest Federal Open Market Committee meeting. Given that legal charge, 'we don't consider the fiscal needs of the federal government. No advanced economy central bank does that, and it wouldn't be good' for the Fed to do so as it would compromise its credibility. Most economists agree that a central bank that sets interest rates to keep government borrowing costs low is a central bank that will likely lose control of inflation and will be unable to act with the independence needed to keep price pressures in check. Powell spoke to reporters after a Fed policy meeting that saw officials maintain their overnight interest rate target range steady at 4.25% to 4.5%. Officials are continuing to weigh data to see how big changes in government import taxes are affecting the economy, as financial markets continue to eye a possible September easing in short-term borrowing costs. The Fed has faced steady and often aggressive pressure from President Donald Trump to cut rates. The president has said a large move down in rates is justified by a number of factors, but part of his critique centers on the elevated interest costs now faced by the government as it sells bonds to cover oceans of red ink. Fed rates, even after cuts last year, still remain relatively high relative to where they've been in recent years. At $1.1 trillion in interest rate payments last year, the cost of managing government debt has more than doubled since before the COVID-19 pandemic, and that's in large part driven by the high rates the Fed has in place to cool inflation levels. But if the Fed were to cut rates to 1% now, a level Trump has argued for, it would run the risk that inflation pressures, already likely to go up due to trade tariffs, would rise even more given newly stimulative policy. That could in turn backfire on government borrowing as it would likely send bond yields up, meaning the government would have to pay higher rates to secure investors. In years past, the Fed has also faced some heat from critics who believed it was keeping rates low to make government deficit spending easier, a notion regularly rejected by central bankers. The issue of interest rate costs could continue to nip at the central bank as a recent Republican taxation and spending bill is expected to increase government borrowing, which could further increase how much the government has to pay to get the public to buy those bonds. 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
2 minutes ago
- Yahoo
Bed Bath and Beyond is back: Brand that went broke returns with first physical store
Bed Bath & Beyond is back — sort of — after the company filed for bankruptcy two years ago. After filing for bankruptcy in April 2023, Bed Bath & Beyond closed its last storefronts in the months following the announcement. The brand was sold off and bought out of its bankruptcy for $21.5 million by Beyond Inc, formerly known as But now a new hand is at the wheel at Bed Bath & Beyond — The Brand House Collective, formerly known as Kirkland's Inc, according to a press release. Kirkland's is not the same brand as Kirkland Signature, the house brand at Costco, but instead a home decor and furnishing business operating brick-and-mortar storefronts under the name Kirkland's Home. On Monday, The Brand House Collective announced it will be opening a new Bed Bath & Beyond Home store in Nashville, Tennessee on August 8, reviving the previously dead brand. 'We're proud to reintroduce one of retail's most iconic names with the launch of Bed Bath & Beyond Home, beautifully reimagined for how families gather at home today,' The Brand House Collective CEO, Amy Sullivan, said in a statement. She said the new Bed Bath & Beyond location "isn't just a store," but it's a "fresh start for a brand that means something special to so many families." "With Bed Bath & Beyond Home we're delivering on our mission to offer great brands, for any budget, in every room. It's a powerful addition to our portfolio and a meaningful step forward in our transformation," the CEO said. The announcement noted that customers with older Bed Bath & Beyond coupons may use them during the grand opening. The store will be offering new coupons as well. The first 25 customers who make a purchase will be given an "incredible free gift" of a premium 10-inch memory foam queen size mattress. The mattress typically sells for $226.99, according to the company. The company plans to open five more Bed Bath & Beyond Home stores in the Nashville area and plans to convert 75 of its Kirkland's Home stores into the new brand in 2026.
