Fed's Powell says he never seeks to meet with any president
Federal Reserve Chair Jerome Powell clarified that he has never requested meetings with U.S. presidents.
Synopsis Federal Reserve Chair Jerome Powell clarified that he has never requested meetings with U.S. presidents, stating any such interactions occurred at the president's initiative. Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained
Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms
Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips
L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first?
Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more
SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders
API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading
Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains
Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains
The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains How Pi42 is simplifying crypto trading: CTO Satish Mishra on integrating technical & fundamental insights
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Time of India
an hour ago
- Time of India
US Share Market prediction: Stocks soar toward records — but will inflation and Trump's Tesla feud trigger a crash?
As the U.S. stock market hovers just below all-time highs, investors and policymakers alike are bracing for new economic signals, with fresh inflation data set to headline a crucial week for financial markets. Following last week's broad-based rally, momentum remains strong. The S&P 500 index is now within 2% of setting a new record, buoyed by Friday's jobs report that momentarily eased recession concerns. Major U.S. indices closed higher for the week — the Nasdaq Composite climbed 2.3%, the S&P 500 rose 1.6%, and the Dow Jones Industrial Average advanced more than 1%, as mentioned in a report by Yahoo Finance. Focus Shifts to Inflation Readings A significant part of this week's market direction will depend on updates from May's Consumer Price Index (CPI) and Producer Price Index (PPI) reports. Economists anticipate that annual headline inflation rose to 2.5% in May, up from April's 2.3% — signaling a potential pause in recent disinflationary momentum. Core CPI, which excludes food and energy, is projected to have increased by 2.9% year-on-year, slightly up from April's 2.8%. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Average IQ Is 90. Check if Your Is Higher IQ International Undo With the Federal Reserve set to meet on June 18, these figures could inform the central bank's near-term stance on interest rates. Wall Street analysts expect the Fed to maintain current policy settings, though signs of persistent inflation could revive debate about future rate paths. Under the Hood: Labor Market Still Fragile Although the U.S. added 139,000 jobs in May, and the unemployment rate remained officially unchanged at 4.2%, deeper metrics tell a more nuanced story. Economists such as Neil Dutta of Renaissance Macro note that downward revisions to April's job figures, a softening in prime-age employment, and a marginal rise in the unrounded unemployment rate — now at 4.244% — suggest the labor market may be weaker than headlines suggest. Live Events "The Fed and markets appear focused on surface-level stability, but the data reveals emerging structural cracks," Dutta observed, as quoted in a report by Yahoo Finance. Corporate Earnings and Apple's Developers Conference On the corporate front, earnings reports from Oracle , Adobe, and GameStop headline a light calendar. Apple's Worldwide Developers Conference is also expected to generate headlines, particularly around the tech giant's AI strategies and software upgrades. Market Volatility Eases Despite Trade Concerns Investor anxiety around tariffs appears to have softened. Despite a volatile April marked by tariff hikes, markets have remained relatively steady. Experts like Barclays' Venu Krishna attribute this to a broader realization that aggressive tariff measures may not materialize in full. This has contributed to declining volatility, as measured by the VIX, and a gradual rebound in consumer and corporate confidence. Political Feud Spills into Markets Separately, tensions between President Donald Trump and Tesla CEO Elon Musk have spilled into financial headlines. After Musk criticized Trump's tax bill, the president threatened to revoke government subsidies for Tesla. The feud contributed to Tesla's 14% single-day stock plunge on Thursday — the largest market cap loss in its history — dragging the stock market along with it. Though Tesla shares recovered slightly on Friday, experts caution that prolonged tensions between Trump and major corporate figures could create further market instability. FAQs Why is this week considered crucial for the U.S. financial markets? Key economic data releases — especially May's Consumer Price Index (CPI) and Producer Price Index (PPI) — are expected this week. These will provide important signals on inflation trends ahead of the Federal Reserve's policy meeting on June 18. How close is the U.S. stock market to an all-time high? The S&P 500 is currently within 2% of setting a new record, buoyed by strong momentum from last week's jobs report and broad market gains.
Time of India
6 hours ago
- Time of India
Jamie Dimon-led JPMorgan issues stern warning! Job hopping analysts to be fired; ‘if you accept a position with..'
Jamie Dimon has consistently voiced concerns about private equity firms attracting fresh finance graduates. Led by CEO Jamie Dimon, JPMorgan has issued a very stern warning to 'unethical' junior bankers who start looking at alternate job offers within 18 months of joining. A new letter, leaked on Litquidity's Instagram platform, warns the new recruits against job hopping. According to the letter, junior bankers securing alternative employment opportunities during their initial 18-month tenure risk immediate termination from JPMorgan amidst increasing competition for skilled professionals in Wall Street. The confidential correspondence to newly recruited JPMorgan analysts explicitly states that securing employment elsewhere would result in immediate dismissal from the bank, according to a New York Post report. What JPMorgan's letter says to new recruits "If you accept a position with another company before joining us or within your first 18 months, you will be provided notice and your employment with the firm will end," states the correspondence dated June 4, bearing signatures of JPMorgan's global banking co-heads Filippo Gori and John Simmons, the report said. The communication from both senior leaders emphasised that complete dedication and engagement are vital for achieving success in the investment banking analyst programme. Also Read | Donald Trump vs Elon Musk: Who has more to lose - US President or world's richest man? Stakes are high for both! The executives further stated that "missing any part of the training programme" might result in dismissal, whilst highlighting that "avoiding potential conflicts of interest is crucial to maintaining the trust and confidence our clients place in us." The leadership also announced a reduction in the timeline to attain associate position by six months, making it 2.5 years, aiming to retain exceptional talent. Whilst their correspondence did not explicitly reference private equity organisations, these firms have historically employed strategies to recruit junior banking professionals following their initial training period, the report said. Jamie Dimon's past warnings Jamie Dimon, the 69-year-old chief executive of JPMorgan, has consistently voiced concerns about private equity firms attracting fresh finance graduates with substantial salary packages that major US banks struggle to match. "I know a lot of you work at JPMorgan, you take a job at a private equity shop before you even start with us," Dimon had told a crowd of undergraduate business school students, terming it "unethical." During his address at Georgetown University's Psaros Center for Financial Markets and Policy in September, he expressed his disapproval, saying, "It puts us in a bad position, and it puts us in a conflicted position. You are already working for somewhere else, and you're dealing with highly confidential information from JPMorgan, and I just don't like it." Also Read | Will the Donald Trump administration be forced to give billions of dollars in tariff refunds? Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
6 hours ago
- Business Standard
Airtel urges RBI, NPCI and banks to collaborate on digital fraud fight
Bharti Airtel has approached around 40 banks, the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI), seeking collaboration to establish a collective database of known fraudulent financial domains. Airtel expressed support for regulatory discussions and offered assistance to the RBI in framing mechanisms to ensure that over-the-top (OTT) platforms are held responsible for consumer protection in financial communication, according to a PTI report. The company has also proposed launching joint awareness campaigns to inform the public about evolving tactics in digital fraud and to promote secure digital practices. On 15 May, Airtel introduced an artificial intelligence (AI) based security platform designed to block fraudulent websites in real time, aiming to prevent digital scams targeting users. In a regulatory filing, Airtel stated that the service is the first of its kind globally. The platform has been launched in Haryana and will be expanded to other parts of India in due course. According to Airtel, the solution is compatible with multiple communication platforms, including WhatsApp, Telegram, Facebook, Instagram, emails, web browsers and SMS. Collaboration with NPCI In a separate communication to NPCI, Airtel suggested a partnership to improve the safety of the country's digital payment infrastructure. The telecom operator proposed that awareness initiatives use the combined outreach of Airtel and NPCI to educate users on secure online behaviour, identifying phishing threats and protecting against new digital fraud methods. It also suggested workshops to develop and commercialise anti-fraud solutions to help reduce financial fraud cases. In the communication, Airtel Vice Chairman and Managing Director Gopal Vittal wrote to NPCI MD and CEO Dilip Asbe: 'The NPCI has been deploying AI-based models that offer an advanced real-time Fraud Risk Monitoring and Management solution that generates alerts and allows banks to detect and prevent fraud across all online NPCI products.' Airtel outlined specific proposals in its 16 May letter, including: 'Closer collaboration between Airtel and NPCI to create a repository of known fraudulent financial domains, enabling proactive blocking of these malicious sites and creating a multi-layered defence against digital fraud.' Airtel said its fraud detection technology, which restricts access to malicious websites and phishing links at the access point, could complement NPCI's existing systems. The telecom stated: 'Additionally, during these programmes as well as our overall telco acquisition and experience, we believe that we have strong signals that could lead to identification of potentially fraudulent transactions or users.' It also recommended joint awareness efforts and workshops to build fraud resistance in the digital payments ecosystem. 'Through this collaboration, NPCI, Airtel and the banking sector can collectively create a more robust and resilient framework for reducing fraud and building greater confidence in India's digital financial services. Airtel remains committed to doing its part and would be happy to provide further technical details and explore how we can work together with the NPCI to enhance the security and integrity of India's digital payments ecosystem,' the letter said. RBI partnership In a separate letter to RBI Governor Sanjay Malhotra, Vittal acknowledged the central bank's initiatives, including its work with regulated entities and the Reserve Bank Innovation Hub (RBIH) on the system. Vittal wrote: 'This powerful AI-based system has already demonstrated its ability to identify mule accounts used to route illicit funds. By analysing user behaviour and transaction patterns, banks can now flag and disable suspicious accounts more efficiently, thereby disrupting fraud at the transactional layer.' He added: 'Airtel believes that our fraud detection solution can complement these efforts by stopping fraud at the very first step: the moment a user attempts to access a malicious site.' 'Airtel remains committed to doing its part and would be happy to provide further technical details and explore how we can work together with the RBI in this critical fight against digital fraud,' Vittal stated. OTT cyber risks The company also raised concerns about security risks associated with OTT platforms. It said replicating the protection level of SMS on OTT platforms is 'impossible' because detecting and blocking fraudulent links on these platforms is more difficult compared with websites. Airtel also noted the absence of traceability, compliance obligations and regulatory access within OTT platforms. 'In this context, and in light of the ongoing RBI consultation on additional factor authentication (AFA) for digital payments, we wish to emphasise that financial transactions must continue to be conducted over secure telecom networks. Telecom networks offer a level of protection and oversight that OTT platforms currently lack, thereby helping to mitigate fraud risks and enhance overall consumer safety,' Vittal wrote. Banking industry Airtel's collaboration proposals received positive feedback from both private and public sector banks. Previously, Airtel had approached Reliance Jio and Vodafone Idea to propose a joint initiative against telecom fraud, aimed at addressing scams targeting users through telecom networks. In those letters, Airtel cited data showing that over 1.7 million cybercrime complaints were recorded in the first nine months of 2024, with financial losses exceeding ₹11,000 crore. The company urged all telecom providers to jointly work to combat fraudulent and deceptive practices targeting individuals.
