For a long time, becoming a millionaire was equivalent to being rich enough to do just about anything. “The word ‘millionaire’ once implied automatic affluence,” says Ashton Lawrence, an adviser at Mariner Wealth Advisors in Greenville, South Carolina. “The goalposts have shifted. It’s still a meaningful milestone, but for most people it’s no longer enough.” (1) In 2025, many high-net-worth Americans say they don’t feel wealthy, despite having seven-figure net worths. That’s according to a recent survey ...

The ongoing government shutdown delayed the release of the Commerce Department's initial estimate of the third-quarter gross domestic product (GDP), as other data sources suggest solid economic growth in the quarter. The Bureau of Economic Analysis was scheduled to release its advance estimate of third-quarter GDP on Thursday, though the furlough of workers deemed nonessential prevented the agency from compiling and releasing the report.The Labor Department's statistical agency, the Bureau of Labor Statisti ...

Welcome back. Two members of the Fed descending during this week's rate cut decision. Governor Steven Myron arguing for a half a point cut while Kansas City Fed President Jeffrey Schmidt said rates should have been left unchanged.So now we're getting some breaking news as to why Schmidt descended. CNBC senior economics reporter Steve Leeman has the news for us. Steve, >> hey, good morning David.Yeah, Kansas City Fed President Jeffrey Schmidt explaining his descent this morning, joined in separate remarks by ...

Core Viewpoint - The Federal Reserve is experiencing internal dissent regarding interest rate cuts, with some members advocating for a more hawkish stance due to concerns about inflation and economic momentum [2][5][14]. Economic Outlook - Kansas City Fed President Jeffrey Schmidt expressed that the economy is not showing signs of policy restriction and inflation is above the Fed's 2% target, suggesting that policy should counteract demand [2][4]. - Schmidt noted that inflation is spreading across both goods and services, indicating a broader economic concern [3][4]. Labor Market and Financial Conditions - The labor market is perceived as imbalanced, with signs of economic momentum, which complicates the case for further rate cuts [3][4]. - Financial market conditions are described as easy, with equities at record highs and narrow bond spreads, raising questions about the appropriateness of rate cuts in such an environment [3][5]. Fed Members' Perspectives - Both Schmidt and Dallas Fed President Lori Logan have expressed skepticism about the need for rate cuts, with Logan stating that the economic outlook does not support further cuts unless inflation decreases significantly or the labor market cools [4][5]. - The comments from Schmidt and Logan highlight a divided Fed, with some members firmly opposing further easing [5][8]. Market Reactions and Future Projections - Despite the dissent within the Fed, market expectations for a December rate cut remain high, with a 68% probability still indicated [7][8]. - The discussion around the Fed's decision-making process suggests that the economy must demonstrate a need for a cut, rather than the Fed needing to justify not cutting rates [10][12].

10 YEAR YIELDS JUST FLAT HERE, AROUND 4.1%. TURNING TO THE FED, KANSAS CITY PRESIDENT GIVING HIS REASON FOR THE REASON WHY HE DESCENTED. MICHAEL MCKEE IS WITH US NOW.MICHAEL: THE FED'S BLACKOUT PERIOD ENDING LAST NIGHT AND SCHMIDT DISAGREES WITH THE FED LUGS AT THE BALANCE OF RISK. HE SAID I DO NOT THINK THE POLICY RATE WILL NOT MUCH STRESS NECESSARY LABOR MARKET THAT ARISES FROM STRUCTURAL CHANGES. HOWEVER, A CUT COULD HAVE LONGER LASTING INFLATION IF THE FED'S COMMITMENT TO ITS 2.% OBJECTIVE COMES INTO QU ...

10 YEAR YIELDS JUST FLAT HERE, AROUND 4.1%. TURNING TO THE FED, KANSAS CITY PRESIDENT GIVING HIS REASON FOR THE REASON WHY HE DESCENTED. MICHAEL MCKEE IS WITH US NOW.MICHAEL: THE FED'S BLACKOUT PERIOD ENDING LAST NIGHT AND SCHMIDT DISAGREES WITH THE FED LUGS AT THE BALANCE OF RISK. HE SAID I DO NOT THINK THE POLICY RATE WILL NOT MUCH STRESS NECESSARY LABOR MARKET THAT ARISES FROM STRUCTURAL CHANGES. HOWEVER, A CUT COULD HAVE LONGER LASTING INFLATION IF THE FED'S COMMITMENT TO ITS 2.% OBJECTIVE COMES INTO QU ...

.@SteveForbesCEO shares his unvarnished reaction to Fed Chair Powell's press briefing on Wednesday, calling out Powell's comments about a possible December rate cut and slamming the institution for remaining wedded to the false idea that prosperity causes inflation. #WhatsAhead https://t.co/MPw6jDTls3 ...

Core Insights - The Federal Reserve's recent meeting was a significant event, with market expectations for rate cuts being adjusted, particularly regarding the potential for a 25 basis point cut in December [2][3] - The Fed's Chairman dampened expectations for immediate rate cuts, indicating that inflation remains above the target of 2%, which has implications for future monetary policy [3][4] - The ongoing government shutdown is contributing to a lack of economic data, which may affect market reactions and Fed decisions moving forward [5][6] Fixed Income Market Analysis - The current yield on the 10-year Treasury is approximately 4.1%, which is considered attractive compared to historical levels, despite being near lows over the past year [10][11] - There is a recommendation for investors to focus on higher credit quality due to tight spreads, suggesting that the compensation for lower-rated issuers is not sufficient [12] - A strategy of maintaining an average duration of about six years is advised, as locking in yields in the current environment is seen as beneficial for income-focused investors [13]

Group 1 - The Federal Reserve's economic outlook suggests that interest rates are unlikely to be cut in December unless inflation decreases significantly or the labor market cools more than currently anticipated [1][2] - Dallas Fed President Lori Logan emphasized that inflation remains too high and is taking too long to return to the Fed's 2% target, indicating that prior rate cuts have already mitigated potential downside risks to the job market [2][3] - The stock market's performance is seen as disconnected from the broader economy, with certain companies thriving regardless of economic conditions, highlighting a cognitive dissonance in market perceptions [3][4] Group 2 - A notable percentage of the S&P 500, specifically 9%, was at 52-week lows, marking the highest level since April, indicating potential market volatility [4] - The discussion around the "Magnificent 7" companies suggests that their performance is not influenced by Federal Reserve actions, indicating a shift in market dynamics where these companies operate independently of traditional economic indicators [5]

Core Viewpoint - The Federal Reserve's current operational flaws necessitate a significant overhaul and new leadership, as highlighted by Jerome Powell's recent press conference following the central bank's policymaking meeting [1]. Group 1: Interest Rate Decisions - The Fed's decision to cut interest rates by 0.25% was anticipated, but Powell's indication that another cut next month is uncertain surprised many, citing economic uncertainty exacerbated by a government shutdown [2]. - Powell emphasized the mixed signals in the economy, with strong consumer spending but unstable labor markets, likening the situation to "driving in the fog" [2]. Group 2: Economic Understanding - The Fed's belief that prosperity leads to inflation is fundamentally flawed, as it creates a bias against a robust economy, which distorts market signals and hinders proper economic functioning [3]. - The central bank's attempts to suppress prices disrupt the natural supply and demand dynamics essential for a healthy economy [3]. Group 3: Monetary Policy and Dollar Stability - The Fed's primary responsibility should be to maintain a stable dollar, which is currently weak, yet Powell did not address this issue during his remarks [4]. - The Fed's balance sheet has ballooned to 21% of GDP, significantly higher than the pre-2008 level of 6%, indicating an excessive accumulation of securities [5]. Group 4: Balance Sheet Management - Powell announced that the Fed will cease reducing its balance sheet size without providing a credible rationale, suggesting that the institution values its power over sound monetary policy [6]. - The Fed's holdings of $6.6 trillion in securities grant it substantial influence over the financial marketplace, affecting credit availability across sectors [6]. Group 5: Foreign Reserves and Inflation Target - Approximately 40% of the reserves on which the Fed pays interest are from foreign banks, implying that American taxpayers are subsidizing these institutions [7]. - The 2% inflation target set by the Fed lacks a solid foundation, as it appears to have been arbitrarily determined [7].