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  • Sep 11, 2024

Federal judge temporarily blocks Utah social media law aimed at protecting children

A federal judge in Utah has temporarily blocked a social media access law that leaders said was meant to protect the personal privacy of children and limit their use of such platforms, saying it is unconstitutional. U.S. District Court Judge Robert Shelby on Tuesday issued the preliminary injunction against a law that would have required social media companies to verify the ages of their users, apply privacy settings and limit some features on those accounts. The law was set to take effect on Oct. 1 but will be blocked pending the outcome of the case filed by NetChoice, a nonprofit trade association for internet companies such as Google, Meta — the parent company of Facebook and Instagram — Snap and X.

  • Sep 11, 2024

Morning Bid: Strong open eyed after US inflation see-saw

The see-saw nature of U.S. market reactions to the latest U.S. inflation figures on Wednesday highlighted investors' general skittishness right now, as they try to predict whether the Fed will cut interest rates by 25 or 50 basis points next week. Core inflation rose a hotter-than-expected 0.3% while the annual headline rate fell to 2.5%, the lowest since February 2021. The yen on Wednesday surged to its strongest level against the dollar this year after Bank of Japan board member Junko Nakagawa said the central bank will raise rates again if inflation moves in line with policymakers' forecasts.

  • Sep 11, 2024

Fed official broke ethics rules but didn't violate insider trading laws, probe finds

A government investigation into Atlanta Federal Reserve President Raphael Bostic's securities trades and investments has found he violated several of the central bank's ethics policies. The Fed rules violations “created the appearance” that Bostic acted on confidential Fed information and that he had a conflict of interest, but the Fed's Office of Inspector General concluded there were no violations of federal insider trading or conflict of interest laws, according to a report issued Wednesday. The probe reviewed financial trades and investments in a roughly five-year period starting in 2017 made by several investment managers on Bostic's behalf — transactions that in October 2022 he said he had been initially unaware of.

  • Sep 11, 2024

Fed Watchdog Found No Proof Bostic Traded on Inside Information

(Bloomberg) -- The US central bank’s internal watchdog chastised Federal Reserve Bank of Atlanta President Raphael Bostic for his previously reported violations of the Fed’s investment restrictions, but said it found no evidence that he made trades based on confidential information.Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisFor Tenants, AI-Powered Screening Can Be a New Barrier to HousingAfter a Record Hot Summer, Pressure Grows for A/C MandatesChicago Halts Hirin

  • Sep 11, 2024

Atlanta Fed's Bostic violated trading rules, US central bank watchdog says

(Reuters) -Federal Reserve Bank of Atlanta President Raphael Bostic's trading and investing broke central bank rules, the Fed's in-house watchdog said on Wednesday. Bostic created the appearance he acted on confidential information and the appearance of a conflict of interest, in violation of the Atlanta Fed's code of conduct, according to a report by the Office of Inspector General for the central bank. However, the report said investigators found no evidence that Bostic in reality used inside information about Fed deliberations or had financial conflicts of interest.

  • Sep 11, 2024

Bond Market’s Bet on a Half-Point Fed Cut This Month Is Over

(Bloomberg) -- The bond market has ended its long flirtation with the Federal Reserve cutting interest rates by half a point this month as resilient inflation and labor market data reinforce a measured course of action.Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisFor Tenants, AI-Powered Screening Can Be a New Barrier to HousingAfter a Record Hot Summer, Pressure Grows for A/C MandatesChicago Halts Hiring as Deficit Tops $1 Billion Through 2025UC Berkeley Gives Trans

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