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  • Sep 06, 2024

Biden to sign order to prioritize federal grants for projects with higher worker wages and benefits

President Joe Biden on Friday plans to sign an executive order for federal grants that would prioritize projects with labor agreements, wage standards, and benefits such as access to child care and apprenticeship programs. The Biden administration is trying to make the case that economic growth should flow out of better conditions for workers. “A good job is a job with security and benefits, where workers have the right to join a union, advocate for better working conditions, come home safe and healthy, and retire with dignity,” said Acting Labor Secretary Julie Su.

  • Sep 06, 2024

Investor dash to cash continues ahead of Fed rate cut, BofA says

Investors poured $61 billion into cash-like money market funds in the week to Wednesday, as they braced for the Federal Reserve to cut interest rates for the first time in four years, Bank of America said on Friday. WHY IT'S IMPORTANT Many investment fund managers have hoped rate cuts will lower the returns on money-market funds (MMFs) and send a torrent of cash into stocks and bonds. But, somewhat counter-intuitively, big investors tend to move into MMF as the range of short-term fixed income assets they hold typically offer higher returns for longer than short-term Treasury bills, whose yields are highly sensitive to Fed rates.

  • Sep 06, 2024

Oil steadies ahead of key US jobs report

(Reuters) -Oil prices ticked up in Asian trading on Friday, with investors exercising caution ahead of key U.S. employment data as they weighed a big withdrawal from U.S. crude inventories and a delay to production hikes by OPEC+ producers. "It seems that broader caution prevails, as market participants are still trying to wrap their heads around the mixed U.S. economic data coming through this week, while the lead-up to the crucial jobs report may limit some risk-taking," said Yeap Jun Rong, a market strategist at IG.

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