Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
With the stock market stuck running in place for the better part of four months, investors have resorted to making money by betting against price swings. And it’s worked.
But while many have started viewing the current environment as the new normal, JPMorgan’s quant guru has a warning: it’s not going to last — and when the shift comes, it’s going to hurt.
It’s a Fed day. The market is pricing in a 94.8% chance that the Federal Reserve will hike interest rates at Wednesday’s meeting, but Fed Chair Janet Yellen, will have a harder time justifying that hike, according to Business Insider’s Pedro Da Costa. Click here to stay up to date with the latest from the Fed.
The Fed is missing a key sign of economic weakness coming from American consumers.
And the Trump administration sure sounds like it’s getting ready for a government shutdown in September.
Traders and speculators in the market should be raising cash right now, according to Jeff Gundlach. And a senior portfolio manager at a $US195 billion investment firm broke down the hottest story in markets.
Online lenders haven’t been verifying income and employment on their loans, and that should set alarm bells ringing. Wall Street loves the Trump administration’s plan to dismantle financial crisis regulations.
Standard Chartered is planning a Wall Street hiring drive. A big investor in scientific ventures just hired a former top JPMorgan banker. Goldman Sachs found a way to automate dealmaking tasks usually managed by investment bankers.
And a one-time portfolio manager at a top New York hedge fund has been sentenced to 18 months in prison.
Private equity honcho David Bonderman resigned from Uber’s board on Tuesday after making a sexist comment during a company meeting earlier in the day.
There’s a new NYC law that eliminates your least favourite interview question — and Wall Street isn’t happy.
Lastly, this $US83 million private jet is designed to bathe you in the glamour of vintage Hollywood.