The Republican-led U.S. Senate Judiciary Committee on Thursday scheduled an Oct. 22 vote to advance conservative appellate judge Amy Coney Barrett's nomination to the Supreme Court to the full Senate for confirmation, rejecting Democratic objections. This report produced by Yahaira Jacquez.
Democrats seized on a fresh line of attack on the eve of the first U.S. presidential election debate, accusing President Donald Trump of gaming the system after a report showed he paid paltry amounts of federal tax in recent years. This report produced by Jonah Green.
PayPal is expanding its Instant Transfer feature globally. This is part of a concerted effort to enable more of its PayPal, Venmo, and Xoom users to quickly move their funds to bank accounts. The service was already available in North America and some markets in Asia Pacific and Europe. Business Insider reports that PayPal has deepened its partnership with Visa and its Visa Direct fast payments network to bring it to more locations.
The Federal Reserve is targeting above 2% inflation. Scott Minerd, Guggenheim global CIO told Bloomberg on Wednesday it is "virtually impossible" for the Fed to achieve that without creating a bubble in asset prices. "The reality is that the inefficiencies that are building up in the system." Minerd said misinformation and mistaken investments will pose a challenge to investors.
On Thursday, US stocks fell 320 points. The drop comes even as weekly jobless-claims data came in better than expected. Business Insider reports that weekly jobless claims fell by more than 30,000 from the previous week, to 860,000. Tech stocks led the decline. Investors continued to process Federal Reserve Chairman Jerome Powell's comments expressing uncertainty about the economic recovery. Powell also said the Fed didn't expect to raise interest rates until at least 2023.
As many as 20 major EU banks are set to announce details for a new payments initiative in the very near future.
This announcement came from Electronic Payments International.
Business Insider reports..