Finance

Watch Fed Chair Jerome Powell speak live on economy, policy views

Published

2 weeks ago

September 30, 2024

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Federal Reserve Chair Jerome Powell is set to speak Monday to the National Association for Business Economists during the organization’s annual conference in Nashville.

The central bank chair is delivering his assessment on the economy as well as his policy views.

Following the speech, Powell will speak in a moderated discussion with Ellen Zentner, global head of thematic and macro investing at Morgan Stanley Wealth Management.

The speech comes less than two weeks after the rate-setting Federal Open Market Committee approved a half-percentage-point reduction in its key overnight borrowing rate, the first rate reduction in more than four years. Markets expect the Fed to follow up with additional cuts this year and in 2025 depending on the path of the economic data.

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Morgan Stanley (MS) earnings Q3 2024

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October 16, 2024

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Ted Pick, CEO Morgan Stanley, speaking on CNBC’s Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 18th, 2024.

Adam Galici | CNBC

Morgan Stanley topped analysts’ estimates for third quarter profit as its wealth management, trading and investment banking operations generated more revenue than expected.

Here’s what the company reported:

Earnings:$1.88 a share vs $1.58 LSEG estimate
Revenue: $15.38 billion vs. $14.41 billion estimate

Morgan Stanley had several tailwinds in its favor. The bank’s massive wealth management business was helped by high stock market values in the quarter, which inflates the management fees the bank collects.

Investment banking has rebounded after a dismal 2023, a trend that may continue as easing rates will encourage more financing and merger activity.

Finally, its Wall Street rivals have posted better-than-expected trading results, making it unlikely that the firm missed out on elevated activity.

JPMorgan Chase, Goldman Sachs and Citigroup topped expectations, helped by better-than-expected revenue from trading or investment banking.

This story is developing. Please check back for updates.