Insurable Interest Canadian Insurance Blog

Bostic now joins a handful of other Fed policymakers who have pushed back in varying degrees against the notion they should react more aggressively. Investors who are on edge will turn their attention next week to the Fed’s annual symposium in Jackson Hole, Wyoming. Though the conference agenda has not been made public, Chair Jerome Powell is widely expected to speak and could provide more guidance on what to expect when the central bank’s rate-setting panel meets in mid-September. The latest data on prices, meanwhile, showed continued progress on lowering inflation. US producer prices rose in July by less than forecast, according to a Bureau of Labor Statistics report released Tuesday. July numbers on consumer inflation are due Wednesday. Economists surveyed by Bloomberg expect the consumer price index rose 3% in the 12 months through July. Last month policymakers kept interest rates unchanged at a more than two-decade high, yet signaled they were closer to lowering borrowing costs. Powell said a rate cut could be appropriate as soon as the central bank’s September meeting. Credit: Shutterstock Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

The interest burden on outstanding U.S. debt remained a major drag on the budget. Interest costs in the first 10 months of the fiscal year totalled $956 billion, up 32% from 2023. The Federal Reserve’s aggressive interest-rate hiking campaign, aimed at quelling inflation, has made debt more expensive to issue for the federal government. The weighted average interest rate on outstanding U.S. interest-bearing government debt was 3.33% at the end of July — the highest since January 2010 and up about half a percentage point from a year before. (Credit: Adobe Stock) Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Topics include artificial intelligence, behavioral finance, estate planning, client segmentation and marketing. Some of the event’s keynote speakers are Olympic medalist Apolo Ohno and former NFL Super Bowl champion Jon Dorenbos, who also was a two-time Pro Bowler. A registration desk for LPL Financial’s Focus event at the San Diego Convention Center on Aug. 11, 2024 “We are thrilled to gather in San Diego for the largest Focus event in LPL history … ,” President and CEO Dan Arnold said in a statement. “We are investing back into our winning model to create unprecedented flexibility in how advisors affiliate” with the firm. Last week, LPL Financial recruited Houston-based advisor Alberto Francis to its high-net-worth-focused employee affiliation model from Bank of America Private Bank. Francis’ move came about two months after LPL recruited its first advisors to the new HNW channel — which was launched in November — in Oklahoma City. The independent broker-dealer’s advisor headcount was 23,462 as of June 30— up 1,520 from a year ago and 578 from the first quarter of 2024. Its total advisory and brokerage assets were $1.5 trillion at the end of the second quarter, up 21% from Q2’23.

What You Need to Know With many asset groups not yet screaming economic angst, one bullish mantra is starting to emerge from the noise: Buy the dip. Panicked moves were the theme of the week, particularly Monday. Still, almost as quickly as it blew up, volatility eased, and the S&P 500 staged its biggest rally since 2022. It started, innocently enough, in markets, when high-flying tech stocks started giving back gains that nearly all of Wall Street was convinced had gone too far. Roughly a month into a trauma that expanded this week to encompass everything from emerging-country currencies to Japanese shares — before defusing almost as fast — a lot of people worried about the economy are hoping markets are where it will stay. A signature fact of the worst turbulence of 2024 remains how much of it is confined to excesses wrought by traders. Speculators exploiting an ever-weakening yen got chased out of cross-border wagers. Quants who’d been ringing up gains for months suffered a comeuppance. Popular options bets premised on calm briefly blew up. In short, while economic fears lit the match that fueled the selloff’s loudest bursts, a daisy chain of leverage drove a slew of market reversals that muddy the...

Bank of America Corp. hired private banker Luke Palacio from Citigroup Inc. as it seeks to capture more business serving wealthy individuals in South Florida. Palacio is joining Bank of America Private Bank in October as the Miami senior market executive, according to a memo reviewed by Bloomberg News. In this new role, he will focus on growing the firm’s ultra-high-net-worth and family office business development. “In line with our priorities, we are making a strategic decision to expand South Florida,” Hong Ogle, southeast and southwest division executive at Bank of America Private Bank, said in the memo. A representative for Bank of America confirmed the contents of the memo. For the biggest U.S. banks, wealth management has been a fast-growing, competitive business. They’ve poured resources into the sector to lure new clients who bring additional assets to invest.