Dec. 17, 2023 11:38 am ET Most Americans probably heard of the Harvard Corp. for the first time last week, when it issued a supercilious statement affirming its support for Harvard President Claudine Gay. The corporation, Harvard’s governing body, wrote that Ms. Gay “is the right leader to help our community heal and to address … Read more
Harvard College received 17% fewer applications for early admission from high school seniors this year, the lowest total in four years, according to the school’s website. The drop comes after incidents of antisemitism on campus in the wake of the Oct. 7 attack on Israel by Hamas. Applications were due Nov. 1, before university President … Read more
I’m Chris Anstey, a senior editor in Boston, and today we’re looking at what we learned from China’s latest economic data. Send us feedback and tips to ecodaily@bloomberg.net or get in touch on X (formerly known as Twitter) via @economics. And if you aren’t yet signed up to receive this newsletter, you can do so … Read more
President Joe Biden has offered changes to US border policy that raises the prospects of a bipartisan deal on immigration and aid to Ukraine, Republican senators said Wednesday. Republicans met behind closed doors to evaluate the verbal offer, which emerged after Homeland Security Secretary Alejandro Mayorkas met with senators for nearly two hours Tuesday evening. … Read more
Argentina devalued the peso by 54% and announced a swath of spending cuts as the first steps of President Javier Milei’s shock-therapy program, moves welcomed by the International Monetary Fund. The newly inaugurated administration weakened the official exchange rate to 800 pesos per dollar, Economy Minister Luis Caputo said in a televised address after the … Read more
The UK immigration minister resigned over Prime Minister Rishi Sunak’s latest proposal to deport asylum seekers to Rwanda, underscoring concerns that the anti-immigration plan doesn’t go far enough to pacify a rebellion in the ruling party. Robert Jenrick quit his post on Wednesday, just hours after the government published a bill that aimed to ensure … Read more
I’m Chris Anstey, a senior economics editor in Boston, and today we’re looking at the Fed’s shifting perspective on interest rates. Send us feedback and tips to ecodaily@bloomberg.net or get in touch on X (formerly known as Twitter) via @economics. And if you aren’t yet signed up to receive this newsletter, you can do so … Read more
Good morning. Jerome Powell fails to temper animal spirits in the bond market, Bill Gates says the Paris Agreement climate goals are probably beyond reach, and Bitcoin hits $40,000. Here’s what people are talking about. Bond traders are growing more confident the Federal Reserve has reached the peak of its rate-hiking cycle, even as central … Read more
Wall Street turned a blind eye on Jerome Powell’s attempt to curb bets on rate cuts, with stocks and bonds climbing on speculation the Federal Reserve will stay put this month and ease policy in 2024. While the Fed chief said officials are ready to hike further if needed, he also noted policy is “well … Read more
For much of the past two years, the US economy’s extraordinary resilience has revolved around demand for services. That’s been a zombie narrative that’s refused to die a tidy death — perhaps until now. Despite a cooling in some services spending in early 2023, the category caught a second wind thanks, in part, to Taylor … Read more