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The US will hit its debt ceiling on Thursday, Yellen warned Congress

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U.S. Treasury Secretary Janet Yellen speaks at the Financial Stability Oversight Committee (FSOC) meeting at the Treasury Department, Friday, Dec. 16, 2022, in Washington, DC, U.S.

Ding Shen | Bloomberg | Good pictures

Treasury Secretary Janet Yellen announced to Congress on Friday that the US will achieve that Statutory credit limit Next Thursday.

After that, the Treasury Department “will begin to take some extraordinary steps to prevent the United States from defaulting on its obligations,” Yellen wrote in a letter to House Speaker Kevin McCarthy, R-Calif.

The Treasury is “not currently able” to estimate how long those emergency measures will allow it to pay U.S. government obligations, he wrote, adding that it is “unlikely that the money and extraordinary measures will run out by early June.”

“I respectfully urge Congress to act immediately to protect the full faith and goodwill of the United States,” Yellen wrote.

Yellen’s announcement on Friday effectively starts the clock on how long the Fed can continue to make interest payments on its debt.

The Treasury secretary’s so-called extraordinary measures could technically free up billions of dollars earmarked for other purposes but not yet spent.

That could extend the clock by weeks or months while Congress rolls out a bill to raise the debt ceiling.

A senior White House official told CNBC that the White House plans to cut a deal with Congress to raise the federal debt ceiling after the mid-April deadline for income tax filings. The official said the White House will not have enough details to negotiate a deal until it sees the level of income tax receipts.

But the debate over raising the debt ceiling is expected to be especially fraught this year in light of the new Republican majority in the House of Representatives.

McCarthy has made little secret of the fact that Republicans are demanding massive spending cuts in the federal budget in exchange for agreeing to raise the debt ceiling.

This is breaking news. Check back for updates.

QB Derek Carr says new town, embraces team’s challenge

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LAS VEGAS (AP) — Quarterback Derek Carr made his first public comments Thursday after being benched. Las Vegas Raiders coach Josh McDaniels said he’s ready for the challenge of playing in a new city.

“I once said that if I wasn’t a rider, I’d be at home, and I meant it, but I never thought it would end up this way.” Carr posted on Twitter. “I still have that fire burning inside me to win a championship. A fire that no one can put out; Only God. So I’m looking forward to a new city and a new team, they’ll get everything I’ve got, in any situation.

Carr started 142 games over nine seasons for the Raiders, providing stability to a franchise that cycled through 17 starting quarterbacks in 11 years before he became a second-round pick in 2014.

Carr helped lead the Raiders to playoff appearances in 2016 and 2021 and holds several team records, including most career passing yards (35,222) and touchdown passes (217). But he also had the third-most starts for a quarterback in the Super Bowl era for a team that didn’t win a playoff game.

Carr struggled in his first year under McDaniels, adding star receiver and close friend Davante Adams to the offense, but was benched with two weeks left in the regular season.

Carr has his lowest marks since his rookie season in 2017 while posting his highest completion percentage (60.6%) and passing percentage (86.3) and his highest interception percentage (2.8%) and lowest yards per attempt (7.0).

That ultimately led to the decision of McDaniels and first-year general manager Dave Ziegler to move on from Carr less than a year after signing him to a three-year extension. $120.5 million.

The deal signed last April gives Carr a $5 million hit through 2022, but gives Las Vegas an out this season. The Raiders have until Feb. 15 to release Carr or his $32.9 million salary for 2023 and $7.5 million of his $41.9 million salary for 2024 will be guaranteed.

The Raiders can try to reach an agreement on a trade for Carr before that deadline but won’t be able to finalize the deal until the new league year begins on March 15. Any team that acquires Carr will then pick up the remainder of the contract. This includes $41.2 million guaranteed for 2023-24 and a non-guaranteed salary for 2025.

Carr has a no-trade clause in his contract, which gives him control over his target. That would absorb $5.6 million of the 2023 salary cap hit and save more than $29 million, potentially forcing the Raiders to cut him.

“Derek’s tenure with the Raiders is effectively over,” said Tim Younger, Carr’s agent. Posted on Twitter. “Relationships end, but like here, a treasure trove of memories and friendships, with a very special bond with his fans. These never end.

“Teams continue to look for owners who invest themselves fully, maybe even to a fault, as Derek did for a decade. That’s his true legacy more than the many team records he holds.

Carr thanked the fans and organization in Las Vegas and Oakland.

“It’s especially hard to say goodbye because I can honestly say that every day, season in and season out, I gave you (the fans) everything I had,” Carr wrote. “It certainly wasn’t perfect, but I hope I was able to leave some great memories as Raider fans.”

___

AP NFL: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL

LIVE: NWSL Draft Tracker makes decisions — No. 1 Alyssa Thompson goes to Angel City FC; Michelle Cooper no. 2

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The National Women’s Soccer League will introduce the world to its next crop of talent Thursday night. The 2023 NWSL Draft kicks off in Philadelphia at 6pm ET and you can catch all the action here Paramount+ and CBS Sports Headquarters. CBS Sports Network The first hour of the draft will air at 6 p.m. ET.

California high school student Alyssa Thompson went first overall to Angel City FC thanks to a series of wild trades made in the days leading up to the draft.

There are 256 players available For only 48 picks, teams will look for undrafted free agents in the next few days after the draft ends.

Must see Our mock draft For the first round with Rule updates What has changed this year? We’ll keep track of the order and selections made below — and while you’re at it, Sign up for our new newsletter Covering the beautiful game in all its glory, including updates three times a week, Here.

Draft order and results

Round 1

  • 1. Angel City FC — Alyssa Thompson, FWD (Harvard-Westlake Prep)
  • 2. Kansas City Current — Michael Cooper, FWD (Duke University) *Acquired via trade with NJ/NY Gotham
  • 3. Orlando Pride — Emily Madrill, DEF (Florida State University)
  • 4. NJ/NY Gotham — Jenna Nicewonger, MID (Florida State University)
  • 5. Portland Thorns FC — Reyna Reyes, DEF/MIT (University of Alabama)
  • 6. North Carolina Courage — Olivia Wingate, FWD (University of Notre Dame)
  • 7. Chicago Red Stars — Penelope Hocking, MID/FWD (Penn State University)
  • 8. North Carolina Courage — Sidney Collins, DEF/MID (University of California)
  • 9. North Carolina Courage — Clara Robbins, MID/FWD (Florida State University)
  • 10. Kansas City Current — Alexa Sponstra, MID/FWD (University of Virginia)
  • 11. North Carolina Courage — Haley Hopkins, FWD (University of Virginia)
  • 12. Portland Thorns FC — Izzy D’Aquila, FWD (Santa Clara University)

Round 2

  • 13. San Diego Wave — Sierra Enge, DEF/MID (Stanford) *Acquired in draft day trade with NJ/NY Gotham FC
  • 14. Chicago Red Stars — Grace Yochum, MIT (Oklahoma State)
  • 15. Kansas City Current — Gabriel Robinson, DEF/MID/FWD (West Virginia University)
  • 16. Racing Louisville FC — Kayla Fischer, MIT/FTW (Ohio State University)
  • 17. Racing Louisville FC — Brianna Martinez, DEF/MID (Notre Dame University)
  • 18. Kansas City Current — Jordan Silkowitz, GK (Iowa State University)
  • 19. OL Reign — Shea Holmes, DEF (University of Washington)
  • 20. Houston Dash — Sophie Hirst, MIT (Harvard University)
  • 21. Orlando Pride — Messiah Pride, FWD (Texas Christian University)
  • 22. Houston Dash — Jillissa Harris, DEF/MID (University of South Carolina)
  • 23. Chicago Red Stars — Allison Schlegel, MID/FWD (Penn State University)
  • 24. Portland Thorns FC — Lauren DeBeau, MID/FWD (Michigan State University)

Round 3

  • 25. Orlando Pride — Torey Hansen, DEF (University of North Carolina)
  • 26. Washington Spirit — Nicole Douglas, FWD (Arizona State University)
  • 27. Angel City FC — Angelina Anderson, GK (University of California)
  • 28. Racing Louisville FC
  • 29. Orlando Pride
  • 30. North Carolina Courage
  • 31. Racing Louisville FC
  • 32. OL rule
  • 33. San Diego Wave FC
  • 34. Orlando Pride
  • 35. Kansas City Current
  • 36. Portland Thorns FC

Round 4

  • 37. Washington Spirit
  • 38. Kansas City Current
  • 39. Orlando Pride
  • 40. Racing Louisville FC
  • 41. Orlando Pride
  • 42. Kansas City Current
  • 43. Chicago Red Stars
  • 44. NJ/NY Gotham FC
  • 45. San Diego Wave FC
  • 46. ​​OL rule
  • 47. Kansas City Current
  • 48. Portland Thorns FC

Idaho murder suspect Brian Kohberger appears in court, waives right to speedy probable cause trial

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CNN

the man Four University of Idaho students are suspected of being killed He appeared in court Thursday for a status conference, where a judge plans to begin a preliminary hearing on June 26.

Brian Kohberger, dressed in an orange prison uniform, shackled his legs, waived his right to a speedy trial within 14 days. The 28-year-old spoke only briefly when answering the judge’s questions.

The public defender representing the suspect asked the judge to allow four or five days for a probable cause hearing this summer, and the judge indicated he would block a June 26 hearing for the matter. The judge ordered Kohberger held in state custody without bond.

Kohberger is being held without bail in the Latah County Jail in Idaho, where he faces four counts of first-degree murder and one count of robbery in the fatal stabbing of Kayleigh Goncalves, 21; Madison Mohan, 21; Chana Kernodil, 20; and Ethan Chapin, 20.

A night later, the four undergraduates were found dead in an off-campus house on November 13, according to police, of nerve damage. The college town of Moscow, IdahoAt the Washington state border.

Follow live notifications: Bryan Kohberger to appear in court

Authorities arrested Kohberger nearly seven weeks later and took him into custody at his parents’ home in Pennsylvania, where he had traveled for the holidays, a lawyer said. Although it took nearly two months for authorities to publicly name a suspect, police — who Faced with mounting criticism While the investigation was outwardly stalled — a few weeks ago — attention began to focus on Kohberger as a suspect.

Meanwhile, nearby Pullman is Kohberger’s neighbor in Washington. told CBS News The suspect asked him days after the murders, “Yeah, it looks like they don’t have any leads. It looks like a crime of passion. The neighbor asked not to be identified,” CBS reported.

Among the most striking evidence was the eyewitness account of one of the victims’ surviving roommates, who told police she saw a man dressed in black inside the home on the morning of the murder. According to a probable cause affidavit released last week. The witness described the man as about 5-foot-10 or taller and not very muscular, but sportily built with bushy eyebrows.

Investigators were also drawn to a white sedan seen on local surveillance footage in the area surrounding the home. Local law enforcement has been asked to be on the lookout for the car, identified as a Hyundai Elantra, by Nov. 25.

Days later, authorities at Washington State University, where Kohberger was a PhD student in criminal justice, located one such vehicle and discovered it was registered to Kohberger, the affidavit states.

When investigators looked up his driver’s license information, they found it matched the description of the black-clad man provided by the roommate, specifically noting his height, weight and eyebrows, the affidavit states.

Kohberger got a new license plate for his car five days after the murder, according to the affidavit. When he was arrested in Pennsylvania last week, a white Elantra was found at his home, Monroe County Chief Public Defender Jason LaBarr said.

Other evidence listed in the affidavit included phone records showing Kohberger’s phone was near the victims’ home at least a dozen times since June. The records also show a phone near the scene of the killing several hours later, between 9:12 a.m. and 9:21 a.m., the document states.

Additionally, trash officers recovered from Kohberger’s family home revealed a DNA profile linked to DNA on a brown leather knife sheath found on the bed of one of the victims, the affidavit said. DNA recovered from the debris is believed to be that of the biological father of the person found in the casing.

A law enforcement source told CNN that Kohberger was under surveillance for four days before being arrested. During that time, he was seen putting trash bags in neighbors’ trash cans and “cleaned his car inside and out without missing an inch,” the source said.

The court order prohibits the prosecution and defense from commenting on the case beyond referring to public records.

The Monterey Peninsula may be cut off, and flooding is expected in the Salinas Valley

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At a news conference Wednesday, Sheriff Tina Nieto announced that the county is preparing for the Monterey Peninsula to be cut off from the rest of the state due to impending floodwaters if the Salinas River continues to flood. >>Watch the press conference in the video player above. The Salinas River passes under Highway 68 and Highway 1 on its way to Monterey Bay. During extreme floods, the river can prevent the river from flowing into or out of the peninsula, blocking both highways. The last time this happened was in 1995. Nieto also wanted to warn the public about the possibility of flooding in Suvalar, Spreckels, Las Palmas Ranch 1 and Las Palmas Ranch II. After raging rivers, river levels across the central coast have risen to severe levels and caused catastrophic flooding. Officials’ latest concern is the currently rising Salinas River. The river, which continues to rise even after the rains stop, continues to swell between Chualar and Monterey Bay. As of 4 p.m. Wednesday, the river crest at the Highway 68 crossing was at 20 feet and in “active” condition. This means that the river is not yet in flood, but at bank level. The National Weather Service predicts that the river will flood Thursday afternoon. Nieto: List of road closures due to Salinas River flooding

At a news conference Wednesday, Sheriff Tina Nieto announced that the county is preparing for the Monterey Peninsula to be cut off from the rest of the state due to impending floodwaters if the Salinas River continues to flood.

>>Watch the press conference in the video player above.

The Salinas River passes under Highway 68 and Highway 1 on its way to Monterey Bay. During extreme floods, the river can prevent the river from flowing into or out of the peninsula, blocking both highways. The last time this happened was in 1995.

Nieto also wanted to warn the public of possible flooding in Chualar, Spreckels, Las Palmas Ranch 1 and Las Palmas Ranch II.

After raging rivers, river levels across the central coast have risen to severe levels and caused catastrophic flooding. The latest concern for officials is the rising Salinas River.

The river, which continues to rise even after the rains stop, continues to swell between Chualar and Monterey Bay.

As of 4 PM on Wednesday, Nadi Mani on Highway 68 The cross river is 20 feet high and is in “operational” condition. This means that the river is not yet in flood, but at bank level. The National Weather Service predicts that the river will flood Thursday afternoon.

Nieto: List of road closures due to Salinas River flooding

A rare, green comet will pass Earth starting this week

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If you look at the night sky next month and see a small green light in the sky, don’t panic, aliens haven’t landed.

A rare green comet is expected to pass Earth this week and remain visible in the night sky for nearly a month, according to NASA and astronomers.

A rare, green comet will pass Earth starting this week

This handout image from the NASA website shows Comet C/2022 E3 (ZTF), which was discovered by astronomers using the Wide-Field Survey Camera at the Zwicky Transient Facility.

Dan Bartlett/NASA/AFP via Getty Images

Comet C/2022 E3 (ZTF) was discovered last March when it was already in Jupiter’s orbit. It is distinguished by its green glow.

The comet will approach the Sun, or perihelion, on Jan. 12 and will be visible to stargazers in the Northern Hemisphere, NASA scientists said. People in the Southern Hemisphere will be able to see the comet in February.

“Comets are unpredictable, but if this one continues its current trend in brightness, it will be easily detectable with binoculars and visible to the unaided eye under dark skies,” NASA wrote in its post. “What is the matter” blog earlier this month.

Photo: Comet C/2022 E3 (ZTF) makes its closest approach to Earth on February 2, 2023.

Comet C/2022 E3 (ZTF) will make its closest approach to Earth on February 2, 2023.

NASA

The comet will move northwest across the horizon throughout January and will make its closest approach to Earth between February 1 and February 2, NASA said. At that time, the comet will be 26 million miles from the planet, according to astronomers.

Astronomical maps show that the comet will be close to Mars in about a week.

The $1.1 billion mega million numbers are drawn

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The Mega Millions prize has risen again to $1.35 billion after the lottery’s latest giant jackpot was not won. The numbers drawn on Tuesday night were: 7, 13, 14, 15, 18 and the golden Mega Ball 9. The new jackpot Friday night drawing will be another milestone for the game, Mega Millions said in a statement earlier Wednesday. “Now at $1.35 billion, the Mega Millions jackpot has advanced to become the second-highest Mega Millions jackpot in history,” Pat MacDonald, Ohio Lottery director and lead director of the Mega Millions Association, said in a statement. Mega Millions said Billion Dollars. America’s biggest jackpot to date was won by a $2.04 billion Powerball ticket in California in November. The $1.35 billion jackpot estimated in the next drawing will be distributed only to the winner who chooses an annuity paid out over 29 years. Nearly all of the grand prize winners were in Friday night’s drawing of an estimated $707.9 million, with players continuing to buy tickets as the size of the grand prize increases. Mega Millions is played in 45 states as well as Washington, DC and the US Virgin Islands.

The Mega Millions prize has risen again to $1.35 billion after there was no winner of the lottery’s latest giant jackpot.

The numbers drawn on Tuesday night were: 7, 13, 14, 15, 18 and the golden Mega Ball 9.

Friday night’s new jackpot drawing will be another milestone for the game, Mega Millions said in a statement early Wednesday.

“Now at $1.35 billion, the Mega Millions jackpot moves forward and makes history as the second-highest Mega Millions jackpot,” Pat MacDonald, director of the Ohio Lottery and lead director of the Mega Millions Association, said in a statement.

The only Mega Millions jackpot bigger than Silver’s prize was the $1.53 billion won in South Carolina in 2018, MegaMillions said.

The largest US jackpot to date is the $2.04 billion Powerball won by a ticket in California in November.

The $1.35 billion jackpot estimated in the next drawing will be distributed only to the winner who chooses an annuity paid out over 29 years. Almost all of the grand prize winners choose to take home an estimated $707.9 million in cash for Friday night’s drawing.

There have been 25 drawings in three months since the last time a player matched all six numbers and won the jackpot.

Despite the game’s long odds of 1 in 302.6 million, players continue to buy tickets as the jackpot increases in size.

Mega Millions is played in 45 states as well as Washington, DC and the US Virgin Islands.

Constantine, the former and last king of Greece, died at the age of 82

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ATHENS, Greece (AP) — Greece’s former and last emperor Constantine, an Olympic gold medalist before spending decades in exile after becoming embroiled in his country’s turbulent politics as king in the 1960s, has died. He is 82 years old.

Doctors at the private Hygeia Hospital in Athens confirmed to The Associated Press that Constantine died late Tuesday after treatment in the intensive care unit, but an official announcement was pending.

When he ascended the throne as Constantine II in 1964 at the age of 23, the young monarch, who was already an Olympic gold medalist in sailing, achieved great fame. Over the next year he squandered much of that support by actively engaging in maneuvers to topple Prime Minister Georges Papandreou’s elected central union government.

The episode, which involved the defection of several lawmakers from the ruling party, and is still widely known in Greece as “the apostasy”, disrupted the constitutional order and led to a military coup in 1967. Eventually Constantine was forced into conflict with the military rulers.

The dictatorship abolished the monarchy in 1973, while a referendum after democracy was restored in 1974 dashed hopes that Constantine would rule again.

Reduced in subsequent decades to quick trips to Greece, each time stirring a political and media storm, he was able to settle back in his home country during his dry years. With minimal aspiration for monarchy in Greece, Constantine became a relatively controversial figure.

Constantine was born in Athens on June 2, 1940, to Prince Paul, younger brother and heir to the throne of King George II, and Princess Frederica of Hanover. His older sister Sofia was the wife of former King Juan Carlos I of Spain. Greek-born Prince Philip, the late Duke of Edinburgh and husband of the late Queen Elizabeth II, is an uncle.

The family, which has ruled Greece since 1863 except for a 12-year republican hiatus between 1922–1935, is descended from Prince Christian of Denmark, later Christian IX of Denmark, of the Schleswig-Holstein-Sanderburg-Glucksburg branch of the Danish branch. The ruling family.

Before Constantine’s first birthday, the royal family was forced to flee Greece during the German invasion of World War II, moving to Egypt, Alexandria in South Africa, and back to Alexandria. King George II returned to Greece in 1946 following a controversial referendum, but died a few months later, leaving Constantine as King Paul I’s successor.

Constantine attended a boarding school, then attended three military academies and Athens law school classes in preparation for his future role. He also participates in various sports including sailing and karate and wears a black belt.

In 1960, at the age of 20, he and two other Greek sailors won a gold medal in the dragon class – now no Olympic class – at the Rome Olympics. While still a prince, Constantine was elected a member of the International Olympic Committee, becoming an honorary life member in 1974.

King Paul I died of cancer on March 6, 1964 and Constantine succeeded him, a few weeks after the Center Union Party defeated the Conservatives with 53% of the vote.

Prime Minister George Papandreou and Constantine initially had a very close relationship, but it soon soured over Constantine’s insistence that control of the armed forces was the king’s prerogative.

As many officials toyed with the idea of ​​dictatorship and considered the conservative government soft on communism, Papandreou wanted to control the Ministry of Defense, eventually demanding to be appointed Minister of Defense. After an acrimonious correspondence with Constantine, Papandreou resigned in July 1965.

Constantine’s insistence on appointing a government composed of defectors from the centrist party, which won a narrow parliamentary majority at the third attempt, was not well received. Many considered him manipulated by his scheming mother, the dowager Queen Frederica.

“People don’t want you, get your mother!” In the summer of 1965, the protests turned into a rallying cry that rocked Greece.

Eventually, Constantine made a truce of sorts with Papandreou and, with his agreement, appointed a government of technocrats and, later, a conservative-led government to hold elections in May 1967.

But with the polls heavily favoring the Central Union and Papandreou’s left-wing son Andreas rising in popularity, Constantine and his courtiers feared reprisals and prepared for a coup with the help of high officials.

However, a group of lower-ranking officers, led by colonels, prepared their own coup, announced Constantine’s plans through a mole, and declared a dictatorship on April 21, 1967.

Constantine was surprised and his feelings towards the new rulers were evident in the official photograph of the new government. He pretended to accompany them while preparing a counter-plot with the help of troops in northern Greece and a navy loyal to him.

On December 13, 1967, Constantine and his family flew to the northern city of Kavala with the intention of marching on Thessaloniki and setting up a government there. The counter-plot, poorly managed and infiltrated, collapsed and Constantine was forced to flee to Rome the next day. He will not come back as a reigning king.

A military junta appointed a regent and abolished the monarchy on June 1, 1973, after a foiled naval counter-plot in May 1973. A July referendum, widely considered, confirmed this decision.

When the dictatorship collapsed in July 1974, Constantine was eager to return to Greece, but was advised against it by the elder statesman Constantine Karamanlis, who headed a civilian government in exile. Karamanlis, who headed the government between 1955-63, was a conservative but clashed with the court over what it considered its excessive interference in politics.

After winning the November elections, Karamanlis called a referendum on the monarchy in 1974. Constantine was not allowed to campaign in the country, but the result was unequivocal and widely accepted: 69.2% voted in favor of the Republic.

Soon after, Karamanlis famously claimed that the nation had rid itself of cancer. The day after the referendum, Constantine said, “National unity must be prioritized…I wish with all my heart that the developments justify the result of yesterday’s referendum.”

Until his final days, Constantine accepted that Greece was now a republic, continuing to style the king of Greece and his children as princes and princesses, even though Greece no longer recognized titles of aristocracy.

For most of his years in exile, he lived in the London suburb of Hampstead Gardens and was said to be particularly close to his second cousin, Charles, Prince of Wales and now King Charles III.

It took Constantine 14 years to return to his country, briefly, to bury his mother Frederica in 1981, and since then he has increased his visits and, since 2010, has made his home there. Disputes continued: in 1994, the then socialist government revoked his citizenship and confiscated what was left of the royal family’s property. Constantine sued the European Court of Human Rights and was awarded 12 million euros in 2002, a fraction of the 500 million he had sought.

His wife, former Princess Anne-Marie of Denmark, younger sister of Queen Margrethe II; five children, Alexia, Pavlos, Nikolas, Theodora and Philippos; and nine grandchildren. ___ Contributed by Derek Katopoulos in Athens.

Bed Bath & Beyond to close Delaware Brandywine Town Center store

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Global stocks ease after Fed officials dampen confidence

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LONDON, Jan 10 (Reuters) – Global stocks edged lower on Tuesday as comments from two Federal Reserve officials weighed on the U.S. interest rate outlook, hitting stocks, commodities and other risks as investors took gains over the past two weeks. assets.

MSCI All-World Index (.MIWD00000PUS) It shed 0.1% but was on track for a three-week high on Monday, while the dollar – a measure of investors’ risk appetite – was steady against a basket of major currencies.

In the past six weeks, as cases have surged across the country, China has scrapped its zero-Covid policy, giving markets a level playing field as investors weigh the economic benefits of reopening against the impact of activity from the wave. Infections.

In addition, inflation has peaked, particularly in the US, and there is hope that the central bank will not have to raise rates as many feared.

However, with consumer price pressures still above the central bank’s target of 2%, two central bank officials issued a stark reminder on Monday that interest rates must continue to rise regardless of what investors are pricing in.

“The market is trying to get one step ahead of the Fed, but it’s not really listening to it. And the Fed has been very clear with its message – rates are going to be higher, and they’re going to be higher. For a long time,” said CitiIndex strategist Fiona Cincotta.

“If you look at inflation expectations later this week — the big focus — core inflation is expected to be higher. It doesn’t matter which way you look at it. It’s still above the Fed’s target,” she said.

Consumer price data due on Thursday showed headline inflation expected to ease to 6.5% in December from 7.1% in November.

The data is important in setting expectations for what happens with rates at the Fed’s next policy meeting and beyond.

San Francisco Fed President Mary Daly told the Wall Street Journal that she was focused on Thursday’s data and that 25- and 50-basis-point hikes were options for her. Atlanta Fed President Rafael Bostic said his “fundamental case” is not for rate cuts this year or next.

“The key theme overnight was caution in the equity space as stocks gained after dovish comments from two Fed officials. Rafael Bostick and Mary Daly said the central bank could raise (interest) rates above 5% and keep them there for some time,” Commerzbank said in a note. .

Federal Reserve Chairman Jerome Powell addresses a conference on central bank independence later Tuesday, and investors will be looking to his comments for any signal on monetary policy.

Fragile China

In Europe, stocks opened in the red, with the STOXX 600 (.STOXX), fell 0.7% in eight months on Monday and hit its peak. London’s FTSE 100 (.FTSE) lost 0.3%, while Frankfurt’s DAX (.GDAXI) fell 0.5%.

U.S. stock index futures eased 0.1%, indicating Wall Street may open a touch higher.

The dollar was carved up against the Australian dollar, which is more sensitive to the Chinese economy and has gained 3.5% in the past three weeks alone, on hopes of a reopening.

The Aussie was last down 0.2% at $0.6903, while the offshore yuan lost 0.1% against the dollar to trade around 6.7906. The day before hit its strongest level since mid-August.

The dollar index fell 0.21%. The euro was up 0.1%, the pound was down 0.1%. The yen rose 0.1% to 132.04 against the dollar after data showed a sharp rise in Tokyo inflation, prompting the Bank of Japan to tighten monetary policy faster.

Strategists at BlackRock, the world’s largest asset manager, said on Tuesday they expected China’s economy to grow 6% this year, easing the global slowdown as recession hits developed market economies. But any bounce can be fleeting.

“Even if domestic activity restarts, we do not expect the level of economic activity in China to return to its pre-Covid trend. We see growth slowing once the restart runs its course,” said Wei Li, global chief investment strategist. for investment firm BlackRock, wrote in a note.

Copper eased from a six-month high as China’s recovery from COVID-19 was offset by concerns about the risks of a broader global downturn.

London Metal Exchange copper futures fell 0.9% to $8,785 a tonne, a six-month high on Monday, while aluminum and zinc fell between 1-1.4%.

Oil was under pressure on concerns that China’s resumption of more normal activity would not lead to a pick-up in demand.

“The social vitality of major Chinese cities is recovering rapidly, and China’s demand is expected to resume. However, as consumption recovery is still in the expected phase, oil prices remain low and range-bound,” analysts at Haidong Futures said.

Brent crude was down 0.6% at $79.16 a barrel. Oil prices are 2.3% lower than a year ago and 45% higher at $139 after Russia invaded Ukraine last February.

Additional reporting by Selena Li in Hong Kong; Editing by Muralikumar Anantharaman and Angus MacSwan

Our Standards: Thomson Reuters Trust Principles.