For a second time, the Senate banking committee has confirmed the nomination of Jerome Powell as chairman of the Federal Reserve. The full Senate is expected to vote before the term of Fed Chair Janet Yellen expires Feb. 3.
Cleveland Federal Reserve President Loretta Mester said that the federal tax overhaul could add more to US economic growth than the 0.25 to 0.5 percentage points she originally projected. However, Mester's long-term growth forecast remains at 2%.
European Ombudsman Emily O'Reilly wants European Central Bank President Mario Draghi to cut ties with the Group of 30, an international financial industry organisation, because the group lacks transparency. O'Reilly, whose recommendation stems from a complaint from Corporate Europe Observatory, says Draghi's membership might create "a public perception that the independence of the ECB could be compromised".
French President Emmanuel Macron has appointed Sylvie Goulard, a former EU lawmaker who once served as French defence minister, as deputy governor of the central bank. The appointment of a politician is a departure from the tradition of selecting someone from civil service.
Technical analyst Lucas Downey singles out Supernus Pharmaceuticals stock as an attractive long-term proposition, noting it has attracted exceptional interest from institutional investors and has strongly outperformed the pharmaceutical sector in general. The stock broke above resistance in March and, apart from a stutter in September, has risen steadily since and shows potential for further ascent.
Advisor Dan Cuprill writes that in most cases, doctors only deal with patients who come to them with a specific need and it is unlikely a person with a clean bill of health would ask another doctor for a second opinion. He argues advisors can learn from this by framing conversations with existing and potential clients in terms of their financial needs and concerns.
"The vast majority of internal audit engagements are positive and constructive," writes IIA President and CEO Richard Chambers. "Yet, try as they might, internal auditors will sometimes find themselves on the receiving end of management's wrath." Chambers offers a few recommendations for how internal auditors can work to diffuse management's rancor.
A vice president might be selected soon for the European Central Bank, followed by replacements for President Mario Draghi, the bank supervisor, the chief economist and an Executive Board member, because incumbents are due to leave during the next two years. Spanish Economy Minister Luis de Guindos appears most likely to become vice president, which suggests the president will be selected from northern Europe to ensure regional balance.
- Page 1