Small Business Optimism Slides In Jan As 'Uncertainty' Surges

 Having surged (by the most on record) to its highest level since 2018 after Trump's election victory, Small Business Optimism faded in January as 'uncertainty' soared higher (by the most on record, data back to 1986)...

Source: Bloomberg

The National Federation of Independent Business optimism index fell 2.3 points to 102.8 last month. 

Seven of the 10 index components decreased, led by the steepest monthly decline in capital spending plans since 1995.

Source: Bloomberg

The 'DeepSeek' effect? Not for Small businesses... With uncertainty at its third-highest level on record, the survey suggests companies are growing cautious about investment as the Fed puts rate-cuts on hold Trump begins moving forward with tariffs.

Sales expectations eased only slightly from the highest level since the start of 2020, while a smaller share of firms said now is a good time to expand operations.

Additionally, the share of firms planning to raise prices has been stuck in the same 10-point range for more than a year, underscoring concerns that progress toward taming inflation is stalling.

Source: Bloomberg

Despite this, small-business owners remain largely upbeat about the economy's prospects, with a net 47% expecting the economy to improve in coming months.

https://www.zerohedge.com/personal-finance/small-business-optimism-slides-jan-uncertainty-surges

Treasury Secretary Bessent to Visit Kyiv as Trump Seeks Minerals

• Deal could hinge on access in return for aid against Russia
• Ukraine boasts vast deposits of uranium, titanium, lithium

 

Treasury Secretary Scott Bessent is set to travel to Ukraine this week as part of initial discussions to secure US access to critical minerals, according to people familiar with the matter who spoke on condition of anonymity.

Bessent, who will be the first member of Donald Trump’s cabinet to visit the country is making the trip to Kyiv days after the president said his administration wanted an agreement with Ukraine for access to the resources in return for aiding in its defense against Russia’s invasion.

https://www.bloomberg.com/news/articles/2025-02-11/treasury-secretary-bessent-to-visit-kyiv-as-trump-seeks-minerals

FEMA fires four, blames alleged payments to New York City hotels for migrants

 The U.S. Federal Emergency Management Agency fired its chief financial officer and three other employees, accusing them of making “egregious payments” for New York City hotels used for migrants, the Department of Homeland Security said in a statement on Tuesday.

“DHS will not sit idly and allow deep state activists to undermine the will and safety of the American people,” a department spokesperson said.

President Donald Trump said on Tuesday in a Truth Social post that FEMA was under review and investigation, saying that the agency has spent tens of millions of dollars in Democratic areas, disobeyed orders and left North Carolina “high and dry.”

Parts of North Carolina and neighboring states were ravaged in September by Hurricane Helene, a storm that killed more than 200 people.

https://bluewaterhealthyliving.com/news/national-news/fema-fires-four-blames/

Wedbush Raises Price Target on Travere Therapeutics to $30 From $26

 Maintains Outperform Rating

https://www.marketscreener.com/quote/stock/TRAVERE-THERAPEUTICS-INC-15458731/news/Wedbush-Raises-Price-Target-on-Travere-Therapeutics-to-30-From-26-Maintains-Outperform-Rating-49023219/

US consumer watchdog's enforcement, supervision chiefs say they resigned

 The top officials for enforcement and supervision at the U.S. Consumer Financial Protection Bureau said Tuesday they had resigned, citing the Trump's administration decision to halt all activity at the agency, according to internal emails seen by Reuters.

However, the White House Office of Management and Budget said they had instead been placed on administrative leave. Trump named OMB Director Russell Vought as acting CFPB Director last week.

In the emails, Enforcement Director Eric Halperin and Supervision Director Lorelei Salas told their offices that their positions had become untenable.

"As you know we have been ordered to cease all work. I don't believe in these conditions I can effectively serve in my role, which is protecting American consumers," said Halperin wrote. "Today I made the difficult decision to resign effective today."

Salas said she believed the decision by Vought to halt all supervisory work was illegal.

"It has been an honor to be part of this team -- I thank you and ask that you stay strong," she wrote.

In an email, an OMB spokesperson said the agency had not received Salas' resignation and said: "They did not resign. They were placed on administrative leave."

The spokesperson also accused Halperin of insubordination, citing a Politico report according to which Halperin had told staff last week that the agency's work stoppage did not apply to pending cases. Halperin could not be immediately reached for comment.

Since Friday, Vought has sought to switch off the consumer watchdog, which was created after the 2008 financial crash to protect consumers from predatory financial services practices, many of which are not otherwise regulated by the federal government.

Staff members, union representatives and Democratic lawmakers have staged protests outside the agency's headquarters, denouncing the administration's moves as illegal and employee unions have sued to reverse the actions.

Conservatives and some industry representatives have sought to dismantle or weaken the agency since its creation, arguing it was unaccountable and harmed free enterprise.

https://www.aol.com/us-consumer-watchdogs-enforcement-supervision-152322679.html

Goldman Sachs ends IPO diversity pledge

 Goldman Sachs said on Tuesday it has ended a diversity, equity and inclusion pledge tied to the investment bank's initial public offering business.

"As a result of legal developments related to board diversity requirements, we ended our formal board diversity policy," Goldman spokesperson Tony Fratto said.

"We continue to believe that successful boards benefit from diverse backgrounds and perspectives, and we will encourage them to take this approach."

https://www.msn.com/en-ca/money/topstories/goldman-sachs-ends-ipo-diversity-pledge/ar-AA1yPl1j

Fed's Powell: Full Statement to Senate Banking Committee

 Federal Reserve Chair Jerome Powell said, "with our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance." Powell spoke Tuesday during testimony before the Senate Banking and Housing Committee for the Semiannual Monetary Policy Report to Congress.

Bloomberg videos, provided by MT Newswires

https://www.marketscreener.com/quote/currency/EURO-US-DOLLAR-EUR-USD-4591/news/Fed-s-Powell-Full-Statement-to-Senate-Banking-Committee-49023366/