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Tag: reserve

  • Jets Sign DE Paschal Ekeji to Practice Squad

    Green & White Place G Leander Wiegand on Practice Squad Injured Reserve

    Eric Allen

    The Jets have signed DEPaschal Ekejito the practice squad. The club also placed GLeander Wiegandon the P-squad injured reserve.

    Ekeji (6-4, 230), who holds citizenship in three nations, is a former rugby star who was one of 13 players from 12 countries selected as part the NFL IPP Program class. In the summer of 2022, he was one of 49 participants hailing from five countries Ghana, Nigeria, South Africa, Senegal and the Democratic Republic of the Congo in the first NFL Africa Camp. Born in the Southern African country of Lesotho, Ekeji played rugby for Grey College in Bloemfontein and later attended Stellenbosch University in the Western Cape province of South Africa. He most recently played with the Sharks, a South African professional rugby team.

    After initially signing with the Jets in May, Wiegand (6-5, 291) was added to the practice squad in August. He played one season at Central Florida before returning to Germany in 2022 where he lined up for the Cologne Centurions. Wiegand then played offensive line for the Rhein Fire, earning first-team All-European League Football (ELF) honors on a championship team. At his pro day, Wiegand, who owns a wingspan of 80 inches, showcased his strength with 38 reps of 225 pounds on the bench press.

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  • Natomas teachers ready to strike over contract disputes

    Educators in Natomas have informed the district of their readiness to strike if a new contract is not secured, marking a significant development in ongoing negotiations.The Natomas Teachers Association, representing more than 600 educators, has been working without a contract since June. Outside the Natomas Unified School District Wednesday evening, dozens gathered in support of the Natomas Teachers Association, chanting, “We can’t wait!” and “When we fight, we win!” They are advocating for a new contract with fully paid benefits and competitive wages.Ashley Battle, a parent of a student in the district and the wife of a teacher, said that educators are the backbone of the district and are being underpaid. “If you’re not paying them, how are they supposed to support their family? You want them to support everyone else’s child, but you don’t want to pay to help them support themselves?” Battle said. Battle brought these concerns to the board meeting, where dozens of teachers, parents, and students filled the room. Nico Vaccaro, president of the NTA, also spoke to the board, urging the district to use its millions of dollars in reserves to pay teachers more.”We know they have the ability to reprioritize their budget with the resources that they have. And that’s what we’re asking for,” Vaccaro said. KCRA 3 reached out to the district about the ongoing contract negotiations. They replied with an emailed statement reading:“We value our employees and prioritize providing competitive salaries and high-quality programs for our students. Even with the staffing crisis across California and the nationwide shortage of teachers, Natomas Unified has a high fill rate with 98.4% of our classrooms filled with credentialed teachers. For the classroom positions that are not filled, fully credentialed contractors or substitute teachers serve our students while recruitment efforts continue and candidates are in the hiring process.While prioritizing employee compensation, we are committed to being good stewards of our district finances. Our reserve protects us against unexpected expenses or changes in funding. This allows us to continue to pay staff, utilities and other basic services, all while maintaining consistent support to students. Reserves should not be used to fund ongoing salary or benefit increases, as reserves are one-time funds that are gone once they are spent, much like a savings account. In NUSD, the category that NTA leadership frequently refers to as the budget for “consultants” or “contractors” covers a wide range of professional services for the district. These funds provide more than just training and professional development to teachers and contractors who fill vacant certificated staff positions. They actually include expenses for essential services such as fire and safety requirements, heating/air conditioning maintenance, routine and preventative pest control, needed classroom repairs, vital health services for our students, after-school programs, staff training to implement state-required curriculum and assessments, and general district operations. Without allocating funding for these areas, we would not be able to provide these necessary services for our students and staff.”Vaccaro presented the board with a copy of the union’s strike readiness petition, which he said more than 90% of their members have signed. “While we do not want to strike, we are ready to strike if that’s what it takes to reprioritize the NUSD’s budget for our schools and our students,” he said. The Natomas Teachers Association will return to the negotiation table on Dec. 10.See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter | Find us on YouTube here and subscribe to our channel

    Educators in Natomas have informed the district of their readiness to strike if a new contract is not secured, marking a significant development in ongoing negotiations.

    The Natomas Teachers Association, representing more than 600 educators, has been working without a contract since June.

    Outside the Natomas Unified School District Wednesday evening, dozens gathered in support of the Natomas Teachers Association, chanting, “We can’t wait!” and “When we fight, we win!” They are advocating for a new contract with fully paid benefits and competitive wages.

    Ashley Battle, a parent of a student in the district and the wife of a teacher, said that educators are the backbone of the district and are being underpaid.

    “If you’re not paying them, how are they supposed to support their family? You want them to support everyone else’s child, but you don’t want to pay to help them support themselves?” Battle said.

    Battle brought these concerns to the board meeting, where dozens of teachers, parents, and students filled the room.

    Nico Vaccaro, president of the NTA, also spoke to the board, urging the district to use its millions of dollars in reserves to pay teachers more.

    “We know they have the ability to reprioritize their budget with the resources that they have. And that’s what we’re asking for,” Vaccaro said.

    KCRA 3 reached out to the district about the ongoing contract negotiations. They replied with an emailed statement reading:

    “We value our employees and prioritize providing competitive salaries and high-quality programs for our students. Even with the staffing crisis across California and the nationwide shortage of teachers, Natomas Unified has a high fill rate with 98.4% of our classrooms filled with credentialed teachers. For the classroom positions that are not filled, fully credentialed contractors or substitute teachers serve our students while recruitment efforts continue and candidates are in the hiring process.

    While prioritizing employee compensation, we are committed to being good stewards of our district finances. Our reserve protects us against unexpected expenses or changes in funding. This allows us to continue to pay staff, utilities and other basic services, all while maintaining consistent support to students. Reserves should not be used to fund ongoing salary or benefit increases, as reserves are one-time funds that are gone once they are spent, much like a savings account.

    In NUSD, the category that NTA leadership frequently refers to as the budget for “consultants” or “contractors” covers a wide range of professional services for the district. These funds provide more than just training and professional development to teachers and contractors who fill vacant certificated staff positions. They actually include expenses for essential services such as fire and safety requirements, heating/air conditioning maintenance, routine and preventative pest control, needed classroom repairs, vital health services for our students, after-school programs, staff training to implement state-required curriculum and assessments, and general district operations. Without allocating funding for these areas, we would not be able to provide these necessary services for our students and staff.”

    Vaccaro presented the board with a copy of the union’s strike readiness petition, which he said more than 90% of their members have signed.

    “While we do not want to strike, we are ready to strike if that’s what it takes to reprioritize the NUSD’s budget for our schools and our students,” he said.

    The Natomas Teachers Association will return to the negotiation table on Dec. 10.

    See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter | Find us on YouTube here and subscribe to our channel

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  • Willis denies RBNZ cover-up; insists she pushed for transparency

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  • Cal State faculty just got a 5% raise. Here's why they're upset.

    Cal State faculty just got a 5% raise. Here's why they're upset.

    California State University officials are unilaterally raising faculty pay by 5%, rejecting demands for much higher increases and ending contract negotiations with the faculty union, a move that has ramped up labor strife as a systemwide, weeklong walkout approaches.

    The pay hike effective Jan. 31 is far from the 12% increase for the 2023-24 academic year sought by the California Faculty Assn., which represents professors, lecturers, counselors, librarians and coaches. University officials said Tuesday the union’s salary demands were not financially viable and would have resulted in layoffs and other cuts.

    “With this action, we will ensure that well-deserved raises get to our faculty members as soon as possible,” Leora Freedman, vice chancellor for human resources, said in a statement. “We have been in the bargaining process for eight months and the CFA has shown no movement, leaving us no other option.”

    Charles Toombs, president of the California Faculty Assn., lambasted the university’s decision to end contract talks.

    “CSU management expressed nothing but disdain for faculty,” he said in a statement. “CSU management has never taken seriously our proposals for desperately needed equity transformation for CSU students, faculty, and staff.”

    The divide over pay had reached an apex in recent weeks, with faculty staging one-day strikes at four campuses in early December to voice dissatisfaction with the university system’s pay proposals. A weeklong strike is planned at all 23 of the system’s campuses starting Jan. 22, which marks the beginning of the spring semester for most students.

    The CSU and faculty union were engaged in so-called reopener bargaining, in which parts of the existing contract can be negotiated before it expires in June. Bargaining sessions were scheduled for this week, but university leaders imposed their final offer during a session Tuesday, according to the union.

    Toombs said the union, which represents 29,000 workers, had planned to “bargain in good faith” and explore a solution that could avert a strike. Instead, he said, they were met with “disrespect from management.”

    “Management’s imposition gives us no other option but to continue to move forward with our plan for a systemwide strike,” he said.

    Before Tuesday’s session, the sides had reached an impasse, meaning they could not reach an agreement on their own. That triggered a report from an independent fact -finder, who recommended the sides agree to a 7% increase.

    Having exhausted the negotiation process without an agreement, the system was permitted to impose a final offer during bargaining. Faculty members may strike to protest the system’s decision, though the union has not yet said if they will extend the walkout planned for this month beyond a week.

    Throughout negotiations, union leaders have called on the CSU to draw on money from its reserves to pay for increases, accusing the system of “hoarding billions of dollars in reserves instead of investing in faculty and staff.” An Eastern Michigan University professor commissioned by the union to conduct a financial analysis of the CSU found the system is “in very strong financial condition” with “a high level of reserves.”

    But university officials have disputed the union’s findings, contending that they need to maintain the reserves to pay for short-term or emergency expenses. They also said some of the money the union says is part of the university’s reserves cannot be used on salaries.

    “We are committed to paying fair, competitive salaries and benefits for our hard-working faculty members, who are delivering instruction to our students every day and are the cornerstone of our university system,” Freedman said. “But we must also operate within our means to protect the long-term success and stability of the university, our students and our faculty.”

    Freedman noted the 5% raise aligns with increases given to unions representing other CSU workers.

    In addition to across-the-board increases, the union had also sought to raise the salary floor for its lowest-paid workers to $64,360 from $54,360. During the one-day strikes last month, lecturers said they live in financial precarity, with many having to teach classes at multiple campuses or take on debt to pay for basic living expenses.

    The faculty association also sought other improvements, including caps on class sizes, an expansion of paid parental leave to a full semester, accessible lactation rooms, and gender-inclusive restrooms and changing rooms.

    The CSU’s move is unlikely to stem disagreements over pay. With the current contract set to expire in June, both sides will probably begin negotiations over the next contract in the coming weeks or months.

    Debbie Truong

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  • Health of several key sectors, including the U.S. consumer, plus an outlook from Fed’s Powell on radar this coming week

    Health of several key sectors, including the U.S. consumer, plus an outlook from Fed’s Powell on radar this coming week

    Recession fears are rising. Nothing beats fear better than good information and that’s what we will get this week. Investors and economists will get good insight into the mood of U.S. consumers and hear the last words of Federal Reserve Chair Jerome Powell ahead of the central bank’s next interest-rate meeting on Dec. 12-13.

    November consumer confidence

    Tuesday, 10:00 a.m. Eastern

    Economists surveyed by the Wall Street Journal expect that consumer’s view on the outlook have soured over the past few weeks. Geopolitical…

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  • Jackson Hole recap: Fed rate hikes likely on hold for ‘several meetings’

    Jackson Hole recap: Fed rate hikes likely on hold for ‘several meetings’

    Federal Reserve Chair Jerome Powell set a high bar for additional interest-rate hikes, economists said Sunday in their commentary on all the talk at the U.S. central bank’s summer retreat in Jackson Hole, Wyo.

    Michael Feroli, chief U.S. economist for JPMorgan Chase, said that the Fed chair certainly did not give a clear signal that more tightening was coming soon. He noted that Powell stressed the Fed would “proceed carefully” and balance the risks of tightening too much or too little.

    “We remain comfortable in our view that the FOMC will stay on hold for the next several meetings,” Feroli said.

    Read: Powell unsure of need to raise interest rates further

    The caveat to this forecast is if inflation surprises to the upside or the labor market does not continue to soften.

    Ian Shepherdson, chief economist at Pantheon, said that Powell’s speech seemed hawkish to some, particularly because the Fed chair made threats to hike again.

    But Shepherdson said he thought the Fed “is likely done.”

    “Behind the caveats, Mr. Powell’s speech fundamentally was optimistic, though cautious,” Shepherdson said.

    Boston Fed President Susan Collins also emphasized patience in an interview with MarketWatch on the sidelines of the Jackson Hole summit.

    Read: Fed has earned the right to take its time, Collins says

    Other regional Fed officials who spoke “hinted that further action may be needed, but also observed that inflation is moving in the right direction and that the surge in yields would help cool down the economy,” said Krishna Guha, vice chairman of Evercore ISI, in a note to clients.

    Traders in derivative markets expect a rate hike in November, but it is a close call, with the odds just above 50%.

    The Monday following Jackson Hole has historically been an active one in the markets, across asset classes.

    The 10-year Treasury yield
    BX:TMUBMUSD10Y
    ended last week just above 4.2%.

    Read: Market Snapshot on Powell’s stance

    The first test of the careful and patient Fed will come this coming Friday, when the government will release the August employment report.

    Economists surveyed by the Wall Street Journal expect the U.S. economy added 165,000 jobs in the month. That would be the weakest job growth since December 2020.

    In his speech on Friday, Powell emphasized that evidence that the labor market was not softening could “call for a monetary policy response.”

    Economists at Deutsche Bank think an upside surprise in the employment data could provide enough discomfort for the Fed, and raise expectations for further tightening.

    Other top global central bankers spoke at Jackson Hole, including European Central Bank President Christine Lagarde, Bank of Japan Gov. Kazuo Ueda and Bank of England Deputy Governor Ben Broadbent.

    Guha of Evercore said he detected a careful effort by the officials not to surprise markets.

    The exception to this rule might have been Bundesbank President Joachim Nagel, who said in a television interview that it was too early for the ECB to think about a rate-hike pause.

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  • Republican debate: Why you may hear big numbers like 19% inflation, and how to make sense of it all

    Republican debate: Why you may hear big numbers like 19% inflation, and how to make sense of it all

    Economists don’t much like presidential-campaign seasons. For them, it’s a bit like seeing their manicured gardens getting trampled by schoolchildren having a water-balloon fight.

    Robert Brusca, the president of consulting firm FAO Economics, predicted that the political discussion of the U.S. economy in the 2024 campaign would be “a farce.”

    Talk of inflation is likely to dominate the Aug. 23 Republican debate, for example.

    Republicans, eager to lay the blame for higher prices at the feet of President Joe Biden, are going to make the strongest case they can for that. For them, it is a happy coincidence that inflation started to pick up right when Biden was sworn into office.

    Larry Kudlow, a former top economic adviser to President Donald Trump, put it succinctly. “I have numbers. The consumer-price index is up 16% since February 2021. Groceries are up 19%. Meat and poultry up 19%. New cars up 20%. Used cars up 34%,” Kudlow said in an interview on the Fox Business Network.

    From last month: Mike Pence says inflation is 16%, but CPI is 3%. This is his logic.

    Unlike Kudlow, the Federal Reserve doesn’t usually measure inflation over 29 months. Instead, the central bank favors using inflation data that looks at the past 12 months.

    By that year-over-year measure, CPI is up 3.2%. Groceries are up 3.6%. Meat and poultry prices are up 0.5%. New-vehicle prices are up 3.5%, but prices of used cars and trucks are actually down 5.6%.

    Economists, meanwhile, tend to like even shorter measures, such as the three-month annualized rate. They think the 12-month rate says more about the rate a year ago than it does about what is happening today.

    “Looking at year-over-year [data], the only new piece of information is the current month. You are looking at 11 months that you already know,” said Omair Sharif, president and founder of research company Inflation Insights.

    Using the shorter metric, headline CPI for the three months ending in July is up 1.9%, while food at home rose 1.1% and meat and poultry is down 4.5%, he said.

    Trends have been favorable in recent months, but that might not last. “It’s been a good summer,” Sharif said. “But unfortunately, the winter data won’t be as pleasant.”

    What caused the spike in inflation?

    Economists tend not to blame one political party or the other for spikes in inflation.

    In the 1970s, for example, the culprit was increases in oil prices by the Organization of Petroleum Exporting Countries.

    This time, there was no one single factor. While the debate is not yet over, economists tend to focus on the pandemic, the war in Ukraine and the move to end reliance on fossil fuels in order to combat climate change.

    Brian Bethune, an economics professor at Boston College, said prices started to rise when the healthcare industry had to adjust to a new, unforeseen risk. There were steep costs to dealing with the deadly coronavirus and developing vaccines.

    People working in frontline industries were able to command higher wages. And demand outstripped supply for many things, as shelves were emptied by consumers and supply chains were strained.

    Bethune also stressed recent moves toward renewable energy. The best way to explain inflation to your grandmother, he said, is to look at a chart of electricity prices.


    Uncredited

    The steady increase stems from efforts to move closer to a carbon-free economy, Bethune said. And those prices get passed along “right through the whole cost pressure of the economy,” including the price of refrigerated foods.

    Inflation boomed and is now coming off its peak, said Brusca of FAO Economics. Prices are still rising, but not at the same rapid clip. And they won’t roll back to prepandemic levels.

    “Consumers are caught in a trap,” he said. “If prices are going to come down, you have got to have deflation.”

    Deflation comes with its own unique set of woes. It can make the cost of borrowed money, like mortgages, much more expensive. And it can lead to serious economic weakness.

    “All of this is why the Fed targets price stability,” Brusca said.

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  • Some Fed officials pushed for June rate hike, minutes show

    Some Fed officials pushed for June rate hike, minutes show

    There was support from an unspecified number of Federal Reserve officials for an interest rate hike at the central bank’s policy meeting in June, according to a summary of the discussions released Wednesday.

    “Some participants indicated that they favored raising the target range for the federal funds rate 25 basis points at this meeting or they could have supported such a proposal,” the minutes of the June 13-14 meeting said.

    These…

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  • U.S. April producer prices rise 2.3% over past year, smallest increase since January 2021

    U.S. April producer prices rise 2.3% over past year, smallest increase since January 2021

    The numbers: U.S. producer prices rose 0.2% in April, the Labor Department said Thursday.

    Economists polled by the Wall Street Journal had forecast the PPI would rise 0.3%.

    In the 12 months through April, the PPI increased 2.3%. It follows a 2.7% gain in March. This is the lowest rate since January 2021.

    Key…

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  • Fed officials at March meeting were keenly worried about impact of bank stress on economy

    Fed officials at March meeting were keenly worried about impact of bank stress on economy

    Federal Reserve officials, meeting days after the collapse of Silicon Valley Bank, agreed that the stress in the banking sector would slow U.S. economic growth, but were uncertain about how much, according to minutes of the meeting released Wednesday.

    The twelve voting members on the Fed’s interest-rate committee “agree that recent developments were likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring and inflation, but that the extend of these effects were…

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  • The Fed will either pause or hike interest rates by 25 basis points. What are the pros and cons of each approach?

    The Fed will either pause or hike interest rates by 25 basis points. What are the pros and cons of each approach?

    The Federal Reserve will meet on Wednesday and, for once, the outcome is unclear.

    This is the most uncertain Fed meeting since 2008, said Jim Bianco, president of Bianco Research.

    Fed officials, starting with former chair Ben Bernanke, have perfected the art of having the market price in what the central bank will do — at least regarding interest rates — at each upcoming meeting. That has happened 100% of the time, Bianco said on Twitter.

    The Fed’s meeting this week is different because it follows the sudden collapse of confidence in the U.S. banking system following the government takeover of Silicon Valley Bank as well as the tremors around the world that have led to the shotgun wedding of Swiss banking giant Credit Suisse and its longtime rival, UBS.

    At the moment, the market probabilities are 73% for a quarter-percentage-point move and 27% for no move, according to the CME FedWatch tool. The market seems to be growing in confidence of a hike, analysts said, based on movements on the front end of the curve.

    The Fed’s decision will come on Wednesday at 2 p.m. Eastern and will be followed by a press conference from Fed Chair Jerome Powell.

    “Depending on your perspective, the Fed’s decision will be seen as either capitulation to the markets or ivory-tower isolation from the markets,” said Ian Katz, a financial sector analyst with Capital Alpha Partners.

    Here are the pros and cons for both a pause and a 25-basis-point hike.

    The case for and against a pause

    The main rationale for a pause is that the banking system is under stress.

    “While policymakers have responded aggressively to shore up the financial system, markets appear to be less than fully convinced that efforts to support small and midsize banks will prove sufficient. We think Fed officials will therefore share our view that stress in the banking system remains the most immediate concern for now,” said Jan Hatzius, chief economist at Goldman Sachs, in a note to clients Monday morning.

    Former New York Fed President William Dudley said he would recommend a pause. “The case for zero is ‘do no harm,’” he said.

    The case against a pause is that it could spark more worries about the banking system.

    “I think if they pause, they are going to have to explain exactly what they are seeing, what is giving them more concern. I am not sure a pause is comforting,” said former Fed Vice Chair Roger Ferguson in a television interview on Monday

    The case for and against a 25-basis-point hike

    The main reason for a quarter-percentage-point rate increase, to a range of 4.75%-5%, is that it could project confidence.

    “What you need from policymakers is steady hands, steady ship,” said Max Kettner, chief multi-asset strategist at HSBC. “You don’t need overaction … flip-flopping around in projections or opinions.”

    The Fed should say that it has managed to contain confidence so far and that “we can press ahead with the inflation fight,” he added.

    Oren Klachkin, lead U.S. economist at Oxford Economics, said he didn’t think “the recent bank failures pose systemic risks to the broad financial system and economy.”

    He noted that “inflation is still running hot” and the Fed has better ways to alleviate banking-sector stress than interest rates.

    The case against hiking is that doing so could further exacerbate concerns about the stability of the banking sector.

    “A rate hike now might have to be quickly reversed to deal with a deeper, less contained recession and disinflation. Why would the Fed raise rates when it may be forced to cut rates so much sooner than previously hoped?” asked Diane Swonk, chief economist at KPMG.

    Gregory Daco, chief economist at EY, said he thinks economic activity is slowing, which gives the Fed time.

    “There is no rush to hike. We are not going to see hyperinflation as a result,” he said.

    Stocks
    DJIA,
    +1.20%

    SPX,
    +0.89%

    rose Monday. The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    3.485%

    inched up to 3.46%, still well below the 4% level seen prior to the banking crisis.

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