As Stocks Tumble, Lenders Take a Hit

first_imgHome / Daily Dose / As Stocks Tumble, Lenders Take a Hit Bank of America Federal Reserve Interest rates Janet Yellen Jerome Powell JPMorgan Chase Stock Market Wells Fargo 2018-02-05 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Headlines, Journal, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Dow Jones industrial average closed down 1,200 points on Monday, after having dropped 1,500 points earlier in the day. This came on the heels of a 666-point drop in the Dow last Friday. With the Standard & Poor’s index down in four out of the last five sessions and Nasdaq won the last six out of eight, what’s causing this level of investor skittishness, and what does it mean for the housing industry?The Washington Post throws the stock turmoil into stark relief, pointing out that the Dow “has swung more than 2,100 points in the last two sessions, a decline pushing more than 8 percent and shattering long-term momentum.” The Post cites changes at the Fed as one likely contributing factor, with new Fed Chair Jerome Powell having just taken over from the departing Janet Yellen. While Powell, who was officially sworn in on Monday, is widely expected to continue many of the cautious policy approaches championed by Yellen during her time in the role, a new Fed Chair can nevertheless contribute a level of uncertainty into the economic landscape.The Post cites investor concerns that Powell and the Fed will accelerate interest rate hikes, which could slow the economy. The Fed increased their benchmark interest rates to a range of 1.25 percent to 1.5 percent in December, but left them unchanged at last week’s meeting of the Federal Open Market Committee. Analysts expect another rate hike to come in March, following the first FOMC meeting under Powell, with several more rate hikes being widely predicted throughout 2018. Further interest rate hikes would drive up mortgage rates, which, when combined with widespread affordability and inventory issues throughout many parts of the country, could make the difference between many potential homebuyers choosing to purchase a home or stick with the rental market.In a video posted to the Fed’s website Monday, Powell said, “Today, unemployment is low, the economy is growing, and inflation is low. Through our decisions on monetary policy, we will support continued economic growth, a healthy job market and price stability.” Powell also stated his belief that the financial system is now stronger and more resilient than in the days of the housing crisis. “We intend to keep it that way,” Powell added. “My colleagues and I will remain vigilant, and we are prepared to respond to evolving risks.”During an appearance on CBS Sunday Morning, Yellen praised Powell, saying, “I’ve worked with Gov. Powell for five years, very constructively,” Yellen said. “He is thoughtful, balanced, dedicated to public service. I’ve found him to be a very thoughtful policymaker.”As one of Yellen’s final acts, the Fed announced on Friday that it would restrict Wells Fargo’s growth due to “widespread consumer abuses.” The Fed is limiting Wells Fargo from growing any larger than its total assets at the end of 2017 until such time as “sufficient improvements” have been made. In response, Wells Fargo announced that it would be replacing four directors by the end of the year. Shares of Wells Fargo stock fell 9.2 percent on Monday, as of this writing.During an appearance on CNBC’s Power Lunch, veteran banking analyst Dick Bove downplayed the impact of the Fed’s actions, saying, “There will be no reduction in the ability of this company to lend money, take in deposits, or operate the way they have historically.”Investors are likely also watching the yield on 10-year Treasury bonds. As the Post explains, “Bond yields are rising as the Federal Reserve trims its U.S. bond holdings. The U.S. Treasury is also having to borrow more money, partly because of the tax cuts, and issuing more debt tends to raise yields.”There are other potential landmines on the horizon as well. After a brief government shutdown followed by a stopgap agreement in late January, the government is once again poised to shut down unless the House and Senate can come to terms. Last week, the Congressional Budget Office announced that if the debt ceiling is not raised by mid-March, “the government would be unable to pay its obligations fully, and it would delay making payments for its activities, default on its debt obligations, or both.”David Kelly, Chief Global Strategist for JPMorgan Asset Management, told ABC News, “It’s like a kid at a child’s party who, after an afternoon of cake and ice cream, eats one more cookie and that puts them over the edge.”On Monday, Wells Fargo shares sank $5.91 to $58.16, a drop of 9.22 percent. Bank of America closed at $30.26, down 5.29 percent. JPMorgan Chase dropped 4.80 percent to close at $108.80. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Previous: Top 5 Cities to Rent and to Own a Home Next: Bracing for a Sea of Change in Mortgage Servicing Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Bank of America Federal Reserve Interest rates Janet Yellen Jerome Powell JPMorgan Chase Stock Market Wells Fargo As Stocks Tumble, Lenders Take a Hit Related Articles  Print This Post Share Save About Author: David Wharton Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago February 5, 2018 2,166 Views Subscribelast_img read more

UK: Maritime Medics Tested on Exercise Corsican Lion

first_img View post tag: News by topic UK: Maritime Medics Tested on Exercise Corsican Lion View post tag: Tested Training & Education HMS Illustrious, the UK’s high readiness helicopter and commando carrier, has been joined by sixteen doctors and specialist nurses and a biomedical scientist to validate the UK’s ‘role two afloat’medical capability.Participating in Exercise Corsican Lion, a UK-French maritime exercise taking place in the Mediterranean, the enhanced medical capability is a vital component of the maturing Combined Joint Expeditionary Force.After an initial period of settling into the ship and tending some straightforward practice ‘patients’, the team’s training will conclude with a mass casualty exercise, testing the medics, ship’s company and their equipment to the limits.The role two afloat capability is designed to be a bridging facility for seriously and very seriously injured patients between the frontline and a role three facility such as RFA Argus (a hospital ship) or a hospital ashore in friendly territory.The team within Illustrious have the capability to handle two very seriously injured causalities who are assessed by the trauma team and can then undergo treatment in a fully equipped operating theatre before being cared for on the critical care unit.The facility also has a transfusion service run by a biomedical scientist and has the capability to hold blood and blood products.There is also the provision in an emergency to provide blood from some of the 685 permanent ship’s company who have already had their blood screened.Surgeon Commander Simon Mercer, officer commanding the role two team, said, “the role two is about damage resuscitation.“It is important we transfer the skills we have learnt recently in Afghanistan to the maritime environment so that we are ready for contingency operations”.Two members of the team, Surgeon Commander Raj Shah and Petty Officer (Naval Nurse) Elizabeth Hunt were part of a role two team in RFA Fort Victoria during Operation Capri, the anti-piracy campaign off Somalia in 2010.They have been able to share their experiences with more junior medics.PO Hunt said, “it has been good to pass on the experience from my previous role two afloat operations to colleagues that have never done role two before and especially our tri-service colleagues who are also new to life onboard a warship“.HMS Illustrious is in the Mediterranean as part of the Cougar 12 deployment of the UK’s Response Force Task Group.This annual training mission is currently focussing on UK – French naval cooperation and combined amphibious operations as part of a future high readiness twonation force able to react to emerging crises in and around Europe.[mappress]Naval Today Staff, October 24, 2012; Image: UK View post tag: Naval View post tag: Exercise View post tag: Lion View post tag: Medics Share this article View post tag: Maritime Back to overview,Home naval-today UK: Maritime Medics Tested on Exercise Corsican Lion View post tag: Corsican October 24, 2012 View post tag: Navylast_img read more

Greensky Bluegrass Debuts “What You Need” At Red Rocks, Welcomes Umphrey’s McGee’s Joel Cummins

first_imgLast night, Greensky Bluegrass played their first of a two-night run, at Morrison, CO’s beloved Red Rocks Amphitheatre. The sold-out Red Rocks occasion comes on the heels of an intimate Friday night pickin’ party at Denver’s Ogden Theatre. The California Honeydrops took care of the opening duties for the Friday show, wowing the should-to-shoulder crowd with their funky R&B infused, bluesy jams. Greensky had fun inviting up a handful of guests, as well as sprinkling in some Phish and Grateful Dead teases throughout their high-intensity jam grass.Greensky Bluegrass opened the first set with “Past My Prime”, taking their time with the intro, slowly trickling into an explosion before Paul Hoffman took it away with his silky-smooth vocals. Smoothly transitioning into “Bone Digger”, the band got loose and comfortable, picking up the speed before moving into “A Letter From Seymour”. With lighting designer Andrew Lincoln painting a cosmic, rainbow tapestry, the five-piece prepared for take-off, as Michael Arlen Bont fired off a twangy solo on banjo.Next up was the Hoffman led “In Control”, with Anders Beck laying down some intricate licks on dobro. Picking up the pace, Bont let out the opening lick to New Grass Revival’s “Can’t Stop Now”, with the five-piece trading off solos down the line, one after another. Dave Bruzza was sounding sharp and quick-witted, showing off some impressive flatpicking skills on his beautiful sunburst acoustics guitar. At home, Greensky offered up a debut, “What You Need”, inviting up tour manager and frequent guest Guido Baptista to help out on the vibraslap.Greensky Bluegrass – “Burn Them” – 9/22/2018[Video: Kyle Isaac]With a well placed “Burn Them” and “Like Reflections”, the guests kept coming as the Greensky boys invited up Umphrey’s McGee keyboardist, Joel Cummins, to assist the band on “Jaywalking”. The addition of keys was a pleasant surprise for the Red Rocks throwdown, and the band was enjoying themselves with an additional sixth member. Keeping Cummins on stage, Greensky brought set one to a close with a cover of Bob Marley’s “Could You Be Loved”, throwing in a serious tease of the Grateful Dead’s “Shakedown Street”.Greensky Bluegrass w/ Joel Cummins – “Jaywalking”> “Could You Be Loved” – 9/22/2018[Video: Kyle Isaac]The band took a brief set break, giving the sold-out crowd a chance to refuel on liquids, and prepare for a rowdy second set full of high-octane bluegrass. Hoffman took the lead on lyrics, as Greensky Bluegrass opened up the second set with “Old Barns”, with a different “New Barns” arrangement. With not a worry in the Colorado sky, Bruzza led the band through “Worried About The Weather”, as Beck stole the show and dazzled the crowd with a ripping solo.“Who is Fredrico” was up next, before inviting up the California Honeydrops onstage to help out on “Night Time Is The Right Time”. Leading the way again on vocals, Bruzza took charge into “Take Cover”, as Beck let out some twangy-electrified sounds that one would question possible on a dobro. Moving forward, the band picked up the pace once again with “Freeborn Man”, doing the country classic cover justice.Greensky Bluegrass w/ California Honeydrops – “Night Time Is The Right Time” – 9/22/2018[Video: Kyle Isaac]With a crowd howling for more, Greensky continued with the theme of “free”, working in a badass cover of Lynyrd Skynyrd’s “Freebird”. The crowd got what the asked for, with Greensky firing off on all cylinders, as Beck, Bont, Bruzza, Hoffman, and Mike Devol wowed the crowd with an electrified jam out of the perfectly placed cover. Taking a second to catch their breaths, the band mellowed the mood with “The Four”, impressively showcasing their delicate harmonies. Reflecting on home and the leaps they have made over the years, Greensky played “The Four”, before bringing set two to a close with “Living Over”, a perfect way to cap the first of two nights at Red Rocks. The band came back out to encore “Gimme Some Lovin’”, making room for an all-out dance party, one last time for the evening.Greensky Bluegrass heads back to Red Rocks Amphitheatre tonight, with Brooklyn-based funk-outfit Turkuaz helping out with the opening duties. Nugs.tv will again be offering up an option for fans to webcast from home.For more information on Greensky’s upcoming dates and ticketing information, head to the band’s website.Setlist: Greensky Bluegrass | Red Rocks Amphitheatre | Morrison, CO | 9/22/2018Set One: Past My Prime > Bone Digger, A Letter to Seymour, In Control > Can’t Stop Now (1), What You Need (2)(3), Burn Them (4), Like Reflections, Jaywalking (5) > Could You Be Loved (5)(6)Set Two: Old Barns (7), Worried About The Weather, Who is Frederico (8), Night Time Is the Right Time (9), Take Cover (10), Freeborn Man (11)(12)(13) > Freebird > The Four > Bottle Dry, Living OverEncore: Gimme Some Lovin’(1) – w/ Shout quotes(2) – FTP(3) – w/ Guido Batista (vibraslap)(4) – w/ Lindsay Mosier & Keith Kinnear (tambourine)(5) – w/ Joel Cummins(6) – Shakedown Street tease(7) – New Barns arrangement(8) – w/ Lech Wierzynski & Johnny Bones(9) – w/ California Honeydrops(10) – Simpsons Theme tease(11) – Divided Sky tease(12) – Streets of Cairo tease(13) – Freebird teaseGreensky Bluegrass Upcoming Tour Dates9/23 – Morrison, CO – Red Rocks Amphitheatre @9/26 – Omaha, NE – Slowdown *9/27 – Des Moines, IA – Brenton Skating Plaza *9/28 – St. Paul, MN – Palace Theatre *9/29 – Milwaukee, WI – Riverside Theater *9/30 – Columbia, MO – Roots N Blues N BBQ Festival10/2 – Fort Wayne, IN – The Clyde Theatre10/4 – Asheville, NC – Salvage Station10/5 – Arrington, VA – The Festy Experience10/6 – Port Chester, NY – The Capitol Theatre10/7 – Stratton Mountain, VT – Stratton Mountain Resort10/31 – Portland, OR – Roseland Theatre #11/1 – Portland, OR – Roseland Theatre #11/2 – Seattle, WA – The Showbox #11/3 – Seattle, WA – The Showbox #11/7 – Crystal Bay, NV – The Crystal Bay Club/Crown Room #11/8 – San Francisco, CA – Warfield Theatre #11/9 – San Diego, CA – Observatory North Park #11/10 – Los Angeles, CA – El Rey Theatre #11/12 – Phoenix, AZ – The Van Buren #11/14 – Oklahoma City, OK – The Jones Assembly #11/15 – Houston, TX – House of Blues #11/16 – Austin, TX – Stubbs BBQ #11/23 – Kalamazoo, MI – Kalamazoo State Theatre11/24 – Kalamazoo, MI – Kalamazoo State Theatre11/17 – Dallas, TX – Granada Theater #12/7 – 12/11 – Puerto Morelos, Mexico – Strings & Sol12/28 – Chicago, IL – The Riviera Theatre12/29 – Chicago, IL – The Riviera Theatre12/30 – Chicago, IL – The Riviera Theatre12/31 – Chicago, IL – The Riviera [email protected] – with Turkuaz* – with Ghost Light# – with The Lil SmokiesView All Tour Dateslast_img read more