1. Fed to begin two-day meeting as Trump calls for interest rate cuts
The Federal Reserve will begin two days of meetings on Tuesday, and could potentially discuss laying the groundwork for future interest rate cuts. The Fed and its chairman, Jerome Powell, are facing increasing pressure from President Trump to cut interest rates. Powell has previously hinted at lowering rates, but the change is unlikely to occur until at least next month. Trump, who appointed Powell to his position as chairman, has been an outspoken critic of the Fed and said recently of the chairman: "I disagree with him entirely." The Fed has raised interest rates seven times under Trump in an effort to curb inflation. Powell will announce new economic projections at a press conference on Wednesday.
The Hill Reuters
2. Facebook launches 'Libra' cryptocurrency
Facebook announced on Tuesday its first foray into digital currency, saying it will roll out cryptocurrency "Libra" next year. The coin, which uses blockchain, will be eligible for use on Facebook as well as other websites. Facebook's stock surged after the announcement, increasing by 2 percent in pre-market trading Tuesday. More than two dozen companies are backing Facebook's cryptocurrency venture, including Mastercard, PayPal, and Uber. The coin will be managed by the Geneva-based company Libra Association, of which many of Libra's backers are already members.
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3. Stock futures rise ahead of Fed meetings
U.S. futures were up Tuesday morning ahead of the Federal Reserve's two-day meeting set to kick off later in the day. While the central bank is not expected to change interests rates this week, it may lay the groundwork for a coming rate cut later this year. The Dow Jones Industrial Average was up by about 100 points in pre-market trading, or 0.4 percent. Futures for Nasdaq and the S&P 500 were also up. Most U.S. indexes finished with slight gains on Monday ahead of Tuesday's meetings. The S&P 500 and the Dow both had incremental increases of 0.1 percent, and the Nasdaq climbed by 0.6 percent. Global stocks were rising Tuesday as well, with France's CAC and Germany's DAX experiencing gains as high as 0.9 percent and 0.5 percent, respectively.
MarketWatch CNN
4. 2020 Democrats discuss systemic economic issues at presidential forum
Several 2020 Democratic hopefuls spoke at the Poor People's Campaign Presidential Forum on Monday in Washington, D.C. The event — which featured Sens. Elizabeth Warren (D-Mass.), Kamala Harris (D-Calif.), and Bernie Sanders (I-Vt.), as well as former Vice President Joe Biden — touched on issues of systemic poverty and economic injustice. Sanders called for voting rights for incarcerated people, and Harris discussed amending the cash bail system and giving relief to renters. Warren outlined her tax plan, which includes a wealth tax that would fund programs like universal child care. Biden labeled poverty as "the one thing that can bring this country down," and discussed the need to prioritize poor communities in mitigating the effects of climate change.
The New York Times
5. Banks impose climate standards on shipping companies
Eleven banks will start factoring in climate impact when determining how much money shipping companies can borrow. The banks say the new criteria will substantially cut carbon dioxide emissions, of which shipping currently accounts for 2.2 percent of the world's total. The new standards are set around the International Maritime Organization's 2018 climate commitment, which aims to reduce CO2 emissions by at least 50 percent from the 2008 levels by 2050. Michael Parker, global industry head for shipping with Citigroup, said the new criteria helps make "banks alert to the consequences of climate change in their portfolios." The standards mark the first time global banks have come together to combine climate strategies with financial decisions.
CNBC
