Gabriel mimics Gyokeres in cheeky goal celebration in Arsenal win over Sporting in Champions LeaguePresident-elect Donald Trump's Treasury secretary pick, Scott Bessent , was expected by some to reignite the post-election rally that led to one of the best post-election equity rallies of all time. Bessent was the consensus pick on Wall Street, which perhaps contributed to why Elon Musk called him the “business-as-usual” candidate for the job. Stocks rose after the long-awaited announcement and yields pulled back slightly. But some investors are already cautioning that any relief rally could be short-lived, as Trump’s personnel picks still leave questions about economic policy under Trump 2.0. "This was a good pick," Jason Furman, a professor at the Harvard Kennedy School of Government and former economic adviser to President Barack Obama, told Yahoo Finance. "He's mainstream. He knows a lot about the world of finance.” "The bigger issue, though, is that the main calls on the economy are going to be President Trump's," Furman added. Pangaea Policy founder Terry Haines published a note Monday cautioning that Trump appears to be casting a “team of rivals” on economic policy, meaning “Trump’s economic policy isn’t a settled thing.” That team of rivals includes Musk and Vivek Ramaswamy, two Washington outsiders tapped to lead the Department of Government Efficiency, or DOGE , a new agency Trump and Musk came up with during a live conversation on X. Furman added that the market is “ahead of itself” on the idea that Bessent will be able to curb any inflationary policies, noting he is “skeptical” of cost-cutting to come. "President Trump sent us a bit of signal about how he'd make those calls with this pick, but he hasn't sent us any signals that he's given up on large across-the-board tariffs," Furman said. "And until I hear that, I'm going to be nervous." Trump has promised a 60% tariff on Chinese goods. Costs from tariffs, which are taxes paid by companies when goods are imported from overseas, are largely passed down to consumers, which is why dozens of Nobel Laureates have warned that Trump’s tariff policies would be inflationary. “Big ticket items like tariffs , like immigration policy, all that's still coming out of the Oval Office,” said Isaac Boltansky, director of policy research at BTIG. “This is still going to be a presidency that is driven by what Trump wants and when Trump wants it.” Read more: How do tariffs work, and who really pays them? In an interview on Yahoo Finance in July, Bessent himself said that Trump's 60% tariff line wasn’t too serious. “That's the beginning of a maximalist negotiating position,” Bessent said at the time, “and that's the way President Trump negotiates. I would be surprised if we ever hit that, but I think, you know, given his record in Trump 1.0, he has a lot of credibility in using tariffs to negotiate.” Click here for in-depth analysis of the latest stock market news and events moving stock prices Read the latest financial and business news from Yahoo Finance
North Carolina football coaching search 2024: Candidates, hot board, names to watch by top UNC expertsFLORHAM PARK, N.J. (AP) — The New York Jets might be dealing with an opponent even tougher to overcome than their poor play, missed opportunities and ill-timed mistakes. Wide receiver Garrett Wilson suggested last Sunday a losing “gene” might be an explanation for the Jets’ inability to pull out victories after the team dropped to 3-10 with a loss at Miami. On Wednesday, Aaron Rodgers presented another perhaps more sinister reason. “I mean, it might be something like that," the quarterback said of Wilson's theory. "It might be some sort of curse we've got to snap as well.” Generations of frustrated Jets fans have half-jokingly insisted there have been negative forces at work against the franchise since Joe Namath delivered on his Super Bowl guarantee in January 1969. It remains the team's only appearance in the NFL's biggest game. Rodgers has been there once — and won — with Green Bay. The 41-year-old quarterback came to New York hoping to finally lead the Jets back to the Super Bowl. He even commented on how lonely the team's only Lombardi Trophy looked during his introductory news conference 20 months ago. Instead, Rodgers' first season in New York was cut short by a torn Achilles tendon just four snaps in, immediately resurrecting "curse” theories among jaded Jets fans. With its loss last Sunday, New York extended its playoff drought to 14 straight years, the longest active skid among the major North American sports leagues. And the team will be looking for a new general manager and coach after this season, and Rodgers' future in New York is very much up in the air. “Whatever the case, this team, this organization is going to figure out how to get over the hump at some point,” Rodgers said. “The culture is built by the players. There’s a framework set down by the organization, by the upper ups, by the staff. But in the end, it’s the players that make it come to life. "And at some point, everybody’s going to have to figure out what that special sauce is to turn those games that should be wins into wins.” The Jets have held the lead in the fourth quarter in five games this season. They've lost each of them, including the past three games. New York's inability to come away with wins in those prompted Wilson's “gene” theory. “I’m not exactly sure what he was talking about there,” Rodgers said with a smile. "I don’t know what the proper nomenclature is for the situation where we’ve lost some leads or haven’t been able to take the lead late in the game, but that’s the way it goes sometimes. We haven’t been great in situational football. “A lot of those games come down to the plays in the first and second, even third quarter, where if you make the play the game is not in that situation. But in those situations, we haven’t been very good on offense or defense or even (special) teams.” Rodgers said “it takes a conscious effort, it takes an intentional effort” to establish a winning culture, and it includes leadership, practice habits and setting standards inside and outside of the locker room. And this year's Jets, Rodgers said, are “on the edge” of that. “We just haven’t quite figured out how to get that special sauce worked out, mixed up,” he said. “It’s close and a lot of great guys are in the locker room. There’s some good mix of veterans and young guys, but we just haven’t quite put it all together.” ___ AP NFL: https://apnews.com/hub/NFL Dennis Waszak Jr., The Associated Press
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Illumen Capital is doubling down on its support for fund managers and founders from underrepresented communities. The firm is an impact fund of funds that has previously supported ways to address racial bias in investing. Yesterday, the firm, founded by Daryn Dodson, announced the raise of a $32.75 million “Catalyst Fund “to once again support emerging fund managers and founders, especially those hailing from underrepresented backgrounds. The news comes during a fraught time for many diverse funding managers and founders, who are seeing less financial support than in the years before. Black founders raised less than 1% of venture capital funding last year, according to Crunchbase, and as of H1, was on track to continue seeing a funding decline. Speaking to TechCrunch, Dodson said, “During terms of economic uncertainty, political polarization, and concerns of ongoing inflation, we’ve seen biases increase,” Dodson told TechCrunch, adding that these biases are also playing out in the venture space, where billions of capital are still going to the same people. When asked about fundraising, Dodson said that the firm was fortunate enough to have “established deep relationships,” with limited partners that are “committed to backing the next generation of VC and PE managers.” The firm has approximately $285 million in assets under management, it said. It last raised a $168 million Fund II in 2023 to also address racial and gender bias in investing. Dodson said the Catalyst Fund is a complementary strategy to its first two funds. “Whereas our Fund I and Fund II focused on more established managers, the Catalyst Fund prioritizes first-time managers and early-stage founders,” he continued. “It was intentionally a smaller vehicle, and we were fortunate that two of our anchor investors from our Fund II – Ford Foundation and Health Forward Foundation – backed this latest fund.” The Fund hopes to invest at least 65% of capital into first-time venture managers and up to 35% of capital as direct co-investments into companies sourced through any of its active funds. “At least 90% of the fund will likely be focused domestically,” Dodson continued. “And up to 20% in emerging markets.” The fund will look generally at managers working in education, health and wellness, financial inclusion, climate, and sustainability, he said. Dodson hopes to deploy the fund within the next year and a half. “We see our Catalyst Fund taking advantage of a market inefficiency,” he said. “With the Catalyst Fund, we hope to demonstrate the intrinsic value of backing diverse-led funds, and identify the best of the next generation of venture managers.”
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