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FED LEAKS AND JAMIE DIMON'S ANNUAL LETTER: Here's what you need to know

Published by Business Insider on Wed, 05 Apr 2017


On a day that featured the revival of the GOP plan to repeal Obamacare, stunning news from the Federal Reserve, and a new letter from JPMorgan CEO Jamie Dimon, stocks did relativelylittle and bond yields hardly budged.We've got the headlines, but first, the scoreboard:Dow:20,689.24, +39.03, (+0.19%)S&P 500: 2,360.16, +1.32, (+0.04%)Nasdaq:5,898.61, +3.93, (+0.07%)10-year Treasury: 2.350%,UnchangedRichmond Fed president Richard Lacker confirms he leaked information to an analyst. Lacker said he was the source of a leak to Medley Global Advisorsin 2012 regarding a decision by the Fed' Federal Open Markets Committee and confirmed he did not report the infraction to an internal investigator at the time. He did report the matter to investigators in a follow-up in 2015. Lacker said he was immediately stepping down as head of the Richmond Fed.Jamie Dimon released his annual letter to shareholders. Dimon said he was worried that "something was wrong" in the US and there are six issues holding back economic growth. Dimon also expressed concerns over the low labor force participation rate in the US.Dimon also brought up hisconcerns withBrexit and the European Union. The JPMorgan CEO said that he hoped Brexit would bring the EU closer together but admittedthat it could "result in political unrest that would force the EU to split apart." Dimon also attributed some of JPMorgan's big stock increase post-election to positive expectations of investors under Trump.Panera is trying to sell itself and Credit Suisse thinks JAB Holdings is the most likely buyer. Bloombergreported on Monday thatPanera is exploring options after it received a number of take-over interests. The report said potential suitorscould include Starbucks and Domino's. Credit Suisse analysts said they believe Jab, which ownsKrispy Kreme,Caribou Coffee, and Peet's Coffee and Tea, would be the most likely buyer.Republicans may be trying to revive the American Health Care Act. The White House is leading the charge to get conservative members of the House Freedom Caucus on board with the AHCA despite Congress leaving for a two-week break at the end of the week and facing a government shutdown on April 28.Staples is in talks to sell itself. The Wall Street Journal reported that the office supply company was exploring a sale to private equity firms. Shares jumped more than 13% after the news.Additionally:I tried to ask Yellen about the Fed leak ' and the question echoed for longer than I ever expectedAmerica's leadership in the global stock market is ending.JPMorgan is targeting Silicon Valley.The most dangerous idea in Federal Reserve history seems to be making a comeback.SEE ALSO:A day in the life of a private banker at HSBCJoin the conversation about this storyNOW WATCH: 7 mega-billionaires who made a fortune last year
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