NEWSLETTER - FEB 26, 2023

Fed’s Mester says that she hopes that inflation can be brought down without a recession.

• Cleveland Federal Reserve President Loretta Mester said Friday that interest rates likely need to keep moving higher to get inflation back to acceptable levels.

• Mester made news recently when she said she wanted a half percentage point rate hike at the last meeting. However, she said she’s not sure if she’ll push for that again.

Sourced from CNBC

Warren Buffett’s must-read annual letter arrives Saturday. Here’s what to expect from the investing legend

• Warren Buffett’s loyal following of value investors is about to hear from the legend himself, at a crucial time when interest rates have soared and recession fears are raging.

• The 92-year-old chairman and CEO of Berkshire Hathaway is slated to release his annual shareholder letter Saturday morning, along with the conglomerate’s latest quarterly earnings. The letter from the “Oracle of Omaha” has been required reading for investors for decades, and this year’s message is particularly anticipated given the changing investing landscape.

Sourced from CNBC

Wells Fargo lays off mortgage bankers days after rewarding some with California retreat

• Wells Fargo laid off hundreds of mortgage bankers this week as part of a sweeping round of cuts triggered by the bank’s recent strategic shift, CNBC has learned.

• The layoffs were announced Tuesday and ensnared some top producers, including a few bankers who surpassed $100 million in loan volumes last year and who recently attended an internal sales conference for high achievers.

• The company cut bankers who operated in areas outside of its branch footprint and who therefore didn’t fit in the new strategy of catering to existing customers, according to people with knowledge of the situation.

Sourced from CNBC