Rafael Nam
👤 SpeakerAppearances Over Time
Podcast Appearances
It doesn't happen all the time.
Last year, instead of a rally, traders got coal when Santa left behind a market sell-off.
For many households across the country, it's the time of family Christmas traditions.
And for Wall Street, there's nothing more traditional than the Santa Claus rally.
For reasons that have never been really clear, stocks have tended to do well in the last five trading days of the year, as well as the first two sessions of the new year.
And so far, it's been a promising start.
Stocks rose on Wednesday, with the S&P closing at a record high.
It doesn't happen all the time.
Last year, instead of a rally, traders got coal when Santa left behind a market sell-off.
The latest legal fight is about the CFPB's refusal to accept funding for the agency.
Under the law that established the CFPB, the agency is supposed to be funded by the combined earnings at the Federal Reserve.
But under Acting Director Russell Vogt, the CFPB is defining that to mean profits, and arguing that since the Fed is losing money, the agency cannot request the funding.
The states, however, say that's an unlawful definition, and combined earnings really means the wider money coming into the Fed.
Therefore, the states say the CFPB has to accept the funding, because otherwise it's on course to run out of money in January.
The latest legal fight is about the CFPB's refusal to accept funding for the agency.