News

The Commodity Futures Trading Commission has an ongoing, extensive investigation into prediction market platform Polymarket, according to a person familiar with the inquiry.  The Wall Street Journal first reported the investigation on Friday. A spokesperson for the CFTC and another for Polymarket both declined to comment.  News of the investigation comes more than a week after a Wall Street Journal story revealed that Polymarket conducted a misleading marketing campaign, making content creators appear as though …

Minneapolis Federal Reserve President Neel Kashkari said Friday he has changed his outlook and now expects that one interest rate increase will be necessary this year. In remarks just over a week after the Federal Open Market Committee voted to hold its benchmark rate steady, Kashkari said he sees a hike as likely this year as the economy continues to feel the hit from spiking inflation tied to fighting in the Middle East and other …

Veteran investor Jeremy Grantham thinks the artificial intelligence boom has pushed the U.S. stock market to its most expensive level ever and could eventually lead to a historic decline. “Based on the value of the stock market compared to GDP, with modifications, this is the most expensive market in American history,” Grantham told CNBC’s “Squawk Box.” While the GMO co-founder said he wasn’t sure there was a comparable period, the tech bubble of 2000 is …

The outlook for an initial public offering from artificial intelligence platform OpenAI is changing after a New York Times report said the company may delay a debut on the public market until next year.  So when might the company formally announce an IPO? Traders on prediction market platform Kalshi think it will now arrive early next year.  Speculators say that there’s a 59% chance that an IPO by OpenAI is officially announced by March 1, …

Federal Reserve Chairman Kevin Warsh has added two more key advisors as he seeks to remake how the central bank approaches its views on the economy and monetary policy, people familiar with the moves confirmed to CNBC. Though Warsh has talked about broad changes that need to be made at the Fed, he instead reached inside for these appointments, naming economists Daniel Covitz and Eric Engstrom to the posts. Covitz is one of three deputy …

Prediction market platform Polymarket’s annualized revenue are now well above $1 billion, the company shared exclusively with CNBC on Friday.  Polymarket’s disclosure comes six weeks after the company lifted the waitlist for its U.S. exchange, which operates separately from its international, decentralized finance platform.  It also comes as the FIFA World Cup has sent trading volumes surging across various prediction market exchanges since the tournament’s start. Volume on the company’s U.S. platform has gone from …

Two Federal Reserve officials on Thursday indicated some optimism on inflation, though neither indicated a likelihood that interest rates will change anytime soon. Chicago Federal Reserve President Austan Goolsbee said Thursday that inflation is still trending the wrong way though there has been a few bright spots. A little later in the afternoon, New York Fed President John Williams said he expects inflation readings to start trending lower. In a live CNBC interview from his …

Amid recent bouts of stock volatility and a new Fed chair coming into a complex inflation environment, the action in bond ETFs is sending an important signal to the market. “Flows tell the story,” Steve Laipply, global co-head of iShares fixed-income ETFs at BlackRock, told CNBC’s Dominic Chu this week. And that is a story of rising investor interest in yield across the fixed-income market. “In the U.S., bond ETF flows are up a shocking 60% …

Luxury spending is expected to rebound this year, driven mainly by experiences rather than luxury goods, according to a new study. After two years of declines, luxury goods sales are expected to grow between 1% and 4% in 2026, according to a report from Bain & Co. and Altagamma. Personal luxury goods sales are projected to reach between 365 billion euros and 373 billion euros (US$413.6 billion to US$422.7 billion) this year. The tensions in …

JPMorgan Chase on Thursday promoted two of its top executives into newly created co-president roles, marking the latest step in CEO Jamie Dimon‘s long-running succession planning while announcing the retirement of one of Dimon”s most prominent potential successors. Doug Petno and Troy Rohrbaugh, who have jointly led the bank’s commercial and investment banking division since early 2024, were named co-presidents of JPMorgan effective immediately, according to a regulatory filing. As part of the changes, Petno …