Your Daily Dose of Financial News

Demolition of an old house
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The White House has chosen Columbia University economist Richard Clarida as Fed Vice Chair—the number 2 spot at the central bank. Clarida is a “monetary policy scholar” and former Bush II administration Treasury official – NYTimes and WSJ and Bloomberg

The Administration is looking into “opening a new front” on its trade offensive against China to take aim at Beijing’s restrictions on “U.S. providers of cloud computing and other high-tech services.” China currently requires such providers to “form joint operations with Chinese companies and license their technology to the Chinese partners” – WSJ

In technically unrelated (but small world) news, the US Commerce Dep’t has rebuked Chinese telecom-gear maker ZTE Corp. for violating a sanctions settlement (by selling to Iran and North Korea) and banned the company from purchasing US technology for 7 years – Bloomberg and WSJ and MarketWatch

An update for those Starwood diehards who have been sweating bullets about the state of their SPG rewards program following the brand’s merger with Marriott. The early verdict? Not as bad as originally feared – NYTimes and Bloomberg

It’s been just two weeks, and things are far from smooth for SOFR, the US-backed benchmark rate meant to supplant Libor. The Federal Reserve Bank of NY revealed on Monday that it had “mistakenly included certain repo transactions” in SOFR’s settings for the beginning of April, prompting market participants to complain about higher-than-expected volumes of repo deals underlying the rate – Bloomberg

Some Law360 Analysis gives us 6 questions to consider as the SEC is preparing to unveil a “long-awaited plan” for broker conduct when dealing with “mom-and-pop investors” – Law360

A shortage of workers thanks to “the longest stretch of continuous job creation on record” in the US is prompting employers to seek labor from among the teenage workforce—a far cry from just a few years ago, in which teens had trouble landing even seasonal gigs – WSJ

The latest dispatch from the SFO’s London trial accusing former Barclays and Deutsche Bank traders of conspiring to rig Euribor, including a look at how prosecutors are using the traders’ chats against them – Law360 and Bloomberg

By most accounts, Zuck’s days on the Hill were a success for facebook. Still, they didn’t stop some fund managers from partially or even completely dropping the ‘book from the FANG trade altogether – WSJ

Netflix, meanwhile, posted big Q1 results and helped steady the ship for all major tech stocks yesterday – Bloomberg and MarketWatch

I’m not a Team Coco diehard, but this series in which Conan forcibly tagged along on his executive producer’s annual pilgrimage to Italy’s has been pretty inspired – TBS

MDR