Raphael Stevens

More stories

  • 188 Shares199 Views

    in Business

    Moderna loses less than expected as Covid vaccine sales beat estimates, cost cuts take hold

    Moderna posted a narrower-than-expected loss for the first quarter as the company’s cost-cutting efforts took hold and sales of its Covid vaccine topped estimates. 
    The results come as Moderna inches closer to having another product on the market, which it badly needs as demand for its Covid shots plunges worldwide.
    The company reiterated its full-year 2024 sales guidance of roughly $4 billion, which includes revenue from the expected launch of its RSV vaccine.

    Nikos Pekiaridis | Nurphoto | Getty Images

    Moderna on Thursday posted a narrower-than-expected loss for the first quarter as the company’s cost-cutting efforts took hold and sales of its Covid vaccine, its only commercially available product, topped estimates. 
    The results come as Moderna inches closer to putting another product on the market, which it badly needs as demand for Covid shots plunges worldwide. The biotech company expects U.S. approval for its vaccine against respiratory syncytial virus on May 12. If cleared, that shot is expected to launch in the third quarter.

    Here’s what Moderna reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

    Loss per share: $3.07 vs. loss of $3.58 expected
    Revenue: $167 million vs. $97.5 million expected

    “On the [operating expenses] side of a company, we’ve made great progress,” Moderna CEO Stéphane Bancel said of the cost cuts Thursday on CNBC’s “Squawk Box.” He added that the biotech company’s team “has done a great job resizing the company.”
    Moderna booked first-quarter sales of $167 million, with revenue from its Covid shot dropping roughly 90% from the same period a year ago. The company reported $1.86 billion in revenue in the prior-year period.
    Around $100 million came from the U.S., while $67 million came from international markets, primarily in Latin America, Moderna CFO Jamey Mock told CNBC in an interview. 
    The company said the revenue decline came in part from an expected transition to a seasonal Covid vaccine market, where patients typically take their shots in the fall and winter.

    Moderna posted a net loss of $1.18 billion, or $3.07 per share, for the first quarter. That compares with net income of $79 million, or 19 cents per share, reported for the year-ago period.
    The company reiterated its full-year 2024 sales guidance of roughly $4 billion, which includes revenue from its RSV vaccine. Notably, Moderna expects only $300 million of those sales to come in during the first half of the year since the season for respiratory viruses is typically in the latter half of the year. 
    Moderna has said it expects to return to sales growth in 2025 and to break even by 2026, with the launch of new products. 
    For the first quarter, Mock said the company is “more encouraged by what we’re seeing from a productivity perspective” than the higher sales of its Covid vaccine. 
    Cost of sales was $96 million for the first quarter, down 88% from the same period a year ago. That includes $30 million in write-downs of unused doses of the Covid vaccine and $27 million in charges related to the company’s efforts to scale back its manufacturing footprint, among other costs. 
    Research and development expenses for the first quarter decreased by 6% to $1.1 billion compared with the same period in 2023. That decline was primarily due to fewer payments to partners in 2024 and lower clinical development and manufacturing expenses, including decreased spending on clinical trials for the company’s Covid, RSV and seasonal flu shots. 
    Meanwhile, selling, general and administrative expenses for the period fell by 10% to $274 million compared with the first quarter of 2023. SG&A expenses usually include the costs of promoting, selling and delivering a company’s products and services.
    The company said the reduction is in part due to its investments in “digital commercial capabilities” and increased focus on using AI technologies to streamline operations.

    More CNBC health coverage

    Last month, Moderna announced a partnership with artificial intelligence heavyweight OpenAI that aims to automate nearly every business process at the biotechnology company. 
    Mock told CNBC that Moderna has been working with OpenAI for the past year. He added that 60% to 70% of the company currently uses an AI chatbot to do work. 
    Moderna has so far managed to shore up investor sentiment about its path forward after Covid. Its shares are up more than 10% this year on increasing confidence around its pipeline and messenger RNA platform, which is the technology used in its Covid shot. 
    The biotech company currently has 45 products in development, several of which are in late-stage trials. They include its combination shot targeting Covid and the flu, which could win approval as early as 2025.
    Moderna is also developing a stand-alone flu shot, a personalized cancer vaccine with Merck and shots for latent viruses, among other products.
    Correction: Moderna’s cost of sales was $96 million for the first quarter. An earlier version misstated the time period.

    Don’t miss these exclusives from CNBC PRO More

  • 88 Shares159 Views

    in Finance

    What campus protesters get wrong about divestment

    One-third of Ivy League graduates end up working in finance or consulting. So perhaps it is unsurprising that campus protesters are providing investment advice: they want university endowments to get rid of assets linked to Israel. At Columbia University, for instance, a coalition of more than 100 student organisations is demanding that administrators divest from companies that “publicly or privately fund or invest in the perpetuation of Israeli apartheid and war crimes”. Another longer-running campaign by green types hopes to push fossil fuels out of portfolios.Divesting from something has obvious symbolic value. But many protesters hope to have a real-world impact, too. Divestment campaigns may exert influence by starving their targets of capital. Scare enough investors from an industry or country and, so the argument goes, companies will find it harder to raise or borrow money, which will force them to change their behaviour. If enough Israeli firms begin to suffer, perhaps Binyamin Netanyahu will rethink his campaign in Gaza. How likely is this to work? More

  • 125 Shares199 Views

    in Finance

    Hedge funds make billions as India’s options market goes ballistic

    Hedge funds take great pains to hide their inner workings. So a recent court case in which Jane Street sued two former employees and Millennium Management, another fund to which they had jumped ship, was immensely pleasing to the firm’s rivals, since it offered a rare view into one of the industry’s giants. Among the revelations: Jane Street’s “most profitable strategy” did not play out on Wall Street, but in the unglamorous Indian options business, where the firm last year earned $1bn.This news has drawn attention to India’s options market, which is staggeringly large. According to the Futures Industry Association (FIA), a trade body, the country accounted for 84% of all equity option contracts traded globally last year, up from 15% a decade ago. The volume of contracts last year touched 85bn and has more than doubled every year since 2020 (see chart). Most of the frenzy is focused on the National Stock Exchange (NSE), which handles more than 93% of the transactions. More

  • 138 Shares179 Views

    in Finance

    Russia’s gas business will never recover from the war in Ukraine

    When Russia’s leaders stopped most of the country’s gas deliveries to the EU in 2022, they thought themselves smart. Prices instantly shot up, enabling Russia to earn more despite lower export volumes. Meanwhile, Europe, which bought 40% of its gas from Russia in 2021, braced itself for inflation and blackouts. Yet two years later, owing to mild winters and enormous imports of liquefied natural gas (LNG) from America, Europe’s gas tanks are fuller than ever. And Gazprom, Russia’s state-owned gas giant, is unable to make any profits.Russia was always going to struggle to redirect the 180bn cubic metres (bcm) of gas, worth 80% of its total exports of the fuel in 2021, that it once sold to Europe. The country has no equivalent to Nord Stream, a conduit to Germany, that allows it to pipe gas to customers elsewhere. It also lacks plants to chill fuel to -160°C and the specialised tankers required to ship LNG. Until recently, this was only a minor annoyance. Between 2018 and 2023 just 20% of the total contribution of hydrocarbon exports to the Russian budget came from gas, and despite sanctions Russia continues to sell lots of oil at a good price. More

  • 150 Shares119 Views

    in Business

    Carvana shares spike 30% as used car retailer posts record first quarter

    Shares of Carvana popped more than 30% during after-hours trading Wednesday after the automaker reported record results and turned a profit during the first quarter.
    The company’s gross profit per unit, or GPU, which is closely watched by investors, was $6,432. Carvana’s adjusted EBITDA profit margin for the quarter was 7.7%.
    The results follow a major restructuring over the past two years to focus on profitability rather than growth after bankruptcy concerns in 2022.

    Vehicles are seen on display at a Carvana dealership in Austin, Texas, on Feb. 20, 2023.
    Brandon Bell | Getty Images

    Shares of Carvana popped more than 30% during after-hours trading Wednesday after the automaker reported record results and turned a profit during the first quarter.
    Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:

    Earnings per share: 23 cents — it was not immediately clear if it was comparable to the loss of 74 cents expected
    Revenue: $3.06 billion vs. $2.67 billion expected

    Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period. It also posted an all-time-best adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $235 million, up from a $24 million loss a year earlier.
    The company’s gross profit per unit, or GPU, which is closely watched by investors, was $6,432. Carvana’s adjusted EBITDA profit margin for the quarter was 7.7%.
    Carvana’s net income included a roughly $75 million gain in the fair value of Carvana’s warrants to acquire Root Inc. common stock. This did not impact its GPU or adjusted EBITDA.
    “In the first quarter, we delivered our best results in company history, validating our long-held belief that Carvana’s online retail model can drive industry-leading profitability while delivering industry-leading customer experiences,” Carvana CEO and Chairman Ernie Garcia III said in a release.
    Garcia said the company’s performance was driven by efficiency gains in its operations, especially the reconditioning of vehicles for sale as well as selling, general, and administrative expenses, among other areas.

    Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia. He declined to disclose how much high the company believes it can grow those results.

    Stock chart icon

    Carvana’s stock in 2024

    “I really do think in terms of just a single quarter carrying meaning about what the future holds for us. If we execute properly, I think this is probably our biggest quarter and it feels awesome,” Garcia told CNBC during a phone interview Wednesday night.
    The company anticipates further cost reductions or efficiency gains to increase profitability through areas such as advertising as well as overhead and operational expenses.
    Garcia said Carvana also is working on increasing vehicle reconditioning and profitably rebuilding its vehicle inventory, which was nearing an all-time monthly low of 13 days’ supply in March. It has increased its reconditioning capacity of vehicles to prepare for sale by roughly 60% during the past year.
    “Acquiring inventories, generally speaking, feel relatively straightforward to scale, but growing the recondition capacity is difficult,” he told CNBC. “Inventory today is certainly tighter than we would like for it to be. We’re working hard to build it back up, but we’re extremely well positioned to do it.”
    The results follow a major restructuring by the company over the past two years to focus on profitability rather than growth, after bankruptcy concerns when Carvana’s stock lost nearly all of its value in 2022.
    Shares of the company have recovered since then. They had climbed roughly 67% year to date before the company reported its first-quarter results. The stock closed Wednesday up about 5% at $87.09 per share.
    A joint letter to shareholders from Garcia and finance chief Mark Jenkins said the company has prioritized growth, but doing so profitability.
    “We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars,” read the shareholder letter.
    For the second quarter, the company said it expects a sequential increase in its year-over-year growth rate in retail units, and a sequential increase in adjusted earnings before interest, taxes, depreciation and amortization.

    Don’t miss these exclusives from CNBC PRO More

  • 138 Shares169 Views

    in Business

    Long-predicted consumer pullback finally hits restaurants like Starbucks, KFC and McDonald’s

    Starbucks, Pizza Hut and KFC are among the chains that reported same-store sales declines this quarter.
    McDonald’s said it’s adopting a “street-fighting mentality” to creating value to win over customers.
    Outliers like Wingstop and Chipotle Mexican Grill show that customers will still order their favorite foods, even if they’re more expensive than they were a year ago.

    A Starbucks logo is seen as members and supporters of Starbucks Workers United protest outside of a Starbucks store in Dupont Circle, Washington, D.C., on Nov. 16, 2023.
    Kevin Dietsch | Getty Images

    It’s finally here: the long-predicted consumer pullback.
    Starbucks announced a surprise drop in same-store sales for its latest quarter, sending its shares down 17% on Wednesday. Pizza Hut and KFC also reported shrinking same-store sales. And even stalwart McDonald’s said it has adopted a “street-fighting mentality” to compete for value-minded diners.

    For months, economists have been predicting that consumers would cut back on their spending in response to higher prices and interest rates. But it’s taken a while for fast-food chains to see their sales actually shrink, despite several quarters of warnings to investors that low-income consumers were weakening and other diners were trading down from pricier options.
    Many restaurant companies also offered other reasons for their weak results this quarter. Starbucks said bad weather dragged its same-store sales lower. Yum Brands, the parent company of Pizza Hut, KFC and Taco Bell, blamed January’s snowstorms and tough comparisons to a strong first quarter last year for its brands’ poor performance.
    But those excuses don’t fully explain the weak quarterly results. Instead, it looks like the competition for a smaller pool of customers has grown fiercer as the diners still looking to buy a burger or cold brew become pickier with their cash.
    The cost of eating out at quick-service restaurants has climbed faster than that of eating at home. Prices for limited-service restaurants rose 5% in March compared with the year-ago period, while prices for groceries have been increasing more slowly, according to the Bureau of Labor Statistics.
    “Clearly everybody’s fighting for fewer consumers or consumers that are certainly visiting less frequently, and we’ve got to make sure we’ve got that street-fighting mentality to win, irregardless of the context around us,” McDonald’s CFO Ian Borden said on the company’s conference call on Tuesday.

    Outliers show that customers will still order their favorite foods, even if they’re more expensive than they were a year ago. Wingstop, Wall Street’s favorite restaurant chain, reported its U.S. same-store sales soared 21.6% in the first quarter. Chipotle Mexican Grill, whose customer base is predominantly higher income, saw traffic rise 5.4% in its first quarter. And Restaurant Brands International’s Popeyes reported same-store sales growth of 5.7%.
    “What we’ve seen with the consumer is, if they are feeling pressure, they have a tendency to pull back on more high-frequency [quick-service restaurant] occasions,” Wingstop CEO Michael Skipworth told CNBC.
    He added that the average Wingstop customer visits just once a month, using the chain’s chicken sandwich and wings as an opportunity to treat themselves rather than a routine that can easily be cut due to budget concerns. Skipworth also said that Wingstop’s low-income consumers are actually returning more frequently these days.
    Even so, many companies in the restaurant sector and beyond it have warned consumer pressures could persist. McDonald’s CEO Chris Kempczinski told analysts the spending caution extends worldwide.
    “It’s worth noting that in [the first quarter], industry traffic was flat-to-declining in the U.S., Australia, Canada, Germany, Japan and the U.K.,” he said.
    Two of the chains that struggled in the first quarter cited value as a factor. Starbucks CEO Laxman Narasimhan said occasional customers weren’t buying the chain’s coffee because they wanted more variety and value.
    “In this environment, many customers have been more exacting about where and how they choose to spend their money, particularly with stimulus savings mostly spent,” Narasimhan said on the company’s Tuesday call.
    Yum CEO David Gibbs noted that rivals’ value deals for chicken menu items hurt KFC’s U.S. sales. But he said the shift to value should benefit Taco Bell, which accounts for three-quarters of Yum’s domestic operating profit.
    “We know from the industry data that value is more important and that others are struggling with value, and Taco Bell is a value leader. You’re seeing some low-income consumers fall off in the industry. We’re not seeing that at Taco Bell,” he said on Wednesday.
    It’s unclear how long it will take fast-food chains’ sales to bounce back, although executives provided optimistic timelines and plans to get sales back on track. For example, Yum said its first quarter will be the weakest of the year.
    For its part, McDonald’s plans to create a nationwide value menu that will appeal to thrifty customers. But the burger giant could face pushback from its franchisees, who have become more outspoken in recent years. While deals drive sales, they pressure operators’ profits, particularly in markets where it is already expensive to operate.
    Still, losing ground to the competition could motivate McDonald’s franchisees. This marks the second consecutive quarter that Burger King reported stronger U.S. same-store sales growth than McDonald’s. The Restaurant Brands chain has been in turnaround mode over the last two years and spending heavily on advertising.
    Starbucks is also betting on deals. The coffee chain is gearing up to release an upgrade of its app that allows all customers — not just loyalty members – to order, pay and get discounts. Narasimhan also touted the success of its new lavender drink line that launched in March, although business was still sluggish in April.

    Don’t miss these exclusives from CNBC PRO More

  • 125 Shares199 Views

    in Business

    Viking shares rise 8% after cruise line operator’s market debut

    Viking started trading on the New York Stock Exchange on Wednesday at $26.15 under the ticker “VIK.”
    The company’s IPO coincides with a strong rebound in cruise bookings.

    A trader works inside a booth, as screens display Viking cruise company logo, on the floor of the New York Stock Exchange. 
    Stefan Jeremiah | Reuters

    Viking is not your typical cruise operator.
    Aboard its smaller, upscale vessels, you won’t find any kids. In fact, the cruise line doesn’t hide the fact that it is going after the high-income baby boomer.

    Casinos? Not on these cruise ships.
    In Viking Holdings’ prospectus, the company said its cruises are for the “thinking person,” underscoring its efforts to appeal to the baby boomer traveler who seeks adventure and new experiences.
    “They have the money, they have the time and, in my belief, the moment you try to do everything for everybody, you know what happens? You do nothing well. So we are very, very clear focused,” Torstein Hagen, CEO and chairman of Viking, told CNBC.

    The luxury cruise line was targeting a $10.4 billion valuation in its initial public offering on the New York Stock Exchange on Wednesday, making it the third-largest cruise operator after Royal Caribbean and Carnival. Norwegian Cruise Line is the fourth largest. Viking started trading Wednesday at $26.15 a share under the ticker “VIK” after pricing at $24 a share.
    It closed its first trading day with a gain of more than 8%, ending at $26.10 per share.

    Viking upsized its IPO after existing shareholders decided to sell an additional 9 million shares amid strong demand from mutual fund investors, according to a source familiar with the situation.

    A trader walks past a screen which displays the Viking cruise company logo, on the floor of the New York Stock Exchange.
    Stefan Jeremiah | Reuters

    In 1997, Viking had four ships. It has quickly grown its fleet to 92 vessels, 80 of which are river-based ships that travel down the world’s biggest rivers, including the Seine in France and the Nile in Egypt.
    “We’re different because when you talk about the big cruise lines, they’re large in the Caribbean,” Hagen said. “We have a tiny sliver in the Caribbean. The rest is Europe.”
    The timing of Viking’s IPO coincides with a strong rebound in cruise bookings. On April 25, Royal Caribbean raised its guidance for 2024 amid a bright outlook for the sector.
    “Cruising has really come into the forefront as a competitive choice in travel,” Jason Liberty, CEO of Royal Caribbean, said to CNBC in a recent interview. “The overall travel industry is $1.9 trillion. The cruise industry is $56 billion of that. I think cruising is at a much different level than it was pre-pandemic.”
    While the company’s prospectus showed Viking brought in $4.71 billion in sales in 2023, it did report a net loss for the year. What is getting investors excited is the company’s revenue per passenger of $7,251, which is much higher than that of any other publicly traded cruise line. Viking’s premium price point allows it to make more money on each customer.
    Investors will also be looking for details on Viking’s expansion plans. Earlier this month, Norwegian Cruise Line said it ordered eight new ships scheduled for delivery over the next 12 years.

    A model of a Viking cruise ship is displayed at the New York Stock Exchange.
    Stefan Jeremiah | Reuters

    Carnival, Royal Caribbean and MSC Cruises all have robust portfolios, which has raised concerns of overcapacity weighing on demand. But for now, the industry is focused on how well demand has rebounded from the pandemic and that, even with higher prices, cruising is still cheaper on average than hotel vacations.
    UBS leisure analyst Robin Farley said land-based hotel rates are 25% higher than in 2019. During that same time frame, cruise line rates are up 10%.
    “The gap between cruising and hotels is wide. That makes cruise compelling right now,” Farley said.

    Don’t miss these exclusives from CNBC PRO More

  • 163 Shares199 Views

    in Finance

    Fed keeps rates steady as it notes ‘lack of further progress’ on inflation

    The Federal Reserve held its ground on interest rates, again deciding not to cut as it continues a battle with inflation that has grown more difficult lately.
    The federal funds rate has been between 5.25%-5.50% since July 2023, when the Fed last hiked and took the range to its highest level in more than two decades.
    “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,” the Fed’s statement said.

    WASHINGTON – The Federal Reserve on Wednesday held its ground on interest rates, again deciding not to cut as it continues a battle with inflation that has grown more difficult lately.
    In a widely expected move, the U.S. central bank kept its benchmark short-term borrowing rate in a targeted range between 5.25%-5.50%. The federal funds rate has been at that level since July 2023, when the Fed last hiked and took the range to its highest level in more than two decades.

    The rate-setting Federal Open Market Committee did vote to ease the pace at which it is reducing bond holdings on the central bank’s mammoth balance sheet, in what could be viewed as an incremental loosening of monetary policy.
    With its decision to hold the line on rates, the committee in its post-meeting statement noted a “lack of further progress” in getting inflation back down to its 2% target.
    “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,” the statement said, reiterating language it had used after the January and March meetings.
    The statement also altered its characterization of its progress toward its dual mandate of stable prices and full employment. The new language hedges a bit, saying the risks of achieving both “have moved toward better balance over the past year.” Previous statements said the risks “are moving into better balance.”
    Beyond that, the statement was little changed, with economic growth characterized as moving at “a solid pace,” amid “strong” job gains and “low” unemployment.

    Chair Jerome Powell during the news conference following the decision expanded on the idea that prices are still rising too quickly.
    “Inflation is still too high,” he said. “Further progress in bringing it down is not assured and the path forward is uncertain.”
    However, investors were pleased by Powell’s comment that Fed’s next move was “unlikely” to be a rate hike. The Dow Jones Industrial Average jumped after the remarks, and rose as much as 500 points. He also stressed the need for the committee to make its decisions “meeting by meeting.”
    On the balance sheet, the committee said that beginning in June it will slow the pace at which it is allowing maturing bond proceeds to roll off without reinvesting them.

    ‘Quantitative tightening’

    In a program begun in June 2022 and nicknamed “quantitative tightening,” the Fed had been allowing up to $95 billion a month in proceeds from maturing Treasurys and mortgage-backed securities to roll off each month. The process has resulted in the central bank balance sheet to come down to about $7.4 trillion, or $1.5 trillion less than its peak around mid-2022.
    Under the new plan, the Fed will reduce the monthly cap on Treasurys to $25 billion from $60 billion. That would put the annual reduction in holdings at $300 billion, compared with $720 billion from when the program began in June 2022. The potential mortgage roll-off would be unchanged at $25 billion a month, a level that has only been hit on rare occasions.
    QT was one way the Fed used to tighten conditions after inflation surged, as it backed away from its role of assuring the flow of liquidity through the financial system by buying and holding large amounts of Treasury and agency debt. The reduction of the balance sheet roll-off, then, can be seen as a slight easing measure.
    The funds rate sets what banks charge each other for overnight lending but feeds into many other consumer debt products. The Fed uses interest rates to control the flow of money, with the intent that higher rates will dampen demand and thus help reduce prices.
    However, consumers have continued to spend, running up credit indebtedness and decreasing savings levels as stubbornly high prices eat away at household finances. Powell has repeatedly cited the pernicious effects of inflation, particularly for those at the lower-income levels.

    Prices off peak levels

    Though price increases are well off their peak in mid-2022, most data so far in 2024 has shown that inflation is holding well above the Fed’s 2% annual target. The central bank’s main gauge shows inflation running at a 2.7% annual rate – 2.8% when excluding food and energy in the critical core measure that the Fed especially focuses on as a signal for longer-term trends.
    At the same time, gross domestic product grew at a less-than-expected 1.6% annualized pace in the first quarter, raising concerns over the potential for stagflation with high inflation and slow growth.
    Most recently, the Labor Department’s employment cost index this week posted its biggest quarterly increase in a year, sending another jolt to financial markets.
    Consequently, traders have had to reprice their expectations for rates in a dramatic fashion. Where the year started with markets pricing in at least six interest rate cuts that were supposed to have started in March, the outlook now is for just one, and likely not coming until near the end of the year.
    Fed officials have shown near unanimity in their calls for patience on easing monetary policy as they look for confirmation that inflation is heading comfortably back to target. One or two officials even have mentioned the possibility of a rate increase should the data not cooperate. Atlanta Fed President Raphael Bostic was the first to specifically say he only expects one rate cut this year, likely in the fourth quarter.
    In March, FOMC members penciled in three rate cuts this year, assuming quarter percentage point intervals, and won’t get a chance to update that call until the June 11-12 meeting. 
    Correction: The Federal Reserve kept its benchmark short-term borrowing rate in a targeted range between 5.25%-5.50%. An earlier version misstated the range. The Fed’s next meeting is June 11-12. An earlier version misstated the date.

    Don’t miss these exclusives from CNBC PRO More