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Jan. 6 committee subpoenas Mark Meadows, others from Trump's inner circle

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The House select committee investigating the Jan. 6 attack on the Capitol subpoenaed four members of former President Donald Trump’s inner circle Thursday, including former White House chief of staff Mark Meadows.

Former Pentagon official Kash Patel, former White House adviser Steve Bannon, and former White House deputy chief of staff for communications Dan Scavino were also called to appear before Congress regarding the riot.

The group is expected to produce pertinent documents by Oct. 7 and appear before the committee the following week.

“The select committee has reason to believe that you have information relevant to understanding important activities that led to and informed events at the Capitol on January 6,” wrote Chairman Bennie Thompson, D-Miss. in a letter to Meadows.

“Accordingly, the select committee seeks both documents and your deposition testimony regarding these and other matters that are within the scope of the select committee’s inquiry,” he continued.

China Leaves Loan Prime Rates Unchanged

China maintained its benchmark loan prime rates for the 17 consecutive month, as widely expected.

The one-year loan prime rate was kept unchanged at 3.85 percent and the five-year LPR at 4.65 percent.

The one-year and five-year loan prime rates were last lowered in April 2020. The one-year loan prime rate was cut by 20 basis points and five-year rate by 10 basis points in April 2020.

Markets expected LPR rates to remain on hold as the People’s Bank of China had kept the rate on its medium-term lending facility unchanged early this month.

The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This lending rate replaced the central bank’s traditional benchmark lending rate in August 2019.

With the economy losing steam and concerns around the property sector growing, policy rate cuts by the PBoC could come as soon as next month, Julian Evans-Pritchard, an economist at Capital Economics.

The economist is expecting cuts to the PBoC’s policy rates, including the LPR starting next quarter.

Malaysia's c.bank to launch alternative reference rate

KUALA LUMPUR, Sept 24 (Reuters) – Malaysia’s central bank will launch an alternative reference rate to offer market participants more flexibility and hedging options, it said on Friday.

The alternate rate, called the Malaysia Overnight Rate (MYOR), will be administered and calculated by the central bank as the volume-weighted average rate of unsecured overnight ringgit interbank transactions, the central bank said in a statement.

The MYOR will run in parallel to the existing Kuala Lumpur Interbank Offered Rate (KLIBOR), it said.

European Economics Preview: UK Retail Sales Data Due

Retail sales data from the UK is due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics is scheduled to issue UK retail sales data for August. Sales are forecast to grow 0.5 percent from July, when the volume was down 2.5 percent.

At 3.00 am ET, August consumer price data is due from Austria. Consumer prices were up 2.9 percent annually in July.

At 4.00 am ET, the European Central Bank publishes euro area current account data for July. In the meantime, corporate sector wages data is due from Poland.

At 4.30 am ET, the Bank of England/Kantar Inflation Attitudes Survey results are due.

At 5.00 am ET, Eurostat is set to release euro area final consumer price data. Inflation is seen at 3 percent in August, unchanged from the preliminary estimate, but up from 2.2 percent in July.

Green Field Farms Dairy Recalls Whole Chocolate Milk

Green Field Farms Dairy has recalled its Whole Chocolate Milk product as a laboratory analysis indicated that the product was not effectively pasteurized, the U.S. Food and Drug Administration announced.

The recall involves 1,242 units of the Whole Chocolate Milk with an expiration date of September 29, 2021. The affected products were distributed in Ohio, Indiana, Kentucky, Maryland, New Jersey, New York, Pennsylvania, Virginia, Delaware and Washington DC from September 7 through September 16.

The Fredericksburg, Ohio-based company initiated the recall after the issue was discovered during routine product testing conducted by the Ohio Department of Agriculture.

However, there have been no reports of foodborne illness involving the recalled products to date.

Consumers are asked to return the affected products to the place of purchase to receive a refund.

Scholastic Q1 Loss Narrows

Scholastic Corp. (SCHL) Thursday reported first-quarter loss of $24.2 million or $0.70 per share, narrower than last year’s loss of $39.8 million or $1.16 per share.

First-quarter revenues increased 21% $259.8 million from $215.2 million last year.

Revenue growth was driven primarily by the U.S. trade and education channels. Trade publishing revenues grew on the strength of the company’s series publishing and strong backlist titles.

Opinion | Why Sex-Positive Feminism Is Falling Out of Fashion


By Michelle Goldberg

Opinion Columnist