Neel Kashkari, the former Goldman Sachs Group Inc. executive chosen by ex-Treasury Secretary Henry Paulson to help rescue the U.S. banking system, is readying a challenge to California Governor Jerry Brown even as the world’s 10th-largest economy reaches its highest level in more than three decades.
Napa Valley vintner Michael Marston voted for Jerry Brown in 2010, trusting the Democrat’s pledge that, with 26 years in California government, he could “lead a broken legislature out of a morass of poisonous partisanship.”
A gauge of U.S. company credit risk rose after touching the lowest level in six years as investors bet that the Federal Reserve will continue the pace of its monetary stimulus in the coming months. T-Mobile US Inc. is planning to sell $2 billion of bonds in two parts.
Federal Reserve Bank of Philadelphia President Charles Plosser, an opponent of Fed bond purchases, said the central bank should focus on price stability as its primary objective, and not worry as much about “fluctuations” in employment.