Stock Markets Rally , Amid Investor Hopes for , Interest Rate Cuts in 2024.
On the morning of May 15, both the S&P and the
Nasdaq hit all-time highs after new data suggested
inflation may be easing in line with expectations.
Quartz reports that the Dow Jones Industrial Average
is also inching toward the record-breaking
40,000 mark, which it almost hit in March. .
According to the latest Bureau of Labor
Statistics data, April saw the Consumer Price
Index, a key gauge of inflation, rise by 3.4%.
At the same time, consumer prices
increased by 0.3%, slowing slightly
from March's 0.4% increase.
The latest data also shows that core prices,
which don't include food and energy, saw the lowest
increase since April of 2021, rising just 3.6%. .
As a result, investors have a sense of
renewed hope that the Federal Reserve will
begin to cut interest rates at some point in 2024.
The latest inflation data was released one day
after the Producer Price Index, which
measures wholesale inflation, increased 0.5%. .
Over the past year, the
index has increased 2.2%.
Shortly after markets opened, the Dow
jumped up 147 points, hitting 39,705, while the
S&P 500 and the Nasdaq saw 0.5% increases.
Shares in GameStop were down 30% after
experiencing a boost earlier this week by
the online return of investor "Roaring Kitten."
Credit: Wibbitz Top Stories Duration: 01:30Published
Consumer Outlook , Plunges Amid Fears of , More Price Hikes Ahead.
CNN reports that sentiment about the economy among
consumers in the United States has plummeted
to the lowest level in the past six months.
According to the latest consumer survey by the
University of Michigan, consumers are also bracing
for more price increases in the year ahead. .
The consumer expectations gauge,
which is closely monitored by the White House,
dropped 13%, representing the most significant
single month decline since mid-2021.
The latest news is still better than
last May when inflation was at 4%
compared to the current 3.5% reading.
However, CNN points out that despite inflation
being lower than the same time last year, the numbers
have been moving in the wrong direction.
The trajectory has shifted
economist expectations for
the Federal Reserve to cut rates. .
The latest Fed report saw expectations
for year-ahead inflation increase
to 3.5% from the 3.2% forecast in April. .
At the same time, long-run
expectations for inflation also
increased to 3.1% from April's 3.0%. .
According to Chicago Federal Reserve
President Austan Goolsbee, the latest data , "bodes awful for progress on inflation.".
There isnβt, at this time,
much evidence in my view that
inflation is stalling out at 3%, Austan Goolsbee, Chicago Federal Reserve President, via CNN
Credit: Wibbitz Top Stories Duration: 01:31Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
Advocates Fight For Those , Sickened By US Nuclear Testing , Program on Capitol Hill.
On June 7, the federal Radiation Exposure Compensation
Act (RECA) program is set to expire, ending a lifeline
for families sickened by the country's nuclear testing. .
On June 7, the federal Radiation Exposure Compensation
Act (RECA) program is set to expire, ending a lifeline
for families sickened by the country's nuclear testing. .
NPR reports that advocates have gathered
on Capitol Hill to fight for so-called atomic
veterans and save the RECA program.
Over the past year, multiple bipartisan
bills were approved by the Senate to
reauthorize and expand the program. .
Those bills stalled out in the House,
due to some Republicans objecting
to the cost of the program. .
According to sponsors of the bills, those concerns
were addressed by reducing the initial 2023 estimate
of $143 billion down to between $50 and $60 billion. .
NPR reports that RECA has provided payments up to
$75,000 to those sickened by the nuclear testing
program, totaling $2.7 billion to over 400,000 recipients. .
One of the groups fighting to have
the program extended is the
Tularosa Basin Downwinders Consortium. .
The group works to raise awareness of illnesses
linked to Trinity, the government's code word for
the first nuclear bomb test, which took place in 1945.
Martinez White, a member of the group,
says fallout from those tests resulted in at
least six cases of cancer in her family of ten. .
I would often go home for
funerals and everybody in
Tularosa was dying of cancer.
We knew something was very weird. , Martinez White, Tularosa Basin
Downwinders Consortium member, via NPR.
There's no industry in the whole
Tularosa Basin but for White Sands
Missile Range, where the
Trinity bomb was detonated, Martinez White, Tularosa Basin
Downwinders Consortium member, via NPR
Credit: Wibbitz Top Stories Duration: 01:31Published
Walmart Lays Off Hundreds of Workers , While Requiring Others to Relocate.
On May 14, the retail giant announced layoffs impacting several hundred employees at campus offices, NPR reports.
It was also revealed that most remote workers and
employees in Dallas, Atlanta and Toronto will be required
to move to "Bentonville, Arkansas; Hoboken, New Jersey;
and the San Francisco Bay Area," NPR reports.
Chief People Officer Donna Morris
let workers know in a memo.
It has been a little over four years since
we faced the global pandemic that
reshaped our lives in many ways,
including our ways of working. , Chief People Officer Donna Morris, via memo.
With the goal of bringing more of us
together more often, we are asking the
majority of associates working remotely,
and the majority of associates within our
offices in Dallas, Atlanta, and our
Toronto Global Tech office, to relocate. , Chief People Officer Donna Morris, via memo.
Morris went on to address the
"reduction of several hundred campus roles." .
While the overall numbers are small
in percentage, we are focused on
supporting each of our associates
affected by these changes, Chief People Officer Donna Morris, via memo.
A reason for the layoffs was not provided other than the fact that "some parts of our business have made changes," Morris said.
We have had discussions with
associates who were directly
impacted by these decisions. , Chief People Officer Donna Morris, via memo.
We will work closely with them in
the coming days and months to
navigate the best path forward, Chief People Officer Donna Morris, via memo
Credit: Wibbitz Top Stories Duration: 01:31Published
How to Be , a Better Neighbor.
You don't even know
your neighbors, do you?.
Per a Pew Research study conducted in 2018, only a quarter of adults under 30
said they know even one of their neighbors.
A fostered sense of community may be what's missing in your young life.
A fostered sense of community may be what's missing in your young life.
Here are a few ways to
become a better neighbor:.
Say
Hello.
Obvious, yes, but the logical first
step to becoming a better neighbor
is to introduce yourself.
Don't do anything grandiose so you
don't come on too strong.
You don't have to show up with a fresh apple pie or anything like that. , Chris Loggins, supervising producer
Daniel Tiger's Neighborhood, via NPR.
You don't have to show up with a fresh apple pie or anything like that. , Chris Loggins, supervising producer
Daniel Tiger's Neighborhood, via NPR.
Small Acts
of Kindness.
Show your neighbors that you can
be a kind and generous person.
Always clean up after your pets,
and don't litter.
Connect.
Often it may feel easier to just go home, but experts believe human connection is worth the effort.
Overcoming the initial anxiety may trouble you, but meeting new people could increase your happiness
Credit: Wibbitz Top Stories Duration: 01:30Published
Biden Is Giving $6 Billion , to Micron Technology , for Semiconductor Production.
On April 25, President Biden will travel to Syracuse, NY, to announce over $6 billion in federal grants that his administration is awarding to Micron Technology, NPR reports. .
Senate Majority Leader Chuck Schumer, who was heavily involved in enacting the CHIPS and Science Act, issued a statement about the investment. .
This is the federal government taking back the reins, putting money where its mouth is when we say we want the future of tech to be stamped: 'Made in America.', Senate Majority Leader Chuck Schumer, via statement.
Micron will invest $100 billion of the funds to construct a manufacturing facility in Syracuse.
Schumer referred to the plan as "quite a
great return" on the government's investment.
A factory will also be built in
Boise, Idaho, NPR reports. .
That facility is expected to be ready for production by 2026, while two New York factories will likely be ready by 2028 and 2029.
The White House estimates that
the projects could create 20,000 jobs
in construction and manufacturing.
in addition to "tens of thousands of
indirect jobs in the regions," NPR reports. .
The CHIPS and Science Act has also provided funding for Intel, TSMC and Samsung
Credit: Wibbitz Top Stories Duration: 01:30Published
Are You in a Creative Rut? , Here's How to Stay Inspired.
Have you had a hard time accessing the creative part of your brain lately?.
Maybe you're hoping for a magical breakthrough
like something you'd see in a movie.
Experts say it may not be so easy, but it's still possible to pull yourself out of a creative rut if you keep these things in mind:.
Creativity Is for Everyone.
Most folks are creative, and experts
say you don't have to be a genius
to harness the power.
I think we are already
creative beings and
how you use that
[creativity] is
up to you, Sarah Urist Green, producer of
'The Art Assignment,' via NPR.
You don't need to have particular skills; you don't need to have
particular materials. , Sarah Urist Green, producer of
'The Art Assignment,' via NPR.
Take a Break.
Experts say allowing your brain to de-stimulate is great practice
if your schedule allows. .
What our brains actually need is periods of destimulation, Rahaf Harfoush, host of 'The Thought Experiment,' via NPR.
which means no screens, no emails, no audiobooks. , Rahaf Harfoush, host of 'The Thought Experiment,' via NPR.
Don't Force
Yourself.
Experts say don't use stress as a tool
to get things done.
Being overly reliant on pressure and stress may deepen your creative rut.
It could also increase chances of
anxiety attacks and depression
Credit: Wibbitz Top Stories Duration: 01:30Published
March Retail Sales , Exceeded Expectations.
New Commerce Department data surprised
some analysts on April 15, 'The Hill' reports. .
The agency's latest estimates indicate
that March retail sales increased by 0.7%.
They were only expected
to rise 0.3% last month.
While sales exceeded estimates for March, the jump
was still below the 0.9% increase in February.
Compared to the same time last year, total sales
for the first three months of 2024 were up 2.1%.
On April 10, the Labor Department released data showing that inflation rose last month. .
The consumer price index (CPI)
increased 0.4% in March and 3.5% annually.
In February, consumer prices
increased 3.2% year-over-year. .
Still, the newest Commerce Department data suggests that Americans continue to spend despite prolonged inflation, 'The Hill' reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Data Shows , US Wages Falling , at a 'Striking' Pace.
Fox News reports that wage growth
in the United States has slowed
significantly over the past year. .
According to new data from Indeed,
wage growth is beginning
to near pre-pandemic levels. .
Indeed's wage tracker showed that salaries have had
a marked drop since January 2022, suggesting that
employers are seeing less competition for new hires.
The pace of deceleration
is striking. Posted wage growth
has fallen by almost 3 percentage
points over the past year, Nick Bunker, Indeed labor economist, via Fox News.
Fox News reports that the most pronounced
deceleration was found in low-wage sectors. .
Given the huge run-up in posted
wages for those sectors, wage growth
is still above its pre-pandemic pace.
How long this will last is uncertain, Nick Bunker, Indeed labor economist, via Fox News.
After remaining historically tight throughout the last
year, the labor market is expected to continue slowing
in the coming months amid elevated interest rates.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
Despite this, job growth has
remained resilient, with employers
adding 275,000 jobs in February. .
At the same time, Labor Department
data shows that the unemployment
rate for the month also rose to 3.9%.
Credit: Wibbitz Top Stories Duration: 01:31Published
Key Inflation Rate , Hits Lowest Annual Level , in Almost 2 Years.
CNBC reports that inflation continued
to show signs of cooling in June,
in line with Dow Jones estimates.
CNBC reports that..
Credit: Wibbitz Top Stories Duration: 01:31Published
Mortgage Rates Inch Lower , Ahead of the Fed's Next , Expected Rate Hike.
The average cost of a long-term
mortgage in the United States has
slipped to its lowest level in four weeks. .
'The..
Credit: Wibbitz Top Stories Duration: 01:31Published
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