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Aug 15, 2024, 10:19 AM UTC

Inflation Report Sets Stage For Fed To Cut Interest Rates

Newsletter Aug 15, 2024 Quick Six Consumer inflation report supports an interest cut by Fed US consumer inflation eased slightly in July, according to data published Wednesday, its smallest annual

Newsletter Aug 15, 2024

Quick Six

Consumer inflation report supports an interest cut by Fed
US consumer inflation eased slightly in July, according to data published Wednesday, its smallest annual increase since March 2021 and a positive sign for the Federal Reserve as it weighs cutting interest rates. The consumer price index eased to 2.9% last month from a year ago, down slightly from 3.0% in June, while core inflation that strips out volatile food and energy costs cooled to an annual rate of 3.2%. The monthly inflation rose by 0.2% after declining in June, in line with expectations and on target for the Fed to cut rates next month from a 23-year high.
WHY THE CPI REPORT FAVORS A RATE CUT BY THE FED

Mars makes move to purchase fellow snack-maker Kellanova
M&M's and Snickers maker Mars said Wednesday that it would acquire snack food business Kellanova in a multibillion dollar deal set to result in a new industry giant. The all-cash transaction would value Kellanova, which is behind snacks such as Pringles and Pop-Tarts, at $35.9 billion, including debt. The deal comes at a time when consumers feel the squeeze from rising costs of living, putting pressure on companies to rein in their price hikes.
WHAT THE MERGER WOULD MEAN FOR SNACK INDUSTRY

Decline in mortgage rates triggers explosion in refinancing
Mortgage rates are falling and U.S. homeowners are starting to take advantage of the drop, as shown by the latest refinancing numbers. The Mortgage Bankers Association's (MBA) seasonally adjusted index showed an increase of 35% in applications for home loan refinancing. The increase is actually 118% higher when compared to the figures in the same week about a year ago.
WHY AMERICANS ARE READY TO REFINANCE THEIR HOME

BYDFi : BUILD Your Dream Finance

Amidst growing confidence in cryptocurrencies, BYDFi stands out with professional and innovative services

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Markets

DJIA	40,008.39	0.61%
S&P 500	5,455.21	0.38%
Nasdaq Composite	17,192.60	0.03%
Japan: Nikkei 225	36,442.43	0.58%
UK: FTSE 100	8,281.05	0.56%
Crude Oil Futures	77.32	0.44%
Gold Futures	2,485.00	0.21%
Yen	147.28	-0.05%
Euro	1.10	0.00%
* As of market close

DoJ considers unprecedented split of Google

The U.S. Justice Department is weighing the unprecedented move of breaking up Alphabet's Google following a landmark ruling that found the tech giant guilty of monopolizing the online search market. The step is among options under consideration as officials look to curb Google's reach and would mark the first major attempt to dismantle a corporation for illegal monopolization since unsuccessful efforts against Microsoft two decades ago. Options include mandating Google shares data with competitors or imposing restrictions to stop it from gaining an edge.

WHAT A DECENTRALIZED ALPHABET LOOKS LIKE FOR GOOGLE

Biden adopts Trump's 'no-tax-on-tips' plan

President Joe Biden will support legislation that would eliminate taxes on tipped wages, the White House said, signaling approval for a policy first introduced by former President Donald Trump and later endorsed by Vice President Kamala Harris. Biden's broader economic vision of strengthening the economy by focusing on working Americans' needs. While Biden had not previously addressed this issue publicly, Trump brought it into the spotlight during a June rally in Nevada, a key battleground state with a significant service industry workforce.

SEE TRUMP'S REACTION TO DEMOCRATS STEALING HIS PLAN

Vance angers females again with comment

JD Vance once said one of the best things for the economy is the "postmenopausal female" because her purpose in life is to provide child care. The comments were revealed in a resurfaced audio from 2020. In the video, Vance is discussing becoming a new father and the help he gets from his mother-in-law. The comments immediately drew attention online, adding to questions about Vance's view on women after he said that Democrats are mostly miserable "childless cat ladies."

SEE VANCE'S OPINIONS ABOUT CARING FOR GRANDCHILDREN

Extra point

If elected, JD Vance would become the second-youngest vice president in US history? Who was the youngest VP elected and at what age?

Wednesday's answer: Banksy's painting "Love Is In The Bin," which was created and partially shredded during the 2018 Sotheby's auction, sold for $23.7 million (£18.6m) -- a record high for the anonymous artist.

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