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Aug 13, 2024, 10:03 AM UTC

NY Fed forecasts lowest three-year inflation in over a decade

Newsletter Aug 13, 2024 Quick Six NY Fed forecasts lowest three-year inflation in over a decade The New York Federal Reserve's latest Survey of Consumer Expectations has recorded the lowest-ever

Newsletter Aug 13, 2024

Quick Six

NY Fed forecasts lowest three-year inflation in over a decade
The New York Federal Reserve's latest Survey of Consumer Expectations has recorded the lowest-ever three-year inflation outlook. Consumers now expect inflation to ease to 2.3% over the next three years, a sharp decline of 0.6 percentage points from June and the lowest level since the survey began in June 2013. While the medium-term outlook suggests a cooling of inflationary pressures, the immediate picture is less optimistic. Short-term inflation expectations remain steady, with the one-year outlook holding at 3.0% and the five-year forecast unchanged at 2.8%. CONSUMERS ARE STARTING TO SEE ECONOMIC LIGHT

Crypto leaders call for ban on gambling on political races
Key figures in the cryptocurrency industry are calling on the U.S. Commodity Futures Trading Commission (CFTC) to withdraw its proposed rule that could ban betting on politics through event contracts – contentious contracts that allow consumers to bet on future events with a potential profit. The show of unity came after several lawmakers urged the regulator to ban betting on the November elections, which have drawn strong gambling interest.
WHY INDUSTRY LEADERS ARE CONCERNED WITH BETTING

BOA chief Moynihan says Fed must start lowering rates soon
Bank of America CEO Brian Moynihan expressed concerns that US consumers might lose confidence if the Federal Reserve does not begin lowering interest rates soon. Speaking in an interview with CBS, Moynihan said that while the Fed has maintained its policy rate in the 5.25%-5.50% range since July, a reduction could be necessary as early as September if inflation continues to ease.
SEE MOYNIHAN'S OUTLOOK FOR US ECONOMY'S LANDING

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Markets

DJIA	39,357.01	-0.36%
S&P 500	5,344.39	0.00%
Nasdaq Composite	16,780.61	0.21%
Japan: Nikkei 225	35,025.00	0.56%
UK: FTSE 100	8,210.25	0.52%
Crude Oil Futures	79.63	3.63%
Gold Futures	2,511.60	1.54%
Yen	147.26	0.44%
Euro	1.09	0.12%
* As of market close

Hamas, West press for Biden ceasefire plan

International pressure mounted Monday for a ceasefire in Gaza, with Britain, France and Germany issuing a joint plea for an end to fighting between Israel and Hamas with "no further delay". The call came a day after Palestinian militant group Hamas -- whose Oct. 7 attack on Israel triggered the war -- urged implementation of a truce plan presented by President Joe Biden instead of holding more talks. Hamas favors the truce plan laid out by Biden and endorsed by the UN Security Council.

WHY ISRAEL IS NOT ON BOARD WITH BIDEN'S MIDWEST PLAN

US bolsters Middle East military presence

The United States is bolstering its military presence in the Middle East amid growing concerns of a potential Iranian attack on Israel. US Defense Secretary Lloyd Austin directed the deployment of a guided-missile submarine to the region and expedited the arrival of a carrier strike group. The USS Georgia, a nuclear-powered submarine equipped with cruise missiles, was conducting operations in the Mediterranean Sea after completing training exercises near Italy.

WHY THE US HAS DECIDED TO INCREASE MIDEAST PRESENCE

'Underconsumption core' trends on TikTok

Exhausted from a rising cost of living in the US and non-stop ads, some young adults on TikTok are pushing back. Social media has long had room only for picture-perfect homes, lavish closets and an abundance of beauty products. But a new trend is urging repurposing, more frugal lifestyle and placing quality over quantity. The "underconsumption core" spotlights living sustainably and using what you have, a reversal of the excess and wealth that dominates ad-heavy Instagram and TikTok.

YOUNG AMERICANS DISCOVERING MORE FRUGAL LIFESTYLE

Extra point

In 2028, Los Angeles will join what cities as three-time Olympics host?

Monday's answer: "Deadpool & Wolverine" earned $211 million in its opening weekend, surpassing the record set by the original "Deadpool".

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