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Wall Street Today | Fed's Bullard says he expects economic expansion to continue this year

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Moomoo Recap US wrote a column · Jun 20, 2022 19:03
Wall Street Today | Fed's Bullard says he expects economic expansion to continue this year
MACRO
Fed's Bullard Says He Expects Economic Expansion to Continue This Year
Federal Reserve Bank of St. Louis President James Bullard said the economy appears on track for more expansion this year, and that the central bank must meet market expectations for rate rises as part of its effort to rein in inflation.
"U.S. labor markets remain robust, and output is expected to continue to expand through 2022," Mr. Bullard said in materials for a presentation in Spain.
Biden Says He Is Near Decision on Backing Federal Gasoline-Tax Holiday
President Biden said Monday that he may make a decision on seeking a pause to the federal gasoline tax by the end of the week, as Americans deal with soaring gas prices.
Mr. Biden told reporters in Rehoboth Beach, Del., that he is considering a gas tax holiday. "I hope to have a decision based on the data I'm looking for by the end of the week," he said.
Small Businesses Fall Behind on Hiring as Inflation Takes a Toll
Head counts at companies with fewer than 50 employees declined in three of the past four months, according to ADP payroll data, even as employment at larger firms continued to grow.
SECTORS
The Metaverse Lures Brands Like Nike and Gap With New Ways to Market and Make Money
Companies are creating versions of their products that exist only on screens, with ownership backed by digital deeds known as nonfungible tokens, or NFTs.
They're also snapping up virtual real estate. More than 70% of the "land" in one online world called "The Sandbox" has already been bought -- largely by businesses such as Binance, the world's largest cryptocurrency exchange, and Atari, a longtime videogame maker. $Nike(NKE.US)$ $Gap Inc(GPS.US)$
COMPANIES
Tesla Sued by Former Employees over 'Mass Layoff'
Former $Tesla(TSLA.US)$employees have filed a lawsuit against the U.S. electric car company alleging its decision to carry out a "mass layoff" violated federal law as the company did not provide advance notice of the job cuts.
The lawsuit was filed late Sunday in Texas by two workers who said they were terminated from Tesla's gigafactory plant in Sparks, Nevada in June.
JetBlue Lifts Offer for Spirit Airlines, Commits to Selling Assets
$JetBlue Airways(JBLU.US)$ is continuing its quest to buy $Spirit Airlines(SAVE.US)$, increasing its offer and strengthening its commitment to divest itself of assets to get regulatory approval for the deal.
JetBlue on Monday increased its offer to $33.50 in cash per Spirit share. Previously, it had offered $31.50 per share.
EY's Breakup Plan Means Windfalls for Partners
Ernst & Young's plan to split its audit and consulting businesses would give thousands of its partners multimillion-dollar payouts and relies on optimistic assumptions for growth to justify the deal, according to internal company documents and people familiar with the matter.
Mondelez to Acquire Clif Bar for $2.9 Billion
$Mondelez International(MDLZ.US)$ on Monday announced it will acquire Clif Bar & Co. for at least $2.9 billion, in a deal that adds the brands Clif Bar, Luna and Clif Kid to Mondelez's food business.
The global food giant said it would continue to operate Clif Bar's business out of the company's headquarters in Emeryville, Calif., and that it will continue to manufacture products out of facilities in Indiana and Idaho.
Source: Bloomberg, WSJ, CNBC, Barron's
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