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-- 79.080 Wall Street Today | Fed officials preparing to lift interest rates by another 0.75 percentage point
MACRO
Fed Officials Preparing to Lift Interest Rates by Another 0.75 Percentage Point
Federal Reserve officials have signaled they are likely to raise interest rates by 0.75 percentage point later this month, for the second straight meeting, as part of an aggressive effort to combat high inflation. Fed Chairman Jerome Powell has said he can't guarantee the central bank will be able to bring down inflation without a recession.
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Earnings Season Off to Slow Start, Clouding the Outlook for Stocks
Investors hoping a strong start to earnings season would jolt the stock market from its slump haven’t gotten much satisfaction.
Of the 7% of $S&P 500 Index (.SPX.US)$ companies that have reported so far, 60% have beaten earnings expectations, below the average of 77% over the past five years, according to FactSet. Since the end of March, analysts have lowered their quarterly profit growth estimates to 4.2% from 5.9%.
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US Risks Talking Itself Into a Recession, Moody's Economist Says
Mark Zandi, who has been an economist for more than three decades, says he’s never seen so many people convinced that a recession is imminent. Housing has 'gone into deep freeze pretty fast,' he adds.
SECTORS
Strong Dollar Extends Gains With No End to Rally in Sight
After the U.S. currency's strongest first half in over a decade, investors sheltering from falling stocks and betting on U.S. economic resilience have helped power a continued rapid ascent. The WSJ Dollar Index, which measures the dollar against a basket of 16 currencies, hit a new 20-year high last week and is up nearly 2.5% this month.
EU Shipowners Race to Move Russian Oil Before Sanctions Kick In
Tanker owners in Europe are shipping as much Russian crude as possible before energy sanctions against Moscow take effect in December.
Some 80% of Russia's oil exports before the Ukraine invasion went to a range of developed economies like the EU, U.S., Japan and South Korea. Russian shipments to Western Europe have fallen by two-thirds since the beginning of the war to 400,000 barrels a day in May, according to data provider Kpler.
COMPANY
Elon Musk's Inner Circle Rocked by Fight Over His $230 Billion Fortune
Before the $Tesla (TSLA.US)$ CEO's billion-dollar battle over $Twitter (Delisted) (TWTR.US)$, another fight broke out over how his charitable giving should be managed. Ex-professional gambler Igor Kurganov became a top Musk adviser on giving his fortune away. Jared Birchall, his wealth manager and key player in financing the bid for Twitter, wanted him out.
Boeing Closes In on Making New Dreamliner Deliveries
$Boeing (BA.US)$ commercial airplanes chief Stan Deal said Sunday the manufacturer was "very close" to resuming 787 Dreamliner deliveries after a nearly two-year pause. Mr. Deal said the regulatory process to win approval for resolving various production defects with the wide-body jets was close to finished.
Starbucks Weighs Selling Its UK Operations, Times Reports
$Starbucks (SBUX.US)$ has asked its adviser Houlihan Lokey to assess interest for its UK operations, the Times reported Saturday. A Starbucks spokesperson told Bloomberg it "is not in a formal sale process for the company's UK business."
Source: Bloomberg, WSJ
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71750344 : Well, higher interest rates are ONLY good for one thing in my opinion, savings accounts!
GonzaIez : This might be the opportunity poor people like myself have been waiting for.![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
RDK79 : You can’t have it both ways! Higher rates are to slow things down, demand, etc. Not sure you can do that and still have great profit reports, ie respective Market / company increase. Therefore…..
101814969 : Not surprising by now! More to come as long as US doesn't change course and tackle it's internal issues and unproductive spendings.
just my thoughts
RDK79 71750344 : And bank credit card profits.
James 101542649 : higher rate only good for saving, other than that less buying things. economic will slow down.