Wall Street Today | JPMorgan CEO Jamie Dimon Says Fed 'May Very Well' Raise Interest Rates to 6%
MACRO
World Bank Cuts 2023 Forecasts and Warns of Global Recession
The World Bank slashed its growth forecasts for most countries and regions, and warned that new adverse shocks could tip the global economy into a recession.
Global gross domestic product will probably increase 1.7% this year, about half the pace forecast in June, the Washington-based lender said Tuesday. That would be the third-worst performance in the last three decades or so, after the contractions of 2009 and 2020.
Powell Says Fed Might Have to Make Unpopular Decisions to Stabilize Prices
"Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy," the chairman said in prepared remarks.
Fed's Bowman Says More Rate Hikes Needed to Curb Inflation
Fed Governor Michelle Bowman said the central bank has more work to do to curb inflation, noting that further interest-rate increases are needed and officials should hold them at restrictive levels for some time to stabilize prices.
JPMorgan CEO Jamie Dimon Says Fed 'May Very Well' Raise Interest Rates to 6%
The chief executive officer of JPMorgan said Tuesday in an interview with Fox Business Network that the Fed's terminal rate may hit 6%, a level notably above the 5% many have called for.
SECTORS
Record US Oil Output Seen Leading Non-OPEC Growth Next Year
Production is seen reaching 12.8 million barrels a day in 2024, surpassing the current annual high of 12.3 million set in 2019, according to the Energy Information Administration's monthly Short-Term Energy Outlook.
COMPANY
Tesla Preps for Huge Expansion of Austin Gigafactory
$Tesla (TSLA.US)$ has applied with the Texas Department of Licensing and Regulation for a large expansion of the Gigafactory in Austin. Work on the expansion is anticipated to start within a few weeks and be completed by February of 2024.
Coinbase to Slash 20% of Workforce in Second Major Round of Job Cuts
$Coinbase (COIN.US)$ is cutting a fifth of its workforce following an 18% staff reduction in June as it looks to preserve cash during the crypto market downturn.
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App Store Developers Have Earned $320 Billion to Date, Says Apple
On Tuesday, $Apple (AAPL.US)$ shared an update on its subscription businesses and global App Store, noting that the tech company has now paid out a record $320 billion to app developers since 2008 — a number that reflects the revenue apps have generated, minus Apple's commission.
Several Top Rivian Executives Depart the Electric-Vehicle Startup
Several top executives at $Rivian Automotive (RIVN.US)$ including the vice president overseeing body engineering and its head of supply chain, have left the EV startup in recent months, as the company exits a year in which it fell short of its production targets.
Source: Bloomberg, Dow Jones, CNBC
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Upper 90 : I think Jamie Dimon of JPMorgan lost all his credibility. He backtracked today stating he should not have used the word "hurricane" when he described the upcoming economy last summer. I doubt we hit more than 5% interest rates. As such, the JPMorgan CEO nor their analysts know what they are talking about and these 1%ers can't be relied nor trusted. The only analyst so far who I have found to be accurate is Mike Wilson of Morgan Stanley. The market moves when he speaks; therefore, listen to him.
khalifa marzouq : $BT Brands (BTBD.US)$