Wall Street Today | Powell says Fed has resolve to bring U.S. Inflation down

Moomoo Recap US wrote a column · May 17, 2022 19:41

MACRO

· Powell Says Fed Has Resolve to Bring U.S. Inflation Down

Federal Reserve Chairman Jerome Powell said the central bank's resolve in combating the highest inflation in 40 years shouldn't be questioned, even if it requires pushing up unemployment.

Restoring price stability is a nonnegotiable need. It is something we have to do. There could be some pain involved.-Mr. Powell said in an interview Tuesday during The Wall Street Journal's Future of Everything Festival.
Read More >>

· Fed's Evans: Inflation is Much Too High and Fed Must Act

Federal Reserve Bank of Chicago President Charles Evans said Tuesday that aggressive central bank rate rises are needed to get inflation back under control.

"Inflation is clearly much too high and monetary policy must be repositioned to address this," Mr. Evans said in the text of remarks to be given to a group in New York.
Read More >>

· It's Not Clear If Fed Will Have to Induce a Recession to Control Inflation, Official Says

The Federal Reserve official who has long been the central bank's most dovish policy maker said it's an open question whether he and his colleagues will have to induce a recession to bring inflation down.

"My colleagues and I are going to do what we need to do to bring the economy back into balance," Minneapolis Fed President Neel Kashkari said Tuesday during a town hall event in Sault Ste. Marie, Michigan.

· U.S. Retail Sales Rose 0.9% in April

Retail sales -- a measure of spending at stores, online and in restaurants -- rose a seasonally adjusted 0.9% last month compared with March, the Commerce Department said Tuesday. That marked the fourth straight month of higher retail spending.

Consumers spent more at restaurants and bars and boosted expenditures on vehicles, furniture, clothing, and electronics. They cut spending sharply on gasoline in April as pump prices pulled back briefly from a run-up related to the war in Ukraine.
Read More >>

SECTORS

· Oil Falls as US to Allow Talks With Venezuela's State Producer

Crude fell after the US government announced it plans to allow $Chevron(CVX.US)$ to negotiate its oil license with Venezuela's national producer.

West Texas Intermediate settled below $113 on Tuesday. The Biden administration is going to calibrate its sanctions policy in a bid to promote dialog with Venezuela, a US official told reporters. The Treasury is allowing Chevron to negotiate its license with PDVSA, but more drilling or an increase in revenue for the regime is not allowed. Futures extended their tumble at the end of the session with Federal Reserve Chair Jerome Powell saying he won't hesitate to raise rates above neutral if needed.

COMPANIES

· Walmart's Inflation Squeeze Isn't All Bad

For $Walmart(WMT.US)$, a retailer that obsessively strives for everyday low prices, inflation has turned out to be quite the double-edged sword.

On the one hand, a price-sensitive consumer is just what Walmart needs to grow its business. America's largest retailer on Tuesday reported healthy revenue, with comparable sales in the Walmart U.S. business (excluding fuel) up 3% in the quarter ended April 29 compared with a year earlier. Analysts polled by Visible Alpha were expecting growth of less than 2%. Including Sam's Club and the international business, Walmart's total sales were up 2.6% in constant currency, exceeding Wall Street's expectations.
Read More >>

· Elon Musk Demands Clarity on Twitter Fake Accounts for Deal to Move Forward

Elon Musk said his $44 billion purchase of $Twitter(TWTR.US)$can't move forward until the company is clearer about how many of its accounts are fake, casting fresh doubt on his planned takeover of the social-media company.

Mr. Musk's latest comments add to questions about whether he is committed to concluding a deal that was struck amid a steep selloff in technology stocks. Last week, he said the deal was "on hold" over concerns about fake accounts on the platform -- a problem that has long dogged social-media companies.

· Pfizer's Covid-19 Booster Cleared for 5- to 11-year-olds

U.S. health regulators cleared for use a booster shot of the Covid-19 vaccine from $Pfizer(PFE.US)$and $BioNTech(BNTX.US)$for children 5 to 11 years, expanding booster access to about 28 million youngsters.

The decision Tuesday by the U.S. Food and Drug Administration permits a third dose of the shot at least five months after the second dose.
Read More >>

· Tata in Acquisition Talks With as Many as Five Consumer Brands

$Tata Motors(TTM.US)$, the food and beverage arm of the $103 billion Indian conglomerate, wants to go on an acquisition spree to bolster its position in the country's competitive consumer goods sector, and is in discussions to buy up to five brands.

A "significant amount" of the Mumbai-based firm's future growth will come from inorganic expansion, Tata Consumer Products' Chief Executive Officer Sunil D'Souza said in an interview. The firm, which sells Tetley tea and Eight O'Clock coffee, is "engaging seriously" with a number of companies where it sees decent valuations, he said, declining to identify potential targets.

· United Airlines Lifts Quarterly View As Travel Continues Rebound

$United Airlines(UAL.US)$ lifted its revenue outlook because of improved travel demand and said it would resume passenger flights with its $Boeing(BA.US)$777-200 jetliners, adding more seats ahead of an expected busy summer travel season.

The Chicago-based airline now expects second-quarter revenue per available seat mile to be between 23% and 25% higher than in 2019, before the pandemic hammered demand for air travel. Last month, the company said it expected that figure to be 17% higher than in 2019.
Read More >>

Source: Bloomberg, WSJ, MarketWatch

Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more

Translate

Report

18K Views

Comment

RDK79 : …. As opposed to not having resolve…?

Report
Reply

Cancel Reply

Moomoo Recap US

Moomoo News Official Account

In 10 minutes it’s history. At four I’m a dinosaur!

37KFollowers

26Following

39KVisitors