Wall Street Today | Fed Expects Banking Crisis to Cause a Recession This Year, Minutes Show
MACRO
US Core Inflation Slows Only a Bit, Keeping Fed on Track to Hike
A key measure of US inflation showed hints of moderating in March, but likely not by enough to dissuade the Federal Reserve from raising interest rates again next month.
The core consumer price index rose 0.4% from the prior month following a 0.5% gain, in line with economists' estimates. Yet key measures of housing costs posted the smallest monthly increases in about a year and grocery prices dropped, the report from the Bureau of Labor Statistics showed.
Fed Expects Banking Crisis to Cause a Recession This Year, Minutes Show
Fallout from the U.S. banking crisis is likely to tilt the economy into recession later this year, according to Federal Reserve documents released Wednesday.
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SECTORS
US Credit and Debit Card Spending Slows to Weakest Pace in Two Years, BofA Says
Spending on credit and debit cards rose at the smallest pace in more than two years, dragged down by slower wages, fewer tax refunds and the end of pandemic-era benefits, according to a report by Bank of America Institute.
COMPANY
Alibaba Shares Tumble After SoftBank Reportedly Sells Most of Its Stake
$Alibaba(BABA.US$ shares dropped nearly 1.5% in after-hours trading after regulatory files revealed that SoftBank has sold a majority of its stake in the company.
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ChatGPT Could Return to Italy If OpenAI Complies with Rules
The Italian data protection authority on Wednesday outlined a raft of requirements that OpenAI will have to satisfy by April 30 for the the ban on AI chatbot to be lifted.
Tesla Is About to Launch Powerwall 3
$Tesla(TSLA.US$ is preparing to launch Powerwall 3, the third generation of its home battery pack, according to information obtained by Electrek.
Intel to Work With Arm to Boost Its Outsourced Production Effort
$Intel(INTC.US$, trying to win customers as a provider of outsourced chip manufacturing, is working with Arm Ltd. to potentially use that company's technology in its factories.
LVMH Boosted by Rebound in Luxury Spending in China
$LVMH Moet Hennessy Louis Vuitton(LVMUY.US$reported a sharp rise in quarterly sales driven by a rebound in China and strong demand for its clothing, handbags and jewelry in Europe and Japan.
Overall, LVMH reported revenue of 21.04 billion euros, equivalent to $23.1 billion, for the three months to March 31, a rise of 17% from the same period last year.
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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Revelation 6 : No Joe, you caused the recession.
Pandas : Not only him… there’s many other factors other than him to be fair…
JamesBond : You're both right. Joe is like the lead singer of a terrible band. He sucks terribly on his own, but so does the whole band. lol
Pandas JamesBond: Agreed…
