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☆ Here's when market experts think inflation will get back to normal
▼ + stars: | 2023-11-16 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

While many experts don't see inflation getting back to normal just yet, it could in a year or two. Consumer price inflation has been mostly slowing this year. Some experts see inflation as measured by the Consumer Price Index being around 2% — the Fed's target year-over-year rate of price growth — by some time in 2024. Advertisement"We foresee headline and core CPI inflation around 2.2% y/y in Q4 2024," Daco said in his commentary. Goldman Sachs forecasts that measure is expected to cool off and see a 2.4% year-over-year increase in December 2024.

Persons: J.P, David Kelly, —, Gregory Daco, Daco, Kelly, ING's James Knightley, Sarah Foster's, Goldman Sachs, Jerome Powell, Powell, Mark Hamrick, Hamrick Organizations: Morgan, Service, Consumer, CPI, Morgan Asset Management, Bankrate, Federal Reserve, Federal, Business

Consumers continued to sour on the economic outlook in November while also growing more pessimistic about future inflation, according to the first estimate from the University of Michigan consumer sentiment survey. The index of consumer sentiment fell 5% to a reading of 60.4, down from 63.8 in October. “Ongoing wars in Gaza and Ukraine weighed on many consumers as well.”“Overall, lower-income consumers and younger consumers exhibited the strongest declines in sentiment,” Hsu added. Various surveys measuring the minds of consumers have found them to be worried about inflation and the economy in general. “Consumer sentiment continues to trend downward at a moderate pace as consumers attempt to juggle inflation and higher interest rates,” said Damian McIntyre, Portfolio manager and head of multi asset solutions at Federated Hermes.

Persons: ”, Joanne Hsu, ” Hsu, Joe Biden, Damian McIntyre, Gregory Daco, ” Daco, Goldman Sachs Organizations: University of Michigan, “, Federated Hermes, Federal Reserve, Index, Louis Federal Reserve Bank Locations: Gaza, Ukraine, Kentucky, Ohio

☆ Wall Street will seek confirmation the Fed is done in next week's big inflation data
▼ + stars: | 2023-11-10 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Economists polled by FactSet expect U.S. inflation to have risen just 0.1% last month and 3.3% from the year-ago period. Cracks in consumer data Investors will also watch for the October retail sales data for insight into the consumer, who has thus far proven resilient even in the face of higher interest rates and inflation. Investors will also be watching for the October producer price index (PPI) data on Wednesday, as well as housing data on Friday. Monday Nov. 13 Earnings: Tyson Foods Tuesday Nov. 14 8:30 a.m. CPI (October) 8:30 a.m. Hourly Earnings final (October) 8:30 a.m. Average Workweek final (October) Earnings: Home Depot , Charles Schwab Wednesday Nov. 15 8:30 a.m.

Persons: Amy Magnotta, It's, There's, Gregory Daco, he'll, Ned Davis Research's, Joe Kalish, NDR's Kalish, Jeff Klingelhofer, Magnotta, Tyson, Charles Schwab, John Williams Organizations: Federal, Dow Jones Industrial, Nasdaq, Federal Reserve, Ategenos, FactSet, Thornburg Investment Management, Walmart, CPI, PPI, Retail, Palo Alto Networks, Price, Philadelphia Fed, Manufacturing, . New York Federal Reserve, . Kansas City Fed Manufacturing, Ross Stores, Body, Housing Locations: . New, NAHB, . Kansas, Bath

NEW YORK (AP) — On the 400th anniversary of Shakespeare's First Folio, rare originals are being displayed and publishers are offering collectors editions of Shakespeare's plays, including one that sells for $1,500. The British Museum is collaborating with Rizzoli Books in New York on “Shakespeare’s First Folio: 400th Anniversary Facsimile Edition,” contained within a slipcase cover. Besides Doran's introduction, the Folio Society release includes a foreword by Dame Judi Dench. “In an era when everything seems disposable, I feel like there's a good market for fine editions of classic books,” says Folio Society publishing director Tom Walker. “You can buy a Ben Jonson folio for a few thousand dollars; a Shakespeare folio will cost you millions.

Persons: Shakespeare's, Mr, William Shakespeares, Shakespeare, “ Macbeth, ”, ” Gregory Doran, Adrian Edwards, George R.R, Martin's, Dame Judi Dench, Neil Packer, “, Tom Walker, Chris Laoutaris, Ben Jonson, Benjamin Jonson ”, Henry, Emily Folger, Sir George Grey, ” Laoutaris, ’, James Shapiro Organizations: Royal Shakespeare Company, British Museum, New York Public Library, British, Rizzoli Books, Folio Society, Folio, Shakespeare Institute, Avon, Columbia University Locations: New York, London, playwright's, Stratford, British, Australia, New Zealand, South Africa, United States, United Kingdom, Japan, Germany, France

☆ How High Interest Rates Sting Bakers, Farmers and Consumers
▼ + stars: | 2023-10-23 | by ( Lydia Depillis | More About Lydia Depillis | ) www.nytimes.com time to read: +1 min

Yet the economy continued to burn hot, with job openings outstripping the supply of workers and consumers spending freely. Some categories driving inflation sank back quickly, like furniture and food, while others — like energy — have resurged. In September, the central bank held its rate steady, but signaled that the rate would stay high for longer than the market had anticipated. For start-ups, which proliferated over the last few years, the concern is about the survival or failure of their businesses. Most entrepreneurs use their savings and help from friends and family to start businesses; only about 10 percent rely on bank loans.

Persons: “ We’ve, ”, Gregory Daco, Luke Pardue

☆ After a robust third quarter, US economic growth will likely slow. That's good for the prospect of rate cuts next year.
▼ + stars: | 2023-10-22 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

The central bank also doesn’t have any incentive to restrict the economy through elevated interest rates if inflation is already under control. The US central bank has raised interest rates 11 times since March 2022 to their highest level in 22 years. The US Commerce Department reports new home sales in September. The US Commerce Department reports third-quarter gross domestic product along with September figures on new durable-goods orders. The US Labor Department reports the number of new applications for jobless benefits in the week ended October 21.

Persons: Jerome Powell, ” Gregory Daco, ” Diane Swonk, Donald Trump, Colin Kaepernick’s, Bud Light’s, Elliott Gotkine, ”, Jeffrey Sonnenfeld, “, Satya Nadella, ” Sundar Pichai, , Sherwin, Williams, Clark, General, Hess, Rowe Price Organizations: CNN Business, Bell, DC CNN, The Commerce Department, Federal Reserve, Treasury, KPMG, BlackRock, America, Nike, Yale School of Management, Microsoft, ” Disney, Sonnenfeld, Tottenham Hotspur, Whirlpool, Verizon, General Electric, Barclays, 3M, General Motors, Spotify, Quest Diagnostics, Mobile, Boeing, General Dynamics, Old Dominion, Hilton, Meta, IBM, US Commerce Department, Mastercard, Merck, Comcast, UPS, Myers Squibb, Northrop Grumman, Valero, The Hershey Company, Amazon, Intel, European Central Bank, US Labor Department, National Association of Realtors, Exxon Mobil, Chevron, Colgate, Palmolive, Phillips, University of Michigan Locations: Washington, EY, Israel, United States, United Kingdom, London, Gaza, Kimberly, Haliburton, Old, Bristol, AbbVie

☆ Why Fed officials aren’t addressing the Israel-Hamas war the way they did with Ukraine
▼ + stars: | 2023-10-17 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

Emma Jones, a spokesperson for the Fed, declined to comment on why many Fed officials, who in the past moved swiftly to acknowledge the war in Ukraine, weren’t addressing the war in Israel. There are some Fed officials who are starting to talk about it, though — albeit only when asked questions. Fed officials see little immediate threat to the US economyAtlanta Fed President Raphael Bostic was the first to speak about the war, at the American Bankers Association’s annual conference last Tuesday. That’s probably why more Fed officials were quicker to acknowledge the war in Ukraine, Dorn said. “I don’t think the Fed wants to look like they’re taking sides,” Dorn added — but said Fed officials could easily talk about it without looking partial.

Persons: Chris Waller, ” Waller, Michael Barr, Philip Jefferson, Michelle Bowman, Lorie Logan, Emma Jones, James Dorn, “, ”, Raphael Bostic, Bostic, Neel Kashkari didn’t, aren't, they're, Al Drago, Susan Collins, ” Collins, Patrick Harker, we’ve, Harker, JPMorgan Chase, Jamie Dimon, ” Dorn, Dorn, There’s, Gregory Daco, Daco Organizations: New, New York CNN, Federal Reserve, ”, Dallas Fed, Fed, Cato Institute, CNN, Atlanta Fed, American Bankers, Minot State University, Minneapolis, Federal, Bloomberg, Getty, ” Boston, Wellesley College, Philadelphia Fed, Delaware State Chamber of Commerce, JPMorgan, Rystad Energy Locations: New York, Ukraine, Russia, Israel, Waller’s, North Dakota, Delaware, Iran, Lebanon, Syria, United States, That’s, Gaza, Hormuz, EY

☆ US retail sales rose in September for the sixth-straight month
▼ + stars: | 2023-10-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Retail sales, which are adjusted for seasonality but not inflation, grew 0.7% in September from the prior month. Factoring in September’s 0.4% rise in consumer prices, inflation-adjusted retail sales were up 0.3% last month. From a year earlier, retail sales and food services spending were up 3.8% in September, the strongest annual gain since February. Spending grew across most categories last month, with sales at specialty stores advancing the most, by 3%. Excluding sales at gasoline stations, retail sales still advanced 0.7% last month.

Persons: ”, BIll Adams, ’, Adams, US Energy Information Administration “, Liz Ann Sonders, Charles Schwab, Brian Field, Gregory Daco, ” Daco, Joe Biden, Jordan Organizations: DC CNN, Comerica Bank, headwinds, UAW, United Auto Workers, US Energy Information Administration, Hamas, University of, San Francisco Fed, “ Retail, CNN, Employers, Sensormatic Solutions, Services, OPEC Locations: Washington, Israel, Iran

The stock market got a boost from that drop in longer-term yields, but it also felt a drag from rising shorter-term yields. Yields were mixed after a report showed inflation at the wholesale level was stronger last month than economists expected. Still, with the U.S. government racking up big deficits that require more borrowing, and buyers in shorter supply, the pressure has been mostly upward on Treasury yields. In energy trading, a further pullback in crude oil prices is helping to take some heat off inflation and support Wall Street. Oil prices have given back much of their strong gains from earlier this week, triggered by fighting in Gaza.

Persons: Sydney's, Hang Seng, ” Anderson Alves, ActivTrades, Rubeela Farooqi, ”, Gregory Daco, Brent Organizations: TOKYO, Palestinian, Hamas, Nikkei, U.S, Dow Jones, Nasdaq, Federal Reserve, Treasury, “ Fed, EY, Benchmark, New York Mercantile Exchange, Energy, Exxon Mobil, Natural Resources Locations: Israel, Hong, Shanghai, U.S . Federal, Lebanon, Iran, U.S, Gaza

☆ Inflation held steady in September as housing and gas prices keep going up
▼ + stars: | 2023-10-12 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

That's the same as the year-over-year increase of 3.7% in August. Core CPI increased 4.1% from September 2022 to September this year. AdvertisementAdvertisementInflation is still elevated and held steady in September, based on Consumer Price Index or CPI data out Thursday. The year-over-year increase in this index had been falling, based on data before Thursday's data release. AdvertisementAdvertisementCore CPI index increased 0.3% from August to September.

Persons: —, Julia Pollak, ZipRecruiter, Pollak, Price, Gregory Daco Organizations: Service, Consumer, Index, CPI, Bureau of Labor Statistics, BLS, payrolls

☆ Housing market's sensitivity to rates kept the Fed from hiking further, says Peter Boockvar
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHousing market's sensitivity to rates kept the Fed from hiking further, says Peter BoockvarGregory Daco, chief economist at EY Parthenon, Peter Boockvar, Bleakley Advisory Group, and CNBC's Steve Liesman join 'The Exchange' to discuss when investors can expect a Fed pivot, economic data showing ongoing disinflation, and the housing markets' sensitivity to rate hikes.

Persons: Peter Boockvar Gregory Daco, Peter Boockvar, Steve Liesman Organizations: Bleakley Advisory

☆ US wholesale inflation heated up last month amid higher gas prices
▼ + stars: | 2023-10-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

Minneapolis CNN —Wholesale price increases of US goods and services jumped higher for a third consecutive month, influenced by still-high energy prices, according to data released Wednesday by the Bureau of Labor Statistics. September’s overall increase was driven by a 0.9% gain in goods prices due to higher energy prices and food prices, BLS data shows. Gas prices hit new yearly highs in September, as oil prices pushed past $92 a barrel amid supply cuts and catastrophic flooding in Libya. The higher gas prices seen in August and September may filter through to some products and services but shouldn’t ultimately keep inflation higher in the months to come, said Stuart Hoffman, PNC Financial Services’ senior economic adviser. However, the Israel and Hamas war in the Middle East does add volatility to energy prices, he said.

Persons: Price, ”, Gregory Daco, Jerome Powell, Chris Rupkey, FwdBonds, shouldn’t, Stuart Hoffman, ” Hoffman Organizations: Minneapolis CNN —, Bureau of Labor Statistics, Federal Reserve, PPI, PNC Financial Services Locations: Minneapolis, August’s, Libya, Israel

“I will remain cognizant of the tightening in financial conditions through higher bond yields and will keep that in mind as I assess the future path of policy,” Jefferson said in remarks to the National Association for Business Economics. The remarks by Jefferson and earlier by Dallas Fed president Lorie Logan, one of the Fed system's more influential voices on financial markets, caused investors to undercut the likelihood of further Fed rate increases. "If long-term interest rates remain elevated because of higher term premiums, there may be less need to raise the fed funds rate," said Logan, who has been among the more hawkish officials in supporting the need for continued rate increases. Since the Fed last raised its policy interest rate a quarter of a percentage point in July, long-term bond yields have risen a full percentage point, a fast rate of change for a massive market. A rise in the so-called “term premium," if it proves persistent, could put an enduring drag on the economy and perhaps give the Fed less reason to raise its own policy rate.

Persons: Philip Jefferson, ” Jefferson, Jefferson, Lorie Logan, FedWatch, Gregory Daco, Logan, policymaker, Chris Varvares, Howard Schneider, Andrea Ricci, Nick Zieminski Organizations: DALLAS, Federal, Treasury, National Association for Business Economics, Dallas, New York Fed, Fed, P, Thomson Locations: U.S, Jefferson, Israel

☆ A top economist explains why a US recession is still on the table
▼ + stars: | 2023-10-03 | by ( Phil Rosen | Madison Hoff | ) www.businessinsider.com time to read: +5 min

The US economy is showing signs of resilience, including from the labor market and consumer spending. The labor market has remained robust, steady economic growth is still there, and consumers have yet to buckle. "I think there's still risks gradually accumulating in the economy," Kimbrough said. AdvertisementAdvertisementConsumer and labor market risks loomA number of factors pose as headwinds for consumers, in the chief economist's view. Gregory Daco, EY's chief economist, also recently warned that there are headwinds impacting consumers, forcing them to perhaps cut back on spending.

Persons: isn't, —, Jeremy Grantham, Jamie Dimon, Karin Kimbrough, LinkedIn's, it's, Kimbrough, they've, Gregory Daco, Daco Organizations: Service, Chicago Fed, BlackRock, Labor, of Labor Statistics, Federal Reserve Bank of New York's Center, Microeconomic

☆ US consumer spending was weaker in the second quarter than previously estimated
▼ + stars: | 2023-09-28 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

However, consumer spending, America’s economic engine, was revised much lower, to a 0.8% annualized rate, according to data released Thursday. Spending in the second quarter grew at its weakest pace since the first quarter of 2022, when it was flat. Consumer spending accounts for about 70% of economic output. The second quarter stretches from April through June, but the Commerce Department releases consumer spending figures on a monthly basis. In July, consumer spending jumped a robust 0.8%, the strongest monthly gain since January, as shoppers spent on concerts, films, toys and recreational equipment.

Persons: ”, Claire Li, Gregory Daco Organizations: DC CNN, Commerce, Commerce Department, Moody’s Investors, Moody’s Investors Service Locations: Washington, EY

Goldman Sachs economists have estimated that a shutdown would reduce growth by about 0.2 percentage points for each week it lasts. But the Goldman researchers expect growth to increase by the same amount in the quarter after the shutdown as federal work rebounded and furloughed employees received back pay. That estimate tracks with previous work from economists at the Fed, on Wall Street and prior presidential administrations. Trump administration economists calculated that a monthlong shutdown in 2019 reduced growth by 0.13 percentage points per week. Because growth and confidence tend to snap back, previous shutdowns have left few permanent scars on the economy.

Persons: Gregory Daco, ” Biden, Goldman Sachs, Goldman, Trump Organizations: Administration, shutdowns, Congressional, Office Locations: EY

Storm clouds are growing over the U.S. economy as the third quarter winds down this week. There is the ongoing strike by United Auto Workers members against the major car manufacturers. There is the rising price of oil with the international benchmark Brent crude now sitting above $93 a barrel. Aiding the economy’s escape from a downturn has been an unusual set of circumstances that include falling inflation, rising wages and some leftover stimulus from the COVID pandemic. “Such a shutdown could leave a visible mark on the economy,” Gregory Daco, chief economist at EY Parthenon, said last week.

Persons: Bob Doll, ” Gregory Daco, ” Daco, ” Wells Organizations: United Auto Workers, Brent, Crossmark Advisors, Federal Reserve, ”, Fed Locations: U.S

☆ The top economist at EY thinks the US economy faces a 'trifecta' of threats that could make Americans stop shopping and cause a slowdown
▼ + stars: | 2023-09-25 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

EY chief economist Gregory Daco thinks "consumers are becoming more conservative with their spending." Coming up is another headwind: the restart of federal student-loan payments. The different economic threats means consumer spending growth may not be so hot next year, as consumers are already reducing their spending. Other economists have pointed out how the upcoming student-loan payment restart will have an impact on the economy. Have you changed your spending habits or are you spending less on certain items given the restart of student-loan payments, fewer savings, and other factors?

Persons: Gregory Daco, Taylor Swift, it's, Daco, Torsten Sløk, NYU Stern, David Kelly Organizations: Service, Consumer, Bureau of Labor Statistics, BLS, NYU, Morgan Asset Management, AAA, CNBC Locations: Wall, Silicon, American, —, mhoff@insider.com

☆ US debt rises to $33 trillion as government shutdown looms
▼ + stars: | 2023-09-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —As the US national debt passes $33 trillion and a government shutdown looms, Wall Street feels defensive. What’s happening: The gross national debt has grown at an alarming pace since then — by $1 trillion in the last three months alone. Political finger pointing around what caused the accelerated debt accrual, meanwhile, has left the government at an impasse around the budget. The recent increase in interest rates has already made it much more expensive for the government to pay back what it owes. That would leave the door open for another rate increase, which could come when the following meeting concludes, on November 1.

Persons: Fitch, ”, Michael Peterson, Peter G, Peterson, Biden, Gary Schlossberg, Jennifer Timmerman, Gregory Daco, Bryan Mena, Jerome Powell, Instacart, Jordan Valinsky Organizations: CNN Business, Bell, New York CNN, AAA, AA, GOP, UAW, Wells, Investment Institute, Fed, Federal, Financial, Walmart Locations: New York, —, Amazon

WICHITA, Kan. (AP) — A Kansas high school football team paid tribute to their longtime photographer following her death Friday, four days after an accidental hit on the sidelines of a junior varsity game she was photographing. Linda Gregory died a few hours before Friday's game, her husband Mel Gregory announced on Facebook. The 69-year-old woman had fallen backward and struck her head on concrete while taking pictures Sept. 4 at the junior varsity matchup between Wichita Northwest High School and rival Bishop Carroll High. “I was back on the sidelines tonight to watch Linda Gregory being honored with many tributes. Prayers out to you and your wonderful wife, Mel Gregory,” Hall posted on Facebook.

Persons: Linda Gregory, Mel Gregory, Bishop Carroll High, “, ” Mel Gregory, “ Linda, ”, Steve Martin, Linda, Mel, Joanna Chadwick, Chadwick, I’ll, ” Chadwick Organizations: Facebook, Wichita Northwest High School, Heights High School, Wichita Eagle, “ LG, Northwest, ” Former Northwest, Breece, New York Jets, NFL Locations: Kan, Kansas, Northwest, ”

☆ Inflation slowing and economic slowdown will put pressure on pricing: EY-Parthenon's Gregory Daco
▼ + stars: | 2023-09-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation slowing and economic slowdown will put pressure on pricing: EY-Parthenon's Gregory DacoGregory Daco, chief economist at EY-Parthenon, and CNBC's Steve Liesman join 'The Exchange' to discuss their read on inflation and the economy.

Persons: Parthenon's Gregory Daco Gregory Daco, Steve Liesman Locations: EY

☆ Wall St Week Ahead Investors lower outlook for consumers as student loans, credit card debts pile up
▼ + stars: | 2023-09-01 | by ( David Randall | ) www.reuters.com time to read: +5 min

"The U.S. consumer is on thin ice coming into the final stretch of 2023," said Emily Roland, co-chief investment strategist at John Hancock Investment Management. Further declines in the labor market will likely act as a double-edged sword for investors, relieving some inflation pressures while weighing on consumer spending. Overall consumer spending rose slightly more than expected in August, while the savings rate fell to its lowest since November 2022, the Commerce Department said on Thursday. Betting against the consumer spending has so far been a losing wager. (This story has been corrected to say BNY Mellon Investment Management, not BNY Mellon, in paragraph 10)Reporting by David Randall; editing by Megan Davies and Andy SullivanOur Standards: The Thomson Reuters Trust Principles.

Persons: Caitlin Ochs, Nordstrom, Macy's, Emily Roland, Jake Jolly, Gregory Daco, Young, Jason Draho, Sandy Villere, Mellon, David Randall, Megan Davies, Andy Sullivan Organizations: New York Stock Exchange, REUTERS, Apollo Group . Department, John Hancock Investment Management, of Labor Statistics, Commerce Department, BNY Mellon Investment Management, Treasury, Ernst, Atlanta Fed's, UBS Global Wealth Management, Royal Caribbean Cruises, Villere, Thomson Locations: New York City, Russia, Ukraine, New York, U.S

☆ The Fed’s preferred inflation measure stayed high in July — and consumers are continuing to spend
▼ + stars: | 2023-08-31 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Minneapolis CNN —US inflation may have remained elevated in July, but consumers just wanted to have some fun. It’s the strongest monthly spending gain since January; however, underlying data indicates this type of activity may be on borrowed time. The Personal Consumption Expenditures index showed that prices increased 0.2% on a monthly basis and 3.3% annually. Economists were expecting monthly increases of 0.2% for the headline and core indexes and 3.3% and 4.2%, respectively, for the annual numbers. Even when adjusted for inflation, spending surged in July, rising by 0.6% from the month before.

Persons: ” Eugenio Alemán, Raymond James, “, ” Gregory Daco, EY, Jerome Powell, ” Powell, Wells, Shannon Seery, Wells Fargo, ” Seery, ” Daco, Powell, Jackson, ” Organizations: Minneapolis CNN, New Commerce Department, Federal, Commerce Department, Amazon’s, PCE, CNN, “, of Labor Statistics Locations: Minneapolis, Jackson Hole , Wyoming

☆ What do ‘Big Short’ Michael Burry and Warren Buffett know that we don’t?
▼ + stars: | 2023-08-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, also made a gigantic bet last quarter on a Wall Street crash. Bank of America released its August global fund manager survey on Tuesday and found that money managers are feeling the least pessimistic about markets since February 2022. So what do Buffett and Burry know that the rest of us don’t? Russia and Ukraine: Global inflation is finally coming down, but heightened geopolitical tensions threaten to raise food and oil prices across the globe. Russia’s invasion of Ukraine continues to stoke fears of increased commodity prices, global economic instability and uncertainty around security.

Persons: Warren, Berkshire Hathaway, That’s, Michael Burry, Buffett, Jamie Dimon, JPMorgan Chase, hasn’t, Fitch, ”, Gregory Daco, Catherine Thorbecke, Catherine Organizations: CNN Business, Bell, New York CNN, Nasdaq, Federal Reserve, Securities, Exchange, Scion Asset Management, Bank of America, Traders, National Bureau of Statistics, JPMorgan, CNBC, Bank, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Commerce Department Locations: New York, China, Ukraine, Russia, stoke, Huntington, Lahaina , Hawaii, Lahaina, Las Vegas, Maui

☆ US retail spending picked up sharply in July
▼ + stars: | 2023-08-15 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

It was also the fourth straight month that retail sales increased. Retail sales, which are adjusted for seasonality but not inflation, rose 0.7% in July from the prior month, the Commerce Department reported Tuesday. Spending rose on nondurable items, such as clothing and sporting goods. Excluding spending at gasoline stations, retail sales rose 0.8% in July from the prior month. “Goods consumption is holding up even as services spending has taken up an increasing share of household’s wallets.

Persons: —, TJ Maxx, ”, Nikki Baird, Barbie, Taylor, Beyoncé, Taylor Swift, Gregory Daco, haven’t, Wells Organizations: DC CNN, Retail, Commerce Department, Commerce, Walmart, Target, Federal Reserve, Wall Street, Fed, “ Retailers Locations: Washington, EY

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