What we’re reading (7/25)
“The Fed Will Eventually Choose Propping Up Growth Over Fighting Inflation And Will Start Cutting Rates Next Year, Says BlackRock” (Insider). “In a report Monday, the asset manager said a so-called soft landing, where the central bank raises rates without sinking growth, will be unlikely, as investors brace themselves for another 75-basis-point rate hike on Wednesday.”
“Investors Bet Fed Will Need To Cut Interest Rates Next Year To Bolster The Economy” (Wall Street Journal). “As the Federal Reserve prepares to meet this week, Wall Street investors are betting that officials will raise interest rates aggressively through the end of the year—and then turn around and start cutting them about six months later.”
“Welcome To The Great American Recession Guessing Game” (CNN Business). “The Treasury Secretary says the US economy is not in a recession. One of her Democratic predecessors says a recession is highly likely. The economists at Goldman Sachs put the odds of a recession at 50/50. Welcome to the Great American recession guessing game.”
“Walmart Cuts Profit Outlook As Inflation Forces Shoppers To Spend More On Necessities” (CNBC). “Walmart on Monday cut its quarterly and full-year profit guidance, saying inflation is causing shoppers to spend more on necessities such as food and less on items like clothing and electronics. That shift in spending has left more items on store shelves and warehouses — forcing the big-box retailer to aggressively mark down items that customers don’t want.”
“Around Half Of Older Americans Can’t Afford Essential Expenses: Report” (Changing America). “More than half of older women who live alone are classified as poor under federal poverty standards or have insufficient incomes to pay for essential expenses, while 45 percent of men share the same financial situations. The index takes several factors into account, including cost of health care, food, housing and transportation, and can be adjusted based on seniors’ health status. In 2020, data from the index showed more than 2 million older couples were considered financially insecure based on their yearly incomes, according to figures obtained by Kaiser Health News.”
