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  • Daily Scoop 22-6-30

Daily Scoop 22-6-30

👋 Your Thursday Scoops - Walmart wire fraud & Pinterest's new direction

Today's Scoop:Beat

US markets will be closed on Monday. We'll be back with our daily scoops on Tuesday, July 5th.

Big Picture

  1. It was a terrible first half of the year for investors.

  2. Inflation is still very high, but might be cooling in some areas.

  3. Consumer spending is slowing as prices continue to rise.

The Market: 

⬇️

-0.9%

S&P 500: 3,785.38

1Mo:

-8%

| 1Yr:

-12%

 

| 5Yr:

+56%

Markets stumbled today, closing out the

worst first half of the year in over 50 years.

More

inflation data for May painted a rough picture

. The Bureau of Economic Analysis reported its inflation metric, the Personal Consumption Expenditures (PCE) Price Index, rose 0.6% in May, accelerating from a 0.2% rise in April. Prices are 6.3% higher than a year ago,

nearly the highest jump in forty years.

Food and gas prices can be very volatile, depending on weather and geopolitical issues, so economists often strip them out of the inflation measurement. The Core PCE, excluding food and energy, didn't accelerate in May. The core inflation number's year-over-year increase has declined

 

since February. So it might indicate that some

supply chain issues are starting to clear up, broadly easing pressure on businesses to keep raising prices.

The BEA's report showed a

deceleration in consumer spending

in May, which isn't good. Higher prices are deterring shoppers.

Company Scoops ❤🌎💰

(Click to dig in & vote your reaction, see how others feel)

Walmart

-

Pinterest

-

Bed, Bath & Beyond

-

Walgreens

-

Snap

(These links only work for 24 hours while the story is live)

🤓 Inside Scoop...

The

Federal Reserve

, aka the

Central Bank

, aka

The Fed,

is in charge of our whole money system. The Fed's job is to keep the economy running at a solid pace by

stimulating

business activity when the economy needs support and

restricting

it when it starts to overheat.

Inflation

is the economic heat gauge. The Fed wants some inflation (~2%), but not high inflation (now). So the Fed will continue shifting from supportive policy to restrictive policy until it feels like inflation is under control.

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