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- Daily Scoop 22-8-1
Daily Scoop 22-8-1
👋 Your Monday Scoops - Exxon oil profits & Coke's plastic progress
Today's Scoop:Slow
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Big Picture
Inflation is slowing consumer spending.
Home prices are falling.
Pandemic-disrupted supply chains might be clearing up.
The Market:
⬇️
-0.3%
S&P 500: 4,118.63
1Mo:
+8%
| 1Yr:
-6%
| 5Yr:
+66%
Markets wavered today after a big week of economic data. The US economy has produced less stuff for two straight quarters (formerly known as a recession). ICYMI, check out our
from Sunday.
Soaring food, rent, and fuel prices have been significantly impacting consumers.
On Friday, the Commerce Department reported that inflation-adjusted consumer spending increased at its slowest pace in two years in June.
Surging mortgage rates have started to deter home buyers.
Mortgage data firm Black Knight reported June had the slowest increase in home prices in over 50 years as buyers shrank back from the market. This is the effect the Federal Reserve wants on the broader economy - raise interest rates to make borrowing more expensive, slowing demand and easing inflation.
US manufacturing continues to slow from the peak of the past year, but
there are signs that business conditions are getting easier.
The Institute for Supply Management's monthly survey reported one of the steepest declines in prices on record as oil and commodity costs tumbled in July. Businesses were also the most positive on supplier delivery conditions since July 2020.
Company Scoops ❤🌎💰
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Exxon Mobil
-
Coca-Cola
-
Procter & Gamble
-
Amazon
-
Apple's
(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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