Daily Scoop 22-8-30

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Today's Scoop:Bumpy

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Big Picture

1. Consumers are feeling more confident.

2. There are more jobs than people to fill them.

3. Home prices aren't rising as quickly.

The Market: 

⬇️

-1.1%

S&P 500: 3,986.16

1Mo:

-3% 

| 1Yr:

-12%

| 5Yr: 

+61%

Markets stumbled lower today as good news for the economy meant bad news for future interest rates. 

Consumers are feeling more confident

. The Conference Board's overall consumer confidence index rebounded in July after three months of decline. More people are planning vacations than they have all year.

The jobs market is still very strong. 

The Labor Department's Job Openings and Labor Turnover Survey showed the number of job openings increased in July, and there are two available jobs for every unemployed person.

A strong consumer and plentiful jobs market give policymakers the green light to keep raising interest rates.

Policymakers are raising interest rates to make borrowing more expensive, which slows borrowing and spending and cools inflation.

We're seeing this play out in the housing market.

Home price inflation is lower.

High mortgage rates have made fewer people want to buy homes right now. With fewer buyers vying for the same supply of homes, prices stop rising so quickly. The S&P CoreLogic Case-Shiller national home price index increased only by 0.3% in June after surging 1.3% in May. 

Policymakers are trying to have the same effect across the broader economy and might keep restricting until they see unemployment pick up.

Company Scoops ❤🌎💰

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

FedEx

attacks delivery contractor uprising

-

First Solar

jumps on Climate Bill incentives

- 

Exxon Mobil

vs. Russia heats up

- 

Best Buy

expects less buying

- 

3M's

plan to avoid liability backfires

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

🤓 Inside Scoop...

The

recent

Inflation Reduction Act

, also called the

Climate Bill,

included substantial grants and tax credits to incentivize the country's transition to

clean energy

. The bill focused on making it cheaper and easier for

renewable energy

facilities to expand manufacturing domestically. It also made it more affordable and accessible for the average American to purchase an

electric vehicle

, improve home

energy efficiency

, and shift to renewable power.

Learn More

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