Commentary There was much rejoicing last week as June’s headline CPI (Consumer Price Index) came in at 3 percent, the lowest level of overall price level growth since March 2021. Financial media declared that the United States has entered “disinflation mode” and that the season of post-pandemic inflation was nearing an end. The previously scorned…
Is Inflation Over? Ask Your Pocketbook
July 17, 2023
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Tesla Builds Its First Cybertruck Two Years Behind Schedule
July 17, 2023
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Tesla produced its first Cybertruck off the assembly line in Austin, Texas, over the weekend after two years of delays. The first Cybertruck finally rolled off the factory line on July 15 to much celebration at Tesla’s Gigafactory. Tesla CEO Elon Musk first announced the first prototype of the electric pickup truck back in 2019 to great…
[PREMIERING 7/18, 7:30PM ET] ‘A Fool’s Bargain’—Robert Lighthizer on the US-China Trade Relationship and How to Strategically Decouple
July 17, 2023
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“The economic growth of China is largely a wealth transfer from the United States,” says Robert Lighthizer. “You’re transferring the wealth of our children and grandchildren and their children overseas.” Mr. Lighthizer served as the U.S. Trade Representative in the Trump administration and also served as deputy trade representative in the Reagan administration. In this…
Why US Citizens Should Not Accept 3 Percent Inflation
July 17, 2023
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Commentary The recent University of Michigan survey’s reading of one-year inflation expectations rose to 3.4 percent in July from 3.3 percent in June. The five-year outlook also increased to 3.1 percent from 3.0 percent in the previous month. There is a mainstream narrative that is spreading throughout the financial media: We must accept 3 percent…
S&P 500, Nasdaq Start Week Higher as Investors Await More Results
The S&P 500 and the Nasdaq inched higher on Monday after last week’s strong gains, with investors cautious ahead of quarterly results from industry heavyweights through the week. The Dow Jones Industrial Average fell 9.29 points, or 0.03 percent, at the open to 34,499.74. The S&P 500 opened higher by 3.44 points, or 0.08 percent,…
Dollar Hovers Around 15-month Low as Traders Await Policy Decisions
LONDON/SYDNEY—The dollar edged lower on Monday against a basket of currencies after suffering its biggest weekly drop of the year as traders waited on economic data and policy decisions before selling it down any further. The euro continued climbing, rising 0.15 percent to hit a fresh 16-month high at $1.12440. Versus the yen the dollar…
Oil Slides More Than 1 Percent as Chinese GDP Dents Demand Hopes
LONDON—Oil dropped by more than 1 percent on Monday after weaker than expected Chinese economic growth fuelled concern over demand in the world’s second-biggest oil consumer while a partial restart of halted Libyan output also pressured. China’s gross domestic product (GDP) grew 6.3 percent year on year in the second quarter, compared with analyst forecasts…
Global Shares, Dollar Sag After China Data; Traders Bet on Fed Sea Change
July 17, 2023
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LONDON—Global shares and commodities slipped on Monday after data showed the Chinese economy is growing a lot more slowly than expected, while the dollar eased as traders ramped up their bets for an imminent end to U.S. rate rises. China reported economic growth of 0.8 percent in the second quarter, above the 0.5 percent forecasted,…
The CCP Lowers US Dollar Interest Rates to Stabilize China’s Yuan
The Chinese Communist Party (CCP) has recently implemented two reductions in interest rates for U.S. dollar deposits in order to stabilize the exchange rate of the Chinese yuan. Analysts have raised concerns about the rapid depreciation of the yuan, which could lead to an increased outflow of funds from China and potentially heighten the risk…
Australian Treasurer Remains Positive About Progress of A Global Minimum Tax at G20 Meeting
Australian Treasurer Jim Chalmers expects to see some progress on the global minimum tax reform in the coming days as he flies to India to attend a major G20 meeting. G20 financial ministers and reserve bank governors will gather at Gandhinagar, India, from July 17-18 to discuss crucial issues concerning the global economy. One major…
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