The Federal Reserve's preferred measure of inflation, the personal consumption expenditures index, grew less than economists expected in August, 2.2% year over year. The data comes on the heels of the Federal Reserve's 0.5% interest rate cut issued on September 18, the first in more than four years.
Inflation data supports another 0.5% interest rate cut in November, chief economist at RSM US LLP Jose Brusuelas he said in a tweet on Friday. “This is what an economic expansion with full employment looks like,” he said.
He S&P 500 traded at all-time highs above the 5,700 level this week.
Lael Brainardthe director of the National Economic Council and former Federal Reserve board member, spoke in support of the Biden administration's proposal to ban Chinese electric vehicles on Monday at the Detroit Economic Club, the same day details of the proposal were released.
The US Department of Commerce intends to block the import and sale of Chinese-made vehicles with key communications and automated driving systems for national security reasons. Additionally, a 100% tariff on Chinese electric vehicles imposed by the Biden administration went into effect on Friday.
“We will not allow cars on American roads if they use Chinese software and hardware systems,” Brainard told the DEC. “We think this is very important from a national security standpoint.”
parent company of facebook Meta Platforms Inc GOAL announced his last Quest 3S virtual reality headset to the Connection Goal 2024 conference on Wednesday along with updates to its Llama artificial intelligence platform and Ray-Ban smart glasses. executive director Mark Zuckerberg presented a prototype of OrionMeta's holographic augmented reality glasses.
“This is not a pass-through. This is the physical world with holograms,” Zuckerberg said.
He People's Bank of China announced stimulus measures this week that will inject approximately $140 billion (1 trillion yuan) in liquidity into the country's banking system, as well as a reduction in the mortgage rate, sending Chinese stocks listed in the United States and ETF as the e-commerce giant. Alibaba Group Holding Ltd – ADR Slime and electric vehicle manufacturer Nio Inc-ADR CHILD higher.
Billionaire hedge fund manager David Tepper told CNBC's “Squawk Box” that he is building positions in Chinese stocks. “I didn't know they were going to take out the big guys,” Tepper said of the country's stimulus plans.
Nordisk AS NGO executive director Lars Jorgensen On Tuesday he faced questions from the Senate Health, Education, Labor and Pensions Committee about the high prices of the drugs Ozempic and Wegovy.
Wegovy, the weight-loss version of the diabetes drug Ozempic, costs $1,349 a month in the United States, compared with $186 in Denmark, $140 in Germany and $92 in the United Kingdom, according to the committee.
“They are making enormous amounts of money in this country and they are charging us much more and they have not given me an answer as to why,” the senator said. Bernie Sanderscommittee chairman, told Jorgensen during the hearing.
The CEO said: “We will be happy to study anything that helps patients have access to affordable medicines.”
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