✂️ Is The Fed Gearing To Slash Rates?

Good morning. US stock futures moved higher in Thursday morning trading as investors weighed the latest corporate earnings reports.

📉 Fed holds rates steady, sets up possible 3rd quarter rate cuts

📝 Our report: The Federal Reserve kept interest rates steady at its most recent FOMC meeting, but hinted at potential easing, citing progress on inflation. Fed Chair Jerome Powell teased reporters at the post-announcement press conference with the possibility of a September cut, saying it "could be on the table." "We think the time is approaching," Powell said in response to a question from Yahoo Finance, noting that the "overwhelming sense" from his colleagues is that the case could be made for a cut "as soon as the next meeting" on Sept. 17-18.

 🔑 Key points:

• Fed officials voted to keep their benchmark interest rate in a range of 5.25%-5.50%, a 23-year high. The decision was unanimous.

• The fed funds rate has been in this range since last July as part of the Fed’s aggressive campaign to tamp down inflation that ballooned during the pandemic.

• While Powell told reporters the Fed has "made no decisions about future meetings, and that includes the September meeting," he also acknowledged that "the broad sense of the committee is that the economy is moving closer to the point at which it will be appropriate to reduce our policy rate."

💡 So what: The Federal Reserve's decision to keep interest rates steady while signaling potential future rate cuts suggests a cautious approach to economic management, aiming to support growth while controlling inflation. This move could positively influence financial markets, encourage consumer and business borrowing, and stimulate investment in interest-sensitive sectors. Overall, the Fed's stance provides flexibility to respond to economic changes while closely monitoring inflation and other indicators.

Thursday - U.S. Productivity

Friday - U.S. Unemployment Rate

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✈️ Airline CEO: Global tech outage cost us $500 million

WHAT: Delta Air Lines CEO Ed Bastian revealed the airline is grappling with $500 million in costs from a recent global tech meltdown that disrupted emergency services, communications, and countless businesses. Speaking in an interview on CNBC, Bastian said that the monetary amount represents lost revenue as well as “the tens of millions of dollars per day in compensation and hotels” for the five-day period.

WHY: The U.S. Department of Transportation is investigating why Delta failed to recover as quickly as other airlines. Transportation Secretary Pete Buttigieg said last week that the department would also examine Delta’s customer service, including “unacceptable” lines for assistance and reports that unaccompanied minors were stranded at airports.

🏨 Airbnb considering “luxury” services

WHAT: Airbnb Inc. is rolling out more luxury amenities next year to lure travelers away from hotels and into their swankier digs. The company is preparing to expand its business beyond accommodations and experiences to “services that will make it better for guests to stay in Airbnbs,” Chief Business Officer Dave Stephenson said in an interview on the sidelines of the Paris Olympics. Airbnb is considering services such as a personal chef, mid-week cleaning or improving ease of transportation and checking in, Stephenson added.

WHY: Airbnb executives have been offering more clues into possible new growth areas. Chief Executive Officer Brian Chesky has said the company is ready to expand beyond its core rental offering after spending the past year refining the app to improve reliability, price transparency and removing lower-quality listings.

🎫 Ticketmaster facing heat in Canada

WHAT: Canada is diving into a data breach at Ticketmaster, a Live Nation Entertainment unit, that compromised millions of individuals' personal information worldwide, according to the country's privacy commissioner. Ticketmaster has come under pressure from regulators in recent times over antitrust issues.

WHY: "Ticketmaster holds the personal information of millions of Canadians. The investigation will allow us to understand why this cyber incident happened and what must be done to address this situation and prevent it from happening again," the Privacy Commissioner of Canada, Philippe Dufresne, said in a statement.

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