📈 Is Inflation Messing With The Fed?

Good morning. US stock futures inched higher in Wednesday morning trading as Wall Street digested key inflation data.

🪙 US inflation ticks higher 

📝 Our report: Looks like inflation in the US is stretching its legs again, folks! In February, prices for gas and housing decided to play a little game of leapfrog, nudging that annual rate up to 3.2% from January's 3.1%, according to the Labor Department.  

 🔑 Key points:

• Airfare, car insurance and clothing were among the items driving the increase over the month. Grocery prices, which have jumped in recent years, fueling public discontent, were unchanged.

• The monthly report comes during a critical presidential election year and as the US central bank, the Federal Reserve, is debating the next step in its fight to rein in prices.

• Inflation has slowed significantly since the Fed started hiking borrowing costs sharply in 2022 and the bank is expected to start reversing course and cutting interest rates sometime this year.

💡 So what: A slight uptick in inflation often prompts policymakers to reassess their economic strategies. In response to rising prices, the Federal Reserve might consider delaying interest rate cuts or scaling back asset purchases to cool down the economy and prevent inflation from spiraling out of control. Additionally, fiscal policymakers may adjust government spending and taxation to mitigate inflationary pressures. However, the precise actions taken depend on various factors, including the severity of inflationary trends, economic growth prospects, and the overall policy stance.

Wednesday - No Major Economic News

Thursday - Initial Jobless Claims (wk end Mar 8)

Friday - No Major Economic News

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📱 Tech giant changes tune in EU fight

WHAT: Apple finally waved the white flag in its ongoing tango to defend the supremacy of its App Store on iPhones and other gadgets in Europe. Beginning this spring, software developers operating in Europe will be able to distribute apps to EU customers directly from their own websites instead of through the App Store

WHY: The opening in Europe of Apple's ecosystem, which the company has long guarded as a highly profitable "walled garden," comes at a sensitive time for the tech giant. The changes, which affect only the European Union, come as the company faces continuing criticism from rivals that its compliance efforts are falling short.

🤖 Election queries out of bounds Google says

WHAT: Google is putting its AI chatbot, Gemini, on a bit of a leash, telling it to steer clear of any nosy questions about this year's global elections. "In preparation for the many elections happening around the world in 2024 and out of an abundance of caution, we are restricting the types of election-related queries for which Gemini will return responses," a company spokesperson said.

WHY: The update comes at a time when advancements in generative AI, including image and video generation, have fanned concerns of misinformation and fake news among the public, prompting governments to regulate the technology.

📰 Media companies plot takeover moves

WHAT: Rupert Murdoch's News Corp. and the folks behind the UK's Daily Mail are cooking up a plan to snag the company that owns the Telegraph newspaper and Spectator magazine. Both parties are reportedly in talks to make an offer alongside United Arab Emirates-backed investment fund RedBird IMI, people familiar with the matter said.

WHY: The nearly 170-year-old Telegraph newspaper and the Spectator magazine have out-sized influence in British politics, and are seen as a mouthpiece for the UK’s governing Conservative Party.

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