Good morning. US stock futures were mostly flat in Wednesday morning trading as investors geared up for remarks from Federal Reserve Chair Jerome Powell.
🏢 Fed Exec: Soft landing still likely
At its most recent meeting, the Fed held interest rates steady, following a string of 11 consecutive rate hikes.
Core inflation currently stands at 3.7%, still well above the Fed’s 2% target.
The US economy has held up well amid the tightening pressures over the past year and a half. US GDP expanded at an annualized 4.9% rate in the third quarter — stronger than expectations.
💡 So what: Engineering a “soft landing” is crucial for the Federal Reserve as it navigates the economic skies. Picture it as a skilled pilot bringing a plane gently to the runway. A soft landing means curbing inflation without jolting the economy into a nosedive. It’s also the delicate balance of keeping employment steady and prices in check.
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Wednesday - Fed Chair Powell Delivers Opening Remarks,
Thursday - Initial Jobless Claims (wk end Nov 3rd)
Friday - No Major Economic News
🧑🏾💼 Everything you need to know about a Fiduciary
🖥️ TikTok, X urged to intensify clean up effort
💰 Physical cash probably isn’t going anywhere…
🧾 IRS ahead of schedule on paperless filing transition
WHAT: Tax season just got a digital makeover! According to US Treasury Secretary Janet Yellen, taxpayers will be able to submit all sorts of tax documents and other communications to the IRS digitally, months earlier than originally planned under a new timetable for paperless taxpayer communications.
WHY: The processing change is expected to cut back on the $40 million per year that the agency spends storing more than 1 billion historical documents.
🏡 Canada to turn office buildings into homes
WHY: Housing supply has failed to keep up with Canada’s immigration-fueled population growth, and affordability worsened during the coronavirus pandemic when housing prices soared due to high demand and low borrowing costs.
👛 New rules coming for digital wallets
WHAT: Hold on to your digital wallets! The Consumer Financial Protection Bureau (CFPB) is out to teach tech giants some financial manners as it proposed a series of rules to regulate digital payments and smartphone wallet services.
WHY: CFPB Director Rohit Chopra, in a speech last month said tech giants collected vast amounts of consumer payments data with few limits, scant transparency and confusing corporate policies that put consumers at risk.
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See ya next time, Daily Market Briefs