💰 US Households Are Getting...?

Good morning. US stock futures rose in Friday morning trading as investors look ahead to the Federal Reserve’s upcoming policy meeting.

💰 US household wealth hits new record

📝 Our report: Guess the wealth train is back on track! U.S. household wealth hit a new high of $163.8 trillion last quarter, thanks to booming real estate and a stock market on the rise, according to Federal Reserve data.

 🔑 Key points:

• The increase in the net worth of households and non-profits, which stood at $161 trillion at the end of the first quarter, was driven largely by a $1.8 trillion increase in the value of real estate holdings and a $700 billion gain in the value of equity holdings.

• The snapshot of households' financial wellbeing comes just before the Federal Reserve is widely expected to reduce borrowing costs for the first time since the pandemic recession.

• Policymakers are making the move as inflation has cooled and in hopes of preventing a slowing labor market from worsening, dragging the broad economy down with it.

💡 So what: The rise in U.S. household wealth signals a few key implications for the economy. First, it suggests that many households are benefiting from gains in real estate and stock market values, boosting consumer confidence and spending power. This can help fuel economic growth as people feel more secure in their financial standing. However, it can also widen the wealth gap, as those with substantial investments see greater benefits than lower-income families. Overall, it highlights both positive economic momentum and ongoing inequalities within the financial landscape.

Friday - Consumer Sentiment (prelim)

📈 Jim Simons shares his 10 unique investing insights!

💰 Understanding the 50/30/20 rule of budgeting!

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🤖 Biden admin, AI leaders meet over industry needs

WHAT: Top Biden officials recently huddled with execs from OpenAI, Google, Nvidia, Microsoft, and other tech heavyweights to chat about the future of AI. White House press secretary Karine Jean-Pierre told reporters at the daily press briefing that the meeting focused on increasing public-private collaboration and the workforce and permitting needs of the industry.

WHY: The emergence of AI holds a mix of promise and peril: The automatically generated text, images, audio and video could help to increase economic productivity but it also has the potential to displace some workers. It also could serve as both a national security tool and a threat to guard against.

🚚 Amazon boosts subcontractor pay to stave off union pressure

WHAT: Amazon is giving its subcontracted delivery drivers another pay bump, likely hoping to keep them happy as union pressures loom larger on the horizon. Drivers who work with Amazon’s Delivery Service Partners, or DSPs, will earn an average of nearly $22 per hour, a 7% bump from the previous average of $20.50, the company said.

WHY: The increase in wages is part of a new $2.1 billion investment the Seattle-based online retailer is making in the delivery program. Amazon doesn’t directly employ drivers but relies on thousands of third-party businesses that deliver millions of customer packages every day.

🦻 Hearing aid software gets FDA approval

WHAT: The U.S. Food and Drug Administration has given the green light for the first over-the-counter hearing aid software designed to work with Apple AirPods Pro. Once installed and customized to the user's hearing needs, the software enables versions of the AirPods Pro to serve as an OTC hearing aid, that is intended to amplify sounds for 18 years or older people with perceived mild-to-moderate hearing impairment, the health regulator said.

WHY: More than 30 million American adults report some degree of hearing loss, which can be caused by aging, exposure to loud noises, certain medical conditions, and other factors.

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