"KWP" for July 29th - Aug 2nd
“Kevin’s Weekly Pulse”
Weekly pulse of the markets and economy
July 29th – Aug 2nd ?
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2. Yields Await Fed Decision As 10-year yields hover between 4.15 and 4.20, the Fed holds its two-day meeting Tuesday and Wednesday this week. Expect traders to be dialed into Chair Jerome Powell’s rate decision, though it’s unexpected that Powell will cut rates at this week’s meeting. Most traders see the first rate reduction since 2020 coming at the September Fed meeting.
3. Delta Strikes Back Delta’s challenging week, with videos of stranded passengers wall to wall at its US hubs of Atlanta and Detroit, has the company reaching out to prominent attorney David Boies to pursue potential damages. Delta’s damage estimates from the faulty Crowdstrike update are expected to be $350 to $500 million. For its part, Crowdstrike’ stock lost nearly 25% of its value in the two trading days following the massive outages as concerns ramped up about the company’s business after the incident.
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4. GDP Surprises Expectations Consumer spending led the way to a surprise in the GDP number for the April-through-June period at a 2.8% annualized pace. Analysts had been looking for growth of 2.1%. Private inventory investment and nonresidential fixed investment also led to the higher number. Some cracks in the consumer also showed up in the data; the personal savings rate continued to decelerate, and the Philadelphia Federal Reserve showed credit card balances at an all-time high going back to 2012.
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5. Crude Eases on China’s Woes Increasing tensions in the Middle East are being overshadowed by China’s sluggish economy leading to the lowest level of crude imports since early June. China’s falling imports of crude oil pushed crude prices down 2%, below the $76 per barrel mark, seemingly unfazed by the Israel-Hezbollah escalation.
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6.?Going For the Gold (And Cash, Cars, Etc.) Out of the 206 countries and territories competing for Gold/Silver/Bronze in the Paris Olympics, 33 have confirmed they’ll award athletes for winning such medals. Medal winners for the US stand to receive $37,500 for gold, $22,500 for silver, and $15,000 for bronze. Malaysia grants a lifetime pension to all medal winners, but those who earn gold also get a foreign car. Kazakhstan awards housing - the higher the medal, the bigger the apartment.
Disclosures:
[Falcon Wealth Advisors] is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment advisor. Some investment professionals may also be registered with Hightower Securities, LLC, member FINRA and SIPC. Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC. All information referenced herein is from sources believed to be reliable. [Falcon Wealth Advisors] and Hightower Advisors, LLC have not independently verified the accuracy or completeness of the information contained in this document. [Falcon Wealth advisors] and Hightower Advisors, LLC or any of its affiliates make no representations or warranties, express or implied, as to the accuracy or completeness of the information or for statements or errors or omissions, or results obtained from the use of this information. [Falcon Wealth Advisors] and Hightower Advisors, LLC or any of its affiliates assume no liability for any action made or taken in reliance on or relating in any way to the information. This document and the materials contained herein were created for informational purposes only; the opinions expressed are solely those of the author(s), and do not represent those of Hightower Advisors, LLC or any of its affiliates. [Falcon Wealth Advisors] and Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax or legal advice. Clients are urged to consult their tax and/or legal advisor for related