Weekly Newsletter - Inflation, Consumer Spending & Top Hedge Fund IPO

The Fed’s preferred inflation measure rose 0.2% in April, as expected

• The personal consumption expenditures price index excluding food and energy costs increased 0.2% in April and 2.8% from a year ago.
• Headline PCE rose 0.3% and 2.7%, respectively, in line with estimates.
• Personal income increased 0.3% on the month, matching the estimate, while spending rose just 0.2%.

Learn?More? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Sourced from CNBC

Bank of America CEO says U.S. consumers and businesses have turned cautious on spending

• Whether it’s households or small- to medium-sized businesses, Bank of America clients are slowing down the rate of purchases made for everything from hard goods to software, the bank’s CEO Brian Moynihan said.
• Consumer spending via card payments, checks and ATM withdrawals has grown about 3.5% this year to roughly $4 trillion, Moynihan said.
• That’s a sharp slowdown from the nearly 10% growth rate seen in May 2023, he said.

Learn?More? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Sourced from CNBC

Bill Ackman selling stake in Pershing Square at $10.5 billion valuation, aiming for IPO one day

• Bill Ackman’s firm is raising $1.05 billion in a funding round, worth 10% of his management company Pershing Square, according to a source familiar with the matter.
• The hedge-fund manager is eyeing an initial public offering in the U.S. down the road, but he hasn’t hired bankers or started that process officially yet, the source said.

Learn More? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Sourced from CNBC