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The Fed is losing control

today 10/24/2023
The Federal Reserve's influence on the economy may not be as significant as it once was, according to analysts. While the market still reacts to the Fed's policy decisions, the lasting effects on stock prices and inflation are becoming less pronounced. The Fed Chair, Jerome Powell, recently stated that the central bank is no longer controlling the inflation story, indicating a change in tone from earlier this year when aggressive rate hikes were implemented to combat high inflation. However, inflation has since decreased, and there is less need for drastic measures. The market has already anticipated the Fed's upcoming meeting, with expectations of a "status quo policy update" and no rate hike this month. The 10-year Treasury yield, which influences consumer loans, is currently at its highest level since 2007, contributing to a slowdown in consumer spending. Inflation has started to normalize, but some economists argue that it is no longer an emergency issue, which reduces the pressure on the Federal Reserve to implement aggressive interest rate hikes. In other news, some Walgreens pharmacy workers are planning another walkout at the end of October, with hopes of it spreading nationwide. These workers have already staged walkouts in various cities to protest working conditions that they believe compromise customer safety. The impact of these actions has been minimal according to Walgreens. The organizers of the walkout are seeking better staffing levels, improved workload, and higher pay. While Walgreens has not commented on potential disruptions, it has emphasized its efforts to recruit, retain, and reward pharmacy staff. Additionally, Kim Kardashian's brand, Skims, is expanding into men's products. The new lineup includes briefs, undershirts, boxers, and leggings, with prices ranging from $16 to $54. This expansion into menswear may be a precursor to an initial public offering.
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