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Powell says Fed is more confident inflation is slowing to its target

( ) -q-22- UNDATED (Correspondent Jeremy House) “occurring in September.”

Chairman Jerome Powell said the Federal Reserve is becoming more convinced that inflation is headed back to its 2% target.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Powell says the Fed would cut rates before the pace of price increases actually reached two-percent. Powell told the Economic Club of Washington, “We’ve had three better readings, and if you average them, that’s a pretty good pace.” Powell declined to provide any hints of when the first rate cut would occur. But most economists foresee the first cut occurring in September.

Goldman Sachs profits more than double in second quarter

( ) -q-20- UNDATED (Correspondent Jeremy House) “consumer banking business.”

Goldman Sachs has posted a 150% jump in its second quarter profits.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Its bottom line was helped by a resurgence of dealmaking and underwriting. They led to a revival of investment banking after the slowdown of the previous couple years. Part of the surge in profits come from Goldman Sachs booking some one-time items last year as it took charges for the wind-down of its consumer banking business.

Amazon Prime Day is a big event for scammers, experts warn

( ) -q-29- UNDATED (Correspondent Jeremy House) “emails or calls.”

Amazon Prime Day is here.

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TAG: Correspondent Jeremy House reporting. A spokesperson for the organization that because Prime Day is a huge moment on the retail calendar, “it represents an enormous opportunity for a scammer, con artist or even just an unethical business or organization.”

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VERBATIM: Experts are taking advantage of this day to remind consumers to be wary of scams. Deceptions such as phony emails from people impersonating online retailers like Amazon are nothing new. But the Better Business Bureau says phishing attempts increase amid the heavy spending seen during significant sales events. The Better Business Bureau advises consumers to watch out for lookalike websites, too-good-to-be-true social media ads, and unsolicited emails or calls.

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Macy’s terminating buyout talks with Arkhouse and Brigade

( ) -q-24- UNDATED (Correspondent Jeremy House) “remaining 350 stores.”

Macy’s says it will no longer pursue merger talks with Arkhouse and Brigade, citing the lack of certain financing.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: In March, Arkhouse Management and Brigade Capital Management raised their offer to acquire Macy’s in a deal then valued at $6.6 billion, or $24 per share cash. Macy’s now says it will focus on its own turnaround efforts. That includes closing 150 namesake stores over the next three years and upgrading its remaining 350 stores.

China’s economy slowed in the last quarter

( ) -q-19- UNDATED (Correspondent Jeremy House) “of around five-percent.”

China says its economy expanded at a slower-than-forecast 4.7% annual rate in the last quarter.

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TAG: Correspondent Jeremy House reporting. The update Monday on the state of the economy came as leaders of the ruling Communist Party gathered for a once-a-decade conclave to set economic policy that was expected to focus on self-sufficient strategies for growth in an era of tensions over trade and technology.

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VERBATIM: The rate was sharply below the 5.3% annual pace of growth seen in the first quarter of the year. Economists say weak consumer demand and reduced government spending are dragging on growth. China’s economy grew at a 5% pace in the first half of the year, at the government’s target of around 5%.

Analyst Ben Domenech: Biden Turned In “Middling” Performance at Presser

Wholesale inflation picked up in June amid ongoing price pressures

( ) -q-24- UNDATED (Correspondent Jeremy House) “continued to ease.”

Wholesale prices in the United States rose by a larger-than-expected 2.6% last month from a year earlier.

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TAG: Correspondent Jeremy House reporting. Excluding food and energy prices, which tend to bounce around from month to month, so-called core wholesale prices were up 0.4% from May and 3% from June 2023.

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VERBATIM: The government’s producer price index — which tracks inflation before it reaches consumers — rose 0.2% from May to June after being unchanged the month before. It’s a sign that some inflation pressures remain elevated. The increase, the sharpest year-over-year increase since March 2023, comes at a time when other price indicators are showing that inflation has continued to ease.

China’s exports grow 8.6% in June, beating forecasts

( ) -q-28- UNDATED (Correspondent Jeremy House) “billion in May.”

China’s exports beat forecasts in June, while imports grew less than expected.

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TAG: Correspondent Jeremy House reporting. The growth in exports comes as China faces escalated trade tensions with the U.S. and Europe. The U.S. and Europe have ramped up tariffs on Chinese-made electric cars.

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VERBATIM: Chinese customs data showed exports grew 8.6% from the same time last year to hit $307.8 billion. That beat estimates of about 7.4% to 8% growth. Imports, however, fell 2.3% from a year earlier to $208.8 billion. China’s strong exports for June led to its trade surplus widening to $99 billion, up from $82.6 billion in May.

Dollar General to pay $12 million fine in alleged safety violations settlement

The U.S. Department of Labor says Dollar General has agreed to pay a $12 million fine and improve conditions at its thousands of retail stores nationwide to make them safer for workers. The discount retailer and the Occupational Safety and Health Administration reached the settlement to resolve alleged violations that included unsafe storage, blocked emergency exits and fire extinguishers, as well as inaccessible electrical panels. The deal requires Dollar General to significantly reduce inventory and improve stocking to prevent such hazards. The company also must hire more safety managers.

JPMorgan Q2 profit jumps as bank cashes in Visa shares

( ) -q-25- UNDATED (Correspondent Jeremy House) “stake in Visa.”

JPMorgan Chase says profits jumped sharply in the second quarter as the bank cashed in billions of dollars of its holdings in Visa Inc.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The bank’s results were also helped by higher interest rates, as well as consumers who seemed to still want to spend, despite geopolitical and economic uncertainties. The nation’s biggest bank by assets posted a profit of $18.15 billion, up 25% from a year earlier. A significant part of JPMorgan’s results was a $7.9 billion gain on its stake in Visa.

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PepsiCo second quarter profits jump, but demand slips

( ) -q-18- UNDATED (Correspondent Jeremy House) “$22.59-billion analysts forecast.”

Pepsi reported higher-than-expected earnings in the second quarter even as customer demand for its snacks and drinks continued to slip.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The Purchase, New York-based company said its net income rose 12% to $3 billion for the April-to-June period. Pepsi said its revenue grew less than 1% to $22.5 billion. That was slightly lower than the $22.59-billion analysts forecast.

Higher costs and low base fares send Delta’s profit down 29%

( ) -q-23- UNDATED (Correspondent Jeremy House) “of last year.”

Delta Air Lines says its second-quarter profit is down 29% from a year earlier, and it’s giving a disappointing outlook for the third quarter.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Delta says it earned $1.31 billion in the second quarter, down from more than $1.83 billion last year. The weaker profit comes despite strong revenue, as Americans travel in record numbers. But Delta’s costs are rising even faster than its revenue. The airline spent much more on labor, jet fuel and other big items than it did in the same period of last year.

Biden awards $1.7 billion to boost EV manufacturing and assembly in 8 states

( ) -q-26- UNDATED (Correspondent Jeremy House) “for the grants.”

The Biden administration is awarding nearly $2 billion in grants to help restart or expand electric vehicle manufacturing and assembly sites in eight states.

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TAG: Correspondent Jeremy House reporting. Three of the eight states receiving grants are the presidential battlegrounds of Michigan, Pennsylvania and Georgia.

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VERBATIM: The Energy Department will issue grants totaling $1.7 billion to create or retain thousands of union jobs and support auto-based communities. The White House says the grants cover a broad range of the automotive supply chain. They include electric motorcycles and school buses, hybrid powertrains, heavy-duty commercial truck batteries and electric SUVs. The 2022 climate law pays for the grants.

US inflation cools again, potentially paving way for Fed to cut interest rates soon

( ) -q-22- UNDATED (Correspondent Jeremy House) ”

Inflation in the United States cooled in June for a third straight month.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The government reports consumer prices declined 0.1% from May to June after having remained flat the previous month. Measured from 12 months earlier, prices were up 3% in June, down from 3.3% in May. The latest inflation readings could help convince the Fed’s policymakers that inflation is returning to its 2% target.