Wealth Management News & Insights
FDA Authorizes Apple AirPods As Hearing Aid Software, Wall Street Curbs Young Bankers’ Hours, Instagram Is Restricting Teen Accounts
Primary Sources
- Federal Reserve Issues FOMC Statement: Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, and the unemployment rate has moved up but remains low. [FRB]
- Summary of Economic Projections: In conjunction with the Federal Open Market Committee (FOMC) meeting held on September 17–18, 2024, meeting participants submitted their projections of the most likely outcomes for real gross domestic product (GDP) growth, the unemployment rate, and inflation for each year from 2024 to 2027 and over the longer run. [FRB]
- What We Watched the First Half of 2024: Today, we’re sharing our latest Engagement Report, which shows what people watched on Netflix from January to June 2024. [Netflix]
The table above highlights what people watched on Netflix between January ’24 to June ’24. Four of the ten biggest shows this year were from the UK: Fool Me Once (108M), Baby Reindeer (88M), The Gentlemen (76M), and One Day (39M).
Financial Markets
- Microsoft, BlackRock Form Group to Raise $100 Billion to Invest in AI Data Centers and Power: Microsoft CEO Satya Nadella said the initiative brings “together financial and industry leaders to build the infrastructure of the future and power it in a sustainable way.” [CNBC]
- Mercedes, BMW Flash Warning Lights on China: Top-end German cars have joined expensive French handbags among the products hit by weak consumer sentiment in the country. [WSJ]
- The Lone Dissenter Inside the Fed Who Voted Against Powell’s Rate Cut: Governor Michelle Bowman, who supported a smaller cut, says she worries that moving too fast looks like ‘a premature declaration of victory’. [WSJ]
The chart above displays eight historic rate cuts, detailing the size of each cut, whether a recession followed the rate cut, and the subsequent 3/6/12 month percentage returns of the S&P 500. Of the eight rate cuts, the U.S equity market recorded its three worst 12 month returns when the U.S economy entered a recession.
Financial Planning
- Should They Rent or Buy? These Families Had a Tough Decision to Make: Investing time and money in a home is especially complicated these days. We spoke with three families about how they made their choice. [NYT]
Business Strategy
- Message from Brian: Back to Starbucks: An open letter for all partners, customers and stakeholders. [Starbucks Stories]
- As Foxtrot Reopens, Here’s What will be Different — and When to Expect More Stores: Foxtrot has a reopening date set for its Old Town location and a rough timeline for future stores. [Crain’s Chicago Business]
- Instagram Is Restricting Teen Accounts—and Blocking Sneaky Workarounds: Adam Mosseri, head of the social-media app, says tightening guardrails for teens will hurt business but help regain parent trust. [WSJ]
- FDA Authorizes First OTC Hearing Aid Software to be Used in Apple’s AirPods Pro: New hearing health features will be available this fall for AirPods Pro 2 users in more than 100 countries and regions, Apple had said. [Reuters]
- Wall Street Curbs Young Bankers’ Hours After Overwork Outcry: JPMorgan adds 80-hour weekly cap and Bank of America revamps timekeeping after a Wall Street Journal investigation highlighted investment banking’s work-obsessed culture. [WSJ]
- Peloton’s Comeback Marketing Plan: Less Bike, Fewer Promotions, More Men: The fitness company’s marketing chief plans to get growth back on track by appealing to specific groups of customers and better advertising its full range of products. [WSJ]
Life & Work
- Hotel and Airline Junk Fees Are Easier to Spot–And You’ll Keep Paying: It’s becoming more normal for travelers to know upfront all costs associated with overnight stays and plane tickets. [WSJ]
- A $5 Billion NASA Mission Looked Doomed. Could Engineers Save It: Weeks before Europa Clipper was to be shipped for launch, scientists discovered a potentially fatal flaw that might endanger the spacecraft’s ability to study an ocean moon of Jupiter. [NYT]
- TikTok Ban Heard Today In Court—Here’s What To Know: A panel of federal judges will hear TikTok’s case against the federal government’s threat to ban the app on Monday, as both sides face a fierce court battle over the app’s fate that’s expected to go to the Supreme Court before a ban or mandatory sale takes effect in January. [Forbes]
- I Played ‘Survivor’ in Someone’s Backyard. Now I’m Hooked on Live Reality Games:I was 12 years old when I discovered Survivor. My mom and I were flipping channels, and we paused to watch some cranky people arguing about where to build a shelter and a fire. [NPR]