Retail Stays Strong as Oil Shock Hits Consumers
Gas prices surge past $4 amid the Iran war. The Fed waits on rate cuts, retail sales hold up, and consumer confidence dips as a $65B food merger takes shape.
Powell: Fed Can Wait on Rates to See Impact of Iran War
Federal Reserve Chair Jerome Powell, continuing to resist the immense pressure being put on him by President Donald Trump to lower interest rates, said the Fed is in a position to “wait and see” how the war in Iran affects the economy and the inflation rate before making such decisions.
Powell said Monday that policymakers typically look through shocks such as those from higher oil prices, according to report from Reuters. Read Full Article
Retail Sales Strong in February; Gas Prices Surging
U.S. retail sales were higher than they’ve been in seven months, auto sales saw a rebound and even the weather was improved in February.
And although experts note that gas prices are escalating because of the war in Iran, the Commerce Department report released Wednesday – it was delayed by the government shutdown – indicated the U.S. economy was fairly stable as the war began. Read Full Article
Surging Oil Prices Putting a Dent in Consumer Sentiment
With the war in the Middle East continuing to force oil prices up and creating havoc in the financial market. U.S. consumer sentiment has dropped to its lowest level in three months.
A survey released last week by the University of Michigan showed consumers are concerned about the prospects for the American economy in the wake of the war. Read Full Article
Gas Prices Surge Past $4 Per Gallon as War Continues
The war with Iran is wreaking havoc on drivers all over the world.
For the first time in more than three years, the average price of a gallon of gas rose above $4 per gallon on Monday. It’s the sharpest monthly rise in decades, according to data collected by price tracking service GasBuddy, as the U.S.-Israeli war on Iran roiled global energy markets. Read Full Article
Unilever, McCormick Deal Creates $65 Billion Food Company
Unilever said on Tuesday it will merge its food business with spice maker McCormick in the second-largest food transaction in history, a deal that will create a company worth roughly $65 billion.
Unilever announced the deal in a press release posted to the company’s website. The transaction will be structured as a so-called Reverse Morris Trust, which offers tax benefits. Unilever will spin off the food division and then merge it with the Cholula hot sauce owner. Read Full Article