AMJ (Alerian MLP Index tracking fund)
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The comments come less than a week after Fed officials, in their quarterly economic update, indicated that they could approve another qtr percentage point increase by the end of the year before beginning to cut a few times in 2024. However, that's predicated on the data continuing to cooperate. Fed Chair Jerome Powell said the central bank won't hesitate to raise rates, or at least keep them at elevated levels, if it doesn't feel like inflation is on a sustained trajectory lower, a higher-for-longer reality with which markets are grappling. “I would be cautious,” Dimon said. “We have to deal with all these serious issues over time, and your deficits can’t continue forever. So rates may go up more. But I hope and pray there is a soft landing.” Treasury yields have been on the rise since last week's Fed meeting, with the 10-year note hovering around 16-year highs.
Dimon warns that the Fed could still raise interest rates sharply from here
Americans' income plunged as the nation grappled with record-high inflation, according to new data from the Census Bureau. Real
median household income declined from $76,330 in 2021 to $74,580 in
2022, a 2.3% drop. That marked the 3ird straight year of decline since
the onset of the COVID-19 pandemic in 2020. But even as incomes fall, inflation continued to rise
across the US. Inflation spiked 7.8% between 2021 & 2022,
representing the largest annual increase in the cost-of-living
adjustment (COLA) since 1981. And
while inflation & income declines affect Americans across generations,
it impacts specific age groups differently. Those with ages of
45-54 faced the deepest cuts to median income, losing 3.0% annually in 2022. Income for those 65 years & older declined 2.1%. To
make ends meet, many Americans have turned to gov assistance. The Supplemental Poverty Measure (SPM) rate, which accounts for
gov benefits, stood at 12.4% in 2022, an increase of 4.6
percentage points from 2021. This marked the first increase in the SPM
since 2010. The Census Bureau attributes this trend to federal tax
policy changes including the expiration of temporary expansions to the
Child Tax Credit (CTC) & the Earned Income Tax Credit (EITC), as well
as the end of pandemic-era stimulus payments.
Household income drops amid high inflation
The stock fell 6¢.
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Major US automaker backtracks on CCP-tied EV factory in sudden reversal
Since the start of Aug, Dow is down more than 1000. As long as high interest rates continue, the bulls will remain in hiding.
Dow Jones Industrials
