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Despite higher interest rates and a fed funds target rate above 5% only 22% of people with savings are earning above 4%. A shocking 34% of savers are still earning less than 1% on their money. 1
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March was the 5th straight month that the S&P 500 rose by 1% or more. This is only the 13th time since WWII that the market has had this many consecutive monthly increases. On every prior occurrence, the market was higher a year later with a median gain of 9.7%. *2
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Tesla’s market value peaked above $1.2 trillion last November, up more than 2,000% in a mere two years. However, this year the company is down 34% and is the worst performer in the S&P 500. 3
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In a recent survey of large and small business CFOs, 51.1% reported that their companies recently implemented automated tasks previously done by employees. 37% of those firms reported laying off employees or slowing their hiring of new employees. 4
- Bankrate
- Bespoke – “Beyond the News – BTN 4-2-24”
- WSJ – “The Inside Tale of Tesla’s Fall to Earth”
- Duke University, Richmond Fed
*Past performance is not indicative of future performance
Economic Calendar
Monday:
Chicago Fed President Austan Goolsbee radio interview, Minneapolis Fed President Neel Kashkari speaks
Tuesday:
NFIB optimism index (Mar)
Wednesday:
Consumer price index (Mar), Core CPI (Mar), CPI year over year, Core CPI year over year, Fed Gov. Michelle Bowman speaks, Wholesale inventories (Mar), Chicago Fed President Austan Goolsbee speaks, Minutes of Fed's March FOMC meeting, Monthly U.S. federal budget (Mar)
Thursday:
Initial jobless claims (Apr), Producer price index (Mar), Core PPI (Mar), PPI year over year, Core PPI year over year, Fed Gov. Michelle Bowman speaks, Boston Fed President Susan Collins speaks, Chicago Fed President Austan Goolsbee speaks, Atlanta Fed President Raphael Bostic speaks
Friday:
Import price index (Mar), Import price index minus fuel (Mar), Consumer sentiment (prelim) (Apr), Atlanta Fed President Raphael Bostic speaks, San Francisco Fed President Mary Daly speaks
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