Happy Wednesday all,
Didn’t want Scottie Scheffler to win The Masters. In fact, here’s a screenshot from the team Slack on April 9th. It was still pretty close when we were writing the last newsletter but man, did he just pull away there at the end.
In other sports news, I’ll be in New Orleans this weekend for the Pelicans’ play in tournament. I caught the last few minutes from the game against the Lakers last night, and Zion really had Lakers fans worried before he left the game with an injury.
I’ve never been to New Orleans before, so I’m really excited to be able to visit. I’m just there for a day, but if you have any recommendations for the area, let me know!
Enjoy this week’s Hump Days!
- Humphrey, Rickie & Tim
👀 Eye-Catching Headlines
Stanford or a Crypto Startup? Bull-Market Gains Lure Top Students (Bloomberg)
The salary a single person needs to live comfortably in every U.S. state (CNBC)
Powell’s US Rates Warning Means Headaches for Rest of the World (Bloomberg)
Boeing’s Quality Complaints Mount as Another Whistleblower Comes Forward (WSJ)
Tesla Plans to Lay Off More Than 10% of Workforce (WSJ)
Powell Signals Rate-Cut Delay After Run of Inflation Surprises (Bloomberg)
US 30-Year Mortgage Rate Rises to a Four-Month High of 7.13% (Bloomberg)
The Weekly Brief
As interest rates rise, American consumers are becoming more discerning with where they place their cash, causing a significant shift in banking dynamics.
JPMorgan and Wells Fargo saw a decrease in net interest income due to increased pressure to pay out more for deposits, offsetting the benefits of higher interest rates earned on loans.
Consequently, consumers are seeking higher-yielding alternatives such as CDs and money market funds, which offer rates significantly higher than traditional bank accounts. Additionally, fintech companies are posing a threat to traditional banks by offering savings rates far above the national average.
Biden Seeks Higher Tariffs on Chinese Steel to Support US Firms
President Joe Biden is proposing higher tariffs on Chinese steel and aluminum products as part of efforts to bolster the American steel sector and appeal to its workers ahead of the upcoming election.
These proposed tariffs, along with a formal probe into China’s shipbuilding industry, aim to protect American manufacturing and workers from what the administration perceives as unfair competition stemming from China’s industrial overcapacity.
Retail Sales Jumped 0.7% in March, Much Higher Than Expected
Rising inflation in March did little to deter consumers who helped retail sales blow through the Dow Jones estimate of +0.3%.
Excluding auto-related receipts, retail sales jumped 1.1%, also ahead of the estimate of a 0.5% jump.
A rise in gas prices helped push the number higher, with sales up 2.1% on the month.
However, the biggest growth area was online sales, up 2.7%, while misc. retailers saw an increase of 2.1%.
Resilient consumer spending has helped keep the economy afloat despite higher interest rates and concerns over stubborn inflation. Consumer spending accounts for nearly 70% of U.S. economic output.
Hi! I'm from New Orleans. I highly recommend that you Uber from downtown to Parkway PoBoy's and try a fried shrimp po boy and some fried pickles. Also, if you like frozen drinks, I would try a frozen Irish coffee at Erin Rose in downtown. Further, you could try one of the many famous cocktails the city is known for like sazeracs, hurricanes, drive-thru frozen daiquiris, Ramos gin fizz, or vieux carre! The carousel bar is a lovely place to try many of those signature NOLA drinks.