Here is a rundown of Cheddar News' top trending market stories of the day.
POWELL ON INFLATION
Despite inflation cooling down in recent months, Fed Chair Jerome Powell in a speech on Wednesday said the U.S. economy still has a long way to go. “The disinflationary process, the process of getting inflation down, has begun and it’s begun in the goods sector, which is about a quarter of our economy," he said. That means more rate hikes are coming down the pike, though likely at a slower pace than last year. The Fed raised its benchmark rate just a quarter of a percent earlier this month, compared to a number of 50 and 75-basis point hikes last year.
SOUTHWEST MELTDOWN
In the wake of the meltdown at Southwest Airlines, Democratic senators have introduced a bill to create an Airline Passengers' Bill of Rights. The law would require airlines to provide a full refund on tickets (as well as other benefits) when delays or cancellations are caused by the airlines. In the case of an oversold flight, for instance, airlines would have to pay a minimum of $1,350 to passengers who are denied boarding.
META MANAGERS
Meta CEO Mark Zuckerberg has a stern message for managers: Get back to actually making things or leave. That means stepping back into "individual contributor" roles, rather than their current roles focused primarily on management. The process is known internally as a "flattening," which is designed to make the company more efficient. The tech giant laid off about 13 percent of its workforce in late 2022. Zuckerberg is calling 2023 the "Year of Efficiency."
ROKU & DOORDASH PARTNER
Roku has struck a multi-year partnership with DoorDash giving users a six-month trial of DashPass, which offers $0 delivery fees and other deals. In addition, DoorDash merchants can now buy interactive ads that allow customers to directly click through to get offers. The first restaurant to participate is Wendy's, which is offering $5 off purchases of $15 or more.
Shan Aggarwal, VP of Corporate and Business Development at Coinbase, discusses the company's acquisitio of Deribit as it heads into the S&P 500. Watch!
American businesses that rely on Chinese goods are reacting with muted relief after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days. Many companies delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China. Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. The temporary truce was announced as retailers and their suppliers are looking to finalize their plans and orders for the holiday shopping season. They’re concerned a mad scramble to get goods onto ships will lead to bottlenecks and increased shipping costs.
Shopping expert Trae Bodge discusses how talks between the U.S. and China is good news for now, but uncertainty remains for back-to-school and the holidays.
Jake Traylor, White House reporter at Politico, joins Cheddar to discuss how Trump is aiming to lower drug prices and how it differs from Biden's approach.
DJ X, alongside Molly Holder, Senior Director of Product Personalization, takes us inside Spotify's A.I. DJ and how it's the best new way to listen to music.
Sheryl Palmer, CEO of Taylor Morrison, talks tariff uncertainty, being a female leader in a male dominated industry and what homebuyers need to know. Watch!
