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.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
Jeff Benedict, author of 'The Dynasty,' weighs in on the Kansas City Chiefs being the next big dynasty, who he thinks will win Super Bowl LIX and more. Watch!
