16 minutes ago
Bank of America says this week’s CPI should be a ‘confidence-building report’
Economists at Bank of America believe Wednesday’s inflation report should show easing price pressures and give the Fed confidence to cut interest rates in June.
The Wall Street firm expects its core consumer price index to slow to 0.2% in March after rising 0.4% in February and January. The company believes that falling car prices will lead to a decline in core goods. But on the other hand, the central bank expects energy prices to rise significantly more than usual.
“Moderate increases in core CPI should reflect lower core commodity prices and more modest price increases in core services,” the bank’s economists said in a note. “A report that is in line with our expectations will give the Fed confidence to maintain its rate cut in June.”
— Yun Lee
55 minutes ago
Elon Musk announces Tesla Robotaxi launch date
Tesla shares rose 3.8% in after-hours trading on Friday after Chief Executive Officer Elon Musk said the electric car company plans to unveil a robotaxi later this year.
Musk said in a post on social media platform X on Friday night that the announcement will be made on August 8th.
Musk has talked about his robotaxi project for years. Tesla doesn’t yet offer robotaxis, self-driving cars, or the technology to turn its vehicles into “Level 3” self-driving cars.
— Yun Lee
