Headlines discussed at LNWM’s Monday morning briefing:
— The Fed signaled it may need to raise interest rates in 2023 (a year earlier) and cut back on buying $80 billion a month in bonds, as US inflation hit a 13-year high.
— US retail sales fell 1.3% in May as consumers spent less on goods and more on services; overall spending remains strong.
— Permits to build new US housing fell 3% in May, indicating that the boom in housing construction could be subsiding.
— The UK reported over 10,000 daily cases of Covid-19 for 1st time since Feb.; 95% of new cases are from the highly infectious Delta variant first ID’d in India.
— GM will spend $35 billion through 2025 to develop EVs (electric vehicles) — a 30% increase — joining Ford in push to create lower-emission cars and trucks.
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