The Federal Reserve has some strong words about inflation. And Space-X fires employees over a letter. We’re still hearing a lot of talk of recession, phrases like “the economy is going to collapse.” We’re also hearing “the next bull market is just months away.”
The Dow fell 38 points to close at 29,888.
The Nasdaq was up today, gaining 152, or 1.4%.
The S&P finished the day up 8 points.
The Federal Reserve is promising an “unconditional” approach to taking down inflation. The group says they’re in a full-fledged effort to restore price stability. The Fed described its stance in its annual report to Congress on monetary policy.
Some employees at Space-X wrote a letter, rebuking their boss Elon Musk for his erratic behavior, saying he makes the agency look bad. Today, we’ve learned several employees have been fired over that letter. The agency claims the letter did not reflect company views.
A sign the housing market is cooling – some 25% of home listings have cut their asking prices. One economist says we’re shifting away from a real buying frenzy… to much more normal conditions. The 30-year fixed rate is now 5.94%.
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.