🚀 Fed wants more data before lowering rates

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Federal Reserve Governor Christopher Waller stated on Tuesday that further interest rate increases are likely unnecessary, given data indicating that inflation is easing. However, he remains cautious about supporting rate cuts without more substantial evidence of sustained inflation moderation. In remarks to the Peterson Institute for International Economics, Waller noted recent data, including flattening retail sales and cooling manufacturing and services sectors, suggesting that the Fed's higher rates are reducing demand. Despite solid payroll gains, signs of a loosening labor market are emerging. April’s consumer price index showed a modest decline in inflation, but Waller emphasized the need for several more months of favorable data before considering monetary policy easing. He refrained from speculating on the timing or extent of future rate cuts, aligning with market expectations that the first cut might not occur until September at the earliest.

2. Nestle is launching a new frozen-food brand, Vital Pursuit, tailored for consumers using GLP-1 drugs like Ozempic and Wegovy, which are popular for weight loss and diabetes management. The new brand, set to hit stores by the fourth quarter, will offer nutrient-rich frozen meals and sandwiches aimed at meeting the dietary needs of GLP-1 users, who typically consume less food and seek more protein. Vital Pursuit products will include whole grains, protein-packed pasta, and gluten-free options, priced at $4.99 or under. Nestle's North America CEO, Steve Presley, highlighted the brand's focus on supporting the health journey of GLP-1 users, contrasting it with Lean Cuisine, which targets calorie-conscious consumers. The launch comes amid concerns about the impact of GLP-1 drugs on food consumption patterns, with studies showing significant adoption rates in the U.S. and projections of further growth. This strategic move reflects Nestle's broader shift towards health-conscious offerings, following the sale of its U.S. candy business in 2018. However, Nestle's shares have dropped 16% this year, amid broader market challenges.

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4. Headlines

   1. Jamie Dimon is considering retirement after leading JP Morgan for nearly two decades.

   2. Ethereum gained 20% on news that an Ethereum ETF could be forthcoming.

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