Wall Street Breakfast Podcast: Showtime At Jackson Hole

seekingalpha08-23

Federal Reserve Chairman Jay Powell to speak at Jackson Hole Economic Policy Symposium, expected to provide insights on next rate decision.Southwest Airlines considering charging for checked bags, ...

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href=https://seekingalpha.com/article/4716710-wall-street-breakfast-podcast-showtime-at-jackson-hole><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Federal Reserve Chairman Jay Powell to speak at Jackson Hole Economic Policy Symposium, expected to provide insights on next rate decision.Southwest Airlines considering charging for checked bags, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4716710-wall-street-breakfast-podcast-showtime-at-jackson-hole\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0162691827.USD","symbol_name":"BGF US BASIC VALUE \"A4\" 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(0:15) Southwest could charge for bags to fend off activist. (2:10) Uber teams with GM for autonomous rides. (2:55) The following is an abridged transcript: It’s that time of year when Wyoming has a grip on Wall Street. Federal Reserve Chairman Jay Powell speaks today at the Kansas City Fed's Jackson Hole Economic Policy Symposium. His remarks are due at 10 a.m. ET. With markets widely expecting a rate cut at the FOMC’s September meeting, it's hard to imagine that he won't provide commentary on the next rate decision. He rarely telegraphs explicitly what the Fed is expecting to do, but he often provides insights into what's expected if the economy evolves the way the policymakers expect. The balance has shifted more to the labor part of the Fed’s jobs-inflation dual mandate and it’s been a wild ride for markets since the July payrolls report. As stocks and yields tumbled on August 5, the odds of a 50 basis point rate cut next month jumped above 80% and many were calling an emergency cut. Things have settled down since then, with jobless claims still indicating resilience in the labor market. On Thursday, the odds of a half-point cut fell below 25% and that’s where they stand now going into Powell’s speech. Jeffrey Rosenkranz, portfolio manager at Shelton Capital Management, says Powell could nudge expectations “even closer to 25 and no more than 25 basis points” and it’s possible that Powell will \"talk a little bit about the path of future cuts,\" especially if he feels that the markets are pricing in more cuts than the FOMC is likely to implement.” “With the markets pricing in about four rate cuts for the rest of 2024, Powell may ‘give a little nod’ to perhaps two and a half cuts.” But Citi’s Andrew Hollenhorst says the “speech may put in place a framework for engaging in … larger sized cuts based on straightforward macroeconomic theory – helping avoid the critique that larger sized cuts would be a sign of 'panic.'\" There’s are still lots of economic indicators to come before the data-dependent FOMC meets, including the July PCE on Aug. 30, the August jobs report on Sept. 6 and the August CPI on Sept. 11. You can get all the details on Powell’s speech and the market reaction in a special Jackson Hole edition of the Wall Street Lunch podcast later today. Southwest Airlines (LUV) is mulling whether to start charging for checked bags, reversing a policy that distinguishes the carrier from rivals. Bloomberg says the carrier is polling customers for feedback on potential changes to its policies, including bag charges, along with travel habits, booking preferences, and loyalty status benefits. Southwest is currently the only major U.S. carrier that does not charge for two checked bags. But it might be encouraged to end its “Bags Fly Free” perk and take a piece of the multi-billion-dollar bag fee windfall amid pressure from Elliott Management, which recently acquired a substantial stake. The activist investor has been pushing for changes in management, as well as modifications to Southwest’s operational policies to lure in travelers, increase efficiency and raise revenues. And Uber (UBER) announced late Thursday a multiyear strategic partnership to bring General Motors' (GM) Cruise autonomous vehicles to its platform. Uber plans to launch the partnership next year with a dedicated number of Chevy Bolt-based autonomous vehicles. Once launched, when an Uber rider requests a qualifying ride on the Uber app, they may be presented with the option to have that trip fulfilled by a Cruise autonomous vehicle. Earlier in October 2023, Cruise said it would pause operations of its autonomous vehicles in San Francisco, after the California Department of Motor Vehicles suspended its deployment and driverless testing permits, following a hit-and-run incident. But Cruise plans to resume fully autonomous rides later this year after improving its technology, repairing relationships with regulators and meeting tougher safety standards. Other articles to look out for on Seeking Alpha Canada’s government ordered its railroads into arbitration over the labor contract dispute Skydance is reportedly urging Paramount to end negotiations with Edgar Bronfman Fundstrat’s Tom Lee says a ‘benign’ Fed rate cut and a solid Nvidia report can fuel stock gains Altria (MO) boosted its dividend by 4.1% On our catalyst watch for the day, in addition to the biggie in Jackson Hole: Liberty Media (LSXMA) (LSXMB) (LSXMK) will hold a virtual special meeting of shareholders to vote on a split-off of Liberty SiriusXM Group into a separate company. The new company would be combined with Sirius XM Holdings (SIRI). In the markets, pre-Powell jitters were evident in Thursday’s session. The Nasdaq (COMP:IND) struggled the most, closing down -1.7%, with the S&P (SP500) off -0.9% and the Dow (DJI) down -0.4%. SA Analyst Leo Nelissen said: \"The market is clearly nervous ahead of Powell’s remarks. This makes sense in light of the impressive rebound this month.\" Still, traders won’t want to overcommit and this morning equity buyers are back. S&P (SPX), Nasdaq 100 (US100:IND) and Dow (INDU) futures are all in the green. The Treasury market is unsurprisingly cautious, with yields little changed. Among active stocks premarket, CAVA Group (CAVA) and Ross Stores (ROST) are up after strong Q2 results. And Red Robin Gourmet Burger (RROB) is plunging after it lowed guidance on the heels of a wider-than-expected loss. Wrapping up with the economic calendar, July New Homes Sales figures arrive right when Powell speaks at 10.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"Economic Data","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.4","shortVersion":"4.26.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2461567120"}