Biden blames Trump for inflation, Nike plunges on warning and Chewy soars as Roaring Kitty posts dog image.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeof the 2024 White House race. Hosted by CNN, the debate occurred as Trump faces two criminal prosecutions related to his efforts to overturn the 2020 election. Biden, battling a cold, was under pressure to defend his administration's record.
That being said, will the Fed come to the aid of struggling consumers and households? Investors will be watching today's release ofFed should consider cutting rates in July ."This economy is slowing much faster," El-Erian said."The household sector no longer has excessive savings or much debt capacity… This is about an economy that no longer has buffers." He believes the Fed's 2% inflation target is wrong and that equilibrium inflation is closer to 3%.," boosting stocks. He highlights the auto market, where he sees potential for new car prices to drop, helping to lower goods inflation.
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