3 Hours Ago
Bank of America says this week’s CPI should be ‘a confidence building report’
Bank of America economists believe Wednesday’s inflation report should show a moderation in price pressures, providing confidence to the Fed for a rate cut in June.
The Wall Street firm expects the core consumer price index to moderate to 0.2% in March after rising 0.4% in February and January. It sees declines in car prices that should lead to a drop in core goods. Meanwhile, the bank expects a bigger-than-usual rise in energy prices, however.
“The moderation in core CPI should reflect a drop in core goods prices and a more modest price increase in core services,” the bank’s economists said in a note. “A report in line with our expectations would provide confidence to the Fed and keep a June cut firmly in play.”
— Yun Li
3 Hours Ago
Elon Musk announces Tesla robotaxi unveil date
Shares of Tesla jumped 3.8% in after-hours trading Friday after CEO Elon Musk said his electric vehicle company is set to unveil robotaxi later this year.
Musk said in a Friday night post on social media platform X that the unveil will take place on Aug. 8.
Musk has spoken about the robotaxi project for years. Tesla still has yet to deliver a robotaxi, autonomous vehicle or technology that can turn its cars into “level 3” automated vehicles.
— Yun Li
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