Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
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mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Yo! Deathsantis! Propose cutting minimum wage back down to $3.15 an hour. That’ll solve your inflation problems. And while you’re at it, cut taxes for corporations and raise the sales tax for items sold at Wallymart, Tarjae and Golden Calf. That’ll boost your state’s economy for sure. Unemployment will soon be less than 1%. Lots of people are saying.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Something that does come true with this is whenever interest rates go up the private sector doesn't spend as much. Thankfully all the public work is coming out and we can ride that wave for a while.
The wealthy do not like spending money when they don't have to...
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The Juggler
Behind that bush over there. Posts: 47,389
Finally some good inflation news...
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mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
US inflation eased last month in the first slowdown of 2024
By CHRISTOPHER RUGABER
Just now
WASHINGTON (AP) — Led by lower food and auto prices, inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve as well as President Joe Biden’s re-election team.
Consumer prices rose 0.3% from March to April, the Labor Department said Wednesday, down slightly from 0.4% the previous month. Measured year-over-year, inflation ticked down from 3.5% to 3.4%. And a measure of underlying inflation, which excludes volatile food and energy costs, fell to the lowest level in three years.
Inflation had been unexpectedly high in the first three months of this year after having steadily dropped in the second half of 2023. The elevated readings had dimmed hopes that the worst bout of inflation in four decades was being rapidly tamed.
Whether inflation continues its decline could have a significant effect on the presidential race. Republican critics of Biden have sought to pin the blame for high prices on the president and use it to try to derail his re-election bid. While hiring remains robust and wage growth, on average, healthy, prices remain generally well above their pre-pandemic levels.
Wednesday’s report could provide a dose of reassurance that the pace of price increases may be resuming its slowdown. Though the latest figures show inflation still well above the Fed's 2% target level, it's the first time this year that the year-over-year figure has declined. And price increases cooled in some service industries, such as hotels, health care and auto repairs, that had previously kept inflation elevated.
The report “was a tiny step in the right direction,” said Danielle Hale, chief economist at Realtor.com. “The fight against inflation is not yet over, but the worsening trend observed in the first quarter of 2024 may have ended.”
Fed Chair Jerome Powell had responded to the high inflation readings earlier this year by dropping his previous suggestions that interest rate cuts were likely in 2024. Instead, he stressed that the Fed’s policymakers need “greater confidence” that inflation is falling to their 2% target before they would reduce borrowing rates from high levels.
The central bank “would like to see probably three that look like this” before considering rate cuts, said Jason Pride, chief of investment strategy and research at Glenmede. That would mean no rate cut before September at the earliest.
Grocery prices slipped in April, providing a break to shoppers. Egg prices, which have been volatile after a bout of avian flu, fell 7.3%. New and used car prices also dropped. By contrast, prices for gas and clothing both jumped.
Excluding volatile food and energy costs, so-called core prices rose 0.3% from March to April after three straight months of 0.4% increases. Measured with a year earlier, core prices increased 3.6% in April, down from 3.8% in March. The Fed closely tracks core prices, which tend to provide a better read of where inflation is headed.
Apartment rental prices remained stubbornly high, climbing 0.4% from March to April. Average apartment rents are 5.4% higher than they were a year earlier. Rental and other housing costs accounted for two-thirds of the year-over-year increase in core prices.
On Tuesday, Powell reiterated that he still expects inflation to ultimately reach the central bank’s 2% target. But in remarks during a panel discussion in Amsterdam, Powell acknowledged that his confidence in that forecast has weakened after three straight months of elevated price readings. Inflation has fallen sharply from 9.1% in the summer of 2022 but is higher now than in June 2023, when it first touched 3%.
With 11 rate hikes from March 2022 to July 2023, the Fed’s policymakers raised their key rate to a 23-year high of 5.3% in an effort to quell rising prices. Powell underscored Tuesday that the Fed will keep its rate at that level for as long as needed to fully conquer inflation, a signal that rate cuts won’t begin as soon as many people had hoped.
Economists are divided over whether the high inflation figures in recent months reflect a re-acceleration in price growth or are merely echoes of pandemic-related price distortions. While auto insurance has soared 22% from a year ago, for example, that surge may reflect factors specific to the auto industry: New car prices jumped during the pandemic, and insurance companies are now seeking to offset the higher repair and replacement costs by raising premiums.
Stubbornly elevated apartment rents are another key factor behind persistent inflation. Rents soared during the pandemic as more Americans chose to live alone or sought more living space. Though rents for new leases are rising much more slowly, consistent with pre-pandemic patterns, the earlier increases are still elevating the government’s price data.
Some economists point to steady consumer spending on restaurant meals, travel and entertainment, categories where in some cases price increases have been elevated, likely reflecting strong demand.
Powell, in his remarks Tuesday, also highlighted rising rents as a key factor keeping inflation high. He called that “a bit of a puzzle” because measures of new apartment leases show new rents barely increasing. Such weaker data has apparently yet to flow into the government’s measures, which cover all rents, including for tenants who renew their leases and are facing bigger increases. Powell said the government’s measures should eventually show rent growth easing.
The Fed chair also acknowledged that the economy “is different this time” because so many Americans refinanced their mortgages at very low rates before the Fed began raising borrowing costs in March 2022. Many large businesses also locked in low rates at that time.
“It may be,” he said, that the Fed’s rate policy “is hitting the economy not quite as strongly as it would have if those two things were not the case.”
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
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mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
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mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
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mickeyrat
up my ass, like Chadwick was up his Posts: 36,141
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Fake news and if it were real, it ain’t flowing down from Wall Street to Mane Street. Don’t need no shit hole city help anyways. I’m surprised those who ventured down to Manhattan lived to tell the tail, what with all those drug smugglers and overflow scooter riding free cell phone using people running around! Anyone seen Ghouliani lately? Course not, he’s busy keeping the hordes of invaders at bay. Jeebus bless his heart.
Fake news and if it were real, it ain’t flowing down from Wall Street to Mane Street. Don’t need no shit hole city help anyways. I’m surprised those who ventured down to Manhattan lived to tell the tail, what with all those drug smugglers and overflow scooter riding free cell phone using people running around! Anyone seen Ghouliani lately? Course not, he’s busy keeping the hordes of invaders at bay. Jeebus bless his heart.
The economy might be growing but the big corporations are not spending thats for sure.
The wall st bigs will not spend their dollars w the interest rates so high. We all knew that was going to happen.
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The Juggler
Behind that bush over there. Posts: 47,389
Fake news and if it were real, it ain’t flowing down from Wall Street to Mane Street. Don’t need no shit hole city help anyways. I’m surprised those who ventured down to Manhattan lived to tell the tail, what with all those drug smugglers and overflow scooter riding free cell phone using people running around! Anyone seen Ghouliani lately? Course not, he’s busy keeping the hordes of invaders at bay. Jeebus bless his heart.
The economy might be growing but the big corporations are not spending thats for sure.
The wall st bigs will not spend their dollars w the interest rates so high. We all knew that was going to happen.
Fake news and if it were real, it ain’t flowing down from Wall Street to Mane Street. Don’t need no shit hole city help anyways. I’m surprised those who ventured down to Manhattan lived to tell the tail, what with all those drug smugglers and overflow scooter riding free cell phone using people running around! Anyone seen Ghouliani lately? Course not, he’s busy keeping the hordes of invaders at bay. Jeebus bless his heart.
The economy might be growing but the big corporations are not spending thats for sure.
The wall st bigs will not spend their dollars w the interest rates so high. We all knew that was going to happen.
The American public is...
As are CEOs with their outlook.
Washington – Business Roundtable today released its Q1 2024 CEO Economic Outlook Survey, a composite index of CEO plans for capital spending and employment and expectations for sales over the next six months.
The overall Index increased by 11 points from last quarter to 85, slightly above its historic average of 83 for the first time since 2022. CEO plans for capital investment and expectations for sales are up by double digits from last quarter. Additionally, plans for hiring ticked up modestly.
“This quarter’s survey results underscore the resiliency of the U.S. economy and suggest accelerating economic activity over the next six months,” said Business Roundtable Chair Chuck Robbins, Chair and Chief Executive Officer of Cisco. “To further strengthen the economy, the U.S. needs to double down on policies that spur domestic investment and bolster American competitiveness. The Tax Relief for American Families and Workers Act is at the top of that list. The House passed this vital measure in an overwhelmingly bipartisan vote, and we strongly encourage the Senate to swiftly follow suit.”
The Survey’s three subindices were as follows:
Plans for hiring increased 5 points to a value of 60.
Plans for capital investment increased 16 points to a value of 78.
Expectations for sales increased 13 points to a value of 118.
In their second estimate of 2024 U.S. GDP growth, CEOs projected 2.1% growth for the year. This is up marginally from the 1.9% growth projected in their first estimate last quarter.
In a special question posed this quarter, CEOs were asked whether they believe that government policies are undermining American free enterprise. Over 75% of CEOs answered “yes.” Of those who answered in the affirmative, 92% of CEOs cited excessive regulation and 63% cited overreaching antitrust actions as policies that are undermining or present a risk to the free enterprise system and the benefits it provides.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Put POOTWH in the WH and those same demographics would be agreeing that it’s the most beautiful and biggest economy and economic growth in the history of civilization, maybe even the universe. And no one ever has done it as well as POOTWH. Ever.
Fake news and if it were real, it ain’t flowing down from Wall Street to Mane Street. Don’t need no shit hole city help anyways. I’m surprised those who ventured down to Manhattan lived to tell the tail, what with all those drug smugglers and overflow scooter riding free cell phone using people running around! Anyone seen Ghouliani lately? Course not, he’s busy keeping the hordes of invaders at bay. Jeebus bless his heart.
The economy might be growing but the big corporations are not spending thats for sure.
The wall st bigs will not spend their dollars w the interest rates so high. We all knew that was going to happen.
The American public is...
As are CEOs with their outlook.
Washington – Business Roundtable today released its Q1 2024 CEO Economic Outlook Survey, a composite index of CEO plans for capital spending and employment and expectations for sales over the next six months.
The overall Index increased by 11 points from last quarter to 85, slightly above its historic average of 83 for the first time since 2022. CEO plans for capital investment and expectations for sales are up by double digits from last quarter. Additionally, plans for hiring ticked up modestly.
“This quarter’s survey results underscore the resiliency of the U.S. economy and suggest accelerating economic activity over the next six months,” said Business Roundtable Chair Chuck Robbins, Chair and Chief Executive Officer of Cisco. “To further strengthen the economy, the U.S. needs to double down on policies that spur domestic investment and bolster American competitiveness. The Tax Relief for American Families and Workers Act is at the top of that list. The House passed this vital measure in an overwhelmingly bipartisan vote, and we strongly encourage the Senate to swiftly follow suit.”
The Survey’s three subindices were as follows:
Plans for hiring increased 5 points to a value of 60.
Plans for capital investment increased 16 points to a value of 78.
Expectations for sales increased 13 points to a value of 118.
In their second estimate of 2024 U.S. GDP growth, CEOs projected 2.1% growth for the year. This is up marginally from the 1.9% growth projected in their first estimate last quarter.
In a special question posed this quarter, CEOs were asked whether they believe that government policies are undermining American free enterprise. Over 75% of CEOs answered “yes.” Of those who answered in the affirmative, 92% of CEOs cited excessive regulation and 63% cited overreaching antitrust actions as policies that are undermining or present a risk to the free enterprise system and the benefits it provides.
Capital investments. Buying up of more property... Only going to drive up prices even higher, why? Because they are in the business to make money. That's my "sky is falling" outlook on that.
I will tell you that construction is easing up as I said before. 2025 looks to be shaping up great for construction though.
Hiring I like. Thats good.
We still have all these empty building s in Manhattan. They have never bounced back yet. I wonder if they ever so? Sure some we have refurbished get snatched up but, the older ones reman dormant. Dormant and the people that own them are still rich, lol.
Fake news and if it were real, it ain’t flowing down from Wall Street to Mane Street. Don’t need no shit hole city help anyways. I’m surprised those who ventured down to Manhattan lived to tell the tail, what with all those drug smugglers and overflow scooter riding free cell phone using people running around! Anyone seen Ghouliani lately? Course not, he’s busy keeping the hordes of invaders at bay. Jeebus bless his heart.
The economy might be growing but the big corporations are not spending thats for sure.
The wall st bigs will not spend their dollars w the interest rates so high. We all knew that was going to happen.
The American public is...
As are CEOs with their outlook.
Washington – Business Roundtable today released its Q1 2024 CEO Economic Outlook Survey, a composite index of CEO plans for capital spending and employment and expectations for sales over the next six months.
The overall Index increased by 11 points from last quarter to 85, slightly above its historic average of 83 for the first time since 2022. CEO plans for capital investment and expectations for sales are up by double digits from last quarter. Additionally, plans for hiring ticked up modestly.
“This quarter’s survey results underscore the resiliency of the U.S. economy and suggest accelerating economic activity over the next six months,” said Business Roundtable Chair Chuck Robbins, Chair and Chief Executive Officer of Cisco. “To further strengthen the economy, the U.S. needs to double down on policies that spur domestic investment and bolster American competitiveness. The Tax Relief for American Families and Workers Act is at the top of that list. The House passed this vital measure in an overwhelmingly bipartisan vote, and we strongly encourage the Senate to swiftly follow suit.”
The Survey’s three subindices were as follows:
Plans for hiring increased 5 points to a value of 60.
Plans for capital investment increased 16 points to a value of 78.
Expectations for sales increased 13 points to a value of 118.
In their second estimate of 2024 U.S. GDP growth, CEOs projected 2.1% growth for the year. This is up marginally from the 1.9% growth projected in their first estimate last quarter.
In a special question posed this quarter, CEOs were asked whether they believe that government policies are undermining American free enterprise. Over 75% of CEOs answered “yes.” Of those who answered in the affirmative, 92% of CEOs cited excessive regulation and 63% cited overreaching antitrust actions as policies that are undermining or present a risk to the free enterprise system and the benefits it provides.
Capital investments. Buying up of more property... Only going to drive up prices even higher, why? Because they are in the business to make money. That's my "sky is falling" outlook on that.
I will tell you that construction is easing up as I said before. 2025 looks to be shaping up great for construction though.
Hiring I like. Thats good.
We still have all these empty building s in Manhattan. They have never bounced back yet. I wonder if they ever so? Sure some we have refurbished get snatched up but, the older ones reman dormant. Dormant and the people that own them are still rich, lol.
Commercial real estate in NYC is not the economy. Everything I’m reading is that construction growth is in infrastructure, manufacturing and mining and the outlook is positive, residential housing be damned. CHIPS Act for high tech manufacturing, infrastructure spending due to the IIJA and another infusion due to environmental credits and initiatives to reduce carbon emissions in new and old infrastructure. Fuck you Brandon.
Highlights of the First Quarter 2024 Starts Forecast:
Civil projects are anticipated to grow 12.7% in the US following strong 2023. The sector includes roads, bridges, power infrastructure, water & waste treatment projects among other types.
Road building, the largest civil engineering sector, is expected to grow at a still healthy 5% in 2024, following double-digit growth last year.
Nonresidential building is expected to retreat 2.4% this year, but activity levels remain high in important sectors like manufacturing.
Inflation is expected to cool towards the 2% target, while The Federal Reserve appears poised to drop interest ratesin the year's second half.
Modest growth of 7.9% in Canadian construction starts is forecast in 2024, before accelerating to 18.5% in 2025 as recessionary pressures subside. Civil engineering projects will drive new Canadian construction again in 2024.
A recession no longer appears in the forecast but remains a risk as the economy endures the cumulative impact of past tightening in monetary policy, less accommodating lending conditions, and restrictive fiscal policy.
ConocoPhillips buying Marathon Oil for $17.1 billion in all-stock deal as energy prices rise
By MICHELLE CHAPMAN
Today
ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices rise and big oil companies reap massive profits.
The deal is valued at $22.5 billion when including $5.4 billion in debt.
Crude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week. Oil majors put up record profits after Russia's invasion of Ukraine in 2022 and while those numbers have slipped, there has been a surge in mergers between energy companies flush with cash.
Chevron said last year that it was buying Hess in a $53 billion acquisition, though that deal faces headwinds. The company warned the buyout may be in jeopardy because it will require the approval of Exxon Mobil and a Chinese national oil company, which both hold rights to development of an oil field off the coast of the South American nation Guyana where Hess is a big player.
In July of last year, Exxon Mobil said that it would pay $4.9 billion for Denbury Resources, an oil and gas producer that has entered the business of capturing and storing carbon and stands to benefit from changes in U.S. climate policy. Three months later, Exxon announced the proposed acquisition of shale operator Pioneer Natural Resources for $60 billion.
All of the proposed acquisitions could face pushback from the U.S. which, under the Biden administration, has stepped up antitrust reviews for energy companies and other sectors as well, such as tech.
Federal Trade Commission, which enforces federal antitrust law, asked for additional information from Exxon and Pioneer about their proposed deal. The request is a step the agency takes when reviewing whether a merger could be anticompetitive under U.S. law. Pioneer disclosed the request in a filing in January.
As part of the ConocoPhillips transaction, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock that they own, the companies said Wednesday.
ConocoPhillips said Wednesday that the transaction will add highly desired acreage to its existing U.S. onshore portfolio.
“This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position,” ConocoPhillips Chairman and CEO Ryan Lance said in a prepared statement.
The deal is expected to close in the fourth quarter. It still needs approval from Marathon Oil stockholders.
Separate from the transaction, ConocoPhillips said that it anticipates raising its ordinary dividend by 34% to 78 cents per share starting in the fourth quarter. The company said that once the Marathon Oil deal closes and assuming recent commodity prices, ConocoPhillips plans to buy back more than $7 billion in shares in the first full year. It plans to repurchase more than $20 billion in shares in the first three years.
Shares of ConocoPhillips declined 3.3% before the market open, while Marathon Oil Corp.'s stock rose more than 7%.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
ConocoPhillips buying Marathon Oil for $17.1 billion in all-stock deal as energy prices rise
By MICHELLE CHAPMAN
Today
ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices rise and big oil companies reap massive profits.
The deal is valued at $22.5 billion when including $5.4 billion in debt.
Crude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week. Oil majors put up record profits after Russia's invasion of Ukraine in 2022 and while those numbers have slipped, there has been a surge in mergers between energy companies flush with cash.
Chevron said last year that it was buying Hess in a $53 billion acquisition, though that deal faces headwinds. The company warned the buyout may be in jeopardy because it will require the approval of Exxon Mobil and a Chinese national oil company, which both hold rights to development of an oil field off the coast of the South American nation Guyana where Hess is a big player.
In July of last year, Exxon Mobil said that it would pay $4.9 billion for Denbury Resources, an oil and gas producer that has entered the business of capturing and storing carbon and stands to benefit from changes in U.S. climate policy. Three months later, Exxon announced the proposed acquisition of shale operator Pioneer Natural Resources for $60 billion.
All of the proposed acquisitions could face pushback from the U.S. which, under the Biden administration, has stepped up antitrust reviews for energy companies and other sectors as well, such as tech.
Federal Trade Commission, which enforces federal antitrust law, asked for additional information from Exxon and Pioneer about their proposed deal. The request is a step the agency takes when reviewing whether a merger could be anticompetitive under U.S. law. Pioneer disclosed the request in a filing in January.
As part of the ConocoPhillips transaction, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock that they own, the companies said Wednesday.
ConocoPhillips said Wednesday that the transaction will add highly desired acreage to its existing U.S. onshore portfolio.
“This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position,” ConocoPhillips Chairman and CEO Ryan Lance said in a prepared statement.
The deal is expected to close in the fourth quarter. It still needs approval from Marathon Oil stockholders.
Separate from the transaction, ConocoPhillips said that it anticipates raising its ordinary dividend by 34% to 78 cents per share starting in the fourth quarter. The company said that once the Marathon Oil deal closes and assuming recent commodity prices, ConocoPhillips plans to buy back more than $7 billion in shares in the first full year. It plans to repurchase more than $20 billion in shares in the first three years.
Shares of ConocoPhillips declined 3.3% before the market open, while Marathon Oil Corp.'s stock rose more than 7%.
Everyone knows that Brandon’s and Hunter’s deals with Chiiiiiiiiina and Ukraine are the real reasons for high gas prices. Everyone.
Comments
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Libtardaplorable©. And proud of it.
Brilliantati©
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Libtardaplorable©. And proud of it.
Brilliantati©
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
OPEC has even stated that they cut production at times to keep the price point.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
The wealthy do not like spending money when they don't have to...
WASHINGTON (AP) — Led by lower food and auto prices, inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve as well as President Joe Biden’s re-election team.
Consumer prices rose 0.3% from March to April, the Labor Department said Wednesday, down slightly from 0.4% the previous month. Measured year-over-year, inflation ticked down from 3.5% to 3.4%. And a measure of underlying inflation, which excludes volatile food and energy costs, fell to the lowest level in three years.
Inflation had been unexpectedly high in the first three months of this year after having steadily dropped in the second half of 2023. The elevated readings had dimmed hopes that the worst bout of inflation in four decades was being rapidly tamed.
Whether inflation continues its decline could have a significant effect on the presidential race. Republican critics of Biden have sought to pin the blame for high prices on the president and use it to try to derail his re-election bid. While hiring remains robust and wage growth, on average, healthy, prices remain generally well above their pre-pandemic levels.
INFLATION
Stock market today: Wall Street opens higher following report that inflation eased last month
Retail sales were unchanged in April from March as inflation and interest rates curb spending
Stock market today: Asian markets follow Wall Street higher ahead of U.S. key inflation update
Argentina reports its first single-digit inflation in 6 months as markets swoon and costs hit home
Wednesday’s report could provide a dose of reassurance that the pace of price increases may be resuming its slowdown. Though the latest figures show inflation still well above the Fed's 2% target level, it's the first time this year that the year-over-year figure has declined. And price increases cooled in some service industries, such as hotels, health care and auto repairs, that had previously kept inflation elevated.
The report “was a tiny step in the right direction,” said Danielle Hale, chief economist at Realtor.com. “The fight against inflation is not yet over, but the worsening trend observed in the first quarter of 2024 may have ended.”
Fed Chair Jerome Powell had responded to the high inflation readings earlier this year by dropping his previous suggestions that interest rate cuts were likely in 2024. Instead, he stressed that the Fed’s policymakers need “greater confidence” that inflation is falling to their 2% target before they would reduce borrowing rates from high levels.
The central bank “would like to see probably three that look like this” before considering rate cuts, said Jason Pride, chief of investment strategy and research at Glenmede. That would mean no rate cut before September at the earliest.
Grocery prices slipped in April, providing a break to shoppers. Egg prices, which have been volatile after a bout of avian flu, fell 7.3%. New and used car prices also dropped. By contrast, prices for gas and clothing both jumped.
Excluding volatile food and energy costs, so-called core prices rose 0.3% from March to April after three straight months of 0.4% increases. Measured with a year earlier, core prices increased 3.6% in April, down from 3.8% in March. The Fed closely tracks core prices, which tend to provide a better read of where inflation is headed.
Apartment rental prices remained stubbornly high, climbing 0.4% from March to April. Average apartment rents are 5.4% higher than they were a year earlier. Rental and other housing costs accounted for two-thirds of the year-over-year increase in core prices.
On Tuesday, Powell reiterated that he still expects inflation to ultimately reach the central bank’s 2% target. But in remarks during a panel discussion in Amsterdam, Powell acknowledged that his confidence in that forecast has weakened after three straight months of elevated price readings. Inflation has fallen sharply from 9.1% in the summer of 2022 but is higher now than in June 2023, when it first touched 3%.
With 11 rate hikes from March 2022 to July 2023, the Fed’s policymakers raised their key rate to a 23-year high of 5.3% in an effort to quell rising prices. Powell underscored Tuesday that the Fed will keep its rate at that level for as long as needed to fully conquer inflation, a signal that rate cuts won’t begin as soon as many people had hoped.
Economists are divided over whether the high inflation figures in recent months reflect a re-acceleration in price growth or are merely echoes of pandemic-related price distortions. While auto insurance has soared 22% from a year ago, for example, that surge may reflect factors specific to the auto industry: New car prices jumped during the pandemic, and insurance companies are now seeking to offset the higher repair and replacement costs by raising premiums.
Stubbornly elevated apartment rents are another key factor behind persistent inflation. Rents soared during the pandemic as more Americans chose to live alone or sought more living space. Though rents for new leases are rising much more slowly, consistent with pre-pandemic patterns, the earlier increases are still elevating the government’s price data.
Some economists point to steady consumer spending on restaurant meals, travel and entertainment, categories where in some cases price increases have been elevated, likely reflecting strong demand.
Powell, in his remarks Tuesday, also highlighted rising rents as a key factor keeping inflation high. He called that “a bit of a puzzle” because measures of new apartment leases show new rents barely increasing. Such weaker data has apparently yet to flow into the government’s measures, which cover all rents, including for tenants who renew their leases and are facing bigger increases. Powell said the government’s measures should eventually show rent growth easing.
The Fed chair also acknowledged that the economy “is different this time” because so many Americans refinanced their mortgages at very low rates before the Fed began raising borrowing costs in March 2022. Many large businesses also locked in low rates at that time.
“It may be,” he said, that the Fed’s rate policy “is hitting the economy not quite as strongly as it would have if those two things were not the case.”
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
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Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
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The wall st bigs will not spend their dollars w the interest rates so high. We all knew that was going to happen.
Washington – Business Roundtable today released its Q1 2024 CEO Economic Outlook Survey, a composite index of CEO plans for capital spending and employment and expectations for sales over the next six months.
The overall Index increased by 11 points from last quarter to 85, slightly above its historic average of 83 for the first time since 2022. CEO plans for capital investment and expectations for sales are up by double digits from last quarter. Additionally, plans for hiring ticked up modestly.
“This quarter’s survey results underscore the resiliency of the U.S. economy and suggest accelerating economic activity over the next six months,” said Business Roundtable Chair Chuck Robbins, Chair and Chief Executive Officer of Cisco. “To further strengthen the economy, the U.S. needs to double down on policies that spur domestic investment and bolster American competitiveness. The Tax Relief for American Families and Workers Act is at the top of that list. The House passed this vital measure in an overwhelmingly bipartisan vote, and we strongly encourage the Senate to swiftly follow suit.”
The Survey’s three subindices were as follows:
In their second estimate of 2024 U.S. GDP growth, CEOs projected 2.1% growth for the year. This is up marginally from the 1.9% growth projected in their first estimate last quarter.
In a special question posed this quarter, CEOs were asked whether they believe that government policies are undermining American free enterprise. Over 75% of CEOs answered “yes.” Of those who answered in the affirmative, 92% of CEOs cited excessive regulation and 63% cited overreaching antitrust actions as policies that are undermining or present a risk to the free enterprise system and the benefits it provides.
https://www.businessroundtable.org/media/ceo-economic-outlook-index/ceo-economic-outlook-index-q1-2024
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Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Libtardaplorable©. And proud of it.
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I will tell you that construction is easing up as I said before. 2025 looks to be shaping up great for construction though.
Hiring I like. Thats good.
We still have all these empty building s in Manhattan. They have never bounced back yet. I wonder if they ever so? Sure some we have refurbished get snatched up but, the older ones reman dormant. Dormant and the people that own them are still rich, lol.
Highlights of the First Quarter 2024 Starts Forecast:
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ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices rise and big oil companies reap massive profits.
The deal is valued at $22.5 billion when including $5.4 billion in debt.
Crude prices have jumped more than 12% this year and the cost for a barrel rose above $80 this week. Oil majors put up record profits after Russia's invasion of Ukraine in 2022 and while those numbers have slipped, there has been a surge in mergers between energy companies flush with cash.
Chevron said last year that it was buying Hess in a $53 billion acquisition, though that deal faces headwinds. The company warned the buyout may be in jeopardy because it will require the approval of Exxon Mobil and a Chinese national oil company, which both hold rights to development of an oil field off the coast of the South American nation Guyana where Hess is a big player.
In July of last year, Exxon Mobil said that it would pay $4.9 billion for Denbury Resources, an oil and gas producer that has entered the business of capturing and storing carbon and stands to benefit from changes in U.S. climate policy. Three months later, Exxon announced the proposed acquisition of shale operator Pioneer Natural Resources for $60 billion.
All of the proposed acquisitions could face pushback from the U.S. which, under the Biden administration, has stepped up antitrust reviews for energy companies and other sectors as well, such as tech.
Federal Trade Commission, which enforces federal antitrust law, asked for additional information from Exxon and Pioneer about their proposed deal. The request is a step the agency takes when reviewing whether a merger could be anticompetitive under U.S. law. Pioneer disclosed the request in a filing in January.
As part of the ConocoPhillips transaction, Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock that they own, the companies said Wednesday.
ConocoPhillips said Wednesday that the transaction will add highly desired acreage to its existing U.S. onshore portfolio.
“This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory adjacent to our leading U.S. unconventional position,” ConocoPhillips Chairman and CEO Ryan Lance said in a prepared statement.
The deal is expected to close in the fourth quarter. It still needs approval from Marathon Oil stockholders.
Separate from the transaction, ConocoPhillips said that it anticipates raising its ordinary dividend by 34% to 78 cents per share starting in the fourth quarter. The company said that once the Marathon Oil deal closes and assuming recent commodity prices, ConocoPhillips plans to buy back more than $7 billion in shares in the first full year. It plans to repurchase more than $20 billion in shares in the first three years.
Shares of ConocoPhillips declined 3.3% before the market open, while Marathon Oil Corp.'s stock rose more than 7%.
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
Libtardaplorable©. And proud of it.
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