Having raised interest rates at the fastest pace in four decades, the Fed is set today to leave rates alone for the first time in 15 months to allow time to gauge the impact of its aggressive drive to tame inflation. Yet top Fed officials have made clear that any such pause may be brief, with another rate hike likely as soon as their next meeting in late July.
It’s called “greedflation”-- the practice by many food and consumer companies of raising prices to protect what a new report calls their “cushioned corporate profits"--and it has enabled them to boost margins through the current inflationary period. Consumer advocacy group Accountable. U. S. says companies including Kimberly-Clark, PepsiCo, and Tyson Foods have on recent earnings calls touted their ability to raise prices while earning tidy profits.
Futures are mixed after stocks closed moderately higher yesterday. The Dow Industrials gained 145, the Nasdaq rose 111 and the S&P 500 was up 30.
