Morning Brew Daily Americans LOVE to Spend & Why Broker's Fees Are Going On Trial
Oct 18, 2023
The discussion kicks off with President Biden's crucial visit to Israel and the implications of ongoing diplomatic tensions. Meanwhile, consumer spending remains robust, evoking humorous ties to sports successes. A deep dive into the controversial real estate broker's fee trial hints at a possible industry upheaval. The guys also critique a provocative manifesto promoting unregulated tech innovation alongside surprising efficiency improvements in airline boarding processes. Plus, find out why a banker got fired over two sandwiches!
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Resilient Consumers, Rising Yields
- American consumers remain resilient, driving retail sales growth despite economic uncertainty.
- This unexpected strength fueled a rise in treasury yields, impacting borrowing costs.
Recession Prediction vs. Reality
- In October 2022, Bloomberg predicted a 100% recession chance.
- One year later, banks like J.P. Morgan and Goldman Sachs raised their GDP forecasts, indicating a booming economy.
Spending vs. Confidence
- Despite strong spending, consumer confidence remains low, possibly due to a disconnect between higher and lower-income spenders.
- Companies serving lower-income brackets report diverging economic trends.