Hi, everyone. In today’s news we look at the Fed as they are readying their first rate cut since 2008. Despite soft inflation, consumers keep spending. The job market is showing signs of tightening, but private payroll is topping estimates in growth. Warren Buffets reveals his opinion on the number one mistake parents make when teaching kids about money. And sterling slides towards $1.21 over ‘no-deal’ Brexit fears.
Global growth, trade uncertainty and low inflation forced turnabout after four rate increases last year.
Summer readings on U.S. economy likely to reinforce Fed’s expected decision to lower interest rates this week.
Companies added more jobs than expected in July amid concerns that the U.S. economy was slowing and the labor market was nearing full employment.
Before he became CEO of Berkshire Hathaway, the legendary investor started a handful of small businesses — starting at age six, when he purchased a six-pack of Coke for 25 cents and sold each can for a nickel. He also sold magazines and gum from door to door.
By Tuesday afternoon, sterling had recovered slightly from its early depths to trade at around $1.2176, another 0.4% down on Monday’s close, having fallen as low as $1.2120 overnight to reach its lowest level against the greenback since March 2017.