President Biden to corporations: Lower your prices

The Street

TheStreet’s J.D. Durkin brings you the biggest news of the day, including what to look for from the Fed today and why Joe Biden is calling out big corporations.

Transcript

00:00 I'm JD Durkin reporting from the New York Stock Exchange and here is a look at what we are

00:03 watching on the street today. Investors are assessing whether the month-long rally on

00:08 Wall Street has come to an end after stocks finished in the red Monday. Later on today,

00:12 investors will be paying very close attention to speeches from various Fed officials.

00:17 Investors will be looking for any clues on the central bank's path forward on interest rates.

00:22 As far as economic data goes, Wall Street will be tracking an update on third quarter GDP Wednesday

00:27 and a key inflation rating on Thursday. In other news, President Joe Biden has a

00:32 message for corporations. Lower your prices. The president taking aim at companies that are still

00:38 artificially keeping prices high despite the slowing rate of inflation. Speaking at the launch

00:43 of his administration's new supply chain initiative, the president said, "Any corporation

00:49 that has not brought their prices back down, even as inflation has come down, even as the supply

00:54 chains have been rebuilt, it's time to stop the price gouging. Give the American consumer a break."

01:00 According to the Bureau of Labor Statistics, the average price of all goods has gone up by 13%,

01:05 with food prices going up even more as the category has seen a huge 20% increase across the board.

01:12 However, high prices didn't stop Americans during the busiest shopping weekend of the year.

01:18 Online sales rose by 7.5% compared to the 2022 Thanksgiving weekend,

01:23 and shoppers celebrated Cyber Monday by shelling out a record $12 billion.

01:28 That'll do it for your daily briefing. From the floor of the New York Stock Exchange,

01:32 I'm JD Durkin with The Street.

01:35 [BLANK_AUDIO]

Category

Transcript

Recommended