Good morning. Phil Rosen here, reporting from New York City.
Economic data out Monday told us Americans are spending less on big-ticket items, with durable goods orders declining 4.5% in January from the prior month.
It marked a bigger drop than expected, but it does little to change that the American consumer is off to a strong start this year.
But remember, a strong consumer means high demand, which helps inflation stick around. That's the opposite of what the Federal Reserve wants.
Welcome back! Dan DeFrancesco in NYC. Let's play a game. An American Airlines passenger rushed the cockpit after she couldn't get a drink. But before you read the story, can you guess what type of cocktail she was after? Hint: Go with your gut.
Career regrets are common, reader. I'm Diamond Naga Siu, and I used to regret my first job out of college. While working there, I thought I'd never become a reporter. And for more than half a year after leaving, I had recurring nightmares about working there.
Welcome back, Opening Bell crew. I'm Phil Rosen, reporting from New York City.
This morning I'm thinking about Joseph Heller's 1961 book "Catch-22." Since it came out, the name's become a colloquial way of describing a snafu defined by conflicting ideas.
Heller coined the term in describing a soldier who wishes to stop flying dangerous combat missions.
But soldiers can only be grounded if they are found "unfit to fly."
Who is your favorite tech billionaire, reader? Hallam Bullock here, and I'm asking because it's becoming more and more difficult to distinguish between them. With the launch of Meta Verified, Mark Zuckerberg is appearing more like Elon Musk by the day.
Good morning. I'm Phil Rosen. It's good to see you on a Saturday.
As you could guess about a journalist, I'm always looking to speak with fascinating people with unique insights. Those conversations become all the more rewarding when I can share them here in this newsletter.
So — who should I speak to next? Tweet me @philrosenn or email me at prosen@insider.com with suggestions.
The weekend is here! Dan DeFrancesco in NYC, and I'm slightly panicking over reports that the bats that help make tequila could go extinct.
Fun Fact Friday: Wombats are the only animals with cube-shaped poop, and there is a scientific reason why.
Hello! I'm Phil Rosen, reporting from New York City.
Expect to see the market move today in response to the Fed's preferred inflation gauge, Personal Consumption Expenditures, which will be released at 8:30am.
Economists surveyed by Bloomberg expect to see a rise of 0.5% in January from the prior month, which would be the biggest leap since the middle of last year.
Almost Friday! Dan DeFrancesco in NYC, and I'm laughing at the new terms rich people are coming up with to make themselves feel younger.
Happy Friday eve, team. Phil Rosen here. Did you catch yesterday's Fed minutes release?
It looks like central bank officials unanimously agreed that the last rate hike of 25 basis points was the appropriate size, and that slowing down the pace would "better allow them to assess the economy's progress."
But several participants would have also backed a half-point hike, the minutes showed.
That tells us we should be taking the Fed at its word: The inflation battle isn't over.
