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Happy hump day, team. I'm senior reporter Phil Rosen, writing to you just blocks away from where Goldman Sachs held their second-ever investor day on Tuesday.
If you're not familiar with investor days, it's basically when a company gives an update on where they stand and where they're going.
Goldman's first one was in 2020 — but a lot has changed since then.
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, 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."
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.
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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.
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