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.