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Chapter 1: What is the main topic discussed in this episode?
Public.com presents The Rundown, your daily market update in under 10 minutes. My name is Zaid Admani, and today is Friday, April 10th.
In today's episode, we'll break down the March inflation report and why gas prices are driving the biggest CPI jump since 2022. We'll also tell you why Jerome Powell and Scott Besant called an emergency meeting over an AI model. Then stick around to the end of the show to find out why the Department of Justice is investigating the NFL.
We got a great show for you today. Let's go.
Stocks kept the rally going on Thursday with the S&P 500 up 0.6% and the NASDAQ gained 0.8%. Stocks have gone up for seven straight days now, which is the longest winning streak since October. The Dow Jones actually turned positive for the year, but still don't care about the Dow, so.
You know, there were some concerns that the ceasefire with Iran was falling apart because of Israel's continued strikes on Lebanon. But then Israel agreed to open direct negotiations with Lebanon.
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Chapter 2: What is the March CPI report and why is it important?
So investors seem to think the ceasefire will hold. The U.S. and Iran are meeting in Pakistan this weekend. So hopefully there's going to be more progress announced next week and this rally will keep going. The speed of which the market bounced back is kind of insane. We saw this happen with Liberation Day last year. Same thing happened this time with the war. The
Chapter 3: Why did Jerome Powell and Scott Bessent hold an emergency meeting?
The S&P has gone up around 7% in the last seven days, while the NASDAQ has gone up nearly 9%. So the stock market took the stairs down during the war and then took the elevator right back up. Now, let's hope the markets aren't celebrating too early because, you know, oil prices are still elevated, trading near $100 a barrel and gas is $4 a gallon at the pump.
Now, speaking of elevated gas prices, let's talk about inflation because this morning we got the March CPI report and inflation as expected came in pretty hot. Consumer prices in March jumped 0.9% month over month, which is the biggest monthly jump since 2022 and annual inflation came in at 3.3%.
You're not a surprise here, but three quarters of that jump came from gas prices, which surged 21% in March. But if you look at core inflation, which is what economists in the Federal Reserve tend to focus on because it strips out volatile prices like food and energy, core inflation was up 2.6% in March compared to a year ago.
Now that's still higher than the Fed's 2% target, but it's not too bad. But look, this was just the first data point that we have on how the Iran war and higher oil prices are impacting the US economy.
Now, we'll have to see how long the effects of the higher prices linger on the economy, because the problem is that even if there's a peace deal announced tomorrow when the Strait of Hormuz is fully open, economists say that it could take months for prices to fully come back down. Companies are quick to raise prices, but very slow to lower them.
We saw this happen during the supply chain crisis during COVID. So there's a chance that higher energy prices impact inflation for weeks or even months. And that could force the Fed to wait longer when it comes to interest rates. Speaking of the Fed, the next Fed meeting is at the end of April. It could be Jerome Powell's last meeting as Fed chair. So we'll see what he has to say.
And then remember, earnings season kicks off next week. So we'll see what executives have to say about inflation and higher energy prices. So yeah, a lot of moving parts right now with the ceasefire and inflation and earnings season right around the corner. So it's a great time to get subscribed to the podcast and tune in every day to stay in the loop.
Let's run through some headlines, starting with a wild story out of Washington. The Treasury Secretary Scott Besson and Fed Chair Jerome Powell called an emergency meeting this week with the CEOs of America's biggest banks to discuss the cybersecurity risks from Anthropic's new AI model called Mythos.
We're talking about the CEOs of Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, and Wells Fargo, all summoned to the Treasury Department on a short notice.
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