August 28: Everything Collapses, Fed says “pain is coming”, Tesla stock split (Recap Ep190)

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In this week’s recap, US stocks plunged after comments from Fed Chairman Powell, who warned of rising interest rates as long as inflation remains elevated. International markets ended mostly lower this week, as the world’s economic powers struggle with various social, natural, and inflationary problems.

According to National Energy Assistance Directors Association (NEADA) over 20M US households, about 1 in 6 American homes are currently behind on utility bills. NEADA said households owe a combined $16B in unpaid utility bills. Surging electricity prices have spurred the worst-ever crisis in late utility payments.

US Commerce Dept stated Friday that U.S. consumer spending barely rose in July but inflation eased considerably, which may give Fed room to scale back agree interest rate increases. Consumer spending, over 2/3 of the US economy, edged up 0.1% last month.

Tesla’s 3-for-1 stock split is set to take place Wednesday after market close, meaning shareholders will get two new shares for each they currently hold when trading begins Thursday.

U.S. NASA’s Artemis 1 mission, scheduled take off next Monday; “Shop now pay later” schemes hit Island as people CAN’T AFFORD FOOD; precious metals and bitcoin lower for the week; in China, temps reach as high as 45 degrees Celsius (113 Fahrenheit); Lukashenko said military’s SU-24 warplanes will bemodified to carry nuclear weapons; Thailand’s Constitutional Court ordered the nation’s PM suspended from his duties.

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