Trump Survives Assassination Attempt at Rally

Former President Donald Trump survived an assassination attempt at his rally on Saturday, July 13, 2024. The shooting left at least one attendee dead. This incident has raised significant concerns about security and safety at political events.

The event has sparked widespread reactions and discussions, with many calling for increased security measures to protect political figures and attendees at rallies and public gatherings.

Economic Developments Take Center Stage

This week is expected to be eventful, with a focus on the economic sphere. Market analysts and economists are closely monitoring the update on the personal consumption expenditures price index, which is projected to exhibit a decrease both monthly and annually, indicating a potential downturn in price hikes.

The economic data includes reports on April home prices, new home sales for May, consumer confidence and sentiment, a revised first quarter gross domestic product growth, and the PCE update. These indicators will offer insights into the economy’s momentum and potential slowdown in economic activity.

Biden and Trump Present Contrasting Economic Policies

President Joe Biden and former President Donald Trump have presented contrasting economic policies in the lead-up to the election. Trump has suggested granting green cards to immigrants who achieve a college degree and considering exempting tips from income taxation, while Biden is expected to propose tax hikes for individuals earning above $400,000 annually and increased allocations for social welfare programs.

These differing policies highlight the distinct approaches the two candidates have towards addressing economic challenges, with significant implications for the future of the US economy.

Inflation Figures Show Signs of Decrease

Following a favorable consumer price index report for May, there is a growing belief that inflation is abating and nearing the Federal Reserve’s targeted annual rate of 2%. The May PCE is anticipated to reveal a 2.6% increase in prices, down from April’s 2.8%.

This decrease in inflation figures has led to speculation about potential interest rate reductions by the Federal Reserve, with market analysts forecasting at least two cuts this year.

Election Uncertainties Impact Economic Activity

The ongoing election has created uncertainties that are affecting economic activity. EY Chief Economist Gregory Daco has highlighted the need for caution among consumers and businesses amidst rising costs and interest rates, which could lead to a slowdown in economic activity.

Daco anticipates a scenario where modest income growth prompts lower- and middle-income households to scale back spending due to persistent price levels and increased credit expenses.

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