Newsletter Aug 18, 2022

3 things you must know

Retail sales flatline in July as the Fed ponders its next move
US retail sales held steady in July, but data released Wednesday showed consumers are still spending, keeping the pressure on the Federal Reserve to continue its aggressive interest rate hikes. Americans flush with savings have been a driver of the pandemic recovery, and the Fed is keeping a careful eye on economic data as it battles to quash red-hot inflation without tipping the economy into recession. While the headline data of the closely-watched report flatlined at $682.8 billion, sales increased 0.7% when gasoline and motor vehicles are excluded from the calculation.
WHAT THE RETAIL DATA SAYS ABOUT THE US ECONOMY

Gas prices continue to fall, but how long will the trend last?
After gas prices spiked to an all-time national average record of more than $5 a gallon in June, prices are finally receding. The national average gas price on Wednesday was $3.943 per gallon, according to AAA, a $1.073 drop from the all-time national high of $5.02 recorded on June 14. Gas prices have fallen recently due to a number of factors, including a decline in oil prices and fewer drivers on the road as the busy summer travel season concludes.
SEE WHICH STATES PAY THE MOST AND LEAST FOR GAS?

The Fed hints at slowing interest rate hikes 'at some point'
The Federal Reserve remain committed to raising interest rates further to quell rising prices, but agreed it would be appropriate to slow the pace of the hikes "at some point," the central bank said in the minutes of its July policy meeting. In the minutes of the July policy meeting, which produced a second massive rate increase of 0.75 percentage points, the Fed officials said it will take some time to bring "unacceptably high" inflation down to its goal of 2%.
FIND OUT WHAT CLUES THE FED GAVE FOR FUTURE HIKES

Markets

DJIA	33,980.32	-0.50%
S&P 500	4,274.04	-0.72%
Nasdaq Composite	12,938.12	-1.25%
Japan: Nikkei 225	28,927.89	-1.01%
UK: FTSE 100	7,515.75	-0.27%
Crude Oil Futures	87.54	-0.65%
Gold Futures	1,779.70	0.17%
Yen	134.90	-0.12%
Euro	1.02	0.07%
* As of market close

Pence weighs testifying before Jan. 6 panel

Former Vice President Mike Pence said on Wednesday that he would consider testifying before the Select Committee to Investigate the Jan. 6 Attack on the Capitol. Pence was the target of a pro-Donald Trump mob that chanted for him to be hung for certifying the 2020 presidential election. Pence's consideration comes after the FBI raided Trump's Mar-a-Lago estate. He made the remarks during a New Hampshire event, called "Politics & Eggs," one of the key stops on a presidential campaign trail. Pence has not stated if he will run for president in 2024.

FIND OUT WHAT PENCE SAID ABOUT HIS POSSIBLE TESTIMONY

Giuliani appears before Georgia grand jury

Rudy Giuliani, Donald Trump's former personal lawyer, testified before a special grand jury in Atlanta on Wednesday in a Georgia criminal probe examining attempts by the ex-president and his allies to overturn the 2020 election results. Giuliani, who helped lead Trump's election challenges, spent more than six hours in the Fulton County courthouse after a judge ordered him to comply with a subpoena to appear.

FIND OUT IF GIULIANI EXERCISED LAWYER-CLIENT PRIVILEGE

Hold the crust? Papa John's pizza flipout

You've heard the great "Is a hot dog a sandwich?" debate; now Papa John's is pushing the food envelope with crust-less pizza. Papa John's announced it is adding "Papa Bowls" to its menu as a twist by only having pizza toppings and no crust. The Papa Bowls became available for Papa Rewards loyalty members last Monday and will roll out to the general public this coming Monday. The bowls are priced at $7.99.

SEE WHAT PROMPTED PAPA JOHN'S TO PULL THE PIE CRUST

Pie in the sky

What is the oldest pizzeria in the U.S.? When and where did it open?

Wednesday's answer: Space Shuttle Columbia's first mission was April 12, 1981, with astronauts John Young and Robert Crippen onboard.