(Bloomberg) — Hello from Los Angeles, where the red carpet has been rolled out and the movie stars are getting ready for tonight’s Oscars.
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The big show: Oppenheimer, the biographical film about the inventor of the atomic bomb, is the clear favorite going into this year’s Academy Awards, leading with 13 nominations including best picture and best director. On the betting site FanDuel, Oppenheimer is such a favorite for best picture that gamblers would need to put up $5,000 just to win $100. The festivities kick off at 4 p.m. PT in Los Angeles.
The big signal: In congressional testimony last week, Fed Chair Jerome Powell emphasized the central bank needs “just a bit more evidence” that inflation is headed toward its 2% target before lowering borrowing costs. “We’re not far from it,” he said. His comments reinforce expectations policy makers will hold interest rates steady for a fifth straight meeting when they gather March 19-20.
Still, the Fed will get one more key inflation metric before the meeting, with data this week showing that the consumer price index likely remained stubbornly elevated at 3.1% compared with a year ago. An upside surprise in January jolted central bankers, and another surprise in February would have the potential to shift Fed officials’ view of the 2024 rate path and undo some of the market’s gains.
The big market thought: Stocks’ torrid climb to start 2024 is evoking worrisome comparisons on Wall Street with past boom-and-bust cycles. There’s ample reason to wonder whether shares have advanced at an unsustainable pace: For one, the S&P 500 Index has closed at record highs 16 times this year. Yet beneath the surface, there are plenty of signs that the strength, based in large part on the economy’s resilience and robust corporate earnings, hasn’t turned into a speculative frenzy.
The big expansion: After the US lost its status as the world’s top exporter of crops over the past decade, American farmers are ready to fight back. The strategy: maximizing production. The US Department of Agriculture projections show farmers are set to maintain elevated planting, which could result in one of the biggest supply expansions ever. Lining up to help farmers at the recent Commodity Classic farming show are machinery companies including Deere, as well as seed and chemical suppliers.
ICYM our Big Take: For over a decade, Apple toiled away at building an electric car, spending about $1 billion annually on various designs and prototype self-driving systems. But the company never got close to realizing its original vision—or any of its subsequent ones—before it eventually gave up on the program that came to be known as Project Titan. The inside story, as Mark Gurman and Drake Bennett report, is a case study in indecision and strategic mistakes.
Mark is hosting a live Q&A about Apple’s failed electric car effort—and what’s next—on Monday, March 11, at 2 pm ET. Send your questions for him to bloombergqa@bloomberg.net.
The big move: Planning to relocate overseas? These are the best countries for rich expats.
And finally, back in the office? Employees returning to the workplace have flocked to phone booth-like privacy pods to make calls or just get a bit of quiet. Now, one maker of such booths is testing sensors that can track workers’ stress levels to help companies detect employee angst, though the technology is alarming some privacy experts.
Have a stress-free week ahead.
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