Powell testifies before Congress

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Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 9 July 2024

⏱️ 1 minutes

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Summary

Markets mixed; Powell says labor market has cooled; Drug middlemen under fire; Non-alcoholic beer brand doubles in value.

Transcript

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0:00.0	J-Pall talks inflation on Capitol Hill.
0:06.2	I'm Matt Levin with the Marketplace Minute.
0:09.0	Pretty even day for Wall Street today.
0:11.2	The Dow inch down 1 10%
0:13.7	the NASDAQ and S&P 500 both inched up 1 10%
0:18.7	Fed Chairman Jerome Powell told Congress today
0:21.1	that the labor market has cooled significantly and is no
0:24.6	longer a driving force behind inflation.
0:27.9	Pals testimony was widely interpreted as they signed the Central Bank
0:31.8	is getting closer to cutting rates.
0:34.0	Instead of keeping drug costs down, pharmacy benefit managers
0:38.0	artificially inflate prices to bolster profits,
0:42.0	according to a new report by the FTC, an industry group called
0:45.8	the report misleading.
0:47.8	And according to the Wall Street Journal, Athletic Brewing, the country's top-selling
0:52.0	non-alcoholic beer brand has roughly doubled in value in just two years.
0:57.0	The company was valued at $800 million in its latest financing ramp.
1:02.0	I'm Matt Levin with the Marketplace Minute.

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