Remy Blaire brings the latest business headlines from the New York Stock Exchange as markets open for trading on Thursday, February 29.
Full video transcript below:
REMY BLAIRE: I'm Remy Blaire, reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
Wall Street expects a big lineup of Fed speakers on Friday. Traders will be paying close attention to the comments for clues about the Federal Reserve's upcoming interest rate decision. Before the speakers, Federal Reserve Governor Michelle Bowman reiterated that it is still too early to cut interest rates as inflation remains above the 2 percent target. Markets are now pricing in a 22 percent chance of a rate cut in May.
In other news, Americans looking for a new car are finally getting a break. After nearly three years of rising sticker prices, the cost of a new vehicle is slowly cooling and, in some cases, falling.
According to Edmunds.com, the median price of a new vehicle in the U.S. fell to $47,338 in January 2024, a 1.2 percent year-over-year drop and nearly 2.5 percent lower than December 2024 prices. 2022.
One of the most important factors is inventory. After years of tight supply, car dealers finally have enough vehicles to meet demand.
According to Cox Automotive, dealers collectively had 2.61 million new cars, trucks and SUVs on their lots at the end of January 2024. That's about 900,000 more vehicles than dealers had at the same time in 2023. However , inventories are not even close yet. pre-pandemic levels, which reached approximately 4 million.
That will be enough for your daily report. From the New York Stock Exchange, I'm Remy Blaire of TheStreet.
