INFLATION: Update FOMC

By Staff Reporters

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Jerome Powell said the Fed won’t wait for 2% inflation to cut rates

The central bank won’t wait to hit its inflation target before bringing interest rates down but wants to have “greater confidence” that inflation will get there in order to make cuts, Powell said at the Economic Club of Washington, DC, in his first public event since June’s cooling inflation numbers came out.

CITE: https://www.r2library.com/Resource

MEDICAL INFLATION: https://medicalexecutivepost.com/2023/03/30/medical-economics-healthcare-inflation/

However, the FOMC chair wasn’t willing to get into specifics about when rate cuts might be coming.

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DAILY UPDATE: PBMs Scrutinized as Companies Report and Stock Markets Rotate

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Though the accountant shortage is still a concern, a shortage of AI and tech skills might be a more pressing issue right now. That’s according to a pulse survey by consulting firm RGP and YouGov, which polled 213 US financial professionals at the director level and above this June.

Read: What do you do when you hit your insurance deductible? Some people throw parties. (the New York Times)

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Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) rose 15.87 points (0.28%) to 5,631.22; the Dow Jones Industrial Average® ($DJI) climbed 210.82 points (0.53%) to 40,211.72, a new record-high close; the NASDAQ Composite® ($COMP) added 74.12 points (0.4%) to 18,472.57. 
  • The 10-year Treasury note yield (TNX) gained four basis points to just below 4.23%.
  • The CBOE Volatility Index® (VIX) increased to 13.14, its highest close since June 24.

What’s up

  • Bitcoin-related stocks rose alongside the crypto rally today, with Coinbase up 11.39% and Microstrategy climbing 15.36%.
  • Gun manufacturers always rise after a major shooting incident, and the assassination attempt on Donald Trump certainly meets that criteria. Sturm, Ruger & Company jumped 5.44%, and Smith & Wesson rose 11.38%.
  • Stelco Holdings rocketed 73.98% higher on the news that the Canadian steelmaker will be acquired by Cleveland Cliffs for $2.8 billion.
  • AutoNation popped 2.01% on the news that it’s cutting $1.50 off of its EPS for the latest quarter due to the CDK cyberattack. Apparently getting ahead of the bad news is actually good news?

What’s down

  • Macy’s sank 11.76% after the department store’s board voted to end acquisition negotiations with activist investors Arkhouse and Brigade.
  • Burberry fell 16.08% after a poor quarterly report, a profit warning, and the ousting of its CEO.
  • AES plummeted 10.01% thanks to a storm cutting power to thousands of the utility company’s customers throughout Ohio.
  • SolarEdge Technologies dropped 15.36% after the company announced it will lay off 400 employees to improve profitability. Shares of solar competitors slumped in sympathy: First Solar fell 8.50%, Sunrun sank 8.95%, and Sunnova Energy fell 9.96%.

CITE: https://tinyurl.com/2h47urt5

The Federal Trade Commission (FTC) frequently sets its sights on healthcare, which has previously included efforts to crack down on data privacy and ban noncompetes in contracts. Lately, the agency has turned its attention to pharmacy benefit managers (PBMs)—the groups that negotiate drug prices between insurers and pharmaceutical manufacturers—to shed light on how they impact the healthcare industry.

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Stat: 23.5%. That’s how much Covid-related emergency room visits increased in a week at the beginning of this month. (CDC)

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HUMAN TOUCH: Needed in Medicine

By Staff Reporters

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According to Fierce Healthcare, 60% of patients say they are willing to switch doctors for a better communications experience, according to a survey. Patients want more of a “human touch” when texting their providers, like conversational message exchanges. 

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PODCAST: Shortages in Healthcare

By Eric Bricker MD

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CITE: https://www.r2library.com/Resource

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62% of Nurses Would Consider a Change in Career Paths

By Staff Reporters

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A recent survey by StaffHealth of 250 RNs, LPNS, and CNAs found the following:

 •  86% of respondents say their workload/job responsibility has increased in the last year.
 •  54% of the above respondents say that the increase in workload has negatively impacted their mental health.
 •  83% of those surveyed agree that an increase in compensation/incentives would alleviate nurse burn out and shortages.
 •  62% of nursing professionals would currently consider a change in career paths.
 •  66% of respondents say access to mental health resources at work would be beneficial.

Source: StaffHealth via PRNewswire, February 8, 2022

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