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Media Stocks Jump With Broader Market As Interest Rate Relief Seems Certain
Media and entertainment shares are up pretty much across the board as markets start to bake in an interest rate cut by the Fed this summer or fall.
The U.S. central bank hiked rates 11 times between March of 2022 and July of 2023 to punishing levels as it sought to tame a bout of post-Covid inflation driven by an overheated economy, a tight labor market and a bit of corporate price gouging. Good news came last week when CPI (Consumer Price Index) came in lower than anticipated, falling in June from May, the first monthly dip since May of 2020. Fed Chair Jerome Powell said at an event yesterday that this recent data has added “somewhat” to its confidence that inflation is nearing its target but declined to specify a rate cut timeline.
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