The Justice Department will try to prove Google has been abusing the power of its search engine to stifle competition in ways that discouraged innovation.Several strong reports on the economy recently have allayed worries about a painful recession, defying long-held predictionst. But they also may be adding more fuel to pressures keeping inflation high, which could push the Fed to keep rates higher for longer.
Such hopes have professional fund managers globally feeling less pessimistic about stocks. They’re investing more in stocks than they have in the past 17 months, according to a survey by Bank of America, though they’re not going all-in and continue to keep a significant chunk of their portfolios in the safety of cash.
Six out of 10 fund managers say the Fed is done hiking rates, investment strategists led by Michael Hartnett wrote in a BofA Global Research report. In July, nine out of 10 fund managers were saying the opposite, that the Fed was not done. Several reports coming up this week could sway the Fed’s thinking. On Wednesday will come the latest monthly update on prices that U.S. consumers are paying across the country.
Economists expect it to show that prices were broadly 3.6% higher last month than a year earlier. Inflation has been mostly cooling since peaking above 9% last summer, but economists warn the last bit of improvement may be the most difficult to win.
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