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Monday, October 17, 2022
Today’s newspaper Brian Sozzieditor at large and Anchor on Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi And on LinkedIn. Read this and more market news on the go Yahoo Finance app.
“Damn, this is going to be a tough few months for the economy and the markets.”
That’s what our own Jennifer Schoenberger was thinking as she chatted exclusively with San Francisco Federation President Mary Daley on Friday.
Daly didn’t offer anything that markets elsewhere haven’t heard from federal officials in recent months. Instead, the main concern was to move interest rates into the 4.5% to 5% range and keep inflation stuck.
I was also affected by the economy elsewhere.
I spoke a lot with Home Depot co-founder Bernie Marcus. Mr. Marcus may be a 93-year-old billionaire, but he’s by no means mailing him.
Marcus remains very active in helping small businesses, dabbles in all things politics (yes, he was a Trump supporter) and keeps a close eye on how Home Depot is doing. Marcus told me flat out that inflation is going to crush the economy and regulations are strangling small businesses.
Even adjusting for Marcus’ political leanings, it was surprising to hear about the tone of the economy from a business leader.
And then, when I woke up at 4 a.m. on Saturday, I found these comments on the economy from Jefferies Chief Economist Aneta Markowska:
“After a ‘prolonged’ expansion, consensus expects a later-than-expected but stronger-than-expected recession. Consensus expects a mild recession starting in Q1 and lasting about 3 quarters. We believe it will start later (around Q3) and last longer (5 quarter).
Anetta is not one of those fear-mongering newsletters. She is one of the best in the game at what she does. So I was surprised to hear this extremely negative tone on the economic outlook.
All of which brings me to today and the 9th Annual Yahoo Finance All Markets Summit, streaming all day on yahoofinance.com, YouTube, Roku, our favorite app and elsewhere. If you’re not watching, keep an eye on our social media feeds – especially Twitter, Facebook, LinkedIn and Tik Tok – news from our interviews will be shared everywhere.
Yours truly will speak with Target CEO Brian Cornell, Chipotle CEO Brian Nichol, Hilton CEO Chris Nacetta and LinkedIn founder Reid Hoffman. The Yahoo Finance team will be in conversation with Microsoft CEO Satya Nadella, Paramount CEO Bob Bakish, GMA CEO Mary Barra, Pfizer CEO Albert Burla, Modenada CEO Stefan Bansel, Yahoo CEO Jim Lanzon and more.
Whose international business is this? And given the tone I’ve been hearing about the economy, I have some important questions for these leaders:
1) Is inflation rising?
2) Is the economy already in recession?
3) Which parts of your business are shrinking and why?
4) Are you hiring?
5) Do you plan to be fired before the end of the year?
6) What are your three biggest projects for 2023 and why?
7) Do you believe the Federal Reserve will get it right?
8) Prices on businesses are affected. Are you a buyer? when is it
9) How bad will the European economy be in 2023?
10) Biggest economic trip you heard from your peers last month?
Enjoy the financial festival that the YF team has prepared for you!
What to see today
Revenues
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Bank of America (BAC), BNY Mellon (BK), Charles Schwab (SCHW)
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