-
The novelty of ChatGPT may have worn off. Desktop and mobile web traffic to the ChatGPT website dropped 9.7% from May to June. Despite this drop, ChatGPT still brings more worldwide visitors than Bing.com, Microsoft’s search engine.
- When public student loan payments resume in October, many borrowers will struggle. Only 29% of borrowers say they will have enough money to make payments without adjusting spending, and 34% say they will not be able to make payments at all.
- As a result of the Federal Reserve’s interest rate hikes the fed funds rate is now higher than inflation. Historically this bodes well for core bonds, which have had an average return of 7.5% when the fed funds rate is higher than inflation (vs. 3.2% when it is not).*
- Walmart has used the fact that 90% of Americans live within 10 miles of one of its stores to become a food giant. Grocery now makes up 60% of its sales, dwarfing Amazon in the space. This has not come at the cost of e-commerce sales, which grew 122% since 2020.
*Based on data from 1955-2023, past performance is not indicative of future performance
Similar Web - "ChatGPT Drops About 10% in Traffic as the Novelty Wears Off"
MFS - "Beyond the News"
BlackRock - "Student of the Market"
Barrons - "Walmart Is Quietly Growing Into a Retail Tech Titan. The Stock Is a Buy.
Economic Calendar
Monday:
Wholesale inventories (May), Fed Vice Chair Barr speaks, San Francisco Fed President Daly speaks, Cleveland Fed President Mester speaks, Consumer credit (May)
Tuesday:
NFIB optimism index (Jun)
Wednesday:
Consumer price index (Jun), Core CPI (Jun), CPI year over year, Core CPI year over year, Richmond Fed President Barkin speaks, Atlanta Fed President Bostic speaks, Fed Beige Book
Thursday:
Initial jobless claims (Jul), Producer price index (Jun), Core PPI (Jun), PPI year over year, Core PPI year over year, Federal budget (Jun), Fed Governor Waller speaks
Friday:
Import price index (Jun), Import price index minus fuel (Jun), Consumer sentiment (Jul) (prelim)
| 
