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Alcaraz gana Wimbledon ante Djokovic y abre una nueva era

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En el tenis hay victorias que son transformadoras, que traen un cambio brutal de panorama. Es el caso de la que consiguió este domingo en Wimbledon Carlos Alcaraz ante Novak Djokovic, el hombre de los 23 títulos de Grand Slam, siete veces campeón del torneo británico, que llevaba diez años sin perder en la Pista Central (45 victorias desde la final contra Andy Murray en 2013) y seis sin caer eliminado (34 triunfos desde la derrota en la Pista 1 contra Tomás Berdych en 2017). Contra esa montaña de 36 años luchaba el español de 20 y la escaló en un partidazo para el recuerdo: 1-6, 7-6 (6), 6-1, 3-6 y 6-4 en 4h42. “El mundo entero está con vosotros”, le decía antes del encuentro un periodista australiano al cronista de AS y al compañero de El País, Alejandro Ciriza. Los medios y los aficionados querían un relevo que se aguardaba en París y llegó en el lugar más inesperado. Ahora, se escapa a la imaginación lo que puede llegar a conseguir Alcaraz sobre la hierba del All England Club después de vencer a un oponente que no había caído nunca en Wimbledon tras ganar el primer set.

Novak, un gigante que no pudo contener las lágrimas al hablar de su hijo, que le observaba sonriente en la entrega de trofeos, solo había cedido tres veces su saque en todo el torneo y Alcaraz le hizo cinco quiebres en la última ronda para coronarse por primera vez en el sancta sanctórum del deporte de la raqueta, el lugar donde todo tenista sueña con triunfar y en el que se encumbraron los más grandes: Laver, Emerson, Borg, Connors, McEnroe, Becker, Edberg, Sampras, Federer, Murray, Nadal y el propio Djokovic, entre otros. En cuanto a los españoles, se une a la lista de ganadores que encabeza Rafa y en la que están también Santana, Conchita Martínez y Garbiñe Muguruza. Y es el sexto de la Armada que conquista más de un Slam, junto con Nadal (22), Santana (4), Arantxa Sánchez Vicario (4), Bruguera (2) y Muguruza (2). De una manera asombrosa, Sir Carlos ganó su segundo major, tras el US Open 2022, y eso le permite, además, retener el número uno mundial una semana más (este lunes iniciará la 29ª) por delante del balcánico. Su nombre está ya grabado en el mítico panel verde de los campeones, justo debajo del de Novak.

El desempeño de Djokovic en el primer set fue sencillamente impresionante. Después de 30-40 que tuvo Alcaraz en el juego inicial, el heptacampeón flotó sobre el tapete de La Catedral. Lo restó todo y salió airoso y con mucha clase de los intercambios largos, aprovechando la potencia de los golpes del murciano par devolverlos sin apenas esfuerzo. Hubo dos o tres puntos maravillosos que cayeron de su lado y, para colmo, fue mejor cerca de la red, el punto fuerte de su rival, y las defensas le entraron guiadas por un impulso divino. La guinda, solo dos errores no forzados. Fue como si el partido de semifinales de Roland Garros continuara. Otro 6-1, como los dos últimos de aquel día.

A estos niveles, era muy complicado que el partido continuara por los mismos derroteros y se igualó. Alcaraz encontró su ritmo, Djokovic no metió muchos primeros servicios y estuvo más flojo con la derecha. Charly le había buscado demasiado el revés, su mejor impacto, y eso cambió también. Fue el primero en adelantarse en el segundo parcial, aunque su break lo contestó de inmediato Nole, después de pedir apoyo al público tras un rally eterno. Las cosas le empezaron a salir mejor al español, coincidiendo con algunas rachas de sol, por fin. De tal manera, que hasta su oponente aplaudió una de sus exquisiteces.

El tenis de ambos alcanzó cotas espectaculares, con Djokovic tirándose al suelo para devolver una bola y ganando más tarde un tanto de locos, y Alcaraz luchando primero contra el desaliento y el enfado, y después sacando muy bien y yéndose con valentía hacia arriba. Es esas, se llegó al desempate que inició con un 3-0 el serbio. Luego se enredó con una mala dejada y otra de Carlitos, en este caso maravillosa, le dio la primera ventaja al de El Palmar, antes de que su oponente se llevara un aviso por demorar un servicio. Sin miedo, Alcaraz presionó, levantó un punto de set y lo ganó con un resto directo contra un segundo saque.

Momento de cambio

Con la mano tras el oído (¿les suena?) escuchó los gritos enardecidos del público y fue a por todas en la tercera manga. La abrió con un quiebre, crecido por la energía que le llegaba desde las gradas y que él fomentaba. El desgaste del segundo set empezó a pasarle factura a Djokovic, que hacía estiramientos con la pierna izquierda, en la que llevaba un tape a la altura del muslo. Y tras un 15-40 que levantó Alcaraz, vino un juego de 26 minutos con siete oportunidades de break para él y que finalmente cayó de su lado. Era lo que le faltaba a Novak, que en otros seis minutos entregó el parcial con signos de abatimiento. En una final de Grand Slam solo le habían endosado un 6-1 Federer y Nadal.

Después se marchó al vestuario (ni cotizaba que lo haría) y fue recibido a su vuelta con algunos abucheos. La situación para él era similar a la que vivió en la final del Open de Australia 2020, cuando le remontó un 2-1 a Dominic Thiem después de ganar el primer set. Pero en aquella ocasión la diferencia de edad era menor (seis). Los 16 años de más parecían pesarle como una losa a Djokovic ante un chaval pletórico y libre de tensión, cada vez más seguro y determinado, pegándole a la bola como un animal. No se pierden su derechazo en para el 30-15 en el cuarto juego del último set. Iba lanzado hacia la hazaña. Sin embargo, de la grandeza de un fuera de serie siempre puede esperarse una última vuelta de tuerca, y Nole la dio. Encontró un resquicio en el rocoso juego de su contrincante, un momento de debilidad, y lo aprovechó para forzar el quinto sets con dos roturas.

El inicio del último acto fue glorioso. Los dos titanes lo dieron todo, defendieron con uñas y dientes su posición. Sin reservas, con todo lo que tenían ante un público eufórico. Golpeó primero en esta traca final Alcaraz, para ponerse con un 3-1 muy esperanzador. La situación irritó tanto a Djokovic que le dio un raquetazo a uno de los postes de la red y se hizo daño en la muñeca. Nada serio, pos suerte. Poco antes había tirado por la borda una bola de set por un mal remate, la suerte que peor ha ejecutado durante toda su carrera. Hasta el final, Carlitos aguantó con aplomo los nervios tremendos que debía estar pasando, sobre todo en su último saque. El primer punto lo perdió al errar una dejada, el segundo lo ganó con un globo. Después acertó con una volea de revés, antes de que Novak le superara con una derecha paralela. Y un saque potente y preciso le dio la opción de ganar el partido. No la desaprovechó, lo cerró con un misil de drive para dar un paso de gigante en la que puede ser una trayectoria legendaria, y quien sabe si también decisivo en la historia del tenis.

Source: as.com

‘Mission: Impossible’ and Tom Cruise dominate box office but come in shy of industry expectations

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After a globe-trotting publicity blitz by star Tom Cruise, “Mission: Impossible – Dead Reckoning Part One” launched with a franchise-best $80 million over five days, though it came in shy of industry expectations with a $56.2 million haul over the three-day weekend.

The Paramount Pictures debut was boosted by strong overseas sales of $155 million from 70 markets. But while a $235 million worldwide launch marked one of the best global openings of the year, “Dead Reckoning” couldn’t approach the high-speed velocity of last summer’s top film, “Top Gun: Maverick.”

“Dead Reckoning Part One,” the seventh film in the 27-year-old series, had been forecast to better the franchise high of the previous installment, “Fallout,” which opened with $61 million domestically in 2018. Instead, it also fell short of the $57.8 million “Mission: Impossible II” debuted with in 2000.

That puts the film’s opening-weekend tally very close to the tepid launch of Disney’s “Indiana Jones and the Dial of Destiny,” which opened in U.S. and Canadian theaters with $82 million over five days and $60 million over the three-day weekend. Paramount and Skydance had higher hopes for the action extravaganza of “Dead Reckoning,” which cost $290 million to make, not counting marketing expenses.

Those costs were inflated, in part, by the pandemic. “Dead Reckoning,” directed by Christopher McQuarrie, was among the first major productions shut down by COVID-19. It was preparing to shoot in Italy in March 2020. When the film got back on track, McQuarrie and Cruise helped lead the industry-wide recovery back to film sets – albeit with some well-publicized friction over protocols along the way.

Still, “Dead Reckoning” was hailed as a high point in the franchise. Critics (96% fresh on Rotten Tomatoes) and fans (an “A” CinemaScore) alike came away awed by the stunts and chases of the latest “Mission: Impossible” film. Though the coming competition of “Barbenheimer” — the much-anticipated debuts of “Barbie” and “Oppenheimer” — looms, “Mission: Impossible” should play well for weeks to come.

Cruise, the so-called savior of movie theaters last year, traveled tirelessly to again pump life back into a summer box office that’s been sluggish. After a splashy world premiere in Rome with a red-carpet on the Spanish Steps, Cruise and McQuarrie toured through theaters in Atlanta, Miami, Toronto and Washington D.C. in the days ahead of opening.

“Dead Reckoning” hit theaters at a crucial mid-summer period for Hollywood, and not just because of the SAG-AFTRA strike which began Thursday. “Mission: Impossible” launched a week before one of the biggest box-office showdowns of the year.

Though “Dead Reckoning” and “Oppenheimer” have vied for some of the same IMAX screens, each film has publicly endorsed the idea that a rising tide lifts all blockbusters. Cruise and McQuarrie in early July even bought opening-weekend tickets to both “Barbie” and “Oppenheimer.” “Barbie” director Greta Gerwig and “Oppenheimer” filmmaker Christopher Nolan returned with their own gestures of support.

However that trio of films performs over the next few weeks will do a lot to determine the fate of the summer box office.

No other new wide release challenged “Mission: Impossible” over the weekend. Second place went to Angel Studios’ faith-based political thriller “Sound of Freedom” which increased 37% in its second with $27 million. Jim Caveziel stars in the child trafficking drama.

Last week’s top film, “ Insidious: The Red Door ” slid to third with $13 million in its second weekend. “Indiana Jones and The Dial of Destiny” is dropping quickly with $12 million its third weekend, with a domestical total so far of $145.4 million.

Source: fortune.com

Subtropical Storm Don Forms in the Atlantic

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The Harris County Office of Homeland Security & Emergency Management (HCOHSEM) continues to monitor the course of Subtropical Storm Don. At this time, Don poses no threat to Texas.

Now is a good time to check your emergency kits and review your emergency plans. Stay informed by following HCOHSEM updates at www.ReadyHarris.org, on social media, and by signing up for Ready Harris Alerts or Ready Harris Accessible Alerts.

For more information on how to prepare, review our hurricane preparedness and evacuation guide. You can also text GULF2023 to 888777 to receive hurricane season updates.

 Map of the path of Subtropical Storm Don in the Atlantic.

Exxon officially moves headquarters to Houston-area campus

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Exxon Mobil has officially relocated its corporate headquarters to its campus outside Houston, according to a recent filing with the U.S. Securities and Exchange Commission.

The oil giant’s arrival brings the Fortune 500 company’s top executives to the Houston area and makes it the region’s largest company by revenue. Previously based outside Dallas, Exxon announced in January 2022 it would move its headquarters to its campus in Spring.

Exxon’s move furthers cements Houston’s status as the nation’s energy capital and helps the company adjust to a rapidly changing market. Exxon and other energy companies are riding waves dealt by the pandemic, the Ukraine war and a shift toward cleaner energy alternatives. The company is eyeing massive Houston-area investments in lower-carbon solutions, including a $100 billion project to capture carbon dioxide emissions from the city’s industrial area along the Ship Channel.

Exxon has said it also plans to combine its chemical and refining businesses and centralize its technology and engineering operations.

Roughly 250 employees were relocating to Houston as part of the move, Exxon said previously. The company’s Spring campus boasts about 20 buildings and features a 100,000-square-foot gym, an on-site daycare center for as many as 300 children, a town hall and auditorium and an outdoor plaza that can accommodate up to 3,500 people.

The sprawling Spring campus was built eight years ago to house 10,000 employees, but the energy firm has reduced its head count in recent years as oil companies have learned to do more with less under pressure from Wall Street to reduce costs. As of January 2022, Exxon had 8,500 employees working out of Spring. The company employs more than 60,000 people globally.

Although Exxon has long had a major presence in Houston — Humble Oil, founded in 1911, became part of Exxon in 1973 — the company has been headquartered in North Texas for the past three decades. Exxon, formerly Standard Oil of New Jersey, moved to Irving from New York City in 1989.

Happy ‘713 Day’ | Here are all the ways you can celebrate being a Houstonian

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To the rest of the world, July 13 is just another day. But for Houstonians, the day is an unofficial holiday that we call “713 Day.”

For those not from Houston, let us educate you a little bit.

First, 713 Day IS NOT Houston’s birthday. The numbers 7-1-3 are actually the city’s very first area code. It was established back in 1947 as part of the North American Numbering Plan, and it was Houston’s only area code until 1996.

Three other area codes have come to Houston since, but 713 will always be the O.G. And honestly, there’s just not a calendar date for “281,” “832,” and “346.”

The 713 Day holiday hasn’t always been a thing. In fact, it’s only been celebrated in recent years. But hey, any reason to party is a good thing, right?

If you’re looking for ways to celebrate 713 Day, check out this list below.

Lotus Seafood

Lotus Seafood is offering crab lovers a chance to crack open their favorite crustaceans for just $7.13 at all of its Houston-area locations. The 713 Day special is valid for online, phone and walk-in orders.

Le Jardinier at MFAH

Le Jardinier at The Museum of Fine Arts Houston is celebrating 713 Day by offering $7.13 cocktails. The promotion will begin at 7:13 p.m. and end at 10:13 p.m. During that time, the restaurant will have a music playlist created by the MFAH team.

Houston Rockets

The Houston Rockets will host seven free youth basketball clinics at community centers throughout Houston in honor of 713 Day. This is part of a campaign they are calling “713 Day of Basketball.” Each child who participates will receive a “713 Day of Basketball” shirt and a voucher for a special $7.13 ticket to select Rockets games during the upcoming season.

Star of Hope

Star of Hope has partnered with radio stations 93Q and The Eagle, along with HEB, to put together a water collection drive on 713 Day. The water collected will be passed out to Houston’s homeless. The drive will be held from 7 a.m. to 7 p.m. at the Grand Parkway HEB Plus.

Do713

Do713, a go-to source for events happening in Houston, teamed up with local music venues, bars, restaurants and landmarks to offer Houstonians discounts on food and drinks. The event site is also offering Houstonians an opportunity to win free merchandise and gift cards from local businesses, including Trill Burgers, 8th Wonder Brewery and Tacos A Go Go! More details here.

The Savoy

The Savoy is celebrating 713 Day with complimentary shots for everyone at the bar at 7:13 p.m. The Savoy will be opening its doors at 4 p.m. on Thursday, July 13, and will give a complimentary “Happy Hour Box” to its first 100 customers.

Houston Astros

The Houston Astros will be celebrating 713 Day with a limited-edition New Era snapback hat collaboration with Mattress Mack, along with four sports-themed “concept caps” from New Era. Fans will only be able to purchase the hats at the Astros Center Field Team Store on Thursday, July 13 at 7:13 a.m. Mattress Mack will be on-site at 7:13 a.m. to greet fans and take pictures. Fans will also have a chance to take photos with the 2017 and 2022 World Series trophies from 7:13 a.m. to 9 a.m.

Rooftop Cinema Club

Rooftop Cinema Club is celebrating 713 Day with a 10 p.m. showing of Belly.

8th Wonder Brewery

8th Wonder Brewery

POST Houston

POST Houston, along with the Houston Texans and Bud Light, are hosting a big party at POST’s X Atrium. The event will feature Texans, Toro, games, giveaways, music and special offers on merchandise.

Clutch City Cluckers

Clutch City Cluckers‘ 713 Day celebration will feature Houston rappers Paul Wall and Lil Keke. You’ll be able to meet the two at the Katy location from 5 to 8 p.m.

XiaoLongKan Hotpot

XiaoLongKan Hotpot is celebrating 713 Day where you can get seven mouth-watering dishes for $7.13 each. The dishes include beef ribeye slices, lamb leg slices, mussels and meatballs.

Source: www.khou.com

Heat Stress – Heat Related Illness

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Types of Heat-related Illnesses

Heat Stroke | Heat Exhaustion | Rhabdomyolysis |Heat Syncope | Heat Cramps | Heat Rash

Heat Stroke

Heat stroke is the most serious heat-related illness. It occurs when the body can no longer control its temperature: the body’s temperature rises rapidly, the sweating mechanism fails, and the body is unable to cool down. When heat stroke occurs, the body temperature can rise to 106°F or higher within 10 to 15 minutes. Heat stroke can cause permanent disability or death if the person does not receive emergency treatment.

Symptoms

Symptoms of heat stroke include:

  • Confusion, altered mental status, slurred speech
  • Loss of consciousness (coma)
  • Hot, dry skin or profuse sweating
  • Seizures
  • Very high body temperature
  • Fatal if treatment delayed

First Aid

Take the following steps to treat a worker with heat stroke:

  • Call 911 for emergency medical care.
  • Stay with the worker until emergency medical services arrive.
  • Move the worker to a shaded, cool area and remove outer clothing.
  • Cool the worker quickly, using the following methods:
    • With a cold water or ice bath, if possible
    • Wet the skin
    • Place cold wet cloths on the skin
    • Soak clothing with cool water
  • Circulate the air around the worker to speed cooling.
  • Place cold wet cloths or ice on the head, neck, armpits, and groin; or soak the clothing with cool water.

Heat Exhaustion

Heat exhaustion is the body’s response to an excessive loss of water and salt, usually through excessive sweating. Heat exhaustion is most likely to affect:

  • The elderly
  • People with high blood pressure
  • Those working in a hot environment

Symptoms

Symptoms of heat exhaustion include:

  • Headache
  • Nausea
  • Dizziness
  • Weakness
  • Irritability
  • Thirst
  • Heavy sweating
  • Elevated body temperature
  • Decreased urine output

First Aid

Treat a worker who has heat exhaustion by doing the following:

  • Take worker to a clinic or emergency room for medical evaluation and treatment.
  • Call 911 if medical care is unavailable.
  • Have someone stay with the worker until help arrives.
  • Remove the worker from the hot area and give liquids to drink.
  • Remove unnecessary clothing, including shoes and socks.
  • Cool the worker with cold compresses or have the worker wash their head, face, and neck with cold water.
  • Encourage frequent sips of cool water.

Rhabdomyolysis

Rhabdomyolysis (rhabdo) is a medical condition associated with heat stress and prolonged physical exertion. Rhabdo causes the rapid breakdown, rupture, and death of muscle. When muscle tissue dies, electrolytes and large proteins are released into the bloodstream. This can cause irregular heart rhythms, seizures, and damage to the kidneys.

Symptoms

Symptoms of rhabdo include:

  • Muscle cramps/pain
  • Abnormally dark (tea or cola-colored) urine
  • Weakness
  • Exercise intolerance
  • Asymptomatic

First Aid

Workers with symptoms of rhabdo should:

  • Stop activity
  • Drink more liquids (water preferred)
  • Seek immediate care at the nearest medical facility.
  • Ask to be checked for rhabdomyolysis (i.e., blood sample analyzed for creatine kinase).

To learn more, visit NIOSH Rhabdomyolysis.

Heat Syncope

Heat syncope is a fainting (syncope) episode or dizziness that usually occurs when standing for too long or suddenly standing up after sitting or lying. Factors that may contribute to heat syncope include dehydration and lack of acclimatization.

Symptoms

Symptoms of heat syncope include:

  • Fainting (short duration)
  • Dizziness
  • Light-headedness from standing too long or suddenly rising from a sitting or lying position

First Aid

Workers with heat syncope should:

  • Sit or lie down in a cool place.
  • Slowly drink water, clear juice, or a sports drink.

Heat Cramps

Heat cramps usually affect workers who sweat a lot during strenuous activity. This sweating depletes the body’s salt and moisture levels. Low salt levels in muscles cause painful cramps. Heat cramps may also be a symptom of heat exhaustion.

Symptoms

Muscle cramps, pain, or spasms in the abdomen, arms, or legs

First Aid

Workers with heat cramps should do the following:

  • Drink water and have a snack or a drink that replaces carbohydrates and electrolytes (such as sports drinks) every 15 to 20 minutes.
  • Avoid salt tablets.
  • Get medical help if the worker:
    • Has heart problems.
    • Is on a low sodium diet.
    • Has cramps that do not subside within 1 hour.

Heat Rash

Heat rash is a skin irritation caused by excessive sweating during hot, humid weather.

Symptoms

Symptoms of heat rash include:

  • Red clusters of pimples or small blisters
  • Usually appears on the neck, upper chest, groin, under the breasts, and in elbow creases

First Aid

Workers who have heat rash should:

  • Work in a cooler, less humid environment, if possible.
  • Keep the rash area dry.
  • Apply powder to increase comfort.
  • Don’t use ointments and creams.

Source: www.cdc.gov

Hollywood actors’ union recommends strike as talks deadline passes

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The union representing Hollywood actors has recommended strike action after a midnight negotiation deadline passed with no agreement as the industry braces for the possibility of the first simultaneous strike by Hollywood writers and actors in more than 60 years.

In a statement, the Screen Actors Guild-American Federation of Television and Radio Artists (Sag-Aftra), the union which represents 160,000 actors, said its negotiating committee had voted unanimously to recommend a strike. The national board will decide on Thursday morning.

It said: “After more than four weeks of bargaining, the Alliance of Motion Picture and Television Producers (AMPTP) – the entity that represents major studios and streamers, including Amazon, Apple, Disney, NBCUniversal, Netflix, Paramount, Sony and Warner Bros. Discovery – remains unwilling to offer a fair deal on the key issues that are essential to Sag-Aftra members.”

The Sag-Aftra president, Fran Drescher, said: “The companies have refused to meaningfully engage on some topics and on others completely stonewalled us. Until they do negotiate in good faith, we cannot begin to reach a deal. We have no choice but to move forward in unity, and on behalf of our membership, with a strike recommendation to our national board. The board will discuss the issue this morning and will make its decision.”

A strike is expected to have an immediate impact on publicity efforts for the summer’s top films; the Thursday evening premiere of Oppenheimer in London has been moved to start an hour earlier so the cast can attend regardless of the outcome. Other major commercial films including Barbie and Mission: Impossible – Dead Reckoning Part One have already hosted their world premieres, though their stars will be restricted from participating in further promotional events.

The strike might also delay the Emmy awards until late autumn, or even next year, industry publications reported.

Disney has announced that a 15 July premiere of its movie Haunted Mansion will still take place at Disneyland regardless of the strikes, though the film’s actors – including LaKeith Stanfield, Tiffany Haddish, and Jamie Lee Curtis – will not be present.

San Diego Comic-Con, scheduled to begin on 20 July, will be affected as well.

Before the vote, Hollywood’s top acting talent had made it clear they were willing to strike. In late June, a letter from Hollywood A-listers, including Meryl Streep and Jennifer Lawrence, urged their union leaders not to settle for a mediocre deal in what they saw as a historically important contract negotiation.

The simultaneous strike of writers and actors is expected to cause serious disruption to the industry, with major ripple effects for other workersand the Los Angeles economy.

The Writers Guild of America strike, which started on 2 May, is entering its third month with no end in sight.

Before negotiations with studios began this year, the memberships of the actors’ and writers’ unions voted overwhelmingly to authorise a strike if necessary, a sign of deep frustrations among Hollywood’s creative workers over what they say are declining shares of studio profits, increasing precariousness of their jobs and concerns about being replaced by artificial intelligence technologies.

The beginning of the strike was marked by strong solidarity from Hollywood’s other unionised workforces, including the powerful Teamsters’ union, and Sag-Aftra members showed up in solidarity at Writers Guild of America picket lines, even before their own strike was called.

Source: www.theguardian.com

 

 

US Inflation Drops to 3%, in Positive Sign for Consumers

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The inflation rate in the United States fell sharply to 3% year-over-year in June, according to data released by the Department of Labor on Wednesday, signaling that efforts by the Federal Reserve to rein in soaring prices appear to have been effective.

The lower-than-expected report found that between May and June, prices increased by just 0.2%. The annual rate was a full percentage point below the 4% rate measured just a month ago, and far below the 9% rate that consumers were facing as recently as last summer.

Stripping volatile food and energy prices out of the equation, so-called “core” inflation was 4.8% year-over-year, also lower than economists had expected. Fed policymakers would like to see that core rate decline to 2%, meaning that there is still considerable room for improvement. But most analysts saw Wednesday’s report as very good news.

“We’ve been on quite the inflation journey over the past couple of years, but as we look at the Consumer Price Index, not only are these measurements better, but they’re better than expected. And that’s a good combination,” Mark Hamrick, a senior economic analyst at Bankrate.com, told VOA.

Biden celebrates

Wednesday morning, President Joe Biden took credit for the positive inflation news in a statement that attributed falling prices to his economic policies, which he referred to as “Bidenomics.”

“Good jobs and lower costs: That’s Bidenomics in action,” he said. “Today’s report brings new and encouraging evidence that inflation is falling while our economy remains strong. Annual inflation has fallen each of the last twelve months and is now down to 3%. We’ve made this progress while unemployment remains near record lows and a higher share of working age Americans are in jobs now than in 20 years.”

Biden went on to note that workers’ wages have been on the rise, particularly for those in lower-income brackets, and pledged to continue to “fight for lower costs for families every day.”

Fed still expected to raise rates

The Federal Reserve, after lowering interest rates to near-zero during the worst of the coronavirus pandemic, in March 2022 initiated a series of sharp interest rate hikes that were meant to cool down the economy and bring the rate of price increases lower.

By May 2023, the central bank had increased the target federal funds rate by 5 full percentage points, to a range of between 5% and 5.25%. The federal funds rate, which banks charge each other for ultra-short term loans, is a critical benchmark that affects the interest rate consumers pay for myriad forms of credit, including mortgages, car loans and credit card debt.

The central bank took a much-publicized break from rate hikes in June, declining to bump rates up again at the last meeting of the Federal Open Market Committee (FOMC). However, policymakers are expected to increase rates again when they meet later this month.

Wednesday’s lower-than-expected inflation numbers sparked speculation about whether the expected July rate hike will mark the end of the central bank’s tightening phase.

In an appearance Wednesday morning on “Bloomberg Surveillance,” William Dudley, the former president of the Federal Reserve Bank of New York, said, “The Fed should be cheered by this, but I don’t think it’s going to change what they’re going to do at the July meeting.”

Dudley, a former member of the FOMC, added, “What I think this does do is open up the question of, ‘Will July be the last one?’ And that’s certainly possible.”

Consumers remain uncertain

While the Biden administration is celebrating the lower inflation figures, it is less clear whether the successful effort to lower prices has been resonating with the broader public, which has been watching prices rise at rates many adults have never experienced in their lifetimes.

When rates hit 5% in spring 2021, many Americans could recall similar inflation in the aftermath of the financial crisis in 2008. However, as rates crept upward, historical comparisons receded further into the past. When rates hit a peak of 9.1% in June 2022, they were the highest recorded in the U.S. since 1981.

The experience has left its mark on U.S. consumers. Multiple recent surveys have found continued uncertainty about financial security and doubt about the future.

In a recent Bankrate survey, only 28% of American adults said they consider themselves financially secure, while 72% said they are not. The majority of Americans, 63%, blamed inflation for their feelings of financial insecurity.

However, Hamrick of Bankrate cautioned that consumer sentiment is typically a “lagging” indicator of the direction of the economy, meaning that sentiment may well remain depressed even after economic conditions have begun improving measurably.

“I would not look for consumer sentiment to be telling us what the future direction of inflation will be, except to the degree that maybe wage earners are going to be somewhat particular about trying to command a higher wage, and particularly if they’re changing jobs,” he said.

Overall, he said, the broad picture of the economy remains generally positive.

“There’s still a high demand for workers out there … and the employment rate is still below 4%,” Hamrick said. “Every time we get data that provides us some reassurance — and I would say broadly, that’s been the case with the consumer price index here, and the June employment report — all that suggests that the economy is in motion toward a better place.”

Source: www.voanews.com

Markets bet July 2023 is ‘peak Fed’

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A look at the day ahead in U.S. and global markets from Mike Dolan

Surprise news of a 2%-plus print on U.S. headline inflation rate for June has world markets betting the peak of the Federal Reserve’s interest rate campaign will now be this month.

Although rounded up to 3.0% for official purposes, the annual increase in the U.S. consumer price index was actually 2.969% – a psychological watershed given the Fed’s 2% target and more than a full percentage point down on the previous month.

Along with an unexpected retreat of the higher ‘core’ inflation rate back below 5%, the drop in headline inflation to its lowest in more than two years has fired up world stocks and bonds with a view that Fed rate hikes are coming to an end.

That’s also whacked the dollar (.DXY) to its lowest in more than a year and it continued to decline across key exchange rates on Thursday as investors await a June producer price report that may see factory gate prices flirting with deflation.

News of another plunge in Chinese exports and imports last month, far more than forecast, underscored that disinflationary process even further – pressuring Beijing to speed up some additional stimulus for the flagging economic recovery there.

Either way, the latest inflation cheer means U.S. rate futures have wiped out bets of another Fed rate hike after a final quarter-point move to 5.25-5.50% at July 26’s meeting. There had been a roughly 50% chance of another rise by November at the start of this week.

Although they see peak rates held there to year-end, futures now price as much as a full percentage point of cuts by this time in 2024.

Fed officials continue to talk tough about the hard yards of the last mile, but the central bank’s latest ‘Beige Book’ of economic conditions show price expectations were generally stable or lower over the coming months. Market will now scour this month’s policy meeting and the Fed’s August conference in Jackson Hole for a shift of tone about further hikes from here.

The longer-term horizon has certainly been redrawn in bond markets, with two-year Treasury yields back down to 4.62% – their lowest in a month in a whopping 50bp peak-to-trough move – and the yield on 10-year Treasuries is back down to 3.80%.

Significantly, two-year inflation expectations embedded in pricing of inflation-protected Treasury securities dropped as low as 1.93% – riffing not only on the CPI report, but a slew of other positive disinflation signals this week.

U.S. stock futures pushed higher again ahead of Thursday’s open, after both the S&P500 (.SPX) and the Nasdaq (.IXIC) hit their highest since April last year yesterday. The VIX “fear index” (.VIX) fell back below 14 to its lowest of the month so far.

The second-quarter corporate earnings season now kicks off in earnest, with the likes of PepsiCo and Delta Airlines out later on Thursday and the big banks weighing in on Friday.

Elsewhere, British economic growth numbers for May fell less than forecast – reinforcing the Bank of England’s tightening campaign to rein in outlying UK inflation and sterling’s climb back above $1.30 for the first time since April 2022.

The dollar fell to its lowest against the Swiss franc in 8 years.

Although the Bank of Canada raised its rates again on Wednesday in a sign of persistent hawkishness around the world, South Korea’s central bank became the latest to pause its tightening campaign on Thursday.

Events to watch for later on Thursday:

* U.S. June producer prices, weekly jobless, June Federal budget

* U.S. corporate earnings: PepsiCo, Fastenal, Delta Airlines, Cintas, Conagra Brands

* Federal Reserve Board governor Christopher Waller, San Francisco Fed President Mary Daly speak

* U.S. President Joe Biden meets Nordic leaders in Helsinki

* Eurogroup finance ministers meet in Brussels, with European Central Bank President Christine Lagarde

* European Union-Japan summit in Brussels

* U.S. Treasury sells 30-year bonds, 4-week bills

Reuters Graphics
Reuters Graphics
Reuters Graphics
Reuters Graphics
Reuters Graphics
Reuters Graphics
Reuters Graphics

Source: www.reuters.com