Hi Treasure Friends,
The most important news in the finance world last week was a speech from the Fed Chair Jerome Powell where noted the labor market and economic growth may need to slow to ultimately achieve the Fed's goal; while at the same time being non committal about further interest rate hikes.
What the Treasure Team is reading
- Economy: The resilience of the US consumers Retail sales rose 0.7% in September, much stronger than estimate
- World Economy: Despite the call of a collapse China's third-quarter growth exceeds forecast, buoyed by consumer spending and industrial production
- Markets: As inflation remains above target Benchmark Treasury yield hits new 16-year high, climbs toward 5%
- Finance: Trying to capitalize on a new market Can JPMorgan Chase fill the startup banking void?
- Finance: The benefit of an implicit Government guarantee What banking crisis?
- Finance: A $4.1Bn business The Economy (Taylor’s Version)
- Physics: Fresh vs salty Should LA care about salt in New Orleans' tap water? Yes. Here's why
- Fintech: Apple processed $2Tr of payment last year Apple Pay Statistics (2023): Users, Market Share & Growth Rate
From the Treasure chest...
Best Buy gives up on DVDs: The consumer-electronics retailer will phase out sales of DVDs and Blu-ray discs both in-store and online in early 2024, according to industry sources familiar with the company’s plans. Best Buy made the initial decision to end DVD sales nine months ago, according to one source. Best Buy confirmed Friday that it is ending sales of DVDs. “To state the obvious, the way we watch movies and TV shows is much different today than it was decades ago,” a Best Buy spokesperson said in a statement to Variety. “Making this change gives us more space and opportunity to bring customers new and innovative tech for them to explore, discover and enjoy.” Amid the ascent of streaming video, sales of DVDs and Blu-Ray discs have been shrinking for years. U.S. physical media revenue in the first half of 2023 dropped 28%, to $754 million, compared with $1.05 billion in the year-earlier period, according to data from trade association DEG: The Digital Entertainment Group.
Have a great week!
The Treasure Team
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