Scandals continue at Wells Fargo
Looking deeper into what the Fed told us on Wednesday they reduced their projection for inflation from 1.9% to 1.7% in 2017. They raised gross domestic product projections from 2.1% to 2.2% for 2017 and lowered the projection for the unemployment rate from 4.5% to 4.3%. (LPL Research)
The scandals continue at Wells Fargo. Officials in its mortgage business were making unauthorized changes to home loans held by customers in bankruptcy, even as the bank was dealing with last year’s sales practices scandal. The changes lowered monthly payments but extended the terms. (NY Times)
Import prices dropped 0.3% in May, the steepest decline in 15 months. The decline was driven by falling fuel prices. The price index for imports climbed 2.1% over for the last 12 months. Export prices decreased 0.7% in May, Export prices are up 1.4% over the last year. (Labor Department)
Oregon-based Nike is trimming 2% of its global workforce.
Nike plans to focus on serving consumers in 12 cities, across 10 countries, with these locals representing over 80% of Nike’s projected growth through 2020. (CNBC)
Join us this weekend for Financial Focus Radio Show when Tyler and I will tackle your calls and mail questions.
The S&P 500 is up 5 and the NASDAQ is up 7. The MSCI international index is higher.
Oil is up 40 cents at $44.84 a barrel.
Gold is up $2 at $1257 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.