The appointment is “consistent with Musk’s emphasis on loyalty,” a trait he sometimes values over “conventionally ‘safe’ hires,” Cowen Partners’ Shawn Cole said.
Economists at companies ranging from Goldman Sachs to Ford Motor and KPMG to Wells Fargo now see only a 27% probability of recession in the next 12 months.
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Traders in interest rate futures bet that the Fed will take the inflation news in stride, raising the odds that it will trim borrowing costs by a quarter point next month.
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