The Federal Open Market Committee (FOMC) statement on Wednesday will dominate the news this week. I remain in the camp that the Fed should not increas
further due to the fact that owner’s equivalent rent in the Consumer Price Index and wholesale service costs in the Producer Price Index rose only 0.3% and 0.2%, respectively, in August.
The UAW is prepared to expand strike locations depending on how the bargaining progresses. UAW President Shawn Fain said “This strategy will keep the companies guessing. It will give our national negotiators maximum leverage and flexibility in bargaining. And if we need to go all out, we will. Everything is on the table." Again, in my opinion, Mexico is going to be the big winner when the UAW strike is over.
The Wall Street Journal’s Editorial Board issued a scathing opinion piece entitled “A UAW Strike Made in Washington” with a subtitle “The underlying cause of the auto walkout is the Biden Administration’s forced electric-vehicle transition.” In addition to Mexico, which is making the Ford Mach-e and Chevrolet Equinox EVs, clearly, Tesla is also a winner in the EV wars.
So back to the Biden Administration’s EV goals. Already Ford and GM are making their most affordable EVs in Mexico. Furthermore, Stellantis has threatened to move its Ram pickup production to Mexico to remain competitive. Tesla is also planning on opening a manufacturing plant in Mexico. Confused? We all are. All I can tell you is the EV glut is growing, so more price discounts are likely. Only Tesla is making money in EVs in America and of course, since Tesla is non-union, the Biden Administration continues to largely ignore Tesla.
So if I was a UAW worker, I would want as much money as possible now, since I may not have a job in the upcoming years if the Biden Administration continues with its EV mandate. GM has apparently offered an immediate 10% pay increase, plus a 20% pay increase over the next four years, while the UAW is demanding 36% over the next four years.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. stocks open lower with Fed decision and comments on future interest rates dueU.S. stocks opened lower Tuesday, with traders readying for the Federal Reserve's interest rate decision Wednesday, as well as the central bank's comments on...
Read more »
European markets set to open in negative territory, with Fed in the spotlight this weekEuropean markets are heading for a negative open to start this week’s trading, following their Asia-Pacific counterparts lower.
Read more »
European markets set to open in negative territory, with Fed in the spotlight this weekEuropean markets are heading for a negative open to start this week’s trading, following their Asia-Pacific counterparts lower.
Read more »
European markets open in negative territory, with Fed in the spotlight this week; SocGen down 6%European markets opened lower to start this week’s trading, following their Asia-Pacific counterparts.
Read more »
European markets set for mixed open ahead of Fed meetingEuropean markets are heading for a mixed open Tuesday, with investors looking ahead to the start of the U.S. Federal Reserve's two-day monetary policy meeting.
Read more »
European markets open lower ahead of Fed meetingEuropean markets opened lower Tuesday, with investors looking ahead to the start of the U.S. Federal Reserve’s two-day monetary policy meeting.
Read more »