The Biden administration has officially started targeting a small group of meat packers for hitting consumers already facing inflation hard with higher beef, pork and poultry prices.
So $1 billion was sent to independent meat producers in an effort to break up what the White House is calling a “meat packaging monopoly...”
And don’t think these fundswon’t have a major impact on food stocks…
That’s mostly because a small group of meat packers controls about 85% of the industry’s total market share. And as a result, we’ll see strong upside from one particular name in 2022.
There was continued volatility in the markets today following comments made by Federal Reserve Chair Jerome Powell on Wednesday — and more in Thursday’s stock market recap.
Powell said the Fed “expects it will soon be appropriate” to raise interest rates, which is likely to happen this March.
Major indices rose immediately following this statement, only to give up their gains as the day wore on and Powell took on more targeted questions about the central bank’s balance sheet. He also acknowledged high inflation and said businesses and consumers feel it hasn't gotten any better.
In other news, the latest gross domestic product (GDP) data came in better than expected, indicating a strong end to 2021 despite the spread of the omicron variant. The GDP for the fourth quarter was 6.9% versus an estimate of 5.5%. The annualized rate is 5.7%, the strongest pace the U.S. has seen since 1984 during the Ronald Reagan administration.
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