Musk Sides With Harshest Fed Critic, Bitcoin Gets Gloomy Prediction, Amazon, Berkshire In Focus With Biden's Tax Law And More: 5 Key Stories You May Have Missed From The Weekend

Zinger Key Points
  • The Fed's rate-hike effect is beginning to show up in all spheres.
  • Bitcoin is set to plunge below $14,000, an analyst warns.
  • McDonald's is forced to raise prices in Japan.

Following the Fed-induced sell-off in the week ended Sept. 23, discussions over the weekend centered around whether Federal Reserve Chairman Jerome Powell and his team would announce yet another aggressive rate hike.

Here is a quick roundup of five stories you may have missed from the weekend:

Bitcoin Below $14K? The drop in tech-heavy Nasdaq is bad news for Bitcoin BTC/USD, according to crypto analyst Nicholas Merten. The expert predicts that the apex crypto will decline by an equalized amount if Bitcoin remains neutral to Nasdaq. Merten sees the possibility of Bitcoin moving toward the $13,600-$14,000 level. At the time of writing, the crypto was trading at 19,099.96, up 0.11%.

New Tax Rate May Hurt Amazon, Berkshire The Most: A study conducted by the University of North Carolina Tax Center showed that the new 15% minimum corporate tax proposed by the Biden administration would hurt Amazon Inc. AMZN and Warren Buffett’s Berkshire Hathaway Inc. BRKA BRKB the most, according to reports.

Berkshire may have had to shelve out $8.3 billion and Amazon over $2.7 billion if the tax rate was applied to 2021 profits, the study found.

Musk Concurs With Wharton Professor On Fed: Elon Musk seconded the opinion of Wharton Finance Professor Jeremy Siegel, who came down heavily upon the U.S. Federal Reserve’s decision to aggressively raise rates to contain inflation. The professor blamed the central bank for not acting in 2021 when prices were northward bound and acting with vengeance now even as prices are falling.

“They were way too easy through 2020 and 2021,” Siegel said. “Now the Fed says, ‘We’re going to be real tough guys until we crush the economy,’” he added.

No Love Lost Between Trump And DeSantis: Former President Donald Trump thinks he nurtured Florida Governor Ron DeSantis and is very upset that the latter has now turned against him, according to a Washington Post report. “I made him,” Trump reportedly told his advisers, adding that DeSantis had been ungrateful.

“I don’t understand what happened here. I don’t understand why he doesn’t appreciate me more.”

Weak Yen Bites McDonald’s: Reeling under the onslaught of a weaker yen, McDonald’s MCD Japan unit is planning to raise prices of about 60% of its products, with the hikes ranging between the equivalent of $0.07-$0.21, Bloomberg reported, citing a company statement. The increased prices will come into effect on Sept. 30.

What Else: Women increasingly rank financial security as one of the most crucial factors of well-being, according to the 2022 Ellevest survey. Read on to learn more about the other findings.

Digital World Acquisition Corp. DWAC said in a filing that private investment in public equity investors representing about $138.5 million in financing commitment withdrew their offer in a blow to the SPAC, which has agreed to merge with the Trump Media And Technology Group, that owns the Truth Social platform.

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Posted In: CryptocurrencyNewsSocial MediaPoliticsSmall CapTop StoriesEconomicsFederal ReserveMarketsTechMediaGeneralDonald TrumpInflationJerome PowellJoe BidenNASDAQTRUTH Social
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