Meta up on news that it will be cutting costs by 10% in the coming months.
The stock rose after the Wall Street Journal reported that the parent company of Facebook was resolute in cutting 10% in the coming months.
Meta has been getting rid of employees, with the reorganization of departments and only giving a short time for employees to find new positions according to WSJ.
This news comes on the same day that the Fed is expected to raise rates. Many are anticipating that the Fed will raise rates just shy of one full point (a .75 percentage point) as they have previously.
The annual inflation rate in August was 8.3% barely down from the month before. While gas has come in some it is still up quite a bit from the start of the Biden presidency.
Average Americans are still seeing jumps in groceries, rent, and electricity, basic necessities needed to get by.
The Fed’s move to increase borrowing costs has been at the fastest pace in decades and we have yet to see the results in the rapid increase in prices of goods.
The government continues to spend excessively most noticeable a move by President Biden to forgive College debt at the expense of the taxpayer.
Bank CEOs are also on Capital Hill testifying before congress on the same day the Fed is set to announce the rate hike.
Meta is not the only company moving to cut costs and employees. Tesla CEO Elon Musk has made move to get rid of some in executive positions while increasing positions in lower labor jobs.
It is unclear if the Fed will be able to construct a soft landing for the economy or if we will see a harsh recession or something in between.
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