Shares of automakers were rising before a deadline later in the day set by the United Autoworkers. The union has threatened to broaden its limited strike.
The money automakers spent on stock buybacks to raise shareholder profits, rather than on wages or investments in a green future, helps explain why workers are stepping up the pressure.Shares of automakers were rising ahead of a deadline later in the day set by the United Autoworkers. The union has threatened to broaden its limited strike against Detroit’s Big 3 unless more progress is made toward a new labor deal. Ford was up 3.9%, and General Motors rose 2.2%.
Hanging above them all is the realization sinking in on Wall Street that interest rates may be staying higher for longer. The Fed indicated Wednesday that it may raise its main interest rate one more time this year. From there, the most likely path predicted now would be half a percentage point of cuts from a level of 5.50% to 5.75%. Three months ago, Fed officials were thinking a full percentage point of cuts may be the likeliest outcome.
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