FRB, Apple iPhone, REI
October 28, 2015
Wednesday – October 28
Federal Reserve bank members will end their two-day meeting on the health of the U.S. economy today in Washington, D.C. with a 2:00 p.m. ET release of its Monetary Policy Statement. There is little chance that the short term Fed Funds Rate will rise from near zero percent levels, given low inflation, mixed economic data and global economic uncertainty. The Fed Funds Rate is the interest rate at which depository institutions lend balances to each other on an overnight basis.
Tech giant and consumer products maker Apple Inc. reported strong quarterly earnings on Tuesday after the markets closed on Wall Street. Profits rose 31% on demand for its popular iPhone selling 48.04 million of the devices in the latest quarter. The company reported earnings per share of $1.96 versus the $1.88 expected and up from $1.42 in the previous quarter. iPhone sales in China rose a staggering 99%, where the brand has become akin to Prada bags or Rolex watches.
Talk about bucking the trend. Not only is one U.S. retailer not going to open their doors for business on Thanksgiving, it will also not be open on Black Friday. Outdoor gear shop REI announced that its stores will be closed on Black Friday so that its 12,000 employees, who will be paid for the vacation day, can spend some time outdoors with their families. REI President Jerry Stritzke said “Black Friday is getting out of hand” with the melees that occur over that big screen TV and the latest toy craze. Mr. Stritzke went on to say that the company is paying their employees “to go outside and enjoy the day after Thanksgiving with their families.”
