Bloomberg Money Minute: TikTok Deal, Inflation, Consumer Spending, and Turkish Airlines Expansion

TikTok Deal Terms

• 💡 TikTok's Chinese owner, ByteDance, is expected to benefit from the likely sale of its U.S. operations.
• 💰 The deal allows ByteDance to receive a licensing fee for its algorithm and an equity stake in U.S. operations, along with half of the profits from U.S. revenue.

Inflation and Consumer Spending

• 📈 The Fed's preferred measure of core inflation, the Personal Consumption Expenditures index, remained steady at 2.9% year-over-year last month.
• 🛍️ This steady inflation rate contributed to more robust consumer spending in the same month.
• ⚠️ Consumer sentiment edged lower due to hopes that inflation will rise, but not as rapidly as before.

Market Performance

• 📊 Stocks showed mixed performance, with the Dow up by a third of a percent and the S&P up a tenth, while the Nasdaq was down a fifth.

Turkish Airlines Expansion

• ✈️ Turkish Airlines announced plans to expand its fleet by adding 225 new Boeing aircraft.