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On September 18th, arguably the biggest surprise in the Federal Reserves latest interest rate decision was the single dissenting vote. Despite unfavorable circumstances, Fed Chairman Powell managed to achieve a near-unanimous consensus at this weeks monetary policy meeting. Newly appointed Governor Milan was the only vote against the 25 basis point rate cut. Milan, a close ally of Trump, was sworn in as an interim Fed governor on Tuesday. His objection was based on support for a larger rate cut—something Trump has been demanding for months. However, Governors Waller and Bowman, who had voiced dovish dissent in July, did not do so again this time. KPMG Chief Economist Diane Swonk said, "Its clear that Powell has successfully herded the cats together."Meghan Robson, head of U.S. credit strategy at BNP Paribas: "Todays Fed decision suggests the Fed will prioritize growth over inflation and may allow the economy to "overheat" until the inflation path becomes clearer. We believe this policy approach should currently support credit spreads."Syrian President: Security agreement with Israel is a "necessary move" and Syrias airspace and territorial integrity should be respected.Syrian president: Security talks with Israel may produce results in the "coming days."Scott Kimball, chief investment officer of the fixed income team at Loop Asset Management: "The Feds 12-month inflation forecast is 2.6%, which shows that it is more tolerant of inflation and may no longer be its primary focus. Implementing a looser policy on the basis of fiscal stimulus should support lower-quality corporate credit spreads."

Tesla Increases Model Y Costs by $1,000 After U.S. Tax Credit Rules Are Loosened

Charlie Brooks

Feb 06, 2023 10:43

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Tesla Inc increased the price of its best-selling vehicle, the Model Y, by $1,000 in the United States after the government lifted the price cap for crossover electric vehicles eligible for tax incentives.


Tesla (NASDAQ:TSLA) raised the price of the Model Y Long Range to $54,990 and the Model Y Performance to $57,990, an increase of $1,000 for each vehicle, according to its website's current and previous prices.


It was the second price hike in the past two weeks for the Model Y Long Range.


Prior to accounting for the $7,500 tax credit purchasers are now eligible to receive, the models are 15% and 17% less expensive than they were before Tesla lowered prices last month to stimulate demand.


In a reversal, the Treasury Department declared on Friday that crossovers such as the Model Y are eligible for electric car tax credits if they are priced at less than $80,000. The cap for vehicles, sedans, and station wagons is reduced to $55,000.


This was a victory for Tesla, General Motors (NYSE:GM), Ford, and other manufacturers who had lobbied the Biden administration to expand the vehicle definitions in the incentive plan's execution so that more of their lines would be eligible.


At the prior price, a Tesla Model Y customer could only add roughly $1,000 in extra equipment, such as a tow hitch, before the price exceeded the threshold at which the tax credit would apply.


In January, Tesla lowered prices globally in response to signals of weakening demand. It reduced costs again in South Korea on Friday.


After the initial round of price drops, Elon Musk, the company's chief executive, reported that vehicle orders were roughly double the company's output in January. He stated that the Model Y's first modest price hike was the result of a surge in consumer demand.