The Fed meets today, NADA Show Tickets open, and IG Backlash

The Automotive Troublemaker w/ Paul J Daly and Kyle Mountsier

Welcome to Wednesday as we cover the potential developments around the Fed's meeting on interest rates, the 2023 NADA Show opening up tickets and all the fanfare, as well as Instagram CEO’s response to millions of disgruntled users.

• Many are calling today “Fed Day” in anticipation of interest rate conversations
  • The Fed is expected to raise interest rates 75 basis points today
  • Following positive 2nd quarter earnings calls, there is more optimism in the market, despite continued high inflation
  • Some economists are warning that the fed is having to rely on lagging indicators in the economy to make interest rate decisions, causing potential un-due change on turning markets.
  • Though inflation is high, the job market remained strong in June and looks to be on pace for the same in July, though reports will not surface until next week.
  • Take Away: Allow us to introduce you to Jonathan Smoke. Keeping a level head and remaining cautiously optimistic in automotive right now is key.

• NADA Show opens ticketing, room blocks, and announces key speakers
  • You won’t want to miss this fun and festive welcome reception, featuring trick ropers, line dancing, a honky-tonk band, mariachi music, flamenco dancing, mechanical bulls, armadillo races, western blackjack and so much more.
  • Prices go up Sept. 16th and we hear hotel rooms are going fast!
  • The push for industry partner tech updates is squeezed into 9 months this year
  • With education (incl. Our very own Paul J Daly) pushed out 6 months, where do you perceive the conversation will be centered around?
  • Take Away: The industry vibing together is a necessary part of our success. Have we told you about ASOTU CON!?

• Instagram changes spark backlash from its largest users and many more
  • The platform has changed its primary feed to feature reels and feel much more like TikTok
  • The Kardashians who have over 685M followers posted comments and a change.org petition started by another user to ‘Save Instagram’ specifically asking the platform to: BRING BACK CHRONOLOGICAL TIMELINES!, STOP TRYING TO BE TIKTOK!, AN ALGORITHM THAT FAVORS PHOTOS!, AN ALGORITHM THAT FAVORS PHOTOS!
  • This prompted a public response from Insta CEO Adam Mosseri: “We’re experimenting with a number of different changes to the app, and so we’re hearing a lot of concerns from all of you…I want to be clear, it’s not yet good. And we’re going to have to get it to a good place if we’re going to ship it to the rest of the Instagram community…“I want to be clear: We’re going to continue to support photos. It’s part of our heritage, That said, I need to be honest: I do believe that more and more of Instagram is going to become video over time. We see this even if we change nothing. We see this even if you just look at chronological feed.”
  • Take Away: Someone always gets displaced during change and innovation

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Hosts: Paul J Daly and Kyle Mountsier
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