Morning Business Report: Ackman touts stocks as Fed signals no rate cut, NFL expands streaming deals
Billionaire hedge fund manager Bill Ackman says now may be a strong opportunity for investors.
(LILAMAX)- Billionaire hedge fund manager Bill Ackman says now may be a strong opportunity for investors, calling certain stocks “stupid cheap” and pointing to government-backed mortgage companies as having major upside.
Ackman specifically highlighted Fannie Mae and Freddie Mac, saying they could deliver double-digit returns.
Meanwhile, Jerome Powell signaled the Federal Reserve is not expected to cut interest rates at its next meeting. Speaking at Harvard, Powell said despite rising gas prices tied to the conflict in Iran, inflation remains under control.
Treasury Secretary Scott Bessent says the IRS has received 79 million tax returns so far, with the average refund up nearly 11 percent compared to last year.
In sports, the National Football League has announced Las Vegas will host the Super Bowl in 2029, returning after last hosting the event in 2024.
The league is also looking to expand its presence on streaming platforms. Netflix is reportedly interested in adding a Thanksgiving Eve game, while YouTube and Amazon are expected to secure additional regular season games. Those matchups could shift away from traditional broadcasters as current media rights deals expire in 2029.
At the same time, a new Federal Reserve report is raising concerns about sports betting and younger Americans. Credit card delinquencies among people under 40 are up 8 percent, while auto loan delinquencies have risen nearly 6 percent.
Since the Supreme Court of the United States legalized sports betting at the state level in 2018, Americans have wagered an estimated $520 billion on sports — a trend now drawing increased financial scrutiny.
