(NEW YORK) — Much like its fellow fast food competitors slashing prices and offering special discounts to lure in customers, Arby’s is adding a new deal to its menu with its Double the Meats Meal.
For just $7, the new Double the Meats Meal includes a Double Roast Beef or Double Beef ‘N Cheddar sandwich, along with a medium fry and medium drink.
The Double Roast Beef sandwich boasts two times the amount of slowly roasted, thinly sliced-to-order, signature roast beef piled high on a toasted sesame seed bun.
The Double Beef ‘N Cheddar also piles on a double portion of roast beef, topped with cheddar sauce and zesty Red Ranch, served on a toasted onion roll.
The new deal comes on the heels of similar promotions and discounts from Arby’s competitors. In June, McDonald’s launched a $5 Meal Deal that includes a McDouble or McChicken sandwich, small french fries, a four-piece Chicken McNuggets and a small soft drink. Earlier this month, the fast food giant extended the popular deal through December.
Several other fast food chains including Burger King, Wendy’s, Starbucks and Taco Bell have rolled out comparable discounts, hoping to entice customers looking to stretch their dollars as much as possible.
(WASHINGTON) — The Federal Reserve has held interest rates steady at a 23-year high since last July — but a rate cut is widely expected in the coming months. On Wall Street, the outlook for an interest rate cut has shifted from if to when.
The central bank will issue its latest interest rate decision on Wednesday after a months-long stretch of data has established the key conditions for a rate cut: cooling inflation and slowing job gains.
Still, economists expect the Fed to leave interest rates unchanged on Wednesday, offering the central bank time to ensure current trends hold ahead of its next meeting in September.
The chances of an interest rate cut at the Fed’s meeting in September stand at more than 85%, according to the CME FedWatch Tool, a measure of market sentiment. The same tool shows the odds of a rate cut on Wednesday at a meager 5%.
The economy appears to be hurtling toward interest rate cuts later this year, nevertheless. Such an outcome would deliver long-sought loan relief for households and businesses saddled with expensive debt.
Price increases have slowed significantly from a peak of more than 9%, though inflation remains a percentage point higher than the Fed’s target rate of 2%. An outright drop in prices in June compared to the month prior marked a major sign of progress in slowing inflation.
The labor market has continued to grow but its breakneck pace has cooled. The unemployment rate has ticked up this year from 3.7% to 4.1%.
The Fed is guided by a dual mandate to keep inflation under control and the labor market strong. The monthslong stretch of good news for inflation alongside bad news for unemployment has prompted the Fed to give additional consideration to its goal of keeping Americans on the job, Fed Chair Jerome Powell said last month.
“For a long time, since inflation arrived, it’s been right to mainly focus on inflation. But now that inflation has come down and the labor market has indeed cooled off, we’re going to be looking at both mandates. They’re in much better balance,” Powell said at a meeting of The Economic Club of Washington, D.C.
“That means that if we were to see an unexpected weakening in the labor market, then that might also be a reason for reaction by us,” Powell added.
However, robust economic data released last week may complicate the path toward a rate cut.
The U.S. economy grew much faster than expected over three months ending in June, accelerating from the previous quarter and defying concerns about a possible slowdown, according to data from the U.S. Bureau of Economic Analysis.
If the Fed cuts interest rates as the economy is heating up, the central bank risks rekindling rapid price increases.
After the economic data came out last Thursday, the odds of a September interest rate cut fell to about 80%. The dip in sentiment proved temporary, however. The odds have risen seven percentage points since then.
(NEW YORK) — Trump Media & Technology Group’s stock dropped more than 11% this week, suffering from sour sentiment after a weak earnings report and the return of former President Donald Trump to rival social media platform X.
The company’s woes stretch back to the middle of last month. Since then, the stock for the Truth Social parent company has plummeted by about 43%. Yet as the stock continues to slide, some of its investors remain unfazed, telling ABC News they are optimistic about the company’s financial outlook, or intend to stand by it as an expression of their support for Trump.
Todd Schlanger, an interior designer from West Palm Beach, told ABC News that he purchased shares in Trump Media because he supports Trump’s politics and believes in his businesses.
“I’m a Republican, so I supported him. When I found out about the stock, I got involved because I support the company and believe in free speech,” said Schlanger, who said he owns approximately a thousand shares of the company.
A frequent user of the social media platform, Schlanger boasted about the user interface – “It’s like a combination of X and Facebook” – and said he looked forward to the expansion of the company’s streaming services.
“I think it’s going to be as strong as Facebook or Twitter,” said Schlanger.
Other investors said they primarily saw Truth Social as a way to support the former president.
“I did it more as a statement to President Trump and to show support at the time. I wasn’t really looking to make a lot of money,” said Teri Lynn Roberson, who bought five shares of the company as the company neared its peak stock price after going public in March.
Roberson said she was unconcerned about the stock’s poor performance or the impact of Trump’s potential return to rival X, the latter of which she said could benefit Trump’s presidential campaign by expanding his audience of supporters beyond the “echo chamber” of Truth Social.
“I’m way at a loss, but I am OK with that. I am just watching it for fun,” Roberson said.
Truth Social’s stock performance holds significant financial implications for the former president, who owns a 65% stake in the company. Truth Social shares make up a large portion of Trump’s overall net worth, according to Fortune.
Truth Social did not immediately respond to ABC News’ request for comment.
Truth Social’s recent losses
An earnings report released last Friday showed, Truth Social had lost more than $16 million over a three-month period ending in June. The company brought in revenue of about $836,000, down 30% from $1.2 million a year earlier, the earnings report showed.
In a statement released following the earnings report, Truth Social CEO Devin Nunes applauded the company’s balance sheet, including $344 million in cash and no debt.
“From the beginning, it was our intention to make Truth Social an impenetrable beachhead of free speech, and by taking extraordinary steps to minimize our reliance on Big Tech, that is exactly what we are doing,” Nunes said.
Investors, however, reacted poorly to the quarterly report when trading opened on Monday, and the stock price continued to drop when Trump then posted on rival X for the first time in roughly a year. It marked just his second post on the platform since January 2021, when the company suspended Trump in the aftermath of the Jan. 6 attack on the Capitol “due to the risk of further incitement to violence.”
After tech billionaire Elon Musk purchased what was then known as Twitter in Oct. 2022, he lifted the ban the following month. On Monday, Musk spoke with Trump in an interview that was broadcast on the platform.
While the former president is bound by an exclusivity agreement with Trump Media & Technology Group to post personal content first to Truth Social, Trump can make “politically-related” posts on other social media sites, according to the agreement. Other than a series of political posts on Monday, Trump has refrained from using social media sites beyond Truth Social.
Michael Rogers, who owns a masonry company in Asheville, North Carolina, said he first bought shares of Truth Social in 2022, before the company went public. Since then, Rogers has acquired more than 10,000 shares, he said.
Rogers, who said he plans to vote for Trump in November, bought the shares as both an expression of political support and as a sign of confidence in the company’s financial outlook, he said. “It’s a 50-50 balance of the reasons I started investing in Truth Social,” Rogers told ABC News.
Trump’s return to X this week did not bother Rogers, since the platform allows Trump to reach a larger audience, Rogers said. The weak earnings report last Friday did concern him, however.
“The revenue just isn’t there,” Rogers said. “That’s something the company has to work on.”
Despite the stock’s recent struggles, Rogers said he retains confidence in the business.
“I’m in it for the long haul,” Rogers said.
Analyst outlook
Analysts described the performance of Truth Social as the characteristic fluctuation of a so-called “meme stock.” The term – made famous by pandemic-era examples such as GameStop and AMC – indicates a company that largely appeals to investors on the basis of ideology, rather than financial outlook.
Truth Social’s value climbed about 30% in the immediate aftermath of an assassination attempt against Trump in July, reaching a price of $40 a share. That figure marked the highest level for the stock in more than a month, but shares still stood well below a peak of about $66.
The share price now stands at about $23, amounting to a drop of nearly two-thirds from its peak.
Tyler Richey, an analyst at Sevens Report Research, said the decline of the stock price in recent weeks has coincided with the emergence of Vice President Kamala Harris as the Democratic presidential nominee. A surge for Harris in voter surveys has damaged perception of Trump’s election prospects, Richey told ABC News.
“The stock has ebbed and flowed with sentiment toward former president Trump,” Richey said. “It doesn’t help that Trump was pretty much exclusively using Truth Social and decided to join Elon Musk with X.”
Jay Ritter, a professor of finance at the University of Florida, said Truth Social’s poor financial performance leaves it vulnerable to negative news and darkens its long-term outlook.
“For a long time, I’ve been saying that the stock will be volatile but that the long-run trend will be down,” Ritter said.
“What’s lacking for the true believer in the company story is, ‘OK, where is the business strategy that will be generating revenue?'” Ritter added, noting by contrast that it makes sense for die-hard Trump supporters to back the stock.
“I don’t think it’s irrational for people to do that,” Ritter said. “On the other hand, I generally don’t go out of my way to further line the pockets of billionaires.”
Trump supporters rushing to purchase shares in Truth Social provided other investors an opportunity to cash in on the company’s tumultuous stock price. With anticipation building ahead of Trump Media & Technology Group’s merger in March with Digital World Acquisition Corporation, Mitchell Standley exercised a few call options – contracts that allow an investor to buy a stock at a predetermined price – to make a 1,500% return on his investment.
“It was basically just a pump and dump,” Standley told ABC News. “I knew that once they merged, all of his supporters were going to dump a bunch of money into it and buy it up.”
Since March, Standley has avoided the company, he said, attributing its volatile stock performance to a lack of business fundamentals.
“I made my money and am staying away from it,” Standley said.
(WASHINGTON) — The major party vice presidential nominees — Democrat Tim Walz and Republican JD Vance — sharply disagree on a range of issues. The differences in their personal finances are just as stark.
Minnesota Gov. Tim Walz, a former teacher and member of the U.S. House of Representatives, earns about $127,000 in salary per year, retains no stock holdings and relies on a pension account as his primary asset, financial disclosures show.
By contrast, Sen. JD Vance, R-Ohio, a former venture capitalist, brought in roughly $221,000 in 2022 from salary and book royalties, as well as hundreds of thousands in investment income, a U.S. Senate financial disclosure showed. He also held significant wealth in brokerage accounts and dozens of business investments, according to the financial disclosure.
Here’s what to know about the personal finances of Walz and Vance:
What are Tim Walz’s finances?
As governor, Walz earns an annual salary of $127,629.
In 2019, Walz reported a pension account worth as much as $100,000, as well as a life insurance plan with a value as high as $50,000, according to a financial disclosure that year.
Walz does not invest in any stocks, bonds or other securities, according to a U.S. House disclosure in 2019. As of January, Walz continued to forego ownership of any securities, a Minnesota financial form shows.
He does not invest in real estate, either. Walz and his wife, Gwen, appear to have sold their home in Mankato after gaining access to the governor’s mansion, the Minnesota form shows.
As of 2019, Gwen Walz earned income from a Minnesota public school and law firm Hogan Lovells, according to a U.S. House disclosure.
In all, the couple carried a net worth of between $112,000 and $330,000 in 2019, according to the disclosure. Tim Walz’s pension could add up to an additional $800,000 to the couple’s net worth, the Wall Street Journal estimated.
A disclosure filed in Minnesota in January offers little additional detail about Walz’s finances. Walz does not own a business, earn speaking fees or hold horse racing interests, the form said.
What are JD Vance’s personal finances?
Vance took in more than $1 million in 2022, according to a U.S. Senate financial disclosure form.
Those earnings included roughly $110,000 in salary at venture capital firm Narya Capital Management, as well as about $121,000 in royalty payments for sales of his book “Hillbilly Elegy.” Vance also made hundreds of thousands in investment income from holdings such as real estate rental fees and stock dividends.
Vance holds a host of assets, including brokerage accounts, cryptocurrency, real estate and investments in dozens of businesses.
In 2022, Vance valued his real estate holdings at between $500,000 and $1 million and declared possession of as much as $250,000 worth of bitcoin, the 2022 disclosure form said. A set of mutual and exchange-traded funds held by Vance was worth as much as $3.25 million combined, according to the disclosure form.
Vance’s wife, Usha Vance, earned more than $1,000 in salary from the Washington D.C.-based law firm Munger, Tolles & Olson in 2022, the disclosure form said.
In all, Vance and his wife boast a net worth of between $4 million and $10.4 million, excluding real estate, a Wall Street Journal analysis found.