At age 62, Colonel Sanders franchised Kentucky Fried Chicken in 1952.
Born Harland Sanders in 1890, he perfected his secret chicken recipe over many years. By franchising at 62, he transformed a humble roadside restaurant into an international phenomenon.
His story proves that it’s never too late to achieve groundbreaking success.
Market Wrap
Flood of Data Confirms Economy’s Solid Foundation
Barr Flags Trade-Driven Uncertainty for Small Businesses: Governor Michael Barr, in opening remarks at the Northeast/Mid-Atlantic Small Business Credit Symposium, said the U.S. economy remains on solid footing with low unemployment and easing inflation, but cautioned that paused tariffs and trade‐policy uncertainty are denting business and consumer sentiment and could strain small-business supply chains. He emphasized that credit access and resilience for smaller firms will be critical as those trade disruptions unfold.
Powell Launches Policy Framework Review: Fed Chair Jerome Powell told attendees at the Second Thomas Laubach Research Conference that the Fed is undertaking its first full review of the 2020 monetary‐policy framework in light of persistent supply shocks and unexpected inflation dynamics. He said officials will reconsider how they balance employment shortfalls and average-inflation targeting, aiming to make the consensus language more robust and communications clearer going forward.
House Advances Trump’s Budget and Tax‐Cut Plan: Congressional Republicans approved key elements of President Trump’s “Big Beautiful Bill,” including $4 trillion in new borrowing paired with significant tax cuts and spending reductions, stoking concerns over higher deficits, lifting the term premium on long‐dated Treasuries and applying downward pressure on equity valuations.
Trump Signals Iran Nuclear Deal Imminent: President Trump told investors that a preliminary agreement with Iran was “close” and had been “partially accepted” by Tehran, fueling hopes of a resolution that sent oil prices down about 3%, knocking U.S. energy stocks like Chevron and Exxon Mobil.
Saudi Arabia’s Covert Oil Diplomacy via OPEC+ Production Boost: Behind the scenes during President Trump’s visit, Saudi Arabia quietly increased OPEC+ production, lowering global crude prices as a strategic gesture to support U.S. inflation policy and bolster bilateral ties—highlighting how energy decisions by the Kingdom still shape market dynamics even when not publicly touted.
Producer Price Index Falls: The U.S. Producer Price Index for final demand unexpectedly dropped 0.5% in April—the largest monthly decline since 2009—driven by a 0.7% plunge in service‐sector prices and unchanged goods prices, underscoring easing inflationary pressures at the wholesale level.
Retail Sales Barely Rise: Advance estimates showed U.S. retail sales in April inched up just 0.1%, down sharply from a 1.7% gain in March, with core retail sales (excluding autos, gas, and building materials) declining 0.2%, signalling that consumer spending momentum may be waning amid tariff‐driven uncertainties.
Jobless Claims Steady: Initial jobless claims held at 229,000 for the week ending May 10—unchanged from the prior week and in line with expectations—indicating that the labor market remains resilient despite broader economic headwinds.
Inventories and Sales Up Modestly: The combined value of U.S. manufacturing shipments and wholesale & retail trade sales for March rose 0.7%, while inventories ticked up 0.1%, leaving the inventories-to-sales ratio at 1.34, which suggests a still‐balanced supply/demand backdrop for business investment.
UnitedHealth Group shares plunged 11% after reports of a Justice Department investigation into alleged Medicare fraud in its Medicare Advantage division.
