New U.S. Lodging Per Diems Disappoint

• Fed Chief Jerome Powell once again roiled the financial markets with a speech.
• JP Morgan cut its view on IHG Hotels & Resorts to Neutral from Overweight.
• Hoteliers did not seem very pleased with the US General Services Administration’s increase in lodging per diems for 2023.

Fed Chief Jerome Powell once again roiled the financial markets with a speech. His legacy is that he was a good leader of the Fed who never should have held a press conference because his comments always seem to have a negative effect on the market. The DJIA plunged 1008 points on Friday while Nasdaq was down 498, the S&P 500 fell […]