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The decelerationwas largely a result of pork pricesgrowing at an annual pace of 6.4% in August from 16.1% in July. The San Francisco Fed admitted that a startup can predict its interest rate forecasts .Prattle, a textual analysis specialist, was able to predict what the Fed's upcoming "dot plot" would look like by using amachine-learning algorithm to give each Fed communication a score. Jeff Gundlach is "defensive on bonds." During his quarterly webcast, Gundlach said he believes interest rates have bottomed and that corporate bonds are "highly overvalued." Elon Musk called theSpaceX explosion "the most difficult and complex failure we have ever had. "In a series of tweets sent out earlyFriday morning Musk said, "Particularly trying to understand the quieter bang sound a few seconds before the fireball goes off. May come from rocket or something else." Wells Fargo is paying a $185 million fine to settle a fraud case .The US' largest bank by assets has reached the settlement with Los Angeles prosecutors after it allegedly opened more than 2 million fee-generating accounts that might not have been authorized, Reuters says. Burberry is slashing prices in Hong Kong because of Brexit .The luxury retailer is slashing the prices of leather handbags by as much as 20% as a result of the British pound's depreciation following the UK's decision to leave the European Union, South China Morning Post reports. Stock markets around the world are lower.Overnight, Australia's ASX (-0.9%) lagged. In Europe, markets across the region are down by about 0.3%. S&P 500 futures are down 4.50 points at 2,173.00. Earnings reporting remains light. Hovanian Enterprises andKroger will release their quarterly results ahead of the opening bell. US economic data is trickles out.Wholesale inventories will cross the wires at 10 a.m. ET and the Baker Hughes rig count will be announced at 1 p.m.
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