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Kraft Heinz CFO, FOMC Decision, and CFO Soft Skills

Jun 15, 2023

Economic and earnings assessments of the second quarter pour in this week.

“July, she will fly.”

The idea that Simon and Garfunkel put forth nearly sixty years ago still stands true. The summer is passing quickly, and alongside all the work that financial leaders are putting in this quarter, we hope they are also using this time to spend with friends and family wherever possible.

Much like the time that has passed in July and the time that has passed since Simon and Garfunkel’s peak, the days, weeks, and months truly go by fast. So, if you’re head down in your summer grind, look up and take a breath before pumpkins and sweaters are thrust upon you.

If your beach reading is missing some financial crime, the FTX Sam Bankman-Fried case has all the makings of the Nicholas Sparks/George Orwell collaboration we’ve been waiting for. The group not only tried to buy a private island to start a new post-apocalyptic superspecies, according to documents released in court, but Bankman-Fried’s former lover and business partner Caroline Ellison allegedly paid herself over $22 million when she saw the company’s collapse was imminent.

(The Trial Balance is CFO’s weekly preview of stories, stats, and events to help you prepare.)

This week, reporter Adam Zaki will publish a Q&A with Andre Maciel, executive vice president and global CFO of Kraft Heinz. Zaki and Maciel discuss his recent 10-year anniversary with the company, why he has chosen to stick around, his views on culture and technology, and the development of his skill sets that lead him to his current position.

Also, this week, our 6 a.m. CFO series features Deanna Strable, CFO of Principal Advisory Group. She has spent over 30 years with the Fortune 250 company, whose perspective focuses on promoting longevity, productivity, and efficiency. (7/28)

Monday — S&P Global releases “flash” readings (an early or advanced estimate) on the purchasing managers indices for U.S manufacturing and U.S. services for July.

Tuesday — Can the Case-Shiller 20-city home price index continue rebounding? The report for May arrives at 9 a.m.

The Conference Board releases its consumer confidence index numbers for July, which may nor may not show “greater confidence about future business conditions and job availability,” as they did in June.

Wednesday — On the second day of its June meeting the Federal Open Market Committee releases its decision on interest-rate policy, followed by a press conference with Chair Jerome Powell. Fed funds futures imply a more than 99% chance of a 25-basis-point increase, to 5.5% at the top end.

At an open Securities and Exchange Commission meeting, commissioners will discuss whether to adopt rules to enhance disclosures on cybersecurity risk management, governance, and security breaches subject to reporting requirements.

Commissioners will also consider whether to propose rules related to broker-dealers’ and investment advisers’ use of predictive analytics, artificial intelligence, and other advanced technologies in connection with certain investor interactions.

If those two meetings weren’t enough for a midweek summer day, the Financial Acccounting Standards Board will hold a meeting to discuss accounting guidance on segment reporting (which hasn’t been changed since 1997) and its research project on accounting for government grants.

Thursday — The European Central Bank announces its interest rate policy decision, which is also expected to be a 25-basis-point increase.

The U.S. Bureau of Economic Analysis releases the second quarter U.S. gross domestic product numbers. The median prediction for GDP growth is 1.7%, down from the first-quarter’s final reading of 2%. The Atlanta Fed’s GDPNow estimate for second-quarter growth is 2.4%.

Data on durable goods orders, the U.S. trade balance in goods, retail inventories, and wholesale inventories are also due.

Friday — The U.S.’s personal income and outlays report, released monthly, includes the highly anticipated PCE inflation numbers for June. The median estimate by economists for the FOMC’s preferred inflation measure, the core PCE price index (excluding food and energy), is 4.2%, down from May’s 4.6%. That would still be more than double the Fed’s historical target.

Earnings this week — A busy one, with tech giants and bellwether consumer companies detailing their Q2 performance. Reports include Whirlpool, F5 Networks, Liberty Global, Medallion Financial, Logitech, Microsoft, Alphabet, Snap, Visa, Cal-Maine Foods, Domino’s Pizza, Texas Instruments, Chubb, Robert Half, Meta, Chipotle Mexican Grill, McDonald’s, Unilever, Kimberly-Clark, ServiceNow, Mattel, United Rentals, Seagate Technology, Valmont Industries, Western Union, Pilgrim’s Pride, Raymond James Financial, Ford Motor, Intel, T-Mobile, Skechers, Mondelez International, Live Nation Entertainment, Beazer Homes, Coursera, Principal Financial, and Coca-Cola.

John Touey of executive search firm Salveson Stetson Group explains how finance executives can increase their competency in “soft skills,” an area that is differentiating success among the CFO ranks. (7/28)

— Elon Musk in his tweet announcing the social media site’s rebranding and gradual removal of its iconic logo. Twitter is now “X.” CEO Linda Yaccarino (@lindayacc) called the platform “the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking.”

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