Note to readers: There will be no newsletter on Monday in observance of Presidents Day. The Morning Ledger newsletter returns on Tuesday.

Good morning. Finance chiefs continue to hammer away at their companies’ expense lines despite a much improved economic backdrop and increased confidence that the U.S. economy has sidestepped a recession.

In recent weeks, U.S. companies including Hershey, Mattel and Estée Lauder announced new plans to chisel back costs and improve profit margins, in some cases resorting to layoffs. By trimming expenses, some finance chiefs are freeing up cash for growth plans, as they also face growing resistance to the fevered price increases that began with the pandemic, corporate advisers said.

Consumer inflation eased a bit in January, rising 3.1% from a year earlier, versus 3.4% in December, but the decline was less than investors expected, sending stock markets tumbling and clouding the outlook for interest-rate cuts from the Federal Reserve.

🗓️ Earnings

• NatWest Group
• PPL
• Vulcan Materials

📈 Economic indicators

The University of Michigan releases its Consumer Sentiment Survey for February.

The BLS releases the producer price index for January.

Wells Fargo’s key regulator said it had closed the 2016 consent order placed on the bank for opening fake accounts, the subject of a yearslong scandal.

The Office of the Comptroller of the Currency said Thursday the bank had made sufficient progress revamping its systems that guard against customer harm.

• The influx of millions of unauthorized migrants in recent years has sparked a political firestorm that has paralyzed Congress and consumed election campaigns. But it also has a benefit: a bigger, faster-growing economy.
• Stocks rallied, with the S&P 500 reaching its 11th record close of the year.
• Meta Platforms on Thursday fired the latest shot in its longstanding feud with Apple.
• DraftKings plans to acquire lottery app Jackpocket for about $750 million in cash and stock in a deal that will allow the sports betting giant to expand into lottery games.
• Some electric-vehicle startups are making another round of price cuts to get more buyers interested amid softer-than-expected sales.

📰 Other headlines

• U.S. Shoppers Cut Back in January
• BlackRock Alum Launches Fund Focused on ‘Weird and Wonderful' Assets
• Realtors Are in Crisis—and Home Buyers Could Be the Winners
• Employers Open More Doors to Workers Without Degrees, but Few Are Getting In
• The U.S. Government Will Soon Spend More on Interest Payments Than Defense
• The Newest Trump Trade: Betting on Truth Social in an Election Year
• Alexei Navalny, the Kremlin’s Most Ardent Critic, Dies at Age 47

March 5-6, 2024 | New York, New York
Request an invitation | Participants and program

The era of cheap money is behind us and CFOs must now grapple with how to operate in a high interest rate environment, how fast to invest in artificial intelligence, and how to manage geopolitical tensions and thorny labor relations. With U.S. elections on the horizon, the CFO Network will discuss–through both newsmaking interviews and peer-to-peer discussions–how finance executives are reading the markets, driving the push for greater corporate efficiency and managing the pushback on ESG and DEI. Join WSJ journalists and some of the biggest names in corporate finance to discuss, debate and make headlines.

Confirmed speakers include:
Martin Small, Senior Managing Director, Global Head of Corporate Strategy and CFO, BlackRock
Bori Cox, CFO, Consumer and Community Banking, JPMorgan Chase
Paul Ryan, Vice Chairman, Teneo; 54th Speaker of the House

TTEC Holdings, an Englewood, Colo.-based customer service outsourcing company, named Kenny Wagers as chief financial officer, effective March 1, 2024. Wagers joins TTEC with a strong background in finance, operations, and supply chain management across large-scale multinational organizations spanning three decades. Prior to joining the company, he held senior executive level finance and operations positions at UPS, XPO Logistics, and Amazon.

• Companies have slowed hiring for ESG positions as they focus on cost cutting and higher investment returns.
• More than a decade ago, the consumer experience was completely transformed by mobile apps and social media. Now AI is set to shake up enterprises.
• Several cybersecurity vendors say they are cautiously optimistic that the worst economic stressors seem to be over, and the commercial climate is starting to improve.
• Property insurers are already raising rates because of climate change. Health insurers are now also calculating how to navigate climate change as more people fall ill from heat and pollution.
• 🎧 Listen to Boston Consulting Group’s François Candelon discuss how workers can be most effective while using generative AI.

Every weekend we select a handful of articles we think are worth a bit of your time, either because they peel back the layers on a compelling business story or somehow make us look at business in a different light.

• The Economist touts a new answer to the biggest climate conundrum. Will electrification of industry live up to its promise?
• The New York Times highlights some top lessons from a surprisingly resilient job market.
• Does DEI still matter? asks Bloomberg.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics ranging from corporate tax accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team is reporters Kristin Broughton, Mark Maurer and Jennifer Williams-Alvarez, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.