Thursday, July 7 2022

In testimony before the House Financial Services Committee, Fed Chairman Powell assured lawmakers Wednesday that despite the state of geopolitics right now, the central bank is still “on the verge of raise interest rates at its meeting this month” in a bid to reduce high inflation. – NY Times and Bloomberg and WSJ

This course-holding approach helped inject some stability into the markets (for a day, at least), and all three major U.S. indices pared losses from the start of the week with a strong performance yesterday – NY Times and WSJ and MarketWatch

Oil prices hit an 8-year high this week, hitting almost $114 a barrel, thanks to the Ukraine crisis, but OPEC+ countries made it clear at their monthly meeting that they had no desire to increase production to “cool down prices”. Russia, it should be noted, is a member of OPEC+, and its Deputy Prime Minister “is co-chairman of OPEC Plus” – NY Times and WSJ

A diverse group of state AGs, including Massachusetts, Nebraska and California, have launched an investigation “into TikTok and the potential harm the popular social media app could pose to young users.” In particular, the survey focuses on “how TikTok was able to try to boost engagement and keep young users hooked on the app” – NY Times and Bloomberg and WSJ and Law360

While keeping its growing electric vehicle business in-house, Ford announced this week that it will spin off that unit from its combustion engine business as part of a company-wide reorganization that it hopes will -it, “will expand the automaker’s electric vehicle offerings and develop software and connected devices. -vehicle technology” – Bloomberg and WSJ and Tech Crunch

Amazon is closing more than 50 of its physical retail experimental stores, “including two dozen bookstores and more than 30 4-star Amazon stores selling general merchandise.” The closures wiped out “businesses that have failed to gain ground for the internet giant, which has tried for years to compete in retail without finding breakthrough success” – NY Times and WSJ and MarketWatch and Tech Crunch

A group of senators are wisely seeking further explanation from Treasury Secretary Yellen on how her department “plans to get cryptocurrency companies and other digital asset intermediaries to do their part in enforcing the economic sanctions against Russia” – all part of the larger questions we have is whether Russia can use cryptos to avoid recent waves of Western economic sanctions – NY Times and Law360 and HuffPost

SEC zeroes in on creators of NFTs and crypto exchanges where these tokens trade in new investigation to determine if “some of the assets violate agency rules” – Bloomberg

Locked in the throes of what feels like an endless winter here in the North as we are, you’ll forgive our need for this gravel garden tutorial based largely on verdant images alone – NY Times

Stay safe and boost yourself,

MDR

Previous

Comic Book Store Owner Explains Why Readers Buy Comics Before 'The Batman' Releases | Lehigh Valley Regional News

Next

Chamber of Commerce Awards Students and Teachers | News, Sports, Jobs

Check Also