US consumer spending in May fell more than expected, but inflation pressures could force the Federal Reserve to continue raising interest rates next month. According to the Commerce Department, the personal consumption expenditure (PCE) price index rose 0.1% in May, down from 0.4% in April.
The Federal Reserve's preferred inflation index, the personal consumption expenditures (PCE) price index, fell to its lowest level since April 2021 as gas prices and food costs remained subdued. Consumer spending also increased by just 0.1% in May, compared to a solid 0.6% gain in April. However, core prices, which exclude food and energy costs, rose 4.6% in May from a year earlier, indicating that the Fed may need to continue raising interest rates to combat high inflation.
U.S. central bankers are likely to resume their interest-rate hike campaign after holding rates steady at 5%-5.25% in June, but their decision will depend on economic data in the weeks leading up to their next meeting on July 25-26. Key data that will shape the policy debate and expectations around the Federal Reserve's next move include inflation, manufacturing activity, Fed meeting minutes, job openings, employment, and inflation measures. The lack of progress toward the Fed's 2% inflation target makes it less likely that they will hold off on a rate hike in July.
The Supreme Court's ruling to eliminate racial preferences in university admissions is a cause for celebration, as it is morally wrong and unconstitutional to use race as a determining factor. For too long, Americans have justified equal outcomes through convoluted arguments. The decision in the Bakke case allowed universities to use race as a factor, leading to the institutionalization of racial quotas. However, it is time to move away from these contradictions and adopt the simple and logical approach of treating everyone equally. Disparities in educational attainment do not necessarily indicate systemic racism, as evidenced by the success of certain minority groups. Instead, we should focus on factors like family formation to address the underlying causes of these disparities.
Jim Powell, a successful adman, part-time stately home administrator, political author and activist, pottery entrepreneur, enthusiastic cricketer, and acclaimed novelist and historian, has died at the age of 76. Powell began his career in advertising before co-founding a pottery business called Holdenby Designs. He later worked as events director at Holdenby House and also pursued a political career, standing as a Conservative parliamentary candidate and writing a book on "One Nation" Conservatism. However, he became disillusioned with the direction of the Conservative Party and turned to writing novels. His debut novel, "The Breaking of Eggs," was an international success. He went on to write two more novels, "Trading Futures" and "Things We Nearly Knew," both of which received critical praise. Powell had completed his fourth novel, "While the Music Lasts," before his death. He also completed a PhD at Liverpool University on the cotton trade during the American Civil War and published a book on the subject titled "Losing the Thread." Powell was known for his natural curiosity and gift for friendship, as well as his sense of mischief and love of satire.
Hipgnosis, the designers who changed the record sleeve for ever
Guardian
23-07-03 09:00
Anton Corbijn, the director behind the film Control, has directed a documentary about the celebrated record sleeves of Aubrey “Po” Powell and the late Storm Thorgerson. Hipgnosis, the duo's design company, was one of the trailblazers of album cover design during the golden age of the late 60s and 70s. Their portfolio stretched into 1983, when the partnership ended. The documentary, Squaring the Circle (The Story of Hipgnosis), includes interviews with bands and artists such as Pink Floyd, Led Zeppelin, Peter Gabriel, 10cc and Paul McCartney. The film is packed with dry English humour, but also moments of poignancy. The documentary is in cinemas and on-demand from 14 July.
The Australian high commission to the UK has cancelled its annual pride party, sparking outrage. The event had gained a reputation as the diplomatic event of the year in London, and had been popular among influential queers of the British upper class. The cancellation has been met with speculation as to the reason behind it, and has led some to question whether the Australian government is trying to present itself as more austere in the face of the country’s current cost of living crisis.
The Federal Reserve meeting minutes from the June policy gathering are expected to show an active debate among policymakers regarding inflation. While some officials believe that more action is necessary to tame inflation, others feel that enough has been done. The minutes will also provide details about the officials' expectations for the economy, and some are particularly interested in the central bank staff's view. Fed economists have been warning of recession prospects and have recently published cautionary papers about the economy and financial system.
Attorney Lin Wood, who filed legal challenges seeking to overturn Donald Trump’s 2020 election loss, is retiring from practicing law rather than face possible disbarment. Wood has faced disciplinary action in multiple states for pushing Trump’s false claims that he defeated Joe Biden. He has asked officials in his home state of Georgia to retire his law license due to pending disciplinary proceedings. Wood has been a licensed attorney in Georgia since 1977. He moved to South Carolina several years ago and unsuccessfully ran for chairman of the state's GOP in 2021.
Attorney Lin Wood, who filed legal challenges to overturn Donald Trump's loss in the 2020 election, is retiring from practicing law instead of facing disciplinary action. Wood has faced possible disbarment for pushing Trump's false claims that he defeated Joe Biden. He has asked officials in Georgia to "retire" his law license due to pending disciplinary proceedings. Wood has been a licensed attorney in Georgia since 1977. Multiple states have considered disciplining him for his efforts to overturn the election results. Wood has not commented on the matter.
The safety of artificial turf fields in professional sports, particularly in the NFL, has been a topic of debate for many years. While artificial turf has practical and cost-saving benefits, concerns about player safety have led to a campaign to pressure NFL teams to switch from turf fields to grass. Studies have shown mixed results, with some finding that turf is less safe for athletes than natural grass, while others find little to no difference or even safety advantages for turf. The NFL Players Association (NFLPA) has taken a strong stance against turf fields and has accused the NFL of twisting injury data to support the safety of turf fields. Lawsuits alleging that artificial turf did not live up to durability or lifespan promises represented in advertising and marketing materials have already been filed against one turf manufacturer. These lawsuits, along with recent publicity and the involvement of the NFLPA, may lead to an increase in lawsuits claiming personal injury resulting from play on turf fields. Potential defendants in these lawsuits include turf manufacturers, companies that manufacture the various components of turf, and turf purchasers such as high schools, universities, and sports franchises. Lawsuits may involve claims of design defect and failure to warn, and plaintiffs will need to gather evidence linking turf fields to injuries and overcome potential obstacles such as other contributing causes and conflicts of interest in studies. Additionally, there is a recent report linking a rare brain cancer, glioblastoma, to artificial turf fields and the presence of per- and polyfluoroalkyl substances (PFAS) in the turf. While evidence is currently anecdotal, plaintiffs' lawyers are already using this connection to solicit clients for "artificial turf cancer" litigation. The effects of PFAS are already debated and litigated in other contexts, and settlements related to PFAS contamination may pave the way for PFAS claims related to artificial turf. However, further studies are needed to better understand the potential health effects of turf fields, and until there is more clarity, plaintiffs will face challenges in their lawsuits. Nevertheless, with the NFLPA's involvement and the growing public concern, litigation over the safety of artificial turf may be on the horizon.
The recent protests and social disorder in France have raised questions about the impact of civil unrest on the stock market. While street protests can mark a turning point or force policy changes, they don't reliably have a significant impact on stocks. Financial globalization has reduced the significance of geography for investors, and stock markets are loaded with multinational companies, making it difficult to draw conclusions from them. The recent protests in France have coincided with a period of underperformance for the country, but it's uncertain whether they created a buying opportunity or if the stock market will continue to rise during further riots.
Extreme events of disorder, such as riots and violence, are symptomatic of something being wrong in a country. However, these events are complex and don’t lend themselves well to the thinking of investors and risk managers. The effects of social disorder on the stock market are difficult to predict and can be overshadowed by other forces. Attempting to call the impact of extreme events in real-time is risky, and it’s important to consider other factors that may be having a greater effect on prices.
While civil disorder can have political ramifications, as seen in the case of the Ferguson riots contributing to Donald Trump’s presidential victory, its impact on the stock market is less clear. The pandemic and the financial measures taken to address it have had a greater impact on stock markets than social disorder. The recent protests and violence in the US following the police killing of George Floyd did not derail the stock market rally that had already been underway. The long-term effects of civil disorder on stock markets are uncertain, and investors should be cautious when trying to time markets based on such events.
A controversial ruling by a Trump-appointed judge has been exposed as containing its own misinformation. U.S. District Judge Terry A. Doughty’s 155-page order, which was celebrated by conservatives who believe that social media companies are guilty of government censorship, has been found to contain errors. In the order, Doughty refers to a statement from then-White House communications director Kate Bedingfield as taking place at a “White House Press Conference” when, in fact, Bedingfield made the comment on MSNBC. Doughty also makes a spelling mistake in his introduction and leaves off the “s” in “Communications” in three out of eight mentions of the Communications Decency Act.
A new film from Pixar called Elemental, which focuses on the elements of fire, water, earth and air, will be released in July. Teenage Mutant Ninja Turtles: Mutant Mayhem, written by Seth Rogen and Evan Goldberg, is also due to be released and has an animation style similar to Spider-Man: Into the Spider-Verse. Anton Corbijn's Squaring the Circle, a documentary focusing on the creators behind some of the most iconic album covers, is also set to be released.
Feds search crypto exec’s home amidst stalking, hacking allegations: NYT
Hill
23-07-07 00:42
The FBI conducted a search of Jesse Powell's home in March after allegations that the founder of cryptocurrency exchange Kraken had hacked and cyber-stalked a nonprofit organization he also founded. The investigation focused on claims that Powell interfered with the digital accounts of the Verge Center for the Arts and blocked their access to communications. Powell's electronics were seized, but he has not been accused of any crimes. Powell was previously removed from the Verge board of directors in 2022 following allegations of attempting to ignite a "culture war" among employees. A spokesperson for Kraken stated that the investigation had nothing to do with the cryptocurrency exchange, and Powell's lawyer denied the hacking and cyber-stalking allegations.
Special counsel digging into Oval Office meeting in final days of Trump ...
Hill
23-07-07 12:41
Special counsel Jack Smith is investigating an Oval Office meeting that took place in December 2020, during the final days of the Trump administration. The meeting involved former Trump attorney Sidney Powell, former national security adviser Michael Flynn, and former Overstock CEO Patrick Byrne, among others. They discussed a plan to have the military seize voting machines in key states, appoint Powell as a special counsel to investigate voter fraud, and declare martial law to overturn the election results. Witnesses have been questioned by Smith's team, including former Trump attorney Rudy Giuliani and former national security adviser Robert O'Brien. The meeting was previously discussed in testimony to the House select committee investigating the January 6th insurrection at the Capitol.
The Hill’s 12:30 Report — Jack Smith digging into the end of Trump’s presidency
Hill
23-07-07 16:30
Special counsel Jack Smith is reportedly investigating a meeting that took place in the Oval Office near the end of former President Donald Trump's term, during which officials discussed options for Trump to stay in the White House. According to CNN, the meeting occurred on December 18, 2020, after President Joe Biden had defeated Trump in the election. Unofficial advisers, including attorney Sidney Powell, former national security adviser Michael Flynn, and former Overstock CEO Patrick Byrne, met with White House officials to discuss the potential nullification of the election results. CNN reports that people attending the meeting shouted at and insulted one another. Smith's team is reportedly looking into the meeting as part of its investigation into efforts to overturn the election. Smith has already charged Trump with retaining classified material after leaving office and attempting to obstruct federal efforts to recover the documents.
The New York Times has compiled a list of the 50 best films currently streaming on Netflix in the US. The list includes classics such as James Cameron’s Titanic, The Imitation Game, Mrs. Doubtfire, Magic Mike, and Mean Girls. More recent films featured include The Lost Daughter, The Harder They Fall, Tick Tick…Boom!, and Don’t Look Up.
While the list is subjective, it helps viewers navigate the sheer volume of content available on Netflix and highlights some hidden gems. Streaming services often remove titles or change release dates without notice, so it’s worth keeping an eye on the list for any updates.
Netflix has over 200 million subscribers globally, but the sheer volume of content on the platform can make it difficult for viewers to find high-quality films. Lists like this help viewers quickly identify some of the best films on offer. It is also a good way for Netflix to promote its content and encourage more viewers to sign up or keep their subscriptions active.
House Oversight chair presses Fed for more information on SVB collapse
Hill
23-07-10 17:49
House Oversight Committee Chairman James Comer (R-Ky.) pressed Federal Reserve Chairman Jerome Powell for information as his panel probes the collapse of Silicon Valley Bank (SVB), alleging the agency has been insufficiently responsive to previous requests.
Doctor behind once-viral TikTok page stripped of medical license by state board
Hill
23-07-13 10:39
Dr. Katharine Grawe, an Ohio plastic surgeon known as @doctorroxy on TikTok, has had her medical license permanently revoked by the Ohio Medical Board. This decision comes after Grawe botched the surgeries of three patients, all of whom required additional medical care. Grawe was fined $4,500 for failing to meet the standard of care. She livestreamed patients' surgeries on TikTok from 2018 to 2022, prioritizing her social media presence over her patients, according to the board. Several patients experienced complications, including skin tears, infections, and other serious issues. Grawe had been warned about patient privacy concerns regarding livestreaming as early as 2018. She can no longer practice medicine in Ohio.
