Dr. Ed's Blog

October 05 (Wednesday)

Latest Morning Briefing Executive Summary: On Central Bankers, Stocks & Batteries
Policymakers in both China and the UK recently have made policy 180s, abandoning their former plans. Now US financial markets seem to think economic conditions will compel the Fed to do the same, ending this round of tightening sooner rather than later. … Did the stock market’s impressive comeback rally of the past two days benefit the same S&P 500 sectors and industries as last summer’s two-month rally did? Jackie takes a look, isolating the most dramatic winners and losers of both. … And: GM and other companies are charging ahead on the development of solid-state batteries for electric vehicles. In our ongoing coverage of disruptive technologies, we highlight some of their plans.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 3.

Markets
Sterling softens after UK PM Truss speech | R
Is the Efficient Market Hypothesis True? | US News

Global
Opinion | The First Global Deflation Has Begun, and It’s Unclear Just How Painful It Will Be| N
WTO Sees Sharp Slowdown in Global Trade, Pointing to Possible Recession, Lower Inflation | W

Energy
Column: Mission accomplished? Europe fills gas storage ahead of schedule | R
High prices, war in Ukraine, a cold winter ahead — and now OPEC+ piles on | The Hill
German minister criticizes U.S. over ‘astronomical’ natural gas prices | C

Central banks
Fed Official Says Inflation Fight Will Take Time, Despite Signs of Progress | W
Fed’s delayed inflation fight sparks fears of a policy overcorrection | R
When Interest Rates Rise Fast, Markets Tend to Break: How to Spot the Cracks | W

US
U.S. Job Openings Fell in August, Layoffs Up Slightly | W
ADP jobs report September 2022: | C
Mortgage applications fall 14% as higher rates, Hurricane Ian crush demand | C
What Biden must do right now to fix our broken economy | FO
Biden’s Student-Loan Forgiveness Test: Processing Millions of Applications | W

Europe
Inflation, Consumer Pessimism Push U.K. Firms to Close Their Doors | W
Column: UK quake could spur pension fund asset ‘hibernation’ | R

Geopolitics & trade
South Korea, U.S. fire missiles into the sea to protest ‘reckless’ North Korea test | R

Industries & companies
Autos: U.S. Electric-Vehicle Tax Breaks Rile Asian, European Allies | W
Logistics: LNG shipping rates ‘shooting for the stars’ at $500,000 per day | freightwaves.com
Tech: Apple Told to Ditch Unique iPhone Charger in EU | W

Corporate finance
Elon Musk wants to buy Twitter for $44 billion again. What changed? | Vox

Beyond markets
These executives are asking their staff to work less for the same money. Will it pay off? | NN

October 04 (Tuesday)

Latest Morning Briefing Executive Summary: On Valuation, Liquidity & Inflation
The S&P 500’s forward P/E has sunk practically to its historical average of 15.0. What happens to it next depends much on what happens to the economy. If our growth recession scenario continues to play out (to which we subjectively assign 60% odds), the historical average valuation likely will hold and the S&P 500 drift sideways until climbing again in 2023; if a hard-landing recession scenario unfolds (40% odds), the P/E may sink into the single digits. … On the bright side, the financial markets have plenty of liquidity to buoy valuations. … Also: We look at what inflation has been doing by two different measures, the CPI and PCED, and examine how they differ.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 3.

Markets
Stocks surge to kick off October and a new quarter as bond yields tumble, Dow closes up 760 points | C
U.S. Stocks Rally to Start New Quarter | W
For Corporate America, Strong U.S. Dollar Cuts Both Ways | W
Column: Iron ore navigates choppy seas amid some positive China signs | R
Column: Crop Watch: Mass bean harvest fails to bring impressive yields | R

Energy
China Is Rerouting U.S. Liquefied Natural Gas to Europe at a Big Profit | W

US
U.S. manufacturing nearly brakes; price pressures abating | R
A new definition of what makes a job good | The Hill
Will DHS Again Leave H-2B Winter Industries Short Workers? | Cato at Liberty Blog
Port of New York moves ahead with ocean carrier empty container fee | C

Emerging
Right-wing wins in Brazil’s Congress show staying power of ‘Bolsonarismo’ | R

Industries & companies
Airlines: Airlines Face a Shortage of New Boeing, Airbus Jets | W
Autos: As More Cars Hit Dealership Lots, Buyers Feel Pinch of Rising Interest Rates | W
Autos: Rivian production grows 67% in 3Q, confirms 2022 goals | C
Consumer Discretionary: Amazon’s latest product announcements are a reminder the company is always watching | CNN
Tech: Apple’s Fall 2022 Event Products: Reviews of iPhone 14, iOS 16, Apple Watch Ultra, AirPods Pro 2 and More | W

Beyond markets
Ukrainian ambassador tells Elon Musk off after billionaire’s Twitter poll | C
Trump sues CNN claiming defamation, seeks $475 million in punitive damages | R

October 03 (Monday)

Latest Morning Briefing Executive Summary: On Volcker 2.0, Recession & Inflation
The latest economic indicators suggest that the economy is doing better than expected—supported by consumer spending but dragged down by the housing recession—but also that inflation remains too high. That alignment increases the odds of more Fed tightening than previously expected, a higher terminal fed funds rate, and a Fed-induced hard landing. A hard landing isn’t currently our economic forecast—we see the growth recession continuing through year-end. But fears of a Fed-induced hard landing are increasing bearishness in both bond and stock markets. We are assessing whether our forecasts for both S&P 500 earnings and valuation might be too optimistic. … Also: Dr. Ed reviews “Blonde” (+).
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on September 26.

Markets
Markets are reeling from higher rates. The world economy is next | E
After Punishing Year for Stocks, Investors Aren’t Betting on Post-Midterm Rally | W
Bond Yields Are Finally Looking Attractive. What to Buy Now. | BR
How to Build a Bond Ladder for Income | BR
Column: Dollar shock threatens global economy | R
Liability Driven Investment (LDI*) – quick explainer | Word Press

Energy
Russia’s Gazprom Suspends Gas Flow to Italy | W
OPEC+ to consider oil cut of over than 1 million barrels per day | R

Central banks
Central Banks’ Higher Rates, Bond Sales Clash With Government Needs | W
‘The Fed is breaking things’ – Here’s what has Wall Street on edge as risks rise around the world | C
Opinion | Is the Fed Braking Too Hard? | N
Column: BoE in murky water with qualified ‘whatever it takes’ | R

Global
A European Recession Will Hurt the U.S. Economy and Complicate the Defense of Ukraine | BR

US
Inflation Keeps the U.S. From Stepping In to Slow Dollar’s Rapid Rise | W
‘Big Short’ investor Michael Burry suggests current economic downturn could be ‘worse than 2008’ | P
Recession could be big obstacle for Starbucks, Amazon unions | C

Europe
U.K. Might Look Cheap, but It’s Hardly a Bargain Yet | BR

China
How to make sense of Xi Jinping, China’s enigmatic ruler | E

Geopolitics & trade
Autos: Lithium Demand From EVs Is Strong. Shortages Will Keep Prices High. | BR
Autos: Lithium-Ion Battery Inventor Introduces New Technology for Fast-Charging, Noncombustible Batteries | UT News
Autos: Toyota CEO Akio Toyoda talks EV skepticism, ‘happy dance,’ his legacy | C
Retail: Walmart bets inflation will push customers to join subscription service | C

Climate
To protect Germany’s green transition, accept coal and nuclear power, says Veronika Grimm | E
Biden to visit Florida and Puerto Rico as scale of Hurricane Ian’s death and destruction emerges | C
Search and rescue efforts underway in Florida after ‘catastrophic’ hurricane | C

Beyond markets
Elon Musk’s Texts Shatter the Myth of the Tech Genius | The Atlantic

October 01 (Saturday)

Latest Morning Briefing Executive Summary: Troubled Times In The UK & China
In the UK, fiscal and monetary policy are at odds. Massive tax cuts and new spending programs will boost government debt—aggravating inflation even as the BOE is trying to subdue it. Bond Vigilantes clearly disapprove. … In China, the real estate sector is in shambles, and the government’s investments abroad are going belly up. A messy debt restructuring looks likely. The PBOC is hustling to prop up both the falling yuan and the weakening economy, introducing new rules to discourage shorting the currency and easing monetary policy at a time when other central banks are tightening.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on September 26.

Markets
Dow tumbles 500 points on Friday to end September down nearly 9% | C
Stocks Finish a Losing Week, Month and Quarter | W
Bonds May Be Having Their Worst Year Yet | N

Central banks
Fed’s Lael Brainard Warns on Inflation, Financial Stability Risks | W
PCE inflation August 2022: Inflation accelerated even more than expected in August | C

Energy
Nord Stream gas ‘sabotage’: who’s being blamed and why? | R
U.S. has much to gain from Nord Stream damage, Russia says at U.N. | R
Nord Stream rupture may mark biggest single methane release ever recorded -UN | R
Exxon CEO Warns Biden Administration Against Limiting Fuel Exports | W

US
U.S. Consumers Boosted August Spending as High Inflation Spread | W
U.S. consumers spurn cars, couches and cruises, results show | R
Underlying Inflation Gained Steam in August | W
Why are ad sales slumping before the economy slumps? – Vox
Fast Food Chains Raise Millions to Oppose California Wage Law | W
House Approves Stopgap Funding Bill With Ukraine Aid | W

Europe
Eurozone Inflation Hits Record 10% Amid Energy Crunch | W
EU Approves Sweeping Energy-Market Intervention | W
S&P cuts UK rating outlook after tax cut plan | R

Geopolitics & trade
Russia Announces Annexation of Four Regions of Ukraine | W
U.S. Dismisses Annexation of Ukraine Regions and Imposes Sanctions on Russian Elites | W
U.S., allies need to be ‘concerned’ about attacks on Western infrastructure | R
North Korea fires ballistic missiles, marking fourth in a week | C

Industries & companies
Airlines: United Airlines to Suspend Operations at JFK at End of October | W
Autos: Electric and autonomous vehicle ETF falls 15% in September | C
Communications services: Facebook scrambles to escape death spiral as users flee, sales drop | C
Energy: Lithium-Ion Battery Inventor Introduces New Technology for Fast-Charging, Noncombustible Batteries – UT News | utexas.edu
Tech: Smart glasses from Amazon, Meta, and Snap are just the start | qz.com

Technology
Elon Musk Unveils Humanoid Robot Optimus at Tesla’s AI Day | W

Climate
Biden: Destruction from Hurricane Ian likely to be among the worst in U.S. history | R
Drought in U.S. West Leads Farmers to Look Elsewhere for Revenue | W

September 30 (Friday)

Latest Morning Briefing Executive Summary: Troubled Times In The UK & China
In the UK, fiscal and monetary policy are at odds. Massive tax cuts and new spending programs will boost government debt—aggravating inflation even as the BOE is trying to subdue it. Bond Vigilantes clearly disapprove. … In China, the real estate sector is in shambles, and the government’s investments abroad are going belly up. A messy debt restructuring looks likely. The PBOC is hustling to prop up both the falling yuan and the weakening economy, introducing new rules to discourage shorting the currency and easing monetary policy at a time when other central banks are tightening.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on September 26.

Markets
Stocks Close Lower in Volatile Day as Treasury Yields Resume Climb | W
Even as Oil Prices Ease, U.S. Keeps Tapping Strategic Reserve | N
Investors Fear Bond-Market Turmoil Is Entering a New Phase | W
 
Central banks & currencies
Fed policymakers press ahead with inflation fight, even with markets in turmoil | R
This ‘trifecta’ needs to see dampening inflation for the Fed to stop raising rates | C
Japan to confirm size of yen-buying intervention, eyes on size of war-chest | R

Europe energy
Russia says Nord Stream likely hit by state-backed ‘terrorism’ | R

US
U.S. Economy Weaker Than Thought in Year’s First Half, by One Measure | N
U.S. Jobless Claims Hit Lowest Level in Five Months | W
Why Are Companies Still Hiring When GDP Is Shrinking? | W
Mortgage Rates Rise to 6.7%, Highest Since 2007 | W
Some federal student loan borrowers cannot consolidate for forgiveness | C

China
China’s ‘Absurd’ Covid Propaganda Stirs Rebellion | N

Geopolitics & trade
Putin to host Kremlin ceremony annexing parts of Ukraine | R

Industries & companies
Autos: Toyota CEO doubles down on EV strategy amid criticism it’s not moving fast enough | C
Pharma: FDA approves controversial new drug designed to slow the progression of ALS | C
Retail: How to make the most of Amazon’s ‘Prime Day’ and Target’s ‘Deal Days’ | C
Tech: Apple sparks tech sell-off; Alphabet, Microsoft hit 52-week lows | C

Climate
New York State to Ban Sale of Gasoline-Powered Vehicles by 2035 | W

September 29 (Thursday)

Latest Morning Briefing Executive Summary: Troubled Times In The UK & China
In the UK, fiscal and monetary policy are at odds. Massive tax cuts and new spending programs will boost government debt—aggravating inflation even as the BOE is trying to subdue it. Bond Vigilantes clearly disapprove. … In China, the real estate sector is in shambles, and the government’s investments abroad are going belly up. A messy debt restructuring looks likely. The PBOC is hustling to prop up both the falling yuan and the weakening economy, introducing new rules to discourage shorting the currency and easing monetary policy at a time when other central banks are tightening.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on September 26.

Markets
Wednesday’s market rally was ‘based on a dream’ | C

Global central banks & currencies
Bank of England Buys Bonds in Bid to Stop Spread of Crisis | W
Pension fund panic led to Bank of England’s emergency intervention | C
Exclusive: China’s state banks told to stock up for yuan intervention | R
‘Do not bet’: China’s central bank PBOC warns against yuan speculation | C

Federal reserve
Column: Fed’s neutral rate forecast nods to ‘transitory’, eventual pivot | R
Jerome Powell’s inflation-unemployment tradeoff | The Hill
Interest Rates and Fed Tightening | AIER
Fed has not done enough, must continue on its path to reset inflation expectations | C

Europe energy
Spain says Russia likely responsible for Nord Stream gas leaks | C
Fourth leak found on Nord Stream pipelines, Swedish coastguard says | R
Exclusive: Europe braces for mobile network blackouts | R
Energy Crisis Pushes German Industry to the Brink | W

Global
Developing Countries Face Stiff Economic Headwinds, World Bank Chief Says | W

US
How the United States is exporting inflation to other countries | NN
Opinion | FOMO Helped Drive Up Housing Prices in the Pandemic. What Can We Expect Next? | N

China
Chinese Developers Meltdown | C

Geopolitics & trade
How the CIA failed Iranian spies in its secret war with Tehran | R

Corporate finance
Brookfield Buys U.S. Renewable Developers for $1.5 Billion | W

Beyond markets
Ian now tropical storm after hitting Florida as a category 4 hurricane | C
The Jetsons, now 60 years old, is iconic. That’s a problem. | Slate.com

September 28 (Wednesday)

Latest Morning Briefing Executive Summary: Recessions Here & There
The Fed is hawkish, investors are bearish, and now industry analysts are cutting their earnings estimates after FedEx’s recent warning about macroeconomic trends. … The latest economic indicators still suggest a growth recession is underway in the US. … Over in Europe, economic prospects are dimming as the daylight hours shorten, with no gas likely from Russia this winter. Dour business sentiment in Germany suggests a broad-based recession there. … With debt limits for EU member countries suspended for another year, we expect governments to make plenty of investments, especially in digital and energy areas.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on September 26.

Markets
Dow Slips Again After Entering Bear Market | W
Treasury 10-Year Yields Rise Above 4% for First Time Since 2010 | B
Strong Dollar Is Good for the US but Bad for the World | N
Exclusive: China prepares to tweak yuan fixing process to slow its fall -source | R
Column: Copper price slump brings Chinese buyers out in force | R

Central banks
Fed Chair Powell warned of ‘pain’ to come. Seniors on fixed incomes are already feeling it | NN
Kashkari Says Fed Needs to Keep Tightening Until There’s Compelling Evidence of Declining Inflation | W
Fed’s Daly: Do not want to tip economy into downturn | C

US
US Home Prices Fall: Case-Shiller 20-City Index Posts First Decline Since 2012 | B
July S&P Case-Shiller Index: Home prices cooled at the fastest rate in index history | C
Home Prices Suffer First Monthly Decline in Years | W
Stopgap Funding Bill Includes $12.3 Billion in New Ukraine Aid | W
Why is fiscal responsibility not discussed anymore? | The Hill

Geopolitics & trade
EU sees sabotage of Nord Stream, warns against attacks on ‘active infrastructure’ | R
Ukraine ‘sham’ referendum results point to Russia annexation | R

Industries & companies
Autos: EV Tax Credits to Spur More Vehicle Sales Are Entering a Critical Phase | W
Autos: Ford unveils new F-Series Super Duty trucks | C
Financials: Wall Street to Pay $1.8 Billion in Fines Over Traders’ Use of Banned Messaging Apps | W

Beyond markets
Opinion | Do Not Bring Your ‘Whole Self’ to Work | N
Cuba entirely without power after Hurricane Ian | R
Teacher, Staff Shortages Reported by About Half of Schools, Survey Finds | W

September 27 (Tuesday)

Latest Morning Briefing Executive Summary: Powell’s Latest Pivot Shocks Markets
Pessimism and bearishness are widespread; from a contrarian standpoint, that spells buying opportunities for the long term. … Meanwhile, monetary tightening appears to be making headway against inflation given the dollar’s strength and weakening commodity prices. We think PCED inflation peaked in June and is on track to fall to 3.0%-4.0% next year. One more 75bps rate hike in November may be enough. … We’ve reassessed our economic and stock market forecasts given renewed Fed hawkishness. We still expect a growth recession and range-bound S&P 500, but with greater short-term downside risk. And we now see the 10-year bond yield peaking at 4.25%. … Also: A dizzying review of Powell’s recent pivots.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on September 26.

Markets
Dow Industrials Fall Into Bear Market | W
The Dow is in a bear market. What does that mean? | R
Everything-Selloff on Wall Street Deepens on 98% Recession Odds | B
Why Bonds Make Sense for Your Portfolio | Financial Advisors | U.S. News

Central banks
Fed officials stare down markets, say inflation is top focus | R
Boston Fed President Says More Rate Increases Needed to Cool Inflation | W
Cleveland Fed’s Loretta Mester Says More Restrictive Policy Needed for Longer | B
China’s Central Bank Moves Further to Bolster the Yuan | W

US
Remote Work Drove Over 60% of US House-Price Surge, Fed Study Finds | B
Silicon Valley Had Its Heyday. Can Tech Ecosystems Now Grow Inland? | N
Biden’s Student-Loan Forgiveness Plan Could Cost $400 Billion, CBO Says | W

Europe
British Pound, Bonds Roiled as Tax-Cut Plans Spook Investors | W

China
World Bank Cuts China Growth Forecast as Covid-19, Real-Estate Crunch Take Toll | W
China Industrial Profits Slump Further as Producer Prices Slow | B
China Reins In Its Belt and Road Program, $1 Trillion Later | W

Japan
Japan’s 20-Year Bond Yield Rises Above 1% for First Time Since 2015 | B
Japan prepares to bid farewell to slain Abe with controversial state funeral | R

Geopolitics & trade
Ukraine annexation votes to end amid Russian mobilisation exodus | R
Iran says U.S. attempting to use unrest to weaken country | R
Russia’s War in Ukraine to Cost Global Economy $2.8 Trillion, OECD Says | W
Putin grants Russian citizenship to whistleblower Edward Snowden | C

Industries & companies
Airlines: Southwest Airlines hired a record 3,000 flight attendants so far this year | C
Autos: Ford Seeks New Trial After $1.7 Billion Jury Verdict in Truck Rollover Lawsuit | W
Autos: China’s new electric cars cost more to insure than fuel-powered cars | C
Pharma: Biogen to pay $900 million to settle drug kickback allegations | C

Corporate finance
IPO Stocks Have Tumbled, Hobbling Demand for New Listings | W

Beyond markets
Latest Track for Tropical Storm Ian: Where It Will May Make Landfall | B
NASA’s DART Spacecraft to Crash Into Asteroid Tonight in Planetary Defense Test | W

September 26 (Monday)

Latest Morning Briefing Executive Summary: ‘Keeping At It’
We’re in a period of global gloom, with pessimism blanketing different countries for different reasons. In the US, measures of consumer, investor, and business sentiment all have sunk recently, which the stock market mirrors. America’s despondency stems much from the Fed’s words and deeds as it attempts to corral inflation at all costs. … Today, we offer a brief review of Fed Chair Powell’s public statements over recent months, tracing his increasing hawkishness. … And: How’s the economy been holding up in the face of Fed hawkishness? So far, so good. The latest data jibe with our growth recession scenario, but the risks of a full-blown recession are obviously increasing.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on September 19.

Markets
Buying the Stock-Market Dip Is Backfiring. Investors Keep Piling In Anyway. | W
Junk-Bond Yields Top 8%. It Could Be a Good Time to Buy. | BR
Why Standard Deviation Is the Wrong Way to Measure Risk in a Bear Market | BR
Never Mind Growth vs. Value Stocks, Look to Beta | Morningstar
 
Central banks
Central Banks May Stoke Risks by Raising Interest Rates Together | W
The Fed Appears More Optimistic Than Some Investors. Here’s Why. | N
Atlanta Fed President Bostic expects job losses but says there’s a really good chance to get to 2% inflation without killing the economy | C

US
The U.S. Is Running Short of Land for Housing | W
Fight Over Joe Manchin’s Permitting Overhaul Clouds Stopgap Funding Bill Outlook | W
Breaking Down New York’s Long-Awaited Fraud Lawsuit Against Donald Trump | The New Yorker

Europe
How afraid should Europe be of Giorgia Meloni? | E
Exclusive: Italy and Intel pick Veneto as preferred region for new chip plant | R

Geopolitics & trade
U.S. warns of catastrophic consequences if Russia uses nuclear weapons in Ukraine | R
Zelenskyy on Putin’s threat of nuclear weapons: ‘I don’t think he’s bluffing’ | C
Vladimir Putin vows to send more invaders. The West should arm Ukraine faster | E
China Stresses Its Taiwan Stance at U.N. | W
North Korea fires ballistic missile ahead of U.S. VP Harris visit | R

Industries & companies
Autos: Toyota Engages With Critics of Its EV Push | W
Autos: Ford Stock Is Still a Buy, Despite Supply Issues. Here’s Why. | BR
Energy: APA Corp. Scours the Globe for Oil and Gas. Its Stock Could Surge. | BR
Financials: New minimum tax could hit Berkshire Hathaway and Amazon hardest, study shows | C
Healthcare: Healthcare Learned a Lot From Covid. 12 Ways to Invest Now. | BR
Media: ‘Avatar’ re-release shows franchise’s overseas strength | C
Media: ‘The Woman King’ shows why the box office needs more mid-budget movies | C
Pharma: Trial Results for Biogen’s New Alzheimer’s Drug Are Coming Soon and Have Huge Implications | BR
Retail: What Kroger, Walmart, Target learned from China about grocery’s future | C

Climate
An energy crisis and geopolitics are creating a new-look Gulf | E
Climate Change Forces French Vineyards to Alter the Way They Make Wine | W
 
Beyond markets
How to keep the brain healthy | E
Why Jack Welch Wouldn’t Cut It Today | Institutional Investor

September 24 (Saturday)

Latest Morning Briefing Executive Summary: Consumers, Lithium & Waves
With recession fears topping investors’ worry list, why has the cyclical S&P 500 Consumer Discretionary sector outperformed every other sector over the past two months? Jackie explores. … Also: Lithium demand is expected to surge in coming years, driven by EVs—but can supply keep up? Would-be lithium producers face daunting roadblocks. … And: A look at the latest wave in alternative energy, wave energy.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on September 19.

Markets
Dow Closes at Lowest Level of 2022 as Growth Fears Roil Markets | W
Dow drops nearly 500 points to close at new low for 2022 on rising recession fears | C
Stocks tumble, dollar soars and bonds plunge as recession fears grow | R
From the Fed to Europe’s currency crisis, here’s what’s behind this selloff in financial markets | C

Central bankers
World’s Central Banks Race to Raise Rates After Fed Increase | W

Energy
A Natural Gas Shortage Is Looming For The U.S. | OilPrice.com
Column: Recession will be necessary to rebalance the oil market | R

Europe
U.K.’s Sweeping Tax Cuts Send Pound Tumbling, Bond Yields Higher | W
Italy’s election campaign ends, tensions between EU and right flares | R
Italy’s Election Is the First Test of the West’s Anti-Putin Resolve | W

US
Middle-Income Households Feel Bigger Pinch From Inflation, Report Finds | W
 
Geopolitics & trade
Russia holds votes in occupied parts of Ukraine; Kyiv says residents coerced | R

Industries & companies
Autos: Ford’s Latest Supply-Chain Problem: a Shortage of Blue Oval Badges | W
Materials: Column: Russian supply uncertainty weighs on aluminium market | R
Tech: Tech stocks notch worst two-week stretch since the start of pandemic | C

Beyond markets
Is the Hyperloop Doomed? | NYT
Some investors backing out of SPAC merging with Trump’s media firm | R
World Bank’s David Malpass Says He Isn’t Resigning Amid Criticism of His Climate Views | W