Dr. Ed's Blog

June 18 (Saturday)

Latest Morning Briefing Executive Summary: Stocks & Crypto
Ready for an unflinching look at the mauling the bear market has inflicted on specific S&P 500 sectors and industries? Jackie assesses the valuation and share-price carnage among the worst and best performers relative to both one year ago and January 3, when the S&P 500 peaked at its record high. … Also: Crypto lending markets have blown up for the second time in as many months. We look at the unregulated business that’s been called the “Wild West” of lending—the players, their troubles, and the SEC’s concerns. … Also: Car-sharing companies like the soon-to-be-public Turo aim to disrupt the car rental industry with an Airbnb-like business model.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 13.

Markets
S&P 500 rises slightly Friday, but still posts worst week since 2020 | C
Look for more selling pressure next week as investors learn the hard way not to fight the Fed | C
How to Stand Up to a Bear Market | W
Why gas prices are so high, explained | Vox

Central banks
Fed promises ‘unconditional’ approach to taking down inflation in report to Congress | C
Interest Rates Are Well Below What Academic Formulas Suggest, Fed Report Says | W
New York Fed Model Shows Chance of ‘Soft Landing’ At Just 10% | B
Japan’s Kuroda Says He Won’t Raise Rates, Even With Weak Yen | W

US
How to Know When Switching Jobs Could Get Harder | W
U.S. Industrial Production Eased in May, Adding to Signs of Economic Slowdown | W
Credit Card Rates at 20%, Mortgages Near 6% After Fed’s 75 Basis Point Rate Hike | B
Will Home Prices Fall? Builders Offer Discounts as Mortgage Rates Rise | B
Everyone knows inflation is on fire. Here’s what’s really fueling it | C
Biden Team Negotiates Fresh Economic Plan as Inflation Antidote | B
Energy Inflation Derails Biden’s Climate Agenda | W
 
Geopolitics & trade
Russia Steps Up Pressure on European Gas Supplies | W
Russia-Ukraine war: Putin hits out over Western sanctions ‘blitzkrieg’ | C
EU backs Ukraine’s membership bid to ‘live the European dream’ | R
Russia Ukraine war: Summary of weapons U.S. has given to Ukraine | C
China’s Xi says trade with Russia to hit new records in coming months | C
See How Sanctions Changed Where Russian Private Jets Fly | N
Biden defends meeting with Saudi prince, says talks part of broader meeting | R

Crypto
Crypto Has a Crazy Week, With Bitcoin Dropping and Celsius Freezing | W
Forget Crypto Winter. In Biotech, It’s Been Freezing for Months | B

Technology
China Tests Tech That Could Beam Solar Power From Space to Earth | B

Climate
Fertilizer Stockpiles Swell as Farmers Shun High Prices, Easing Harvest Worries | B

Beyond markets
Chie Hayakawa Imagines a Japan Where the Elderly Volunteer to Die | N

June 17 (Friday)

Latest Morning Briefing Executive Summary: Stocks & Crypto
Ready for an unflinching look at the mauling the bear market has inflicted on specific S&P 500 sectors and industries? Jackie assesses the valuation and share-price carnage among the worst and best performers relative to both one year ago and January 3, when the S&P 500 peaked at its record high. … Also: Crypto lending markets have blown up for the second time in as many months. We look at the unregulated business that’s been called the “Wild West” of lending—the players, their troubles, and the SEC’s concerns. … Also: Car-sharing companies like the soon-to-be-public Turo aim to disrupt the car rental industry with an Airbnb-like business model.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 13.

Markets
Dow Closes Below 30000 as Post-Fed Rally Reverses | W
Stock-Market Traders Coming to Grips With a Fed as Baffled as They Are | B
Bear Markets and Recessions Happen More Often Than You Think | N
US Junk-Bond Spreads Top 500 Basis Points in First Since 2020 | B
Oil Set for Weekly Loss as Traders Weigh Monetary Tightening | B
 
Central banks
A day after Powell’s assurances, markets are worried something breaks | C
By Design, the Fed May Be Tightening Too Much | W
BOJ to maintain ultra-low rates, sound warning over weak yen | R

US
U.S. Economic Growth Shows Signs of Slipping | W
President Biden says a recession is ‘not inevitable’ | C
Joe bummer: Biden says Americans ‘are really, really down’ | P
Rates on U.S. 30-year mortgages see biggest one-week increase since 1987 | R
Mortgage Rates Hit 5.78%, Highest Level Since 2008 | W
Mortgage Rate Increases Could Cut More Homebuyers Out of US Housing Market | B
High U.S. Fuel Exports Are Contributing to $5-a-Gallon Gas | W
Everyone knows inflation is on fire. Here’s what’s really fueling it | C

China
As US Envoy Warns China Covid Zero to Last to 2023, Beijing Steps Testing | B

Europe
European leaders visit Ukraine, dangling hope of EU membership | R

Geopolitics & trade
Russia Slashes Gas Flows, Aiming Economic Weapon at Europe | W
France, Germany, Italy, Romania Back Ukraine’s Bid for EU Membership | W

Industries & companies
Airlines: Airline stocks tumble as economic concerns overshadow travel surge | C
Financials: U.S. banking stress indicator could worsen after Fed hike | R

Crypto
EXCLUSIVE State securities regulators investigating Celsius accounts freeze | R

June 16 (Thursday)

Latest Morning Briefing Executive Summary: Stocks & Crypto
Ready for an unflinching look at the mauling the bear market has inflicted on specific S&P 500 sectors and industries? Jackie assesses the valuation and share-price carnage among the worst and best performers relative to both one year ago and January 3, when the S&P 500 peaked at its record high. … Also: Crypto lending markets have blown up for the second time in as many months. We look at the unregulated business that’s been called the “Wild West” of lending—the players, their troubles, and the SEC’s concerns. … Also: Car-sharing companies like the soon-to-be-public Turo aim to disrupt the car rental industry with an Airbnb-like business model.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 13.

Markets
Stocks rally, Treasury yields rise after Fed lifts rates by 75 bps | R
Oil prices fall over 2% as Fed hikes interest rates | R
Generation Z Is Getting a Harsh Lesson in Stock Risk | B

Energy
Nord Stream 1 gas supply cut aimed at sowing uncertainty, Germany warns | R
EU Signs Gas Deal With Israel, Egypt in Bid to Wean Itself off Russian Supplies | W
Biden Pushes Fuel Makers to Boost Capacity, Criticizes Profits | W

Central banks I
Fed hikes its benchmark interest rate by 0.75 percentage point, the biggest increase since 1994 | C
Powell says Fed could hike rates by 0.75 percentage point in July | C
Fed members predict more hikes with the benchmark rate above 3% by year-end | C
Here’s what changed in the new Fed statement | C

Central banks II
Bond Market Spooks ECB Into Doing…Nothing | B
ECB pledges new crisis tool to help indebted southern states | R
ECB Prepares New Tool to Tackle Rising Borrowing Costs in Weaker Economies | W

US I
U.S. Retail Sales Declined in May as Inflation Stings Consumers | W
U.S. business inventories rise strongly; sales slow | R
U.S. Home Equity Hits Highest Level on Record—$27.8 Trillion | W
U.S. mortgage interest rates jump to highest level since 2008 | R
On Inflation, Economics Has Some Explaining to Do | W
The Real Problem With Inflation | Morningstar

US II
Inflation Puts Janet Yellen at Odds With Biden White House | B
Biden Administration to Start Spending on Cleanup of ‘Forever Chemicals’ in Drinking Water | W

China
China’s Economy Shows Signs of Recovery, but Covid Lockdown Threat Remains | W
China bank protest stopped by health codes turning red, depositors say | R

Geopolitics & trade
China’s Xi Reaffirms Support for Moscow in Call With Putin | W
U.S., Allies Pledge New Help to Ukraine Against Russia Amid Growing Strains | W
Ukraine ignores Sievierodonetsk ultimatum, urges faster arms deliveries | R
 
Industries & companies
Autos: Tesla Tops List of Crashes Thought to Involve Driver-Assistance Technology | W
Autos: Foxconn Starts Building a Plant for Electric-Vehicle Batteries in Taiwan | W

Corporate finance
Lego to Spend $1 Billion on New U.S. Factory | W

Climate & sustainability
Nuclear Is Back on the Table for a Green Future | N
Inside the MARVEL micronuclear reactor project at Idaho National Lab | C

Beyond markets
Caterpillar and Boeing Show Headquarters Don’t Matter | B

June 15 (Wednesday)

Latest Morning Briefing Executive Summary: It’s Fed Day!
Now that May’s CPI report has dashed hopes that inflation has peaked, it’s clear to investors that tethering inflation will take more aggressive tightening by the Fed. Today we will find out if the FOMC has decided to put more muscle into the fight. Will Powell show the same conviction to stay the course as his predecessor Volcker did decades ago? This may be Jerome Powell’s Volcker Moment. … Also: We look at what various Fed officials have said recently about the battle against inflation. … And: Tuesday’s inflation numbers mostly showed that inflation isn’t getting worse, but it isn’t getting better either.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 13.

Markets
S&P 500 falls for a fifth day, slips deeper into bear market territory ahead of Fed decision | C
U.S. bonds: 10-year Treasury yield in focus ahead of Fed meeting | C
U.S. to sell up to 45 mln bbls oil from reserve as part of historic release | R

Central banks
Former New York Fed Chief Dudley Expects 0.75-Point Rate Rise This Week | W

US
Analysis: U.S. stocks’ bear market growl could beckon recession | R
30-year mortgage rate surges to 6.28%, up from 5.5% just a week ago | C
Opinion: 3 signs the labor market isn’t as great as it looks – CNN

China
Beijing Probes Bar Staff Linked to Covid-19 Outbreak, as Cases Spread | W
 
Geopolitics & trade
Biden touts grain silos on Ukraine border to help exports; Kyiv wants ports open | R
U.S. and partners enter pact to secure critical minerals like lithium | R
Biden to meet with Saudi crown prince despite ‘pariah’ pledge | R
Biden Weighs Ending Some China Tariffs Soon in Response to Inflation | W

Industries & companies
Airlines: FAA, airlines scramble to reduce summer travel delays | C
Energy: Natural gas plummets as Freeport delays facility restart following explosion | C
Industrials: Caterpillar to Move Global Headquarters to Texas From Illinois | W
Media: Netflix considers ads, password sharing crackdown, live sports | C

Climate & sustainability
Texas power demand breaks record as severe heat wave hits the state | C
Plan to Label Gas, Nuclear Energy as Sustainable Stumbles in Europe | W

Beyond markets
Baby Formula Shortage Spurs Stockpiling, Data Show | W

June 14 (Tuesday)

Latest Morning Briefing Executive Summary: Bull Market, R.I.P.
The S&P 500 breached bear market territory yesterday, and this week’s economic releases could drive the index deeper into bear terrain by highlighting the persistence of the inflation problem. … Bear markets nearly always are accompanied by recessions. But while we did recently raise our odds of recession to 45%, we’re still not in the recession camp; notably, analysts’ earnings expectations are still rising to record-high levels. Our higher recession odds combined with the unfolding bear market have lowered our sights for the S&P 500’s valuation multiple and price index for the rest of 2022 and for 2023.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 13.

Markets
Dow Drops Over 800 Points; S&P 500 Falls Into Bear-Market Territory | W
When You’re Forced to Cash Out in a Bearlike Market | N
How Inflation Is Affecting Money Market Funds | N
Soybean Prices Hit Record as Inflation Stays Hot | W

Credit
10-year Treasury yield rockets above 3.39% in biggest move since March 2020 | C
Inflation Fears Send U.S. Bond Yields Surging Ahead of Fed Meeting | W
Explainer: U.S. yield curve inverts again: What is it telling us? | R
 
Central banks
Fed Likely to Consider 0.75-Percentage-Point Rate Rise This Week | W
Inflation Reports Raise Chances for Surprise 0.75-Percentage-Point Rate Rise This Week | W
Another big Fed rate hike is coming. But how many more after that? | NN
Higher Unemployment Rate Looms as the Fed Fights Inflation | W

US
Morgan Stanley CEO James Gorman sees 50-50 odds of recession ahead | C
Joe Biden says ‘Exxon made more money than God this year’ | Daily Mail Online
Biden Plan for EV Chargers on Highways Meets Skepticism in Rural West | W

Europe
U.K. Unveils Brexit Bill to Change Northern Ireland’s Trade Status | W
 
Industries & companies
Airlines: American Airlines regional carriers hike pilot pay as shortage persists | C
Consumer Discretionary: Amazon to Make Deliveries by Drone in California Later This Year | W
Tech: FTC Chair Lina Khan’s plan to take on Big Tech | Vox
 
Geopolitics & trade
Latest Shanghai quarantines add more pressure to global supply chain | C
Some European Factories, Long Dependent on Cheap Russian Energy, Are Shutting Down | W
U.S. holds ‘candid’ and ‘productive’ talks with China in nearly 5-hour meeting | C
 
Corporate finance
Prologis to Buy Duke Realty in $26 Billion Deal, Including Debt | W

Beyond markets
Why We Still Haven’t Solved the Unpaid Internship Problem | N
How Covid Did Away With the Sick Day | N

June 13 (Monday)

Latest Morning Briefing Executive Summary: That ’70s Show On Fast-Forward
May’s CPI report showed scant signs of inflation peaking, though we still expect peaking soon. The report also suggests a more hawkish Fed and higher recession risk. We’re raising our odds of a mild recession to 45% from 40%. … Investor and consumer sentiment both have soured. But this time, pervasive bearishness may not be as useful a contrarian bullish signal as in the past. There may not be much upside for stocks until the Fed is done tightening later this year. … Also: We revisit the question of the decade: Will the 2020s resemble the Great Inflation of the 1970s or the Roaring 1920s? … And: Dr. Ed reviews “Gaslit” (+ + +).
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 6.

Markets
Earnings Are Under Threat, Another Blow to Sagging Stock Market | W
Japan’s Yen Usually Benefits When Markets Get Ugly. Not This Time | W

Central banks
Hot Inflation May Mean an Even More Aggressive Fed | Morningstar
Sizzling Prices Complicate Fed’s Inflation-Fighting Strategy | W
Why controlling inflation should be the Federal Reserve’s primary goal | The Hill
How Did Yellen and Powell Get Inflation So Wrong? | The Atlantic
Column: ECB sowing messy ‘some of what it takes’ signal | R

US
An ‘Ugly’ Inflation Report Upended Hopes That Price Gains Would Ease | N
‘Peak Inflation’ Keeps Peaking | W
Why Is Gas So Expensive? Don’t Blame Gas Stations for Painful Prices, Exclusive Data Show. | BR
Millennials and Gen Zers want to buy homes—but they can’t afford it | C
Business Travel Is Rebounding—Slowly and Unevenly. ‘There Is No More Normal.’ | BR

Geopolitics & trade
Ukraine says it still controls Sievierodonetsk plant sheltering hundreds of civilians | C
Ukraine’s Zelenskyy on food crisis, prices amid war with Russia | C
Ukraine grain exports via Poland, Romania face bottlenecks, deputy foreign minister says | R
Rice prices are rising amid rising food inflation, export bans | C
French, German and Italian Leaders to Meet With Zelensky in Kyiv | W
Shangri-La: Chinese defense minister on U.S.-China tensions, Taiwan | C
Factbox: Impact of strike by South Korean truckers on autos, steel, others | R

Industries & companies
Energy: This Industrial-Gas Giant’s Is Steady in a Volatile Market. It Also Scores High on ESG. | BR
Media: Some Ads Play on Streaming Services Even When the TV Is Off, Study Finds | W
Media: ‘Jurassic World: Dominion’ opening weekend box office | C
Pharma: Three-Dose Pfizer Covid Vaccine Works Safely in Young Children, Review Says | W

Technology
How smarter AI will change creativity | E

Beyond markets
Baby-Formula Shortage Has Spurred Competition, but Tough Road Remains to Unseat Similac, Enfamil | W
Swim lessons are impossible to find right now. What’s going on? | Slate.com

June 11 (Saturday)

Latest Morning Briefing Executive Summary: Energy & Consumers
President Biden says he wants to bring down gas and other energy prices. But his actions on the margin have been ineffectual so far. We doubt he’ll solve the problem without unshackling the US oil and gas industry’s production. Environmentalists wouldn’t be happy, but American citizens likely would. … And: We’re starting to notice industry analysts trimming earnings estimates for companies in the S&P 500 Consumer Discretionary sector. We examine which industries have seen estimates drop the most. … Also: A look at some innovative new products for these high-energy-cost times.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 6.

Markets
Stock Market Valuation Trauma Is Refusing to End for S&P 500 in Free Fall | B
June’s Looking Like a Game Changer for Beleaguered China Stocks | B
Oil falls as U.S. inflation data surges, China imposes lockdowns | R
U.S. Bonds: Treasury yields in focus amid key inflation data | C

Central banks
Soaring inflation fuels bets on sharper Fed rate hikes | R
Inflation Pickup Complicates Fed Outlook Beyond June Meeting | W
Fed will raise rates next week, but Powell remarks may matter most | C
Larry Summers Says Fed Forecasts Look Ridiculous, Warns on Rate Delay | B
ECB Fuels Market Jitters Over Italy’s Debt | W
Column: ECB sowing messy ‘some of what it takes’ signal | R

US
U.S. Inflation Hit 8.6% in May | W
Gasoline, Groceries and Housing Drove Inflation in May | W
Gasoline Prices Reach $5 a Gallon Nationwide for the First Time | W
Joe Biden jabs Exxon Mobil over gas prices after May CPI inflation report | C
Inflation, consumer woe add to worries that recession is already here | C

Emerging
Business Losses From Russia Top $59 Billion as Sanctions Hit | W

Geopolitics & trade
Ukraine pleads for more weapons, cholera spreads in Mariupol | R
U.S., China Defense Chiefs Dial Down Tensions Over Taiwan | W

Industries & companies
Airlines: U.S. drops Covid testing requirement for international travelers | C
Communications Services: Meta Scrutinizing Sheryl Sandberg’s Use of Facebook Resources Over Several Years | W
Homebuilding: Big landlords jump into the homebuilding as demand for single-family rentals surges | C
Technology: Chip Shortage Threatens Cutting-Edge Tech Needed for Next-Generation Smartphones | W

Corporate finance
JetBlue CEO ‘optimistic’ airline can acquire Spirit | R

Virus
Moderna’s Covid-19 Vaccine Works Safely in Kids, Including Those Under Age 5, FDA Says | W

June 10 (Friday)

Latest Morning Briefing Executive Summary: Energy & Consumers
President Biden says he wants to bring down gas and other energy prices. But his actions on the margin have been ineffectual so far. We doubt he’ll solve the problem without unshackling the US oil and gas industry’s production. Environmentalists wouldn’t be happy, but American citizens likely would. … And: We’re starting to notice industry analysts trimming earnings estimates for companies in the S&P 500 Consumer Discretionary sector. We examine which industries have seen estimates drop the most. … Also: A look at some innovative new products for these high-energy-cost times.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 6.

Markets
Stocks, euro slip as ECB sets rate hikes, CPI looms | R
Beware of a Bear Market That Is More Than a Cub | WP
Oil falls on demand worries over Shanghai’s new partial lockdowns | R
Natural-Gas Prices Swing in Volatile Trading After Fire in Texas and New Inventory Data | W

Central banks
ECB Plans July Rate Increase as Inflation Problem Deepens | W
Central Banks Are Still Far Behind the Inflation Curve by Willem H. Buiter & Anne C. Sibert | PS

US I
May consumer inflation expected fiery hot as gas, food and rent rose | C
Consumers changing eating, shopping habits as inflation pushes up prices | C
As Gas Prices Near $5 a Gallon, Record Fuel Costs Upend Businesses, U.S. Economy | W
What Is Stagflation? What to Know About the World Bank’s Global Economic Outlook | W
The more gasoline rises above $5, the greater risk there is of recession | C
 
US II
Yellen says U.S. recession unlikely, but no drop in gasoline prices soon | R
Bringing inflation down is going to take time, patience — and pain | C
Home Buyers Finding Creative Ways to Make All-Cash Offers in Hot Market | W
Median Rent in Manhattan Reaches a New High | N
 
China
Shanghai faces unexpected round of COVID testing for most residents | R
China’s producer inflation eases to 14-month low in May | R

Geopolitics & trade
After veto on North Korea, China says ‘let’s see’ on U.N. action over a nuclear test | R
 
Industries & companies
Tech: The Billionaires Behind a Push to Reinvigorate U.S. Chip-Making | N

Beyond markets
Seeking a Return to Offices, Bosses Lost Leverage | N
German Brewers Face ‘Unprecedented’ Beer Bottle Shortage | N

June 09 (Thursday)

Latest Morning Briefing Executive Summary: Energy & Consumers
President Biden says he wants to bring down gas and other energy prices. But his actions on the margin have been ineffectual so far. We doubt he’ll solve the problem without unshackling the US oil and gas industry’s production. Environmentalists wouldn’t be happy, but American citizens likely would. … And: We’re starting to notice industry analysts trimming earnings estimates for companies in the S&P 500 Consumer Discretionary sector. We examine which industries have seen estimates drop the most. … Also: A look at some innovative new products for these high-energy-cost times.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 6.

Markets
Stocks Slip Amid Worries of an Economic Slowdown | W
Tech’s Decade of Stock-Market Dominance Ends, For Now  | W
Chinese Internet Stocks Hit Three-Month High | W
Yen Hits 20-Year Low, Fueling Price Rises and Apology | W
 
Central banks
Powell’s Opinions on Inflation Matter, Not Biden’s | W

Energy & Climate
Freeport LNG plant to shut for 3 weeks, roiling global energy markets | R
EXCLUSIVE Venezuela demands prepayment on spot oil sales after buyer defaults -sources | R
Fertilizer Price Surge Drives Brazil to High-Tech Alternatives | W

US
Mortgage demand falls to the lowest level in 22 years | C
White House Struggles to Talk About Inflation, the ‘Problem From Hell’ | N
U.S. Considering Reducing Tariffs on China to Ease Inflation, Yellen Says | W
America needs to go back to work — in person | P

Europe
Stagflation and Recession Warnings Plague U.K. Businesses | N

Emerging
Russia’s economic slump will wipe out 15 years of gains – IIF | R
 
Industries & companies
Energy: Exxon’s Stock Hits First Record High in Eight Years | W
Health Care: Hospitals Face Penalties for First Time for Failing to Make Prices Public | W
Pharma: Startup Cerebral Soared on Easy Adderall Prescriptions. That Was Its Undoing. | W
Retail: Target CEO Says Unloading Excess Inventory Is a Necessary Pain | W

Crypto
How ‘Trustless’ Is Bitcoin, Really? | N

Technology
Israeli Tech Firm Rolls Out Tracking Devices the Size of Postage Stamps | W

June 08 (Wednesday)

Latest Morning Briefing Executive Summary: Whip Inflation Now!
There’s no disputing it anymore: America’s inflation problem isn’t transitory. It has been persistent. The question now is whether it is protracted or not. Biden’s response to “our top economic challenge” is lame. … On a brighter note, we expect the release of May’s CPI report on Friday to show that consumer durable goods inflation is rapidly moderating. On a dimmer note, that positive should be partially offset by the unabated climb of prices for gasoline, groceries, and rent. … Also: Europe’s economy has been remarkably resilient in the face of its formidable challenges. Melissa examines the headwinds and tailwinds for Europe’s economy and MSCI index.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 6.

Markets
Dow rises more than 200 points as traders try to shake off Target’s profit warning | C
Stocks Finish Volatile Session Higher | W

Global
World Bank Warns of Stagflation Risk, Cuts Global Growth Forecast to 2.9% | W
Global Growth Will Be Choked Amid Inflation and War, Says World Bank | N

US I
Fed GDP tracker shows the economy could be on the brink of a recession | C
The Potential Dark Side of a White-Hot Labor Market | N
U.S. Imports Slowed in April, Shrinking Trade Deficit From Record | W

US II
As Biden dithers, states are enacting meaningful inflation policy | The Hill
Biden to relax China tariffs in lame bid to address inflation | P
Yellen says U.S. inflation ‘unacceptable’ but likely to stay high | R

Japan
Japan Adopts View That Huge Government Debt Doesn’t Matter | W

Geopolitics & trade
Ukraine’s Zelenskiy says it will fight for all territory amid fierce battle in east | R
Russia Is Weaponizing Food Supplies in Ukraine, Europe Says | W
EXCLUSIVE Russia hikes oil exports from major Eastern port to help offset EU ban | R

Industries & companies
Airlines: Want to Fly This Summer? Good Luck Traveling to a Small City. | W
FinTech: Apple expands fintech ambitions in iOS 16 | C
Retail: Target warns of squeezed profits from aggressive inventory plan | C

Beyond markets
The Diablo Canyon control room turned this mom into a nuclear advocate | C