July 19 (Tuesday)
Latest Morning Briefing Executive Summary: More On Inflation
Consumer prices, wages, home prices, rent: They’ve all been surging northward at stunning rates. Today, we take a deep dive into the wage-price-rent spiral. … We examine recent rent data, how they’re measured, and the forces that drive them—such as the plummeting affordability of home purchasing. … Regarding wages, one measure suggests wage inflation may be moderating, while the other shows it is still very high. … We still expect inflation to moderate, led by nondurable and durable goods inflation. The risk is that the wage-price-rent spiral continues, forcing the Fed to trigger a recession—which always has brought inflation down in the past. (subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 18.
Markets
Stocks edge up, dollar dips as Fed hike expectations lessened | R
Stocks Lose Ground as Banks Give Quarterly Updates | W
Deserted Stock Market Shows It Can Swerve Any Way at Any Time | B
Wall Street Titans Warn of 3 Big Risks as Markets Flash Recession Warning | B
Energy
Exclusive: Russia’s Gazprom tells European buyers gas supply halt beyond its control | R
Looming Gas Crunch Poses ‘Historic Test’ for Europe, IEA Says | W
Europe Fears Widespread Economic Fallout if Russian Gas Outage Drags On | W
Price cap on Russian oil could push oil to $140: Think tank IAGS | C
Global
Food security crisis could kill more people than Covid: Amadou Hott | C
Strong US Dollar, Trade Gap, Worse Inflation Globally | B
US
Diverging Jobs Data Raise Questions About Labor Market Health | W
Housing Boom Fades World-Wide as Interest Rates Climb | W
What Is the True Cost of Inflation? It’s Complicated. | W
2024 election: Gavin Newsom, Kamala Harris engage with donors | C
China
China U.S. debt holdings go under $1 trillion for 1st time in 12 years | C
China Weighs Mortgage Grace Period to Appease Angry Homebuyers | B
How China became ground zero for the auto chip shortage | R
Xi’s Strict Covid Zero Policy in China Pushes Wealthy to Leave Country | B
Geopolitics & trade
U.S., allies cannot allow China to dominate raw materials, technologies – Yellen | R
Xi’s Beijing Invite Unanswered by Top Europe Leaders, SCMP Says | B
Industries & companies
Airlines: Air Travel Is Broken. Here’s Why. | W
Airlines: 1,000 bags. Zero passengers. Delta flight from Heathrow latest sign of air travel hell | NN
Consumer discretionary: Amazon faces probe by federal prosecutors, OSHA into warehouse safety | C
Media: Hulu Is Driving More Streaming Subscribers to Disney Than Marvel or Star Wars | W
Tech: TikTok owner ByteDance explores self-designed chips | C
Crypto
Crypto miners moved over $300 million of bitcoin in one day | C
Climate
Offshore drilling produces not just oil but fish — and lots of them | P
Europe suffers from deadly heat wave as wildfires displace thousands | C
Beyond markets
China Covid Cases Jump; Officials Say Still ‘Severe’ in Shanghai | B
Why BA.5 is good at dodging our immune systems, even if you’ve just had Covid-19 | Vox
