June 21 (Wednesday)
Latest Morning Briefing Executive Summary: Inflation Here & There
High rates of US inflation are one of the pandemic’s many shockwaves. As these continue to recede, so should inflation—and without further Fed tightening. Goods inflation already has plummeted from 14.2% y/y at its peak to 0.6% in May. High rent inflation is buoying the headline CPI rate, but it should normalize as pandemic effects fade. … In Europe, elevated inflation rates are dropping as well, even though the war in Ukraine grinds on. … In China, inflation isn’t the problem; post-lockdown economic weakness is. The ailing property market doesn’t help. The PBOC is easing in response.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 20.
Markets
Stock-Market Rally Costs Bears $120 Billion | W
S&P 500 ends lower, pausing rally with Powell testimony in view | R
Wall Street Buys More T-Bills, Parks Less at Fed | W
Central banks
China’s Central Bank Cuts Loan Prime Rates | N
China Cuts Borrowing Rates Again in Bid to Juice Recovery | W
Today’s Rate Hikes Threaten to Push Up Tomorrow’s Housing Costs | W
US
New US home construction surges by most in 3 decades in May | R
US Housing Starts Surged in May; Applications to Build Also Rose | B
It’s official: Student loan payments will restart in October | C
Chris Christie battles Trump with big donors on his side | C
Hunter Biden to plead guilty to tax crimes, take gun charge deal | C
Biden to meet with AI experts in San Francisco | C
IRS weighs guidance for employee retention tax credit | C
Europe
EU Proposes $55 Billion Economic Support Package for Ukraine Over Four Years | W
Geopolitics & trade
Modi heads to US to deepen ties, says no doubting India’s position on Ukraine | R
India’s Narendra Modi Sees Unprecedented Trust With U.S., Touts New Delhi’s Leadership Role | W
Beijing Plans a New Training Facility in Cuba, Raising Prospect of Chinese Troops on America’s Doorstep | W
Industries & companies
Autos: Exclusive: Tesla standard: BTC Power joins move to add to EV chargers | R
Autos: Why Tesla’s Stock Rally Doesn’t Make Sense—in Eight Charts | W
Consumer: Amazon HQ2 is not matching original hype. Economy is partly to blame | C
Retail: One-Percenters Keep Shopping at the Dollar Store | W
Corporate finance
Bed Bath & Beyond schedules separate auction for Buy Buy Baby assets | C
Climate
Europe Keeps Breaking Heat Records as Fastest-Warming Continent | B
Texas Grid Urges Consumers to Limit Power Use as Heat Rises | B
Crypto
Bitcoin hits new high for June as more financial incumbents signal commitment to crypto | C
Binance and SEC reach deal over U.S. assets, and Fidelity-backed exchange goes live: CNBC Crypto World
Beyond markets
U.S.-Funded Scientist Among Three Chinese Researchers Who Fell Ill Amid Early Covid-19 Outbreak | W
Return to Office Enters the Desperation Phase | N
Alibaba’s Daniel Zhang Will Leave Top Post, Replaced by Joseph Tsai | N
