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FedEx Raising Rates 6.9% (lol)
FedEx raised its rates by 6.9%, FTX is looking to raise another $1B in funding, Japan is buying yen for the first time in 20+ years, the luxury home market is tanking, Credit Suisse may split its investment bank into three, Samsung and SoftBank are discussing a chip alliance, and two winners are splitting the Mega Millions Jackpot.
Fed Keeps Hiking
The Fed is raising rates by 75 bps, 2Y Treasuries are trading at 2007 levels, home sales keep dropping, the dollar keeps climbing, US bank CEOs support the rate hikes, CVS and Walmart reached a $147M opioid settlement, the EPA wants tougher rules on big trucks, and Twitch is banning unlicensed gambling livestreams.
RIP SPACs 2020 - 2022
Chamath is closing down his final two SPACs, global food supplies remain tight, Morgan Stanley is settling with the SEC, VCs are sitting on a ton of dry powder, Spotify is launching audiobooks, Peloton added another overpriced piece of equipment, Beyond Meat's COO bit someone's nose, and the FTC is investigating Amazon's Roomba purchase.
Pass the Dutchie 'pon the left hand side
US homebuilder sentiment keeps tumbling, Biden says the US would defend Taiwan if China invaded, US bank CEOs will testify in Congress this week, the world is going to explode if the Fed announces a 100 bps hike on Wednesday, Zuckerberg's net worth has dropped by $71B YTD, and California signed a bill that states employers can't discriminate against workers for smoking weed off-the-job. Cannabis making moves in the states!
First Boston v2
US consumer sentiment is improving, the pound keeps losing value vs the dollar, Credit Suisse is considering bringing back the First Boston brand, China raised its US treasury holdings, Bank of America will offer zero-down mortgages to minority first-time homebuyers, India's Gautam Adani is the world's second-richest man, and Biden declared the pandemic "over".
Ligma Figma
Roger Federer announced his retirement, Kanye is breaking up with Gap, Manhattan workers are returning to the office, Amtrak will resume its normal operations, mortgage rates top 6% for the first time since '08, the DOJ is changing how it prosecutes companies, Patagonia's founder "donated" the company to non-profits, tech-focused hedge funds are taking massive L's, Apple and Amazon passed on LIV Golf media rights, and Adobe is purchasing Figma for $20B.
Merge Complete
Markets bounced back a bit from Tuesday's drop, Ethereum merged (not M&A tho), US child poverty hit a record low, Amtrak canceled long-distance trains, Tesla is changing their battery strategy, Starbucks is predicting 20% annual EPS growth, Twilio had a round of layoffs, and California is suing Amazon.
Markets Down Bad
Inflation came in hot, stocks and crypto tanked, Credit Suisse may give its senior bankers equity in the IB business, Ukraine is recapturing land from Russia, Ark's Cathie Wood is worried about deflation, former Disney CEO Robert Iger is joining a VC fund, Google is developing chips for US researchers, and Mr. Beast's manager wants to bankroll the creator economy.
Eurocession Imminent
Yellen said the economy is strong but so is inflation, Tesla tripled its China deliveries, EY is spinning off its audit and consulting units, BetMGM is opening its first betting parlor at the Cardinal's stadium, and Neumann's startup Flow will use crypto (obviously).
Kardashian Kapital
Kim K launched a private equity firm, the dollar continues to surge, mortgage rates are back to June levels, VCs poured billions into crypto, Truss has a new power subsidy plan for the UK, Serena's last tennis match was the most watched in ESPN history, and Musk will use whistleblower claims in his lawsuit.