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Recession to Ease Inflation
J Pow said the Fed might cause a recession while fighting inflation, Biden wants to suspend gas taxes, the FDA is preparing to ban Juuls, UK inflation hit a 40-year high, Eurozone consumer confidence is at rock bottom, and Sam Bankman-Fried keeps bailing out crypto exchanges.
Markets Down Bad
Biden is considering a gas tax holiday before July 4th, Russia is now China's biggest oil supplier, McKinsey predicts $5T in metaverse spending by 2030, the Russian ruble is climbing, Apple is facing its first labor union, and SpaceX fired some employees who wrote a letter that criticized Elon Musk.
RIP Internet Explorer
Internet Explorer is shutting down after 27 years, stocks keep on falling, Musk drew heat from Twitter employees in his first meeting, Russia cut gas flows to Europe, VC funding is Europe is slowing faster than in the US, and the Fintech IPO tracker fell 13.5% this week.
Recession To Solve Inflation?
Stocks rebounded after the Fed announced a 75 bps hike, the European Central Bank wants to tackle Eurozone fragmentation, Euro-Dollar parity may be reached within a month, mortgage demand is down 50% yoy, Softbank's executives took paycuts, and global oil demand is expected to stay high through 2023.
BREAKING: Crypto
The crypto ravaging continued as prices fell further on Monday, some exchanges froze withdrawals, other crypto companies announced layoffs, US average gas prices broke $5 this weekend, Walmart is trying to onboard UK retailers to its online marketplace, Amazon will start drone deliveries in California this year, and the S&P is officially in bear market territory.
Another Friday Clappening
One Google engineer claimed that their AI is "sentient," England is raising interest rates, the US Senate reached a bipartisan deal on gun safety, the US is lifting Covid test requirements for international travel, and the UK is putting Credit Suisse on watch after a series of scandals.
