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- Daily Scoop 22-3-2
Daily Scoop 22-3-2
👋 Your Wednesday Scoops - Big Tech clamps down on Russia
Today's Scoop:Rebound
Big Picture
Oil prices are hitting new highs.
Corporations are cutting ties with Russia.
More Americans returned to work last month than expected.
The Market:
⬆️
+1.9%
S&P 500: 4,386.54
1Mo:
-2%
| 1Yr:
+15%
| 5Yr:
+84%
Markets recovered from yesterday's plunge despite worsening conditions in Ukraine.
Oil prices reached their highest level in over a decade today.
Global economies have been stepping up trade restrictions on Russia, which delivers 10% of the worldwide oil supply. The International Energy Agency (IEA), which includes the US, Japan, & much of Europe, agreed to release 60 million barrels of oil to limit the price surge. That only accounts for about three days of US oil consumption, though.
Today, the Federal Reserve Chairman reassured investors that they're mostly
sticking with the same plan to start raising interest rates soon
. Investors have been worried about the Fed cutting back stimulus more quickly due to the inflation pressure from the Russian sanctions.
Payroll provider ADP reported
private sector businesses added 475,000 more jobs last month, far more than expected
, but concentrated more in large companies that have a greater ability to raise wages.
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
Exxon
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Mastercard & Visa
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Target's
(These links only work for 24 hours while the story is live)
🤓 Inside Scoop...
The Federal Reserve, aka the Central Bank, controls the flow of money. When the economy needs juice, it creates more money and lowers interest rates to incentivize more lending and spending. When inflation gets too high, that means there's too much lending and spending for the available resources. So, the Fed raises interest rates and starts to shut down all the supportive stimulus measures. In a regular economic cycle, inflation starts to get too high because the economy has recovered and doesn't need the extra boost. The fear now is that inflation will keep rising due to unusual global trade issues, forcing the Fed to restrict the economy before it's strong enough to handle it.
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