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- Daily Scoop 22-8-29
Daily Scoop 22-8-29
👋 Your Monday Scoops - Moderna vs. Pfizer & Google's abortion coalition
Today's Scoop:Shaken
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Big Picture
US policymakers are likely to keep restricting the economy.
China launched a new round of stimulus.
Extreme heat and drought have pushed much of the globe into crisis.
The Market:
⬇️
-0.7%
S&P 500: 4,030.61
1Mo:
-2%
| 1Yr:
-11%
| 5Yr:
+63%
Markets continued the downward move from Friday as investors reacted to
policymakers committing to restrictive economic policy to get inflation under control.
Federal Reserve Chairman basically reminded everyone what economic policy really means in practice. They're raising rates to make borrowing more expensive (think higher mortgage rates), which slows demand (fewer people choosing to buy homes at high rates) and cools inflation (less demand makes home prices stop rising so quickly). When they translate that effect to the economy, less economic activity translates to higher unemployment. Currently, employment is about as strong as it can get, and corporations can't fill roles. So
the Fed is essentially trying to slow activity to the point that it sees unemployment rise again
, which isn't good for the real people who lose their jobs.
China has the opposite problem. The country's still battling the economic effects of covid lockdowns and extreme heat. The
Chinese government launched $150B of economic stimulus to jumpstart the economy.
Extreme heat and drought worldwide have sparked wildfires, created food and water scarcity, and led Europe and China into an energy crisis. Make sure you didn't miss our
on the
heat and drought crisis.
Company Scoops ❤🌎💰
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Moderna
-
Snapchat
-
Dell
-
Meta
-
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🤓 Inside Scoop...
The
Federal Reserve
, aka the
Central Bank
, aka
The Fed
, is in charge of our whole money system. The Fed's job is to keep the economy running at a solid pace by
stimulating
business activity when the economy needs support and restricting it when it starts to overheat.
Inflation
is the economic heat gauge. The Fed wants some inflation (~2%), but not high inflation (now). So the Fed will continue shifting from supportive policy to restrictive policy until it feels like inflation is under control.
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