Treasury Secretary and World Bank both confirm persistent power of inflation | Robins Kaplan LLP

All the hits, and let’s be honest. . . primarily inflation and its endurance – since Treasury Secretary Yellen’s trip to the Hill on Tuesday, including admissions that she and President Powell’s frequent use of the term “transitional” to describe rising prices the last year was ill-advised – NYTimes and WSJ and Bloomberg

The World Bank’s latest report on global economic growth projections was another exercise in pessimism, with President David Malpass noting that “the bitter war in Ukraine, supply chain bottlenecks, Covid-related lockdowns in China and soaring energy and food prices” will dramatically slow global growth from 5.7% seen in 2021 to 2.9% forecast for this year and beyond – NYTimes and WSJ and HuffPost

Yet despite bad news domestically and internationally, stocks ended Tuesday after a wild day that saw markets jump everywhere for most of the day – WSJ and Bloomberg and MarketWatch

Oil giant Shell announced this week that it will “begin selling electricity generated from renewable sources to residents and businesses in Texas, a move that brings the European oil company’s shift to green power on the American market. This change further widens the gap between European and American oil companies, with the former expanding “into renewable energy, electric vehicle charging and other fast-growing businesses”, while the latter have largely maintained “their focus on oil and gas while investing in carbon capture”. from industrial plants and biofuels” – NYTimes

Senators from Wyoming and New York have teamed up to propose the Responsible Financial Innovation Act, a “long overdue” measure that “aims to clarify the regulation of cryptocurrencies” and “would define most digital assets as of goods and would enact rules governing stablecoins” – Loi360

The FTC has opened an investigation into CVS Caremark, Express Scripts, Inc. and “other large pharmacy benefit managers about the impact of their business models on the accessibility and affordability of prescription drugs” – WSJ

As you probably expected after reading here yesterday about the SEC’s plans to overhaul Wall Street’s plumbing, many in and around the markets aren’t thrilled with the proposed change, and those “retail brokers and market makers entrenched in the current system will fight Mr. Gensler’s changes, or even take legal action to block any regulatory changes” – WSJ

The union train loaded across America in the past year has arrived at Trader Joe’s – NYTimes

Phantom Ranch, anyone? If you want to spend a night in “the only accommodation in” the Grand Canyon, be prepared to wait years and bring your hiking boots (as accommodations are only “accessible by mule or by trudging down near a mile in the earth’s crust”) – NYTimes

We’re on a mission for the next few days, so stay safe, and we’ll see you back here next week.

LOL

About Arla Lacy

Check Also

IFSB Innovation Forum for Islamic Financial Services Industry Market Players Kicks Off in Doha

Doha: The fourth IFSB Innovation Forum for market players in the Islamic Financial Services (IFSI) …