In a much-anticipated [well, for some of us central bank nerds, at least] to the Economic Club of NY, Fed Chair Powell on Wednesday acknowledged that pent-up consumer demand unlocked by a big government stimulus package could lead to some inflation, but he reaffirmed that he and other policymakers “should stay focused on restoring full employment” as priority #1 - NYTimes and WSJ and Bloomberg and MarketWatch
A look at what President Biden has in mind for tackling that daunting aim—especially when it comes to manufacturing - NYTimes
China is reportedly detaining Tencent exec Zhang Feng as “part of a probe into a high-profile corruption case involving one of the country’s former top law-enforcement officials.” Authorities suspect Mr. Zhang shared personal data collected by Tencent’s WeChat app despite lacking the authorization to do so - WSJ
The Times profiles Jane Fraser, Citigroup’s new CEO, and her unenviable task of turning around a bank plagued by longstanding issues—from “failing to catch money launderers to ineffective risk management” to “failing to tell minority customers seeking mortgages that they were eligible for lower interest rates if they had other business with the bank.” In other words, full plate territory for the Goldman, HBS, and longtime Citi alum - NYTimes
In spite of a Covid-ravaged year “that shuttered auto factories for nearly two months and sent car sales tumbling,” General Motors reported profits of more than $6 billion in 2020—a necessary win for Mary Barra to keep her ambitious schedule for a carbon-free vehicle lineup in just 15 years - NYTimes and WSJ
Uber, meanwhile, posted “a narrower annual loss” than the year before—“even as the coronavirus pandemic crushed its core ride-hailing operations.” The company’s food-delivery business and “aggressive cost cuts” played a massive role in the results only “narrowly miss[ing] Wall Street’s expectations” - WSJ and NYTimes
Humbling times for Merck, a “vaccine titan” that took itself out of the Covid-19 vaccine race last month “after early clinical trials flopped.” The company’s now “testing two experimental Covid-19 drugs” and “looking for ways to help competitors supply the world with vaccines” - NYTimes
Generic drug giant Teva is reportedly having similar discussions about “helping to produce and distribute shots as demand rises for immunizations” - Bloomberg
The Journal’s got the inside scoop at what investing powerhouse Fidelity is planning in its “fight to take on all rivals, from Vanguard Group to Robinhood Markets Inc.” - WSJ
Bumble, the dating app “where only women can make the first move,” expanded the scope of its IPO on Wednesday—with plans to raise $2.15 billion by selling 5 million more shares than planned for $43 each, a price $4 higher than its anticipated high end, when it hits markets today - Bloomberg and TechCrunch and MarketWatch
Interesting comparison between the recent GameStop “frenzy” and the cryptocurrency market—an arena well versed in rollercoaster price swings and herd mentality - WSJ
Pretty cool stuff from the Times here looking at how humans evolved to maintain still heads—with a level gaze and eyes—while we run, and in turn, how “distance running began shaping human bodies and lives in ways that still reverberate today” - NYTimes
Stay safe,
MDR
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