Back at it. Let’s dive right in.
Fed Chair Powell Jay Powell went on the record to start the week with an attempt to prepare markets for the central bank’s big moves ahead “in its quest to cool off demand and temper inflation.” Just days after Powell and his Fed compatriots raised interest rates for the first time in years, he “foreshadowed a potentially more aggressive path,” including as many as 6 more rate hikes this year - NYTimes and WSJ and Bloomberg
That forecast and surging oil prices were enough to snap a mini-winning streak on Wall Street, with all three major indices closing down on Monday - WSJ and MarketWatch
The SEC voted 3-1 on Monday to approve a “much-anticipated climate disclosure rule” that would for the first time require public companies to “tell their shareholders and the federal government how they affect the climate” in an effort to give investors “a clearer picture of the risks that climate change might pose to companies, because of disasters like droughts and wildfires, changes in government environmental policies or consumers’ declining interest in products that contribute to global warming” - NYTimes and MarketWatch and Law360 and WSJ
As Russia’s Ukraine invasion and the accompanying atrocities continue, the European Union is seeing support for a bloc-wide “bank on the purchase of Russian oil” growing steadily, “representing a significant shift in the continent’s stance toward how to ratchet up economic pressure on Moscow” - WSJ
Google has reportedly agreed to settle a NLRB case initiate by six current and former employees “who said the company had illegally fired or disciplined them because of their unionization efforts.” The deal, which came after the Board forced Google to produce documents sought by the plaintiffs, is protected by a non-disclosure agreement - NYTimes and WSJ
WTO director general Ngozi Okonjo-Iweala is hoping to preempt calls to look inward thanks to the current global supply-chain crisis and is encouraging a “deeper global trade” as part of a process she’s dubbed “reglobalization” - NYTimes
Monday’s tragic crash of a Boeing 737-800 airliner in China sent the airplane maker’s shares down sharply yesterday. There is, as yet, “no clear indication as to the cause of the crash,” but the results of the investigation—which could take months or years—could “carry significant weight for Boeing, which has faced recent trouble” with its flagship 737 Max and 787 Dreamliner models - NYTimes and WSJ and Bloomberg
Mr. Buffett’s Berkshire Hathaway group announced plans to acquire insurer Alleghany Corp. for $11.6 billion as part of deal it expects to close by the end of the year. Berkshire already has significant insurance company holdings—via Geico and others—in its sprawling holdings - WSJ and Bloomberg
I know you’ve been waiting for this with bated breath since we took our hiatus. Presenting, the 2022 All Hockey Hair team. Enjoy - GameOnMN
Stay safe,
MDR
The Robins Kaplan Financial Daily Dose features top stories and latest news headlines in financial markets, banking, securities and technology topics.
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