That CPI data we were expecting yesterday hit analysts’ projections just about on the mark, with prices increasing 5.4% last month compared to a year earlier. Though undeniably high, that figure suggests that “gains are beginning to moderate on a monthly basis,” which—if true—would be welcome news to White House and Fed officials tasked with worrying about long-term vs. transitory inflation - NYTimes and WSJ and Bloomberg and Marketplace
With those figures in mind, we’re not surprised to see more Fed officials—this time KC Fed President Esther George and Dallas Fed President Robert Kaplan—make public statements this week advocating for the central bank to end its bond-buying program in an effort to cool down what they fear could be an over-heated economy - WSJ and Bloomberg
A quick check on financial system liquidity—hey Mashallian K indicator!—suggests that the calls may be premature (or at least not as open-and-shut as they’re being pitched) - Bloomberg
The rise of the Delta variant has thrown a wrench in all predictions for a fully reopened economy (and a hot vax summer), so how best to “assess the prospects for economic growth” during these uncertain times? Well, yields on the 10-year Treasury notes are a good place to start. Historically, when T-note yields rise, expectations for growth and inflation are on the rise. So here’s why they’re down at the moment - NYTimes
Thanks to a new financing deal, troubled e-truck startup Lordstown Motors appears able to start churning out vehicles by fall of this year for 2022 delivery dates. But expect only a “limited production” for the foreseeable future, as funding continues to plague the once-hot carmaker - NYTimes and WSJ and TechCrunch
Fox Corporation is reportedly nearing a deal to buy gossip news platform TMZ from AT&T as part of a package that would value the company at between $100 and $125 million - WSJ
Get those Vlad questions ready—Robinhood’s taking Qs from retail investors during its Q2 earnings call next week (its first as a publicly traded company) - Bloomberg
Crypto-exchange giant BitMEX will pay $100 million to “resolve a regulatory lawsuit over its failure to follow U.S. rules while allowing Americans to access its trading platform.” BitMEX offers “leveraged trading in bitcoin and other cryptocurrency derivatives,” and its founders have been indicted on federal charges of failing to use effective AML systems on the platform - WSJ and Law360
Thanks to Dodgers infielder Trea Turner for gracing us not only with this undeniably smooth slide but for inspiring the now-requisite spate of memes - HuffPost
Stay safe and get vaxxed,
MDR
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