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Fed Chairman Jerome Powell is gambling that recent inflationary trends are temporary symptoms of a pandemic recovery and nothing that continued stimulus efforts can't correct. But is he playing his hand right? |
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The Fed's Powell playing recovery plan close to the vest If Federal Reserve Chairman Jerome Powell were a poker player (and if you think about it, he kinda is), he would be the stoic old guy confidently smoking his cigar and showing no signs of bluffing -- no matter how high the stakes. At least that's how he's approaching US fiscal policy despite some scary economic cards coming on the river. After The Fed was dealt some dire news Tuesday about a spike in inflation -- nearly 1% in June alone and 5.4% over the past year -- some expected Powell to finally blink in his staunch stance against backing off stimulus efforts. Rather than fold in the face of rising inflation and adjust his recovery strategy accordingly, Powell is standing pat and betting those numbers will correct themselves. IS POWELL'S PLAN A WINNING HAND FOR THE ECONOMY?
Confident Apple ups its order on next 5G iPhone release Exactly what the world needs now -- more screen time. Yet despite the fact that Americans have spent the past 16 months starring at their cell phones, that's what Apple is anticipating as its iPhone-obsessed customers emerge from the pandemic in coming months. Apple asked its suppliers to increase production for its soon-to-be-released iPhone 13s, bumping up its 2020 order by 20% to a total of 90 million phones. High demand for its 5G network has Apple banking on customers upgrading to its latest line of features. It's also a vote of confidence about the direction of the economic recovery. CHECK OUT THE NEW FEATURES ON THE COMING iPHONE13
Netflix & Thrill? Streaming service giant going into gaming It's apparently not enough for Netflix to dominate the world of streaming. Now it appears Netflix is getting into the gaming industry, which could potentially give the multimedia mammoth a virtual lock on the entertainment attention spans of streamers and gamers alike. Although the crossover move has not been officially announced, Netflix tipped its hand by hiring former EA and Facebook executive Mike Verdu, who is expected to head the company's gaming venture. Rumored to launch next year, it could give Netflix another source of revenue as the streaming market becomes increasingly competitive. SEE WHICH NETFLIX SHOWS COULD GET GAME VERSIONS
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Markets
| DJIA | 34,933.23 | 0.13% |
| S&P 500 | 4,374.30 | 0.12% |
| Nasdaq Composite | 14,644.95 | -0.22% |
| Japan: Nikkei 225 | 28,279.09 | -1.15% |
| UK: FTSE 100 | 7,092.29 | 0.02% |
| Crude Oil Futures | 72.39 | -1.01% |
| Gold Futures | 1,833.20 | 0.45% |
| Yen | 109.75 | -0.19% |
| Euro | 1.18 | 0.08% | | * As of market close |
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Social-ist Media: Cuba cracks down on apps
The revolution might be televised, but this one isn't on social media. In the wake of protests throughout the island nation of Cuba that sits just 90 miles from the US shoreline, the communist regime has cut off access to popular apps like Facebook, Twitter and WhatsApp and its citizens' only connections to the outside world. Following a major crackdown on protesters, Cuba initially shut down internet access altogether to prevent organizers from communicating and stop the flow of images coming out of the troubled island nation. The government is calling for citizens to cease their protests against food and vaccine shortages while pledging to correct the problems. SEE WHAT CUBA IS DOING TO ADDRESS PROTESTORS' DEMANDS
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Dems push for legalization of marijuana
In one of the longest overdue pieces of federal legislation to be addressed on Capitol Hill, Senate Majority Leader Chuck Schumer on Wednesday called for the decriminalization marijuana on a national scale, joining 38 states that already permit some form of legal use. The issue has long been a political hot potato in Congress while states have led the way. The Cannabis Administration and Opportunity Act would take marijuana off the list of controlled substances, which includes harder drugs. It also would regulate and tax cannabis as a much-needed source of revenue to cover the costs of pandemic spending. But the Democrats' biggest obstacle might not be Republicans as much as their own president. FIND OUT WHY BIDEN IS OPPOSED TO LEGALIZATION EFFORTS
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Splashback! Coke refills on flavor makeover
Stop us if you've heard this before (which means you're at least 35 years old), but Coca-Cola is changing the formula in one of its iconic brands. OK, it's not the earth-shaking New Coke/Coke Classic controversy of the mid-1980s, but the company is altering its Coca-Cola Zero Sugar flavor. The new (and improved?) Coke Zero-Sugar is hitting stores this month with a cool new look and a taste designed to attract the Gen Z crowd (what, they need something to wash down all those TidePods?). But the jury is still out among Twitter users' taste buds, which suspect the secret ingredient is more water. Other guesses include everything except sugar. CHECK OUT TWITTER USERS' REACTIONS TO COKE ZERO-SUGAR
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The real Real Thing
Coca-Cola's epic fail to change its recipe wasn't the company's first time to tinker with the formula. What was the occupation of the drink's creator who included the now-illegal namesake drug in the original Coke recipe? Wednesday's answer: Before Shohei Ohtani's double-duty performance, Hall of Fame legend Babe Ruth was the last Major League Baseball player to hit 15 homers and pitch at least 50 innings in a season. SEND YOUR ANSWER HERE TO SHOW OFF YOUR KNOWLEDGE
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