Newsletter Jan 13, 2022

The news on inflation was as bad as expected Wednesday -- 7% over the past year with no signs of slowing -- as the Fed scrambles for solutions.

3 things you must know

Inflation hits 7% in 2021, a 40-year high ... and still growing
Americans braced for bad news Wednesday with the release of the latest government data on inflation, and they got it. Prices grew 7% over the course of 2021, a rate not seen since 1982. Fed Chair Jerome Powell headed off some of the sticker shock and vowed to take swift action, but prices for food, gas and housing are still rising.
SEE THE BIDEN ADMINISTRATION'S PLAN TO FIGHT INFLATION

Omicron having a direct impact on supply chain backlogs
As many as 800 COVID-related cases for dockworkers at the California ports of Los Angeles and Long Beach could significantly worsen the supply-chain crisis that is already plaguing retailers. The Omicron variant has hit the ports and has created a labor crunch, affecting more than 100 ships that are waiting to be offloaded.
FIND OUT HOW THE OUTBREAK IS DELAYING SHIPMENTS

Microsoft, Qualcomm form partnership to build the metaverse
The race is on to build the metaverse, and two technology giants are joining forces to do so first. Microsoft and Qualcomm recently announced a partnership to expand and accelerate the diffusion of augmented reality (AR) to consumer and business markets, upping the ante in the race to merge the actual and virtual worlds.
SEE THE TWO TECH GIANTS' PLAN TO BUILD THE METAVERSE

Markets

DJIA	36,290.32	0.11%
S&P 500	4,726.35	0.28%
Nasdaq Composite	15,188.39	0.23%
Japan: Nikkei 225	28,617.53	-0.51%
UK: FTSE 100	7,551.72	0.81%
Crude Oil Futures	82.76	0.15%
Gold Futures	1,824.20	-0.17%
Yen	114.66	0.02%
Euro	1.14	0.00%
* As of market close

FTC wants to force Facebook to sell apps

The Federal Trade Commission (FTC) is pushing for Facebook (Meta) to sell WhatsApp and Instagram, asserting that the company bought up its opponents to eliminate opposition. A federal judge has approved of the FTCâ€™s pursuit and will take Facebook to court over antitrust violations.

FIND OUT HOW FACEBOOK PLANS TO FIGHT THE FTC IN COURT

FDA warns against faulty home COVID tests

Amid the rising number of COVID-19 cases fueled by the Omicron variant, securing an appointment to get tested has become impossible, which has resulted in people turning to at-home kits. However, the FDA is warning against a particular type of kit due to its high rate of inaccurate results.

FIND OUT WHICH TYPE OF KITS THE FDA IS SAYING NOT TO USE

Giant asteroid to make close pass in 2105

If you haven't watched the movie "Don't Look Up," you might get your chance to see the real thing -- in another 89 years. NASA has identified a giant "potentially hazardous" asteroid that is projected to have a close call with Earth in 2105, a near-miss of only 700,000 miles ... at least we hope.

SEE WHAT NASA IS DOING TO PREVENT COLLISIONS WITH EARTH

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Smart DART

NASA's recently launched DART program is designed to alter the course of objects with the potential to impact Earth. What does DART stand for?

Wednesday's answer: The first gun was a fire lance in 10th century China.

What's ahead?

Another dump of government data will give investors a clearer picture of the state of inflation and employment Thursday. IBT will have all the news.

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