Newsletter Aug 26, 2022

3 things you must know

Powell to hammer home Fed's inflation-fighting message
With inflation at a 40-year high, economists say there is no doubt about the Federal Reserve's policy course: Interest rates will continue to rise. Fed Chair Jerome Powell is expected to once again send a clear message Friday at the annual gathering of central bankers in Jackson Hole, Wyoming that the fight against inflation is not over. Modest signs of slowing in the world's largest economy and easing price pressures spurred hope in financial markets that the central bank might ease up on its aggressive rate hikes, but Powell is expected to stay the hawkish course.
SEE WHAT ANALYSTS SAY ABOUT THE FED'S NEXT MOVE

Biden's student loan plan will help, but it won't fix system
The Biden administration's student loan forgiveness program will bring relief to millions of Americans burdened by college debt at a time when inflation is making it difficult for them to pay for rising food and energy bills. The loan forgiveness program timing couldn't have been better, as it will help address most of these problems when people need it most, but it won't fix a system that pushed these Americans into student loan debt in the first place.
SEE HOW THE SYSTEM SETS A STUDENT LOAN DEBT TRAP

Shoppers are cutting back, leaving retailers overstocked
Inflation-weary shoppers are cutting back sharply on clothing purchases, prompting U.S. retailers to slash prices in order to clear inventory off the racks. Earlier this month, Walmart and Target were forced to offer deep discounts and rollbacks on clothing to clear shelves. This week, Victoria's Secret, Urban Outfitters and Kohl's joined the trend, saying in conference calls with analysts that shoppers are only buying certain types of items.
SEE WHICH STORES PLAN TO OFFER CLEARANCE SALES

Markets

DJIA	33,291.78	0.98%
S&P 500	4,199.12	1.41%
Nasdaq Composite	12,639.27	1.67%
Japan: Nikkei 225	28,776.32	1.04%
UK: FTSE 100	7,479.74	0.11%
Crude Oil Futures	93.49	1.05%
Gold Futures	1,766.60	-0.27%
Yen	136.75	0.18%
Euro	1.00	-0.06%
* As of market close

Trump's Truth Social faces financial trouble

Signs are growing that Donald Trump's social media platform Truth Social is in financial trouble, with just a modest following six months after launching. Fox Business Network reported Thursday that the platform has halted payments to the company that hosts it, RightForge, and owes $1.6 million. Trump's account on Truth Social has 3.91 million followers; on Twitter he had 79.5 million when he was booted from the social media platform following the Jan. 6, 2021 Capitol riot.

THE MERGER WITH DIGITAL WORLD ACQUISITION IS IN DOUBT

Long COVID keeping millions out of work

Long COVID symptoms may be preventing as many as 4.1 million people from working, according to a new study, which found the number of people out of work due to the virus disorder is more than twice earlier estimates of 1.6 million full-time workers â€“ a fact that could be key in solving labor shortages. About 16 million Americans aged 18 to 65 suffer from long COVID, with 2 to 4 million of these people out of work due to their symptoms.

HOW MUCH MONEY IS LONG COVID COSTING ECONOMY?

Oscar Mayer rolls out the Cold Dog popsicle

Oscar Mayer is serving up an odd twist on its hot dogs with the first ever Cold Dog. The Cold Dog, as the name implies, is a frozen hot dog popsicle that came out of Oscar Mayer's "Stupid or Genius" campaign. The interactive campaign looked at a number of different ways to enjoy a hot dog beyond traditional grilling, including a hot dog cake and a hot dog rake. The idea of the Cold Dog was deemed "genius" by Oscar Mayer fans, prompting the company to bring the creation to life.

FIND OUT WHERE YOU CAN EXPERIMENT WITH A COLD DOG

Dog days

What popular cartoon character's first on-screen line was "Hot Dog!"?

Thursday's answer: Although Kobe Bryant's birthday is Aug. 23 (he would have been 44), "Mamba Day" is celebrated Aug. 24 in Los Angeles in honor of the jersey numbers (8/24) he wore with the Lakers.