Newsletter Oct 18, 2022

3 things you must know

Supply chain snarls ease, raising hopes for falling inflation
The supply chain pressures that were so instrumental to driving up U.S. inflationary pressures at the onset of the coronavirus pandemic are waning, according to Oxford Economics' latest proprietary tracker, which showed "supply chain strains eased in September after increasing slightly in August." Supply chain pressures have been a key driver of the surge in prices that has pushed U.S. inflation to 40-year highs. The Federal Reserve has responded to the surge in inflation with an aggressive campaign of interest rate hikes that are almost certain to run into next year.
WHAT THE LATEST DATA REVEALS ABOUT SUPPLY CHAINS

Wall Street rallies behind banking's positive earnings reports
Wall Street's main indexes jumped on Monday as Bank of America led gains among lenders after reporting positive results that were underpinned by the Federal Reserve's rapid rate hikes. Bank of America Corp rose 4.53% as the lender benefited from higher net interest income in its third quarter, even though it added $378 million to its loan-loss reserves. Overall, higher rates boosted interest incomes for most lenders in the third quarter.
WHY GOOD NEWS FOR BANKS IS POSITIVE FOR ECONOMY

Toys 'R' Us celebrates grand reopening in time for holidays
Toys "R" Us officially reopened inside some Macy's department stores over the weekend following a long battle for survival. Toys "R" filed for Chapter 11 bankruptcy protection in September 2017 and closed 735 stores. In August 2021, WHP Global announced that the toy retailer would open over 400 stores within Macy's in 2022. The move comes as the holiday shopping season begins.
SEE WHICH STATES WILL FEATURE TOYS 'R' US STORES

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Markets

DJIA	30,185.82	1.86%
S&P 500	3,677.95	2.65%
Nasdaq Composite	10,675.80	3.43%
Japan: Nikkei 225	26,775.79	-1.16%
UK: FTSE 100	6,920.24	0.90%
Crude Oil Futures	85.65	0.05%
Gold Futures	1,655.50	0.40%
Yen	149.03	-0.01%
Euro	0.98	-0.02%
* As of market close

Feds seek serious fine, jail time for Bannon

Federal prosecutors are seeking a sentence of six months in prison and a $200,000 fine for Donald Trump's former strategist Steve Bannon, who was found guilty of willfully disobeying a subpoena from the House committee investigating the Jan. 6 attack on the Capitol. A jury in July found Bannon guilty of ignoring a subpoena that sought his testimony about Trump's efforts to overturn the 2020 election, as well as records he may have kept leading up to the attack on the Capitol.

SEE THE AMOUNT OF THE FINE AND JAIL TIME THE FEDS SEEK

Midterms: How US casts and counts votes

Misinformation online and false claims of election fraud led by former President Donald Trump and his allies have sharply eroded public trust in the integrity of elections. How Americans vote -- and the equipment they use -- varies widely, and some methods are more vulnerable to efforts to shake that trust. Heading into the midterms, election experts say the move in most states to hybrid voting systems - paper ballots tallied by electronic machines - could give voters greater confidence.

ELECTION OFFICIALS CONCERNED ABOUT TERRORISM THREAT

Kanye buys Parler after social media bans

Rapper and fashion icon Kanye West, who last year changed his legal name to Ye, reached a deal in principle Monday to buy conservative social media platform Parler. The announcement comes after West, 45, has faced scrutiny in recent weeks after a series of antisemitic and inflammatory comments through various social media platforms. Both Twitter and Instagram have since locked the rapper out of his accounts.

HEAR KANYE'S PLANS FOR CONSERVATIVE PLATFORM PARLER

Name game

What does Kanye Omari West's given name translate to in Swahili?

Monday's answer: Of the 12,746 registered serial killings nationwide (1990 -2020), California has the most (1,777), followed by Texas (984).

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