Newsletter Feb 15, 2023

3 things you must know

Rising housing, energy costs push CPI higher than expected
Rising rent and energy prices kept U.S. consumer prices elevated in January, according to government data released Tuesday, with the slight easing signaling that policymakers' battle is not over. But even as the latest data eases from last year's decades-high levels, the numbers point to some stickier areas. The CPI rose 6.4% in January from a year ago. From December to January, CPI rose 0.5%, picking up from 0.1% in December and signaling the Federal Reserve still has some way to go to rein in costs.
HOW HOUSING AND ENERGY COSTS CONTINUE TO RISE

Tesla workers seek to start first union at Buffalo Gigafactory
Tesla workers at a factory in Buffalo, N.Y., said Tuesday that they are trying to form the company's first union. Tesla had avoided unionization at its U.S. facilities until Tuesday when workers submitted their intent to unionize at Tesla's Buffalo "Gigafactory" in hopes of an agreement on several key issues. Tesla CEO Elon Musk has taken a hard line against labor unions in the past.
SEE TESLA WORKERS' COMPLAINTS AGAINST COMPANY

Oil prices fall after US dips deeper into Strategic Reserve
Oil prices fell about 1% on Tuesday after the U.S. said it would release more crude from its Strategic Petroleum Reserve, lifting some supply concerns from the market. The U.S. Department of Energy (DOE) said it would sell 26 million barrels of oil from the SPR, which is already at its lowest level since 1983, a release that had been mandated by Congress in previous years.
SEE HOW GLOBAL OIL MARKETS REACTED TO THE MOVE

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Markets

DJIA	34,089.27	-0.46%
S&P 500	4,136.13	-0.03%
Nasdaq Composite	11,960.15	0.57%
Japan: Nikkei 225	27,565.42	-0.14%
UK: FTSE 100	7,953.85	0.08%
Crude Oil Futures	78.76	-0.38%
Gold Futures	1,867.50	0.11%
Yen	132.76	-0.27%
Euro	1.07	-0.06%
* As of market close

Haley enters race as Trump's first GOP rival

Former UN Ambassador Nikki Haley said on Tuesday that she will seek the Republican presidential nomination in 2024, putting her at odds with former boss Donald Trump, the ex-president also seeking to win back the White House. Haley, a former South Carolina governor who served as U.S. ambassador to the United Nations under Trump, will lay out her campaign plans in a speech today. She became Trump's first challenger in a Republican field expected to grow in coming weeks.

FIVE OTHER REPUBLICANS SET TO THROW HAT IN THE RING

Biden FCC pick at center of regulation fight

President Joe Biden's pick for a key fifth seat on the FCC on Tuesday faced harsh criticism from Republicans senators while Democrats said it was crucial the telecom regulator have a full slate of commissioners. Gigi Sohn, who was nominated in October 2021, had her third hearing Tuesday. Republicans offered a sweeping denunciation of Sohn on a number of grounds, while Democrats said Republicans were doing the bidding of powerful telecom companies that not want to face regulation.

SEE THE KEY TELECOM CASES AWAITING THE FCC'S ACTION

Banksy unveils 'Valentine's Day Mascara'

British street artist Banksy confirmed a new mural showing a 1950s housewife with a swollen eye apparently pushing a man into a chest freezer was his work early on Valentine's Day. Titled "Valentine's Day Mascara", it appeared in Margate, England before the appliance was removed. It's timing appears to highlight violence against women but Banksy offers few clues about his work, which usually appear in public locations overnight, beyond a confirmation on social media.

HOW BANKSY MAINTAINED HIS ANONYMITY ON THE PROJECT

Paint job

What was Banksy's first known public work and what year did it appear?

Tuesday's answer: Richard Cadbury invented the first heart-shaped Valentine's candy box in 1861. Over 36 million have been sold since.

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