Newsletter Jul 28, 2023

Quick Six

US economy posts surprisingly strong GDP growth in Q2
The US economy defied expectations to see growth pick up in the second quarter, according to government data released Thursday, supported by business investment and consumer spending. GDP growth came in at an annual rate of 2.4% for April-June, despite expectations of a slower rate. Although economists have been warning of a potential slowdown as the Federal Reserve raised interest rates rapidly in the past year to tamp down demand and inflation, the economy has proven more resilient than expected.
THE FACTORS THAT PROPELLED US ECONOMIC GROWTH

Federal Reserve's inflation fight entering new phase in fall
The US Federal Reserve's united front against inflation could be harder to hold together going into the next hike in September, with strong economic data and falling inflation figures fueling the fight over the best path forward. Analysts are divided ahead of the Fed's next decision in September, with the so-called "hawks" predicting additional rate hikes in the face of strong economic data, and "doves" expecting an end to the current hiking cycle.
WILL THE LATEST INTEREST RATE HIKE BE FED'S LAST?

New study says Facebook algorithm doesn't create divisions
Do social media echo chambers deepen political polarization, or simply reflect existing social divisions? A landmark research project that investigated Facebook's impact on the 2020 US presidential election published its first results Thursday, finding that, contrary to popular assumption, the platform's often criticized content-ranking algorithm doesn't shape users' beliefs.
SEE THE STUDY'S FINDINGS ON FACEBOOK'S ALGORITHM

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Markets

DJIA	35,282.72	-0.67%
S&P 500	4,537.41	-0.64%
Nasdaq Composite	14,050.11	-0.55%
Japan: Nikkei 225	32,453.97	-1.33%
UK: FTSE 100	7,692.76	0.21%
Crude Oil Futures	79.65	-0.55%
Gold Futures	1,950.20	0.23%
Yen	139.21	-0.20%
Euro	1.10	0.04%
* As of market close

Trump faces new charges, legal woes grow

Former President Donald Trump faced fresh charges Thursday alleging that he attempted to obstruct the investigation into the mishandling of top-secret documents by conspiring to delete surveillance footage at his Mar-a-Lago property. Prosecutors unsealed the new indictment targeting the front-runner in the 2024 Republican presidential primary. The new charges came the same day Trump said his lawyers met with Justice Department officials ahead of a separate expected indictment over his alleged efforts to overturn the result of the 2020 election.

CAN TRUMP STILL WIN DESPITE GROWING LEGAL PROBLEMS?

US housing market pinched by prices, rates

The U.S. housing market is stabilizing in 2023 after rapid price increases in the post-pandemic years, but the demand for homes still significantly exceeds the supply. Home prices rose by 2.8% between May 2022 and May 2023, suggesting the housing market is returning to more normal conditions after a post-pandemic period of exploding home prices. This a good sign for homeowners but bad news for prospective first-time buyers, who face inflated prices and low supply.

HOW THE HOUSING MARKET IS PRICING OUT YOUNG BUYERS

Hottest month ever? July '23 melts records

UN and EU monitors said Thursday that July is set to be the hottest month in recorded history and likely "unprecedented" for thousands of years, warning that this was a taste of the world's climate future. Searing heat intensified by global warming has baked parts of Europe, Asia and North America this month, combining with wildfires that have scorched Canada and parts of southern Europe. It is "extremely likely" that July 2023 will be the hottest month on record since the 1940s.

SEE THE MANY CLIMATE RECORDS SET TO FALL WORLDWIDE

Extra point

What is lowest temperature ever recorded at ground level on Earth?

Thursday's answer: Portuguese explorer Ferdinand Magellan is credited with leading the first expedition to circumnavigate the world. It took 1,082 days (1519-1522) for Magellan's crew to complete the feat.

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