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Bloomberg Weekend Reading

Much of corporate America has stayed quiet since it was revealed that the U.S. Supreme Court could be poised to reverse Roe v. Wade. But on Wall Street, the likes of Goldman Sachs and JPMorgan are mulling extending benefits to cover travel for reproductive services, potentially joining Citigroup, Amazon and Uber in similar efforts. Republican lawmakers want to make such moves expensive for employers, however. More broadly, if the Republican-appointee dominated high court follows through on the draft opinion by Samuel Alito, the legal fallout could eventually endanger same-sex marriage and contraceptive rights. Closer aboard, such a ruling may worsen what’s already one of the highest rates of maternal death in childbirth of any developed nation. And politically, in a country where a clear majority favors the right to abortion, such a decision is likely to further polarize the coming midterm elections.

Demonstrators march towards the Texas Capitol during a national walkout in support of abortion rights at the University of Texas in Austin on May 5. Photographer: Sergio Flores/Bloomberg

What you’ll want to read this weekend

The Federal Reserve lifted borrowing costs by the steepest increment since 2000 to tamp down inflation. Dovish comments from Fed Chair Jerome Powell represented an “unforced error” in messaging, Jonathan Levin and Robert Burgess argue in Bloomberg Opinion. Longer term, higher prices and interest rates may linger as the world transitions to a greener economy.

With Russia’s continuing war on Ukraine and fears of stagflation, there’s no end to volatility in financial markets. One 78-year-old investor said he’s getting ready to face the “biggest bear market” of his life. As for those betting on a rebound, the water is murky.

In a first for a U.S. power system, renewable resources briefly met almost all of California’s electricity needs. But in India, temperatures of 115 degrees Fahrenheit (46 degrees Celsius) inflicted intolerable pressure on a creaking power network.

First Solar photovoltaic panels at the Desert Stateline Solar Facility in the Mojave Desert in San Bernardino County, California. Photographer: Bing Guan/Bloomberg

The creator of the Bored Apes Yacht Club collection of NFTs raised roughly $320 million selling virtual land, the largest offering of its kind. The Ethereum blockchain couldn’t handle demand, so unsuccessful bidders got a refund on transaction fees. In conflicting news for crypto believers, Argentina is slamming on the brakes while Singapore restaurants are taking digital assets as payment.

There’s a new trend at top restaurants around the U.S.—taking the rib-eye treatment to your fish fillet. Dry-aging fish may seem counterintuitive for a protein whose freshness is generally viewed as fundamental, but the process is rapidly being adopted around the world. And for the hottest restaurant in Nashville, dumplings are quite the thing.

From left: Dry-aged Shima-aji, or Japanese striped jack; striped bass; and kinmedai, or golden eye snapper. Photographer: Joyce Lee for Bloomberg Businessweek

What you’ll need to know next week

  • U.S. Senate holds vote on law that would ensure abortion access.
  • Data release likely to show U.S. inflation is far from normal.
  • Putin plans address on anniversary of the allied victory in WWII.
  • Sweden publishes a report on the pros and cons of joining NATO.
  • Formula One motor racing tries again in the U.S., this time in Miami.

What you’ll want to read in Businessweek

Long Covid’s Victims May Include Your Kids

At least a half-million children in the U.S. are struggling with mysterious symptoms like weight loss, fever and exhaustion. And as Covid-19 infections rise again, that means more long-Covid, including among children. Estimates of the number of kids who face extended symptoms may range from 5% to 10% of those infected with the virus.

Hunter Reinard and Lincoln Brockmeyer. Photographer: Daniel Lozada for Bloomberg Businessweek

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