Bloomberg - Evening Briefing - America off the boil

Bloomberg Weekend Reading

After months of scorching prices, things finally appear to be cooling off a bit. The latest US inflation report showed some deceleration from the biggest surge in the cost of living in four decades. But one month doesn’t equal a trend, nor does it mean the Federal Reserve will dramatically change course on interest rate hikes. While a decline in gas prices offered relief to drivers and the labor market remains robust, American purchasing power continues to drop and some underlying price pressures remain—egg prices jumped 47%, and that makes basic items like mayonnaise more costly, too. Some skeptics think taming the inflation beast will take more time and won’t come without a recession. This all suggests to some that, in this baffling economic environment, the Fed and markets are flying somewhat blind. As a result, Jonathan Levin writes in Bloomberg Opinion, “the odds of a policy mistake remain high.”

What you’ll want to read this weekend

The number of homes for sale in the US has jumped, and the added inventory gives buyers some room to negotiate. But the good news for them mostly ends there. The same investors who helped propel prices skyward are pulling back as mortgage rates surge, and people are struggling to pay their bills with rental costs at a three-decade high. The Fed created “major distortions” in the housing market, Allison Schrager contends in Bloomberg Opinion. “The impact may be felt for decades.”

Donald Trump’s legal woes are growing. In addition to state and federal criminal investigations tied to his efforts to overturn the 2020 election, as well as civil and criminal probes of his company, the FBI searched his Florida home, executing an unprecedented warrant against a former president, one which cited an ongoing probe under the Espionage Act. At issue were highly classified documents Trump had allegedly taken with him from the White House. The Washington Post reported that some of the files sought were related to nuclear weapons.

China seized on US House Speaker Nancy Pelosi’s visit to Taiwan to increase its military presence around the island democracy, highlighting how a conflict could quickly escalate and shake global supply chains. Beijing meantime is increasingly frustrated with efforts to develop its domestic semiconductor industry. All of this comes as Xi Jinping is expected to seek a third term as president amid a Covid-zero policy that’s deeply unpopular with the public—and with Twitter co-founder Jack Dorsey. 

A Chinese military helicopter flies past Pingtan island, one of mainland China's closest points to Taiwan.  Photographer: Hector Retamal/AFP

Extreme weather fueled by the climate crisis has deluged Seoul with its heaviest rainstorms in 80 years, caused drought across swaths of Europe (even as far as northern England) and imperiled beer production in Mexico. While climate talks between China and the US—the world’s leading polluters—were suspended by Beijing over Pelosi’s Taiwan visit, the US Senate this week for the first time passed a major climate bill.

The most expensive hotel in New York City is basically a party venue for the 0.1%. To ensure the vibe remains exclusive, The Aman New York in Midtown is selling a club membership that costs $200,000. Looking for something more singular? The “Pride and Prejudice” English country estate is on sale for £6 million ($7.3 million).

The Aman’s indoor pool is set within a three-floor, 25,000-square-foot spa. Photographer: Ashok Sinha/Bloomberg

What you’ll need to know next week

  • European GDP data and Uniper’s earnings highlight energy crisis.
  • Walmart, US retail earnings will reveal more on price pressures.
  • China releases property data; Tencent reports after a tough quarter.
  • Britain’s summer of strikes continues with Edinburgh street cleaners.
  • The Federal Reserve releases minutes from its July meeting.

What you’ll want to read in Bloomberg Data

Five States May Risk 2024 Election Legitimacy

Across the US, officials in Republican-controlled states have sought to restrict access to voting, citing as justification false claims of 2020 election fraud. In the last two years, some have continued to push conspiracy theories and sought to remove state officials who refused to manufacture fake votes for Donald Trump. Most importantly, they’ve nominated election-denying candidates for Congress and governor—and for offices that certify elections. Bloomberg News analyzed every proposed election law in the US since Biden’s election, and identified the states most at risk of political interference this year and in 2024.

A voting booth at a polling location for an election in Louisville, Kentucky. Photographer: Scotty Perry/Bloomberg

Older messages

The Espionage Act

Friday, August 12, 2022

Bloomberg Evening Briefing View in browser Bloomberg Donald Trump's allies both on Capitol Hill and the airwaves spent the past few days clamoring for explanations after FBI agents searched the

Trump takes the Fifth

Friday, August 12, 2022

Bloomberg Evening Briefing View in browser Bloomberg First the US recession that some said was imminent suddenly stopped looming thanks to robust hiring. Now inflation is falling more than expected.

Inflation at 70%

Friday, August 12, 2022

Bloomberg Evening Briefing View in browser Bloomberg Markets came back down to earth after Wednesday's rally that followed softer-than-expected inflation data. Despite the consumer price report and

The cost of a Taiwan war

Tuesday, August 9, 2022

Bloomberg Evening Briefing View in browser Bloomberg As China holds extensive and increasingly aggressive military exercises off of Taiwan, a group of American defense experts in Washington are focused

The fate of 2024

Monday, August 8, 2022

Bloomberg Evening Briefing View in browser Bloomberg Donald Trump failed to push aside President Joe Biden's 2020 victory and the 81.2 million American voters who elected him. But many followers of

Insider Today: Wall Street's new job path

Monday, September 25, 2023

Plus: LinkedIn's strange new world, and AI job skills. View in browser September 25, 2023 • 5 min read with Dan DeFrancesco Welcome back! We had some breaking news late Sunday: The Writers Guild of

😎 Things are looking brighter…

Sunday, September 24, 2023

Plus, the OECD adjusts its outlook Finimize Your Weekly Brief should take you 3:14 minutes to read. Let us know what you think here. Doing The Impossible US consumers may be in for rougher sledding,

Insider Today: Goldman partner exodus

Sunday, September 24, 2023

Plus: Consultants vs. AI, and Microsoft Windows boss exit. View in browser September 24, 2023 • 5 min read with Matt Turner Hello! I'm the editor in chief of business at Insider. Welcome back to

Fed triumph at risk

Saturday, September 23, 2023

Bloomberg Weekend Reading View in browser Bloomberg After overseeing the most aggressive monetary tightening cycle in decades, several central banks, including the US Federal Reserve and Bank of

Insider Today: The hottest job markets

Saturday, September 23, 2023

Plus: Best states for new grads, and the situationship. View in browser September 23, 2023 • 5 min read with Diamond Naga Siu It's Saturday! After moving from one high-rent city (New York City) to

UAW’s early victory

Friday, September 22, 2023

Bloomberg Evening Briefing View in browser Bloomberg The United Auto Workers' unprecedented strategy to simultaneously target all three legacy carmakers is showing results. The union said that it

🇯🇵 Japan's wish came true

Friday, September 22, 2023

Japan stuck by its negative interest rates | Data hinted that Europe's economy is shrinking this quarter | Finimize TOGETHER WITH Hi Reader, here's what you need to know for September 23rd in 3

Out with the Old

Friday, September 22, 2023

The Changing Face of the Insurance Industry ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Insider Today: A $2.6 trillion disaster

Friday, September 22, 2023

Plus: Real-life succession at Fox, and Google Search update uproar. View in browser September 22, 2023 • 5 min read with Dan DeFrancesco Happy Friday! A bride who lost her sight at 17 blindfolded her

[New post] Has the import price shock been worse in the UK or euro area?

Friday, September 22, 2023

BankUnderground posted: " Josh Martin and Julian Reynolds How much have higher import prices increased consumer prices in the UK and euro area? This post explores this question using a framework