Bloomberg - Evening Briefing - The Fed has more work to do

Bloomberg Evening Briefing

All signs point to another big interest-rate hike if the latest economic reports have anything to say about it. US job openings unexpectedly jumped to 11.2 million and consumer confidence advanced to the highest since May. Combined, the figures show rock-solid labor demand and resilient household demand even as US central bankers step harder on the monetary policy brakes. Without a commensurate slowdown in consumer spending and easing of wage pressure, the Federal Reserve’s fight to bring inflation down from decades-high levels will be that much more difficult. Fed officials continued to reiterate their commitment to raising rates to bring down inflation—though they remained vague on how large any potential upcoming rate hike would be. Meanwhile, Goldman Sachs issued a sobering warning for the UK, predicting inflation would rise to 22%. Stocks sank. Here’s your markets wrap.

Here are today’s top stories

Pakistan’s unprecedented flooding has killed more than 1,000 people and forced nearly half a million more to evacuate into relief camps. Dangerous flooding has damaged over a million homes, 3,500 kilometers (2,174.8 miles) of roads and 162 bridges, according to officials. Pakistan’s economy was already in crisis and the deluge is expected to create a food shortage. 

A flooded residential area in the Balochistan province of Pakistan.  Photographer: Fida Hussain/AFP

Ukraine reported heavy fighting as it started a counteroffensive in the region around Kherson, a river port that was one of the first cities to fall to Russian forces at the start of the war. Troops destroyed bridges and ammunition depots and hammered command posts.  A US National Security Council spokesman called for a “controlled shutdown” of the Russian-occupied Zaporizhzhia nuclear power plant, which is near the clashes and has come under shelling. And for the first time, Pope Francis and the Vatican openly criticized Russia’s invasion, calling it “morally unjust.” Follow the latest

With the ongoing war isolating Russia further, one country is stepping in to fill the void: China. Chinese cars, televisions and smartphones are replacing German and South Korean imports. The war is speeding up Russia’s tilt to Asia. And by doing so, Russia is upending global trade as it seeks to insulate itself from further disruptions by pivoting to goods from countries that haven’t joined sanctions imposed by the US and its allies.

The feud between Elon Musk and Twitter escalated again Tuesday. Musk asked a Delaware judge to amend counterclaims against Twitter, citing claims by the social platform’s ex-head of security of “egregious deficiencies” in defenses against hackers and privacy issues. Musk and his lawyers argued the allegations meant that Twitter had breached the terms of the merger agreement. Twitter sued Musk after the billionaire abandoned a $44 billion takeover bid for the platform. 

The US Navy said it thwarted an attempt by Iran’s Islamic Revolutionary Guard Corps to capture an unmanned American vessel in the Persian Gulf, as tensions persist despite efforts by the countries to resolve their deadlock over restoring the 2015 nuclear deal. 

Donald Trump is hiring former Florida Solicitor General Christopher Kise to represent him after federal authorities searched the former president’s Mar-a-Lago home in an investigation of his handling of classified records.  

In its early years, YouTube—like many of its Silicon Valley peers—policed itself with the populist spirit of the early web. Moderators were told to leave videos up, so long as they didn’t show or incite over-the-top violence. But with the rise of the Islamic State came the rise in slick, cinematic propaganda on the site. One former publicist remembers dealing with a “beheading every day.” The content was a nightmare for YouTube, and incited a video purge to boot terrorism off its platform and stem an advertiser exodus. But its approach to extremism had a glaring blind spot.

White supremacists, Neo-Nazis and other members of the Unite the Right rally marched on Charlottesville, Va., in 2017.  Photographer: NurPhoto/NurPhoto

What you’ll need to know tomorrow

Wall Street West Is Booming in Aspen

Aspen’s Willoughby Way reads like a game of billionaire Monopoly, dotted with mansions owned by the likes of hedge-fund king Dan Och, leveraged-finance titan Bennett Goodman and the parents of Amazon founder Jeff Bezos. They’ve long sought refuge in the wealthy Colorado mountain town. But they’re increasingly getting some company.

Aspen has been luring a new crop of residents. Photographer: David Williams

    Older messages

    The latest on Trump probes

    Monday, August 29, 2022

    Bloomberg Evening Briefing View in browser Bloomberg The US Justice Department said a “limited set” of material seized from former President Donald Trump's home by FBI agents seeking classified

    Fed keeps fighting

    Saturday, August 27, 2022

    Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter The speech was brief and packed a punch. Climbing interest rates, slower growth and a softening of the labor market will

    Trump affidavit released

    Friday, August 26, 2022

    Bloomberg Evening Briefing View in browser Bloomberg Fourteen of 15 boxes recovered earlier this year from former President Donald Trump's Florida home included highly classified documents,

    US pensions put "at risk"

    Thursday, August 25, 2022

    Bloomberg Evening Briefing View in browser Bloomberg Investment professionals are warning that a Republican campaign seeking to wipe ESG off the financial map puts at risk the savings of ordinary

    $20,000 in debt forgiveness

    Wednesday, August 24, 2022

    Bloomberg Evening Briefing View in browser Bloomberg President Joe Biden announced a sweeping package of student-debt relief that forgives as much as $20000 in loans for some, a move he said would help

    [New post] Swing or amiss: are fund pricing rules good for financial stability?

    Friday, September 30, 2022

    BankUnderground posted: " Benjamin King and Jamie Semark Open-ended funds (OEFs) offer daily redemptions to investors, often while holding illiquid assets that take longer to sell. There is

    Ukraine advances

    Thursday, September 29, 2022

    Bloomberg Evening Briefing View in browser Bloomberg Vladimir Putin may not have long to wait for the first major test of his attempt to claim a large section of eastern Ukraine as his own. While the

    👗 Clothing giant’s H&M-fisted results

    Thursday, September 29, 2022

    Porsche IPO is Europe's biggest in a decade | H&M posts disappointing results | Finimize Hi Reader, here's what you need to know for September 30th in 3:11 minutes. 😎 In this market, you

    What’s going on with the markets?

    Thursday, September 29, 2022

    And why it's actually a good time to start investing. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

    FinTech Weekly Issue #383 - Can Sustainable Finance Be The All-In-One Solution?

    Thursday, September 29, 2022

    Issue #383 - Can Sustainable Finance Be The All-In-One Solution? 2022-09-29 Renewable energy is not only a solution to a major social and economic issue but also a more direct weapon against inflation.

    Over 275 of the most promising startups of 2022 in edtech, fintech, crypto, proptech and more, according to VCs

    Thursday, September 29, 2022

    Despite the rough economic environment for tech startups, some are thriving. We asked VCs to name the most promising ones across industries. View in browser Business Insider Business Insider Business

    Wall Street: Meet the rising stars of finance

    Thursday, September 29, 2022

    The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hi. I'm Aaron Weinman. Today I want to highlight Wall Street's brightest young talents who are

    Catastrophic impact

    Wednesday, September 28, 2022

    Bloomberg Evening Briefing View in browser Bloomberg Hurricane Ian barreled ashore in southwest Florida with a massive and deadly surge of water and catastrophic winds that are poised to make it one of

    🧱 Let’s go, Lego!

    Wednesday, September 28, 2022

    Lego announced double-digit sales growth | BOE stepped in to rescue British markets | TOGETHER WITH Hi Reader, here's what you need to know for September 29th in 3:07 minutes. 🙋‍♀️ Are you in your

    Pound steadies after hitting record low as investors weigh the chances of the Bank of England stepping in

    Wednesday, September 28, 2022

    In a contradictory message, the UK central bank said it wouldn't hesitate to hike interest rates if needed, but didn't announce an emergency meeting. View in browser Business Insider Business