Bloomberg - Evening Briefing - Inflation’s costly fight

Bloomberg Weekend Reading

Central banks from Ulaanbaatar to Pretoria and Washington to London have unleashed aggressive tightening to combat some of the worst inflation numbers seen in a generation. And the blitz of rate hikes this week may be far from the last, with policymakers indicating they’re willing to tolerate recessions in order to control inflation. (Meanwhile the Bank of Japan roiled currency markets by intervening to prop up the yen for the first time since 1998.) John Authers writes in Bloomberg Opinion that—now that investors sense there won’t be a Fed pivot in the near term—the question is how much damage the economy will sustain. The key point Fed Chair Jerome Powell wants to convey, Authers says, is that he’s the second coming of Paul Volcker, a predecessor whose repeated rate hikes in the early 1980s are thought to have slain inflation

What you’ll want to read this weekend

Vladimir Putin escalated his war on Ukraine, staging what have been widely condemned as sham referendums in areas Russia occupies while ordering a draft of hundreds of thousands of Russians. More darkly, he and his deputies are threatening the possible use of nuclear weapons to keep what may soon be annexed parts of Ukraine. Protests erupted around Russia and flights abroad sold out, developments that were followed by the announcement of some exemptions to the massive call-up. US President Joe Biden said Putin’s moves should make everyone’s “blood run cold” as Washington decides how to deter any nuclear attack in Ukraine—or respond if one occurs. 

Donald Trump’s legal problems mounted as New York Attorney General Letitia James sued him and three of his children for allegedly inflating the value of his real estate company’s assets. And US Attorney General Merrick Garland is rapidly approaching a choice likely to shape American politics for decades: whether Trump will be the first former president charged with a crime.

The pandemic home-buying boom in America has come to an abrupt end, replaced by a sense of market paralysis. Buyers and sellers are trapped in place amid mortgage rates that have topped 6%. Rent prices are at a record high, though they may have peaked. “Economic inequality this decade will largely be defined by those who bought homes before 2022 and those who didn’t,” Conor Sen writes in Bloomberg Opinion.

Hurricane Fiona left a trail of destruction across the Caribbean, knocking out Puerto Rico’s beleaguered electrical grid while underscoring the growing, global warming-fueled intensity of the world’s weather disasters. Though catastrophic floods have devastated Pakistan and record drought and heat has spread across Europe, China and Africa, such is the gravity of other crises facing the United Nations that climate change didn’t top the agenda at the General Assembly this week.

A resident of Puerto Rico removes mud from their home after the La Plata river flooded the two-story house. Photographer: Jose Jimenez/Getty Images

After more than two years, the Himalayan kingdom of Bhutan will open its doors to travelers. But there’s a catch: It’s asking visitors to pay an extra $200 dollars a day each for “sustainable development.” For the high-rollers, there’s the return of airship travel. Sweden-based OceanSky Cruises is betting millions of dollars that people will pay $200,000 for a 36-hour North Pole sojourn on a helium-powered “air cruise.”

What you’ll need to know next week

  • Deadline for a must-pass funding bill for the US government.
  • Last day of trading in mainland China before Golden Week.
  • Italians look set to vote in a far-right government.
  • Tesla and Elon Musk could unveil its humanoid robot at “AI Day.”
  • Germany’s Scholz is in the Mideast amid an energy crisis.

What you’ll want to read in Bloomberg Wealth

Citadel’s Ken Griffin Is Remaking Miami

If Ken Griffin has his way, he and his billions of dollars will remake the city of Miami in his image. The Citadel founder who is worth $29.6 billion has ditched Chicago for “Wall Street South,” a state with a like-minded governor whom Griffin said he’d back for the Republican presidential nomination against Trump. But Griffin’s transition hasn’t been seamless, and not everyone in Miami is convinced it will be for the better.

Construction workers atop the 830 Brickell building in Miami. Photographer: Saul Martinez/Bloomberg

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The ‘sham’ votes begin

Friday, September 23, 2022

Bloomberg Evening Briefing View in browser Bloomberg In what have been labeled by Ukraine, the US, NATO and others as “sham” votes, Kremlin forces and Moscow-aligned rebels in four occupied territories

Housing paralysis sets in

Thursday, September 22, 2022

Bloomberg Evening Briefing View in browser Bloomberg The US housing market has gone from FOMO to just plain fear. Prices are falling from peak levels, with expensive West Coast markets recording the

New nuclear threat

Wednesday, September 21, 2022

Your Bloomberg Evening Briefing. View in browser Bloomberg The war in Ukraine entered a serious new phase Wednesday. Russian President Vladimir Putin called on 300000 reservists in a major escalation

Dangerous escalation

Tuesday, September 20, 2022

Bloomberg Evening Briefing View in browser Bloomberg The potential for a major escalation in Vladimir Putin's war on Ukraine is being telegraphed by a rush to hold what NATO and Kyiv officials call

Biden vows Taiwan defense

Monday, September 19, 2022

Bloomberg Evening Briefing View in browser Bloomberg President Joe Biden said US military forces would defend Taiwan from “an unprecedented attack,” his latest pledge of support as his administration

🇨🇳 Here’s why China pivoted

Wednesday, December 7, 2022

China finally relaxed its Covid restrictions | Vale is breaking out its base metals business | TOGETHER WITH Hi Reader, here's what you need to know for December 8th in 3:03 minutes. 💸 Beyoncé x

Upending elections

Wednesday, December 7, 2022

Bloomberg Evening Briefing View in browser Bloomberg The US Supreme Court appeared split during oral arguments over a case that could fundamentally alter federal elections. The case, Moore v Harper,

Take two, with fixed links: ⛅ What About 2022 Was Hopeful?

Wednesday, December 7, 2022

Plus, a new case for reparations, WTF FTX, & a reminder to put a little respect on your cal. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Portfolio Not Doing So Well? Maybe Take Social Security Instead

Wednesday, December 7, 2022

Also: Stocks Often Rally in December — Here's What Investors Can Expect Now ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Issue #172: What’s on your Christmas list?

Wednesday, December 7, 2022

plus Janet Yellen + all-you-can-eat popcorn ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

A major controversy at MLB

Wednesday, December 7, 2022

Plus: Remote work is gutting cities' downtowns, and Musk defends bedrooms at Twitter. View in browser Subscribe Only fascinating stories Nicholas Carlson, December 7, 2022 Hello, Insiders. The year

Wall Street: PE wants to talk cash flow

Wednesday, December 7, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Happy hump day. Dan DeFrancesco checking in from NYC. We're onto the quarterfinals of the World Cup, and

Preemptive firings

Wednesday, December 7, 2022

Bloomberg Evening Briefing View in browser Bloomberg Wall Street workers are bracing for a potential flood of preemptive firings at Morgan Stanley and Goldman Sachs, all tied to a US economic downturn

🌞 Solar’s looking sunny

Tuesday, December 6, 2022

Solar energy could be poised for a boom | Inflation forced shoppers to spend big | TOGETHER WITH Hi Reader, here's what you need to know for December 7th in 3:08 minutes. 👌 Don't fret if you

⛅ What About 2022 Was Hopeful?

Tuesday, December 6, 2022

Plus, a new case for reparations, WTF FTX, & a reminder to put a little respect on your cal. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌