Facing a series of interest rate hikes that threaten to slow the economy, weary Americans are asking, “Are we there yet?”

Fed Chair Jerome Powell, the grumpy dad driving the car, delivered a firm message yesterday: “No.”

After Powell announced the central bank’s fourth straight interest rate hike of 75 basis points, he signaled a plan that sent investors scrambling for the exits:

• Powell indicated that it might be time to lower the size of rate hikes as soon as the next meeting (good news).
• But...because inflation is being so stubborn, he also expects to raise rates to a peak level that’s higher than anticipated. So to recap: smaller hikes, but on aggregate a tighter squeeze on the economy. Stocks crashed after hearing this news.

Powell faces his critics

The Fed has recently been getting heat for deliberately throttling the economy with its rate-hike extravaganza. Progressive Democrats, such as Sen. Elizabeth Warren, have told Powell to cut it out or millions of Americans will lose their jobs.

In response, Powell and other big-name economists have argued that a full Heimlich maneuver, however painful in the moment, is needed to dislodge inflation from the economy. The alternative—letting inflation run rampant—would be more damaging for American prosperity, they say.

And inflation isn’t finished with us yet. Recent data shows that the Fed’s rate hikes have not pierced the armor of America’s economic engine:

• American consumers are still continuing to drop cash like they won the Powerball jackpot. In recent earnings reports, execs in industries spanning hospitality to transportation to banks said they saw no indication of consumers pulling back. McDonald’s is even planning to raise prices because people seem willing to pay.
• The labor market is still incredibly strong. The unemployment rate is at a 50-year low and there are 1.7 job openings for every unemployed person.

For all those reasons, Powell said the Fed has “some ways to go” with hiking interest rates.—NF

The world’s biggest iPhone plant has been locked down. China imposed a seven-day lockdown yesterday on the Zhengzhou area that houses the largest iPhone assembly factory, run by Foxconn, as part of the country’s zero-Covid policy. Quarantine practices at the manufacturing facility already had workers fleeing, and it’s possible that the new restrictions could hinder Apple’s ability to meet demand for the iPhone 14.

CVS, Walgreens, and Walmart agree to pay $13 billion over opioids. The pharmacy chains have reached a tentative deal to settle thousands of lawsuits brought by state and local governments that accuse them of contributing to the opioid epidemic. If the deal goes through, CVS and Walgreens will each cough up around $5 billion, and Walmart will reportedly be on the hook for $3 billion.

Yesterday in Musk: The new Twitter CEO plans to cut about half of its workforce, about 3,700 jobs, on Friday in an attempt to slash costs, according to Bloomberg. And the majority of the employees who remain will be required to come back into the office—a reversal of the company’s previous work-from-anywhere policy. Musk could also start charging $8/month for blue checks as soon as Monday, Bloomberg reported. Keep in mind: As of today, Musk has owned Twitter for just one week.

In the biggest about-face in the NFL since Tom Brady decided to unretire, Dan Snyder has taken a big step toward selling the Washington Commanders. He previously insisted he would never let the franchise he’s owned since 1999 go.

The team said yesterday that Snyder and his wife, Tanya, hired Bank of America to consider potential transactions. And Snyder has already fielded four calls from groups that want the team, according to Forbes, which recently valued the franchise at $5.6 billion. At that price, it would be the most-expensive sale of a sports team ever.

The backstory: Snyder’s recent history with the Commanders has been marked by scandal after scandal.

• The team has faced investigations from the league, Congress, and state attorneys general over allegations ranging from a toxic workplace culture and sexual misconduct to accounting shenanigans.
• He refused to change the team’s offensive name for years before finally relenting in July 2020.

So who might buy the team? We don’t know, but many fans seem pretty convinced it’ll be Amazon founder Jeff Bezos. The NFL noted yesterday that its finance committee would need to sign off on any deal—and the world’s second-richest person probably makes an attractive pick.—AR

Netflix released its newest original comedy, Blockbuster, today. The show is about the last remaining branded video rental store—which feels a little personal, since Netflix helped stamp out its once-dominant competitor.

At Blockbuster’s peak, the movie rental chain had 9,000 stores and raked in $6 billion in annual revenue, mainly from our 10 Things I Hate About You late fees.

But in the late ’90s, Blockbuster passed on the chance to buy Netflix for $50 million. Not a great call, since the company is now worth over $120 billion.

Instead, Blockbuster partnered with Enron to create its own video-on-demand platform. In 2001, the chain abandoned the project, thinking the future of the industry would still involve blue-carpeted video rental stores. Over the next decade Blockbuster couldn’t keep up with Netflix and filed for bankruptcy. As of 2018 only one store, more of a shrine to the way things were than an actual business, remains in Bend, Oregon.

And now…Netflix, the once scrappy underdog that defeated Blockbuster, is back to hustling as it strives to set itself apart from other streaming services. The company rolled out its first ad-supported tier today to juice flagging subscriber numbers.—MM

Stat: An NYC law that requires employers to include pay ranges in job listings went into effect Tuesday, and some of the ranges posted have been so wide, there’s really no telling how much you would make. A “reasonable estimate” for what you’ll earn as a Tax Senior at Deloitte is between $86,800 and $161,200. The WSJ advertised an executive producer role for $50,000–$180,000. And Citigroup posted several job listings with an expected salary of $0–$2 million, though it said that was a glitch.

Quote: “We can’t ignore the impact this is having on our country. It’s damaging, it’s corrosive, and it’s destructive.”

In a prime-time speech last night, President Biden pleaded with Americans to reject the more than 300 election deniers on the ballot in the midterms. He added that conspiratorial rhetoric around the 2020 presidential election has led to political violence, like the attack on House Speaker Nancy Pelosi’s husband, Paul, last week.

Read: How an unverified screenshot spurred a $450 billion stock rally in China. (Bloomberg)

On Imposters, we sit down with titans of industry, sports, and entertainment to discuss the personal challenges they’ve overcome to get where they are today. It’s honest, raw, and a reminder that we’re all just doing the best we can. Check out some popular episodes:

• How this Nike exec went from prison to the boardroom
• How to find support when building a business | The (definitive) mental health toolkit
• A Harvard psychologist teaches us how to increase our emotional intelligence

This editorial content is supported by Ac+ion.

Extremely satisfying: The ancient Turkish art of marbling, called Ebru. Watch and your heart rate will lower immediately.

WFH inspiration: See how tech workers around the world set up their workspaces.

’Tis the szn: We haven’t made it to Turkey Day yet, but Starbucks holiday drinks go on sale today and will come in snazzy new cups. Also, Mariah Carey, the unofficial Queen of Christmas, says it’s time.

Brew Mini: Spill the beans in today’s Mini Crossword. Play it here.

Three headlines and a lie

Three of these headlines are real and one is faker than your first morning alarm. Can you guess the odd one out?

1. Ancient beaver relative bigger than most humans voted as Vermont’s state fossil
2. Ikea asks horror game to change so people stop comparing it to Ikea
3. ‘Planet killer’ asteroid spotted that poses distant risk to Earth
4. Detroit suburb forced to cancel trick-or-treat due to cockroach infestation

If you love Three Headlines and a Lie, play along on The Refresh from Insider and dive deeper into these weird headlines.

Money with Katie explores spending habits through the lens of the supply chain and why equitable business models are better for everyone. Listen here.

Want to be more data-driven? Check out our program guide for the upcoming Business Analytics Accelerator and get a peek at all there is to learn.

🩲 Her period underwear brand Thinx and bidet company Tushy both quickly landed at the center of the public eye. Come hear Miki Agrawal at The Brief to learn how she comes up with game-changing ideas that keep people talking, even in today’s crowded economy.