In a closely watched speech at the Economic Club of New York, Fed Chair Jerome Powell conveyed a similar message to the climate protesters who briefly interrupted him: It’s too hot.

Powell was speaking about the US economy, which has barely let out a yawn despite the heavy doses of melatonin the Fed has thrown its way via interest rate hikes.

In his remarks, Powell declared that “inflation is still too high” and left the door open for another interest rate increase in December—though he essentially ruled one for November.

In the last 20 months, the Fed has jacked up interest rates to a 22-year high to tame soaring inflation. And inflation has come down to about half of its June 2022 peak.

But the economy is still ripping

The Fed’s rate-hiking jamboree was expected to slow hiring, spending, and broader economic growth as unfortunate side effects of popping the inflation balloon. However, a series of recent reports shows that the US economy is still roaring in the ’20s:

• Jobs: Employers smashed expectations by adding 336,000 jobs in September, and the unemployment rate remains at a low level of 3.8%.
• Spending: Retail sales also blew past estimates in September, a sign that American consumers remain the undisputed shopping world champs. This probably helped: Americans’ household wealth surged 37% from 2019 to 2022, according to Fed data released on Wednesday. That’s more than double the second-highest increase on record.
• Economy: After the strong retail sales numbers came out this week, Morgan Stanley raised its Q3 economic growth outlook to 4.9% from 4.5%. Context: One year ago this week, Bloomberg economists predicted a 100% chance of a recession…within a year.

Big picture: Powell emphasized that none of his plans have been written in Sharpie “given the uncertainties and risks” of the current situation. One of those question marks: the potential escalation of the Israel-Hamas war. Powell warned that “highly elevated” geopolitical tensions “pose important risks” for the global economy.—NF

Craving a new fave show? Apple TV+’s adaptation of acclaimed global book phenomenon Lessons in Chemistry is fresh out of the oven, streaming now.

Dig into Elizabeth Zott’s story about the recipe to success—and how it can unexpectedly change. Aspiring scientist Elizabeth finds herself fired from her job in a lab in the 1950s. Scientific dreams momentarily dashed, she accepts a new challenge: hosting a TV cooking show.

With a brand-new audience at her fingertips, she starts teaching a nation of overlooked housewives ( + the men who are suddenly listening) a lot more than recipes.

Grab your favorite TV-time snacks and catch stars Brie Larson and Lewis Pullman in Lessons in Chemistry, now streaming on Apple TV+.

⚕️ Gaza–Egypt border set to open for aid today. Trucks full of medicine, food, and other humanitarian supplies will reportedly be allowed into Gaza at the Rafah border crossing today after President Biden secured a deal with Israeli Prime Minister Benjamin Netanyahu during his visit to the country earlier this week. But actually getting the aid to the people who need it faces a number of challenges, including the possibility that Hamas militants steal it. Humanitarian officials also say Israel has not yet guaranteed that aid workers will be safe from airstrikes. Biden gave a prime-time address from the Oval Office last night to make the case that Israel and Ukraine need aid ahead of asking Congress to approve $100 billion to help fund the countries’ war efforts, as well as Taiwan and the US border with Mexico. Meanwhile, a US warship in the Red Sea shot down missiles launched by Iran-backed Houthi militants in Yemen, who may have been aiming at Israel.

New York AG sued Winklevii crypto firm for fraud. New York Attorney General Letitia James filed a lawsuit against cryptocurrency companies Gemini Trust, Genesis Global, and Digital Currency Group (DCG), alleging that they defrauded 230,000 investors of more than $1 billion. The lawsuit contends that Gemini—founded by Tyler and Cameron Winklevoss—lied to investors about the dangers of a program that promised them a high rate of return. James’s office also claims that Gemini knew of the risks from the time the program launched in Feb. 2021 until it was dissolved in Nov. 2022 after the collapse of Sam Bankman-Fried’s FTX crypto exchange. Genesis and Gemini released statements denying the allegations.

The speaker situation still isn’t any clearer. After two failed votes to be elected speaker of the House, Republican Rep. Jim Jordan of Ohio was expected to call for a third vote today, but he reportedly ditched those plans to support a bipartisan arrangement to temporarily empower Speaker Pro Tempore Patrick McHenry. After that plan fell apart during a closed-door meeting of GOP representatives, Jordan pulled out his Uno reverse card, saying he was back to pursuing another vote to become speaker himself. Problem is, several of his Republican colleagues still refuse to support his bid. It’s unclear when this will be resolved so the House can function.

Net neutrality discourse is back! Yesterday, the Democratic-led Federal Communications Commission (FCC) voted to begin the process of restoring federal net neutrality rules that were repealed during the Trump administration.

The no-background: In 2015, during the Obama administration, the FCC began regulating broadband internet access like other utilities, promising to prevent providers from price gouging or slowing down internet service for some customers.

But it quickly became a partisan issue as Republicans took the position that the government was overstepping. Telecommunication companies like AT&T (very much against net neutrality) and tech giants like Google (for net neutrality) went head-to-head, pouring lots of money into the fight. In 2018, after Trump took office, the Republican-led FCC did away with the regulations.

New takes on an old debate: FCC Chairwoman Jessica Rosenworcel said she’s revisiting the issue because pandemic lockdowns showed just how vital internet access is, and that the smattering of state laws passed since it became apparent that federal broadband protections were going away aren’t enough. Predictably, both GOP commissioners are against it. Commissioner Brendan Carr said consumers and their internet connections have been doing just fine for the last few years and that renewed restrictions would burden the telecom industry.

Looking ahead…public comment on the potential revival is now open. The FCC will vote next year at the earliest on whether or not to adopt net neutrality again. If passed, the regulator would have the power to track outages and step in if it believes providers charge too much for broadband.—MM

In a matter of seconds, that guy in the top left corner can identify the location of this freeway by its trees and get the GPS coordinates of your mom’s house using a picture of her porch.

You’ve probably seen Trevor Rainbolt (pictured above) on your feeds playing the geography game GeoGuessr, casually remarking “nice” or “we’ll take that” as he rapidly geolocates random Google Maps Street View locations using only buildings, foliage, or even dirt.

His viral videos have helped popularize the browser-based game, which now has…

• Sixty-five million users, according to The Information. Twenty-four of them competed in the first GeoGuessr World Cup tournament last weekend, where Rainbolt was a commentator.
• Over $18 million in revenue as of last year—a big spike from just $500,000 in 2019. About 80% of the money comes from monthly subscriptions to the game’s ad-free premium versions, according to The Information.

Sponsors are taking notice: The global esports audience is projected to surpass 640 million people by 2025, according to Newzoo, and brands are very aware. Rainbolt recently got some wings in a Red Bull stunt where he played GeoGuessr while skydiving.—ML

Stat: Global warming is forcing the migratory patterns of geese northward, and winter clothing brand Canada Goose’s stock price extremely southward. Shares of the expensive retailer plunged 9.8% to an all-time low yesterday following multiple analyst downgrades. While a shaky economic outlook for China, which makes up a quarter of Canada Goose’s sales, was a big reason for the downgrades, analysts also cited warmer-than-usual expected weather for the holiday season as a potential drag on sales. In addition to its parkas, the company does sell lightweight jackets and raincoats if you simply must show off that iconic red patch in non-frigid temps.

Quote: “It was a gorgeous day, I just wasn’t in the mood to work.”

Imagine that: American employees—especially younger ones—are actually using their sick days. The number of US workers taking sick days has skyrocketed since the Covid-19 pandemic due to both heightened awareness of viruses and also because, well, they just feel like it. One project manager in Chicago told the Wall Street Journal he used to power through illnesses but, after getting laid off, he takes sick days at his new job without hesitation.

Read: How to fly an American president into a country at war. (New York Times)

The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to the calendar of February 2015.

It’s that satisfying. Ace the quiz.

Watch: Musician Jon Batiste mesmerizes CNN’s Chris Wallace by transforming Beethoven’s “Für Elise” into the blues and gospel on piano.

Buy: Costco is selling a 157-piece Le Creuset kitchen set for $4,500, which sounds like a lot until you realize you’ll never need to buy anything for your kitchen again.

Vote: In honor of the 25th anniversary of the National Toy Hall of Fame, you can now vote for one of five previously overlooked toys to finally make it to the Hall. Justice for Transformers.

Bask: In the greatness of one of the greatest living filmmakers with Martin Scorsese’s Killers of the Flower Moon, which is out in theaters today and proves Marty’s still got his fastball.

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