What's Happening

Sports

Vive La France: The Summer Olympics Are Nearly Here

What's going on: In a matter of hours, the City of Lights will open the 2024 Olympic Games and kick off nearly two weeks of world competition in France. This year, the Parade of Nations will feature 10,500 Olympians on nearly 100 boats sailing along the Seine River…oh la la. (Here’s how you can watch live at 1:30 pm ET.) Expect Parisian landmarks like the Notre Dame Cathedral, the Louvre (hi, Mona Lisa), and the Eiffel Tower in the background. Plus, keep your eyes peeled for the questionable Olympic mascots, a potential Céline Dion and Lady Gaga duet of “La Vie en Rose,” and — of course — Team USA’s Ralph Lauren blazer and denim look. We don’t think the fashion capital of the world is ready.

What it means: Paris is really trying to do the most and show it can throw a historic fête with its opening ceremony. Never before has a Parade of Nations not been held in a stadium. Regardless, many are looking forward to what The Wall Street Journal dubbed the “Revenge Games.” Unlike the peak pandemic-era Tokyo Summer Olympics, this year’s games promise to bring more fun (as athletes like Ilona Maher have shown on TikTok). While one expert said the Paris Olympics will be one of the most “politically charged” games in decades, there’s also the belief that events like this can bring a sense of unity and pride for the countries competing. There will be triumph, tears, lots of baguettes, and (hopefully) plenty of medals for Team USA. Oui, can’t wait.

Related: Olympians Are Sharing All the Swag Inside Their Gear Bags…and We’re Jealous (NBC)

Economy

The US Economy’s Growth Pleasantly Surprises, Well, Economists

What's going on:  If the US economy had a name, it should be resilience. That’s because an estimate from the Commerce Department showed that US GDP grew at a 2.8% annual rate in the last quarter. If that means nothing to you, take this: It’s faster growth than analysts expected, and it’s got some economists excited that the US could be on track for a “soft landing” — when inflation reaches the Federal Reserve’s target without a recession. For even more context (if you may have just fallen out of a coconut tree), the last time the US achieved a soft landing was in the 1990s.

What it means: The stronger-than-expected growth is being attributed to Americans (take a bow), who are opening up their wallets despite feeling gloomy about high prices and their home-buying prospects. Businesses are also investing in things like equipment and intellectual property. Meanwhile, the positive economic news puts Americans one step closer to the Fed potentially cutting interest rates in September. Some economists believe the next couple of years could bring a solid economy, leaving whoever wins the 2024 election to likely reap the benefits. Still, others are more cautious as the outlook could change if the job market cools unexpectedly or if the election creates uncertainty.

Related: Chipotle Is Denying “Shrinkflation,” Promising “Generous Portions” (NPR)

Business

Buckle Up: Southwest Is Ending Its Open Seating Policy

What's going on: Southwest Airlines is embarking on a new journey. In a press release yesterday, the company announced it’s switching to assigned seating and will offer premium options on all of its flights, though it didn't specify when this change will happen. Why is Southwest ditching its 50-year-old seat policy? Its research shows that 80% of current Southwest fliers and 86% of potential customers prefer assigned seats. The company also said the open seating policy is the number one reason customers cite when choosing to fly another airline.

What it means: The budget airline has been struggling with its own budget recently, reporting a loss of $231 million in the first quarter of this year. Southwest says it hopes the change to its seating policy will attract new fliers, but it could risk alienating its most loyal customers who enjoy playing musical chairs in the sky. Still, this new policy will put it more in line with conventional carriers like Delta and American. Who knows if Southwest will take a page out of Spirit’s book and start charging for carry-ons?

Related: Here Are Some Ways To Avoid Seat Selection Fees on Flights (USA Today)