The two contenders who want to become the next leader of the United States met head-on in Philadelphia last night, and somehow they weren’t Gritty and the Phanatic.

The 105-minute matchup between former President Donald Trump and current VP Kamala Harris, their first and likely only debate, was dominated by “sharp disputes,” as the Associated Press described it, with Harris putting Trump increasingly on the defensive as the night wore on. Here were the biggest takeaways for the economy, which voters say is their No. 1 issue going into the election.

Inflation: Trump attacked the Biden–Harris administration for overseeing a dramatic spike in consumer prices coming out of the pandemic, saying inflation was “a country buster, it breaks up countries.” Harris countered by mentioning her plan to bring down housing prices, which includes building 3 million new homes over four years.

Taxes: Harris discussed her plans to give young families a $6,000 tax credit and a $50,000 tax break to young small businesses, “knowing they are part of the backbone of America's economy.” She also repeatedly criticized Trump’s plan to extend his 2017 tax cuts for corporations and the wealthy. Trump responded, “Everybody knows what I'm going to do: Cut taxes very substantially and create a great economy like I did before.”

Tariffs: Trump made clear that tariffs form one of the main planks of his economic plan (he has floated tariffs of up to 20% on all imports coming into the US) in order to protect domestic manufacturing jobs and raise revenue for the government. Harris labeled these blanket tariffs a “Trump sales tax” that would raise prices for American companies and consumers.

Market reaction: Traders signaled that Harris had the stronger performance. During the debate, she built a seven-point lead on the prediction market PredictIt after the candidates came into the event tied. Bitcoin, which Trump has thrown his support behind, fell 1%.

Will there be another? Moments after the debate, the Harris campaign challenged Trump to another debate. Trump said in a live post-debate interview, “Maybe if it was on a fair network.”

Swift endorses Harris: Megastar Taylor Swift endorsed Harris in an Instagram post following the debate, which she signed “Childless Cat Lady.”—HVL

The future of orthopedic surgery will be AI-powered. By 2027, robotic knee surgeries will be 4x as common.

Monogram (Nasdaq: MGRM), known for their autonomous robotic surgical systems, completed a crowdfunded public offering and Nasdaq listing last year. What’s next? They just filed for FDA approval to market and commercialize their patented AI joint replacement tech.

Through tomorrow, Monogram’s offering a unique chance for investors: the opportunity to invest in preferred stock with an 8% dividend (in cash or kind). Their common stock closed as high as $3.44 in the past month, but the unlisted preferred stock (which is convertible into one share of common) is available for $2.25/share.

Monogram currently plans to end the Series D Preferred offering tomorrow. Invest before this offering ends.

Hurricane Francine hits the Gulf Coast. After nearly a monthlong lull in the named storm season that mystified meteorologists, Tropical Storm Francine turned into a hurricane and is expected to make landfall in Louisiana this afternoon. Forecast as a Category 1 or 2 storm, Francine brings strong winds of up to 95 mph and heavy rain with a risk of flash flooding in large parts of Louisiana and Mississippi through tomorrow. A coastal flood warning has been in effect from east of Houston to the Mississippi–Alabama border. Francine comes as predictions of a super active 2024 hurricane season have failed to materialize, prompting weather scientists to revisit their computer models.

Ukraine launches unprecedented drone attack near Moscow. Ukraine targeted the Russian capital early yesterday morning with its largest barrage of drones to date, killing at least one person and injuring eight residents of struck buildings, according to local media. Over 140 drones were launched at several regions, including Moscow, according to Russian authorities. Almost 50 flights were diverted from Moscow and air traffic was suspended at three of its airports, one of which suffered a small fire as a result of the drone attack. Both sides have used relatively cheap commercial drones to strike enemy territory.

Planned Fed rules are a win for big banks. The likes of JPMorgan and Bank of America celebrated the Fed walking back some of its proposals for tighter banking rules yesterday. The central bank is working with the Federal Deposit Insurance Corporation to raise requirements for the share of big banks’ assets that must be parked in easily sold securities to avert banking crises. The regulators have now loosened the proposal for big banks and exempted banks with under $250 billion in assets from parts of it after lenders complained that stricter rules would’ve made their operations more costly.

Here’s a song idea for Barenaked Ladies: “If Ireland had $14 billion.” The European Union’s Court of Justice upheld an order yesterday requiring Apple to pay billions in back taxes to Ireland in a huge win for European regulators and anyone who understands camogie.

How we got here: In 2016, the European Commission (the executive branch of the EU) ruled that Ireland gave Apple illegal tax benefits and ordered the company to pay what it withheld. Both parties argued against it—Apple for obvious reasons, and Ireland to preserve its pro-business appeal. But yesterday’s ruling confirmed the 2016 decision, ending eight years of legal sparring.

Ireland’s official position is that it doesn’t give preferential tax treatment to companies, but it will accept the money. Apple’s response echoed what CEO Tim Cook said about the ruling in 2016: “total political crap.”

What will Ireland do with the money? Unclear, but the amount constitutes 15% of Ireland’s upcoming budget, so it’s primed to be a topic of discussion as the government prepares to call an election in the next few months. Ireland is now in a rare position as the only European country with a budget surplus and a tea cozy based on its president.—CC

Take your career up a notch. Easier said than done, sure. Fortunately, Sidebar exists. Members get matched to a group of 8–10 peers led by a top facilitator and access career-changing one-on-ones, affinity groups, weekly events, and more. A staggering 93% of users say Sidebar has been a game changer in their careers. Get started.

The last time a group of people returning from nine months at sea got this much attention, it involved a lot more scurvy. The viral Ultimate World Cruise operated by Royal Caribbean departed last December and returned to port in Miami, Florida, yesterday after sailing to 60+ countries in 275 days.

When the Serenade of the Seas started its journey, passengers became overnight celebrities as people ogled their TikToks and wondered why anyone would pay from $60,000 to $100,000+ to live in what felt from the outside like a reality TV show.

It wasn’t all smooth sailing: The route had to be tweaked, and an elderly passenger died aboard (it was confirmed to be from natural causes). But despite fears that interpersonal conflict would dominate the trip, the biggest problem passengers faced in the end was getting all their souvenirs home.

• Adita Larson told the Washington Post that she brought six large bags and a trunk with her for the trip and returned home with 20 bags.
• A service offered to passengers called Luggage Forward estimated that it shipped about 1,000 bags over the course of the cruise.

Even with logistical challenges, Royal Caribbean said it is already planning another nine-month cruise.—MM

If the guy you met on Clubhouse says he knows how you can make a quick buck, be very skeptical, lest you become one of the tens of thousands of Americans conned by cryptocurrency fraudsters. According to an FBI report, Americans were duped out of $5.6 billion by crypto scams last year, up 45% from 2022. The same reasons why crypto is attractive to investors are why it’s a growing method of fraud: It’s fast, decentralized, and lucrative. Despite accounting for only 10% of financial fraud complaints, crypto scams are responsible for 50% of total losses, per the FBI. And that’s not even counting the entire NFT industry.