Bloomberg - Evening Briefing - The cost of inflation

Bloomberg Weekend Reading

High inflation is diminishing U.S. consumer purchasing power and may soon exact a cost from the nation’s strong economic rebound. New data this week added pressure on the Federal Reserve to move more quickly, and perhaps more forcefully than planned, to hike interest rates. Supply chain issues, a key part of the inflation conundrum, have one of Wall Street’s biggest names warning that the world is “out of everything.” The company that makes Dove soap and Ben & Jerry’s ice cream contends it faces a huge increase in the cost of raw materials. Andrea Felsted writes in Bloomberg Opinion that consumers are going to start trading down, shopping around—and cutting back.

What you’ll want to read this weekend

After almost a year of isolating itself from the rest of the world, under-vaccinated Hong Kong is again mired in coronavirus misery. In Canada, protests by anti-vaccine truckers have gained adherents elsewhere, but authorities may be about to crack down. U.S. officials warn the protests are already hampering America’s automakers, and that copycats could show up outside the Super Bowl in Los Angeles on Sunday.

The U.S. seized about $3.6 billion in Bitcoin stolen during a 2016 hack of the Bitfinex currency exchange, and charged a Manhattan couple with conspiring to launder the cryptocurrency. Ilya Lichtenstein and Heather Morgan were known for their colorful social media accounts, with Morgan describing herself as the “crocodile of Wall Street.” Justice Department officials said they plan to help victims reclaim their losses.

Heather Morgan, left, and her husband, Ilya Lichtenstein, right, with their attorney in federal court in New York.

Illustration: Elizabeth Williams/AP

“Where’s Peng Shuai?” Questions about the Chinese tennis star’s safety have continued during the Winter Games in Beijing. She emerged this week, denying she has faced limitations on her movements. But her interview with a French sports daily was attended by a Chinese Olympic official. The International Olympic Committee faces another crisis: what the positive drug test of a 15-year-old Russian skater tells us about the organization’s transparency.

Elon Musk has been a loud critic of lidar technology, calling it a “fool’s errand.” But his stance has put him at odds with several competitors. Lidar is commonly used by companies developing mobility services for fully self-driving vehicles, but it’s also being used in run-of-the mill safety features. 

Two hundred pairs of sneakers created by the late fashion designer Virgil Abloh sold for $25.3 million during an online auction at Sotheby’s, smashing an estimate of about $3 million. The special edition “Air Force 1” sneakers were the first collaboration between Nike and French fashion house Louis Vuitton, where Abloh was artistic director

What you’ll need to know next week

What you’ll want to read in Bloomberg Green

Winter Games Highlight China’s Smog Problem

When Eileen Gu won a gold medal at the Beijing Olympics, her performance drew attention to the unusual surroundings. What was a snow-covered ski ramp doing alongside gigantic furnaces and cooling towers? The venue is adjacent to a decommissioned steel factory, once a source of national pride—and a major contributor to Beijing’s legendary smog. How a massive polluter became an Olympic venue is a story of China’s struggle to fight air pollution.

Eileen Gu performs a trick during an event at the Winter Olympic Games on Feb. 8

Photographer: Justin Setterfield/Getty Images AsiaPac

Older messages

The new economic era

Friday, February 11, 2022

Bloomberg Evening Briefing View in browser Bloomberg Goldman Sachs sees the Federal Reserve raising interest rates seven times this year to contain hotter-than-expected US inflation rather than the

A half-point hike

Thursday, February 10, 2022

Bloomberg Evening Briefing View in browser Bloomberg As expected, or to be precise a little more than expected, US consumer prices jumped in January, adding urgency in some quarters to the Fed's

Covid rule rollback

Wednesday, February 9, 2022

Bloomberg Evening Briefing View in browser Bloomberg Confirmed Covid-19 cases just topped 400 million worldwide, though the actual number is likely much higher. Still, western nations are easing

Peloton goes into high gear

Tuesday, February 8, 2022

Bloomberg Evening Briefing View in browser Bloomberg US stocks rose in a broad-based rally as gains seemed to signal improving investor confidence despite looming Fed tightening. The S&P 500

Wall Street squirms

Monday, February 7, 2022

Bloomberg Evening Briefing View in browser Bloomberg US stocks fell late Monday amid a renewed decline by big tech firms. The tech-heavy Nasdaq 100 ended near the day's low, led downward by

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