The Show Notes: Biden's Recession Denial, Kemp Testifies, Nick Saban, & Tomorrow's Hike
Welcome! Expect another 75 basis-point hike tomorrow from the fed.
Nick Saban almost left Alabama after the “kick-six” in 2014.
Headline: House lawmakers to receive $10,000 to bulk up home security - Washington Examiner
Report: Chinese officials attempted to infiltrate the Federal Reserve for over a decade - Axios
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Clip of the day: Fellow Democrat 😳
Bonus clip: Not even a pre-recession?
Six Economic Stories To Know
The bad news started yesterday afternoon when Walmart slashed its annual profit forecast citing soaring inflation as the primary concern.
One of Jerome Powell’s favorite recession gauges hit an alarming level yesterday. The 18-month spread on three-month treasury bills hit 95 basis points, a decline not seen since 1996.
The volume of packages processed by UPS dipped more than expected causing the stock price to drop.
The Chief Investment Officer at Morgan Stanley Wealth Management says stock market bulls are holding onto “wishful thinking.”
Economist Nouriel Roubini told Bloomberg that those expecting a shallow recession are “totally delusional.”
Net profit at General Motors tumbled by 40% (paywall) in Q2 of this year thanks to China and supply chain chaos.
Trump Is Running And Loses Control of $103 Million The Moment He Announces
Since leaving office, Donald Trump has built a war chest in his political action committee of $103 million. That money (minus $5,000) is off limits to his campaign when he announces his bid for president due to campaign finance laws. Bloomberg tells us this announcement may be sooner than later.
From Bloomberg:
But Trump is seriously considering announcing a re-election bid early, according to a person familiar with his plans -- despite concerns among some party leaders that he’d energize Democrats and distract from GOP efforts to focus on rising inflation and other problems facing the US to retake control of Congress in November.
Georgia Governor Kemp Will Testify in Probe Over Trump’s Bid to Overturn 2020 Election
This is from Yahoo:
Georgia Governor Brian Kemp will become the latest politician to answer to Fani Willis, the Atlanta-based prosecutor commanding a wide-reaching investigation of former President Donald Trump’s attempts to change the outcome of the 2020 election.
Kemp will testify on Monday afternoon. Willis, the district attorney in Fulton County, has also issued subpoenas in recent days seeking testimony from some of Trump’s closest confidantes and allies – including Rudy Giuliani and US Senator Lindsey Graham -- and sent letters to 16 Georgia Republican leaders warning them that they are targets in a criminal probe.
Missouri Senate Race
It appears that Republican attacks against disgraced Missouri Governor Eric Greitens may be working. The former governor has faced charges of sexual assault, domestic abuse, and child abuse from his wife and others. Despite the allegations, Greitens sat atop the Missouri race for Senate until an anti-Greitens super PAC dropped a $6 million ad buy in the state. Here’s the latest poll. Go deeper with Politico.
Don’t Forget
The rest of the news:
Jared Kushner secretly fought thyroid cancer while Trump adviser, memoir reveals - NY Post
How Every State Pro-Life Law Handles Ectopic Pregnancy and Miscarriage - National Review
Russia to pull out of International Space Station in 2024 - Axios
Inflation has pushed South Florida farmers to breaking point: "It's pretty bleak" - CBS
The Fed could surprise markets by sounding even more aggressive as economy teeters - CNBC
Russia to cut gas through Nord Stream 1 to 20% of capacity - AP News
Myanmar junta executes leading democracy activists - CNN
Natural gas hits highest level since 2008, on pace for best month ever as Russia cuts supply - CNBC
The GOP’s messiest primary - Politico
Ukraine Figures Out Russian Intelligence Plot Because One Of Their Pilots Had A Girlfriend That Was Way Too Hot For Him - Barstool
Peter Thiel on the dangers of progress - Unheard
Why diesel is more expensive than regular gas - CNN Business
Dumbest headline of the day: How The Fight To Ban Abortion Is Rooted In The ‘Great Replacement’ Theory - FiveThirtyEight
‘Optics are horrific’: Political pitfalls of Trump probes by Democrats - Washington Post (paywall)
The Economic Mess We’re In - WSJ (paywall)
Tweets that caught my eye: