The Show Notes: Rate Hikes, Price Surges, & Primary Day

Welcome! Derek Thompson has an outstanding piece at The Atlantic titled The End of the Millennial Lifestyle Subsidy. Seriously, go read it. You may never use Uber again.

Must read: Meltdowns Have Brought Progressive Advocacy Groups to a Standstill at a Critical Moment in World History - The Intercept

Numbers to know:

1. Wholesale prices rose 10.8% in May, near a record annual pace - CNBC

2. The Fed will hike rates by 75 basis points this week - BI

Interesting: Why gas prices always end in 9/10 of a cent - CNN

The Show Notes is my blueprint for radio but is only for subscribers. You can subscribe here and listen lhere. The show starts now.

Clip of the day:

Townhall.com @townhallcom

KJP last month: The stock market is "not something that we keep an eye on every day." KJP today, following a market crash: "As you know, we are watching [the stock market] closely."

Primary Day: Three Key Races

1. South Carolina District 1 - First-term Republican Rep. Nancy Mace is facing a Trump-backed primary challenger in the highly diverse 1st district of South Carolina. While Mace did not vote for impeachment, she drew the ire of Trump following critical comments surrounding the events of January 6th.

2. South Carolina District 7 - Five-term Republican Rep. Tom Rice was one of the 10 Republicans to cross party lines and vote to impeach President Trump. This drew a well-funded Trump-backed primary challenger in the staunchly conservative 7th district of South Carolina.

3. Nevada Senate - Democratic Sen. Catherine Cortez Masto is one of the most vulnerable Senators up for reelection in November. The Republican primary to determine her opponent was thought to be a ‘done deal’ with Donald Trump and Mitch McConnell backing Adam Laxalt as the presumptive nominee. Late in the race, Sam Brown - a retired Army captain and Purple Heart recipient - surged in the polls making the race a dead heat. Fun fact: Adam Laxalt was the roommate of Ron DeSantis in the Navy.

Economic News: Four Stories You Need To Know

• Bitcoin is melting down - CNN

• Bond Slide Deepens, With No End in Sight - WSJ

• What the stock market is saying about the economy - Axios

• Fed likely to boost interest rates by three-quarters of a point this week - CNBC

Most Americans Oppose Trans Athletes in Women’s Sports

This is from The Washington Post:

About 3 in 10 Americans say transgender women and girls should be allowed to compete in sports with other women and girls.

Young Dems more likely to despise the other party

This is from Axios:

By the numbers: 5% of Republicans said they wouldn't be friends with someone from the opposite party, compared to 37% of Democrats.

71% of Democrats wouldn't go on a date with someone with opposing views, versus 31% of Republicans.

30% of Democrats — and 7% of Republicans — wouldn't work for someone who voted differently from them.

Dumbest Tweet of the day: “People who menstruate”

NPR @NPR

Tampons, a necessity for many, are becoming harder and harder to find. People who menstruate are saying it's hard to find tampons on store shelves across the U.S. right now, as supply chain upsets reach the feminine care aisle.

n.prIt’s not just you: Tampons are harder to find — and pricierMany women say store shelves that once had the menstrual essentials have been sparse for months. When they are available, tampons have been a lot more expensive recently, due in part to inflation.

Biden Approval Tanks Again

RNC Research @RNCResearch

QUINNIPIAC POLL: Biden’s approval rating has fallen to 33% as Americans are spending $460 extra a month.

The rest of the news:

• Usual Midterm Indicators Very Unfavorable for Democrats - Gallup

• ABC Reports Urban Legend as News - National Review

• OUCH: AOC refuses to endorse Biden for 2024 as Democrats doubt his ability to win - The Guardian

• Jan. 6 panel postpones Wednesday's hearing to give more time for "technical work" - Axios

• The Gerontocracy of the Democratic Party Doesn’t Understand That We’re at the Brink - NYT

• Unprecedented flooding forces Yellowstone National Park to close all entrances and leave locals trapped - CNN

• Insights into Yale’s woke school of mismanagement - NY Post

• SoCal’s lush golf courses face new water restrictions. How brown will the grass go? - LA Times

• Germany moves ahead with plan to legalize cannabis sales - ABC News

• Fired Fox News politics editor: Trump's ire at election night call led to 'panic' - NPR

• Leaked internal messages show Twitter employees debating whether to ban us - Substack

• Coinbase lays off 18% of workforce as executives prepare for recession and ‘crypto winter’ - CNBC

• Gas prices too high? It’s all part of Biden’s plan to eliminate fossil fuels - NY Post

• Violence against anti-abortion movement increases ahead of Dobbs decision - Washington Examiner

• Ukraine Fears Defeat in East Without Surge in Military Aid - WSJ

• The Real Economy - National Review (Kevin D. Williamson)

Tweets that caught my eye:

Daniel Schmidt @RealDSchmidt

I just finished my freshman year at an elite university that costs $80,000 annually (University of Chicago). The students at a school like this are future politicians, billionaires, etc. Here are 5 observations I made this past year about them that may shock you: *THREAD*

Dion Lim @DionLimTV

Little Saigon in Oakland is under attack DAILY. Now dozens of mostly refugee-owned business owners say they want the city to stop ignoring the robberies, arsons, break-ins & attacks. “When did my life become so undervalued?” says Lele Quach. (Thread ⬇️) #StopAAPIHate

Meet Kevin @realMeetKevin

Coinbase is now requiring withdrawals go to a whitelisted address with 48-hour DELAY to add. The reason is “enhanced security.” Mhmm. How’s that liquidity holding up, @coinbase? help.coinbase.com/en/pro/privacy…

Corey A. DeAngelis @DeAngelisCorey

25 of 28 studies find that private school choice competition leads to better outcomes in public schools. School choice is a rising tide that lifts all boats. The @PhillyInquirer article claims "There's no evidence this has ever happened, anywhere."

Market snapshot: