THE SHOW NOTES: Trump's Twitter, More Rate Hikes, & Historic Federal Spending
Welcome! I am off radio today but wanted to keep you updated on what’s happening in the world.
WHAT: Paper straws may be harmful to humans and just as bad for the environment as plastic straws.
NEW: Biden’s food stamp expansion linked to 15% jump in grocery prices.
HEADLINE: Lionel Messi Has A US Navy Seal/MMA Fighter Follow Him Around The Field During Inter Miami Games - Barstool
BAD IDEA: Zillow Offers 1% Down Payment to Lure Struggling Homebuyers - Yahoo
RUSSIA: Putin never confirmed Prighozin’s death. - Axios
Surrender
Expected: Donald Trump surrendered to authorities at the Fulton County courthouse and stood for a mugshot around 7:30 PM last night. While this is the fourth time Trump has surrendered to authorities this year, this was his first mugshot ever taken of a former President. As expected, President Trump immediately began fundraising off of the picture by sending his first tweet since January 8th, 2021.
Unexpected: Donald Trump chose to skip Wednesday’s debate with eight other GOP candidates in favor of a prerecorded interview with Tucker Carlson that allegedly garnered more than 230 million views on Twitter. Except, it didn’t. Mashable reports that the interview was played 14.8 million times for at least 2 seconds with 51% of the video on screen with or without the sound on.
In other words, someone scrolling through Twitter could pass by the video without the full video being on their screen or without the sound on and it would count as a view.
Bonus: Fox News Debate Viewership Blew Tucker’s Trump Interview Out of the Water - Mediaite
Fed: Our Job Is Not Done
Jerome Powell said that inflation is too high and the Federal Reserve is prepared to raise and sustain elevated interest rates until inflation shows significant progress in moving towards the goal of 2%.
Details: Despite inflation dropping more than half from a year before, Powell warned the economy “still has a long way to go, even with the more favorable recent readings.” Notably, Powell left the 2% inflation target unchanged from previous meetings. Powell made the comments at the Fed’s annual retreat in Jackson Hole, Wyoming.
Historic Federal Spending
The outlook for the federal budget right now is essentially unprecedented—crisis-size deficits as far as the eye can see, even though the economy appears to be in good health. That prospect is making investors uneasy, as demonstrated by yields on benchmark 10-year Treasuries climbing above 4.3% this week, their highest levels since 2007. Other borrowing costs are rising in tandem: The average rate on a 30-year fixed mortgage has surged above 7% for the first time in more than two decades.
Investors worry that sustained fiscal shortfalls on the scale projected by the Congressional Budget Office could push rates higher still—which only puts more pressure on public finances by adding to the government’s ballooning interest bills. Concerns intensified this month after a one-two punch: The US Treasury ramped up debt issuance, heralding a supply deluge that’s likely to last several quarters, and Fitch Ratings unexpectedly downgraded America’s sovereign credit rating.
Go read the concerning piece on federal spending at Bloomberg (paywall).
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