10 Wednesday AM Read – The Big Picture

My mid-week morning train reads:

The Fed is losing billions, erasing the profits that cost money: Central banks around the world are paying higher interest rates Governments may have to plug holes in central banks Mariner S. in Washington, DC. Eccles Federal Reserve Building (Bloomberg)

There is a rosy projection for the US economy. Americans may not have felt it: 2.9% of GDP? Why so much excitement despite the fact that there is so much black news? For one, a large portion of GDP is made up of consumer spending — and while we all complain about inflation, rising prices haven’t actually stopped consumers from splurging yet. Retail sales rose 8.2% in September from a year ago. (CNN) But see also NABE survey: US already in recession or soon to be: Nearly two-thirds of respondents to a survey of business economists said the U.S. is either already in a recession or better than likely in the next year. (Bloomberg)

Stock is first below: The overweighting of today’s news, good and bad, puts investors in trouble because today’s prices are already there Stanley Druckenmiller recently relayed this message to an audience, saying: “Don’t invest in the present. The present is not what moves stock prices.” (irrelevant investor)

Builders say they are prepared for this housing slowdown. ‘I’ve learned my lesson.’ The 2007-09 recession has spawned low-risk strategies; Not as much debt. (Wall Street Journal)

The Federal Reserve owes the world a mea culpa: The US central bank cannot ease the international responses to its rapid monetary tightening, but it can and should own up to its mistakes. (Bloomberg)

Economic Outlook: Rubber Bands on Watermelons: Under enough pressure, the watermelon will *explode*. (Kayla Scanlon)

Zoom, Teams, Slack are destroying employee productivity: Switching between multiple apps to get work done wastes employees’ time, efficiency and engagement. Can anything be done? (Bloomberg)

Rising shipping costs prompt businesses to get creative with delivery: FedEx, UPS and the US Postal Service have raised shipping fees as their costs rise (Wall Street Journal) see more Why gas prices have so much power over us: “When prices go up, we feel oppressed that we can’t do what we want.” (upshot)

What broke Britain? The UK seems to be in constant crisis for a few years now. There is a big reason for this. Britain’s predicament has an obvious root cause: Brexit. A decision to ignore indefinitely or leave on paper impossible serious economic aftershocks. The result has been a chaotic, unstable Britain, struggling with post-pandemic social unrest and political unrest amid a deflationary crisis in the global economy. (Vox)

Taylor Swift has a lot of new music. How will he ever perform it all? With his new album ‘Midnights’ the pop superstar has four records he’s never performed live, creating an unusual concert challenge. ‘He’s in for a completely logical nightmare.’ (Wall Street Journal)

Be sure to check out our Masters in Business interview with Marta Norton, Chief Investment Officer of Morningstar Investment Management, this weekend. The firm directly manages or advises $249.4B in client funds. He began his career as a BLS economist and, prior to his current role, was head of US results-based strategies for Morningstar.

Apps are supposed to make life easier, but they are stressing employees

Source: The Hustle

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