Amazon is keeping close tabs on grocery delivery companies.
Why it matters: The digital behemoth stands to benefit from expanding its stronghold on consumers while waiting out a volatile time for services dependent delivery workers.
Rent prices have soared over the last year, but the spike may be losing its edge.
Driving the news: The median rent price in June for a two-bedroom apartment was $1,708, up 8.9% from a year earlier, but at its lowest level since February, according to rentals site Zumper.
The U.S. dollar has emerged as the biggest beneficiary of the recession fears ricocheting across markets. It has left a few winners — but lots of losers — in its wake.
Why it matters: A combination of safe-haven buying and interest rates has sent the undisputed heavyweight champion of global reserve currencies to its highest levels in at least two years against major counterparts. That comes with a mix of positives and drawbacks, some of which will become apparent as second quarter earnings start rolling in.
Michigan is now the second state after Maine where 17-year-olds can serve alcohol.
Why it matters: States are taking drastic measures to fill the gaping holes in the labor market, including turning to teenagers, boosting pay and creating incentives to lure employees into the workforce amid a chronic shortage.
Federal Reserve officials feared that high inflation could become entrenched in the economy and concluded that they may need to push interest rates higher than already planned in order to manage that risk.
Driving the news: According to newly released minutes of a policy meeting that concluded June 15, top officials "concurred that the economic outlook warranted moving to a restrictive stance," meaning higher interest rates that curtail economic activity.
Authentic Brands Group and Bolt Financial on Wednesday said that they've settled the breach of contract lawsuit brought by ABG earlier this year.
Why it matters: The e-commerce market is too challenged right now for strategic partners to be fighting each other, rather than trying to protect their businesses.
Up until 2020, Americans' view of the economy was deeply connected to the unemployment rate. The pandemic weakened that tie, finds a new working paper.
Why it matters: The paper, titled "The Great Decoupling" sheds light on a vibe that many are puzzling over but isn't yet well understood: Why are people so unhappy with the economy — despite the low unemployment rate.
In the United Kingdom there's talk of lengthening the loan terms on mortgages to 40 or 50 years, as a way of making homes more affordable.
The big picture: In the U.S. — which has an affordability problem of its own — no one is talking about this. We already took this kind of step back in the New Deal, in establishing 30-year mortgages — vastly expanding access to homeownership (among white Americans).
Peter Chernin, the veteran media executive turned investor, on Wednesday announced that he's created a new global content studio called The North Road Company with $800 million in outside funding.
Why it matters: Streamers are struggling to get their hands on enough original content, and independent production companies like North Road can help meet that need.
Political efforts to blunt the impact of inflation could end up prolonging it.
Why it matters: Politicians are caught in a bind as to whether they should offer short-term inflation relief for struggling constituents — or help address the underlying causes by curtailing consumer demand.
