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It's only Thursday and I feel like this week is already about 10 days long. Do you remember that there was a major airline failure? Sometimes there's just too much news. (But in case you were wondering, yes, Uber is still evil.)

  • Situational awareness: Peloton went public yesterday at $29 per share and started trading today at $26.68. It’s another black eye for lead underwriter JPMorgan, who also led Smile Direct Club’s IPO at $23 per share earlier this month. That stock is now trading at just $13.59. Another JPMorgan deal, the IPO of WeWork, is now off the table entirely.
  • Many thanks to reader Simon Morris, who replied to last week's newsletter with a compelling argument that I placed altogether too much weight on CME data about the implied probability of a September rate cut. I'm now convinced that I was looking at a weird artifact of the money markets, rather than at the market changing its beliefs about what the Fed was going to do.

In this week's newsletter: Erratically enforced rules, Trump's tweets, New York's congestion pricing, climate commitments, and more. It's 1,388 words, which should take you less than 6 minutes to read.

Finally, McKinsey, the management consultantcy, is opening a retail store in a shopping mall in Minneapolis. Among the products for sale: deodorant from Type:A, a company that just raised a $2.35 million seed round, per PitchBook. Hiring McKinsey to sell your product before you even do your Series A? That's innovation.