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The World
Treasury Yields Hit Decade High: The yield on the benchmark 10-year Treasury note notched its highest close in a decade, ending at 3.489% ahead of this week’s rate-setting Federal Reserve meeting. Two-year yields also rose, finishing at 3.946%—a 15-year high. Meanwhile, the futures markets show a more than 80% chance that the central bank will lift rates by 0.75 percentage point. (Wall Street Journal)
The US Federal Reserve is facing calls to consider this week unleashing its largest interest rate rise in more than 40 years — of 100 basis points — to burnish its credentials for fighting high inflation. The dollar strengthened and the benchmark ten-year US Treasury yield scaled its highest level since April 2022, rising by six basis points to 3.518 per cent, amid expectations that the Fed will deliver a steep rate increase. (The Times)
Turkish banks suspend Russian Mir cards amid US sanctions pressure: Private lenders İşbank and DenizBank stop use of payment network developed as Moscow’s alternative to western issuers. (Financial Times)
Private polling shows Proposition 26 running behind and likely to lose along with a vastly different sports betting initiative, Proposition 27. (Los Angeles Times)
Amazon, Pfizer, Other Big U.S. Companies Pledge to Hire Refugees: The commitments to hire more than 20,000 refugees over the next three years are an effort to help integrate a recent wave of Afghans and Ukrainians. (Wall Street Journal)
Four-day working week backed by 86% of trial companies: Almost nine in ten companies taking part in a groundbreaking trial of a four-day working week have said they are likely to extend the policy beyond the six-month test period. A survey canvassing opinions at the halfway stage of the trial found that 88 per cent of respondents said it was working well, while 86 per cent said they were likely to consider maintaining the shorter working week once the six-month experiment had come to its end. (The Times)
Efforts to modernize Puerto Rico’s power grid face recriminations: Widespread outages during Hurricane Fiona revealed flaws in the aging electrical grid. Flooding has also severely impacted the water system. (Washington Post)
Major earthquake shakes Mexico on anniversary of two previous tremors: Quake registered at 7.5 magnitude and struck off the coast of La Placita de Morelos on the anniversary of two devastating tremors. (The Guardian)
Economy
Investors wiped more than $10bn off the market value of the main Covid-19 vaccine makers after US president Joe Biden said “the pandemic is over”. Shares in Moderna, BioNTech and Novavax fell as much as 9 per cent while Pfizer, which has a much broader portfolio of products, fell as much as 2 per cent in early trading in New York. The S&P 500 index was roughly unchanged. Analysts said the sell-off reflected concerns over demand for Covid vaccines at a time of increasing public apathy and the message from leaders in the US and elsewhere that the crisis phase of the coronavirus pandemic is coming to an end. (Financial Times)
Home-Flipper Opendoor Hit With Losses in Echo of Zillow Collapse: Company lost money on 42% of its August resales after it failed to anticipate slide in housing demand. (Bloomberg)
Ford Warns Parts Shortages, Higher Costs Expected to Affect Earnings: The car maker predicts it would have about 40,000 to 45,000 unfinished vehicles in inventory at the end of the quarter, a number that is higher than expected. (Wall Street Journal)
UK financial watchdog issues warning against crypto exchange FTX: FCA says group led by Sam Bankman-Fried is ‘targeting’ consumers without authorization. (Financial Times)
What’s next for the psychedelic market: After four years of optimistic funding fueled by strong research from top-tier universities, the novelty surrounding startups in the psychedelics market has died down and funding isn’t as generous as it used to be. We take a look at the factors involved. (Crunchbase)
Technology
Apple Readies iOS 16 Bug Fix for Next Week: Some people who bought Apple’s new iPhone 14 Pro are experiencing strange camera behavior when filming with social-media apps. Apple has plans to fix it and other bugs. (Wall Street Journal)
Instacart Plans to Focus IPO on Selling Employee Shares: Instacart doesn’t plan to raise much capital in its initial public offering and instead plans to have most of the listing come from the sale of employees’ shares, said people familiar with its thinking. (Wall Street Journal)
Sources: the Pentagon plans to audit how it conducts online clandestine information warfare after Meta, Twitter, and others removed alleged pro-US fake accounts. (Washington Post)
Google plans to launch a pilot program this week to keep political campaign emails from going to Gmail's spam folder, following pressure from GOP politicians. (Axios)
An ad blackout during the Queen's funeral cost UK broadcasters, radio stations, digital platforms, and outdoor ad giants a lot of revenue despite extra sales. (The Guardian)
Smart Links
The Ugly Reality of Instacart’s IPO plans. (The Information)
How Miami became the center of America’s rental housing crisis. (Washington Post)
High Food Prices Are Getting to People. The Scene at One Grocery Store Shows Why. (Wall Street Journal)
Bosses Promise Jobs With a Coveted Perk: Boundaries. Workers in search of better work-life balance are finding more willing managers. (Wall Street Journal)
Night owls may be more prone to heart disease and diabetes, study finds. (The Guardian)