🐌 Inflation slows

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Markets

Gas prices are now cheaper than before Russia invaded Ukraine (2 minute read)The average cost for a gallon of gas in the U.S. has dropped below the price it was before Russia invaded Ukraine earlier this year, according to AAA. Why it matters: It is the first time since February that gas prices cost less than $3.50 per gallon, a significant decrease from record prices in the summer.

Inflation slowed in October, gauge closely tracked by the Fed shows (4 minute read)A measure of inflation that is closely monitored by the Federal Reserve eased but remained at an elevated level in October, likely reinforcing the Fed's intent to keep raising interest rates to cool the economy and slow the acceleration of prices. Thursday's report from the Commerce Department showed that prices rose 6% in October from a year earlier.

U.S. Senate Is Still Confused About How to Regulate Crypto After FTX Collapse (3 minute read)The collapse of FTX has sent shivers down the spines of many once-crypto proponents, including those sitting in the halls of Congress. Now that FTX has proved itself as one of the biggest cases of fraud in the often-maligned history of cryptocurrencies, there seems to be a more immediate push to dig deeper into what ultimately went wrong. In a Senate Committee Hearing Thursday, Commodities Futures Trading Commission Chairman Rostin Behnam stumped for legislation that would give his agency more money and power to regulate crypto.

Amazon Records Biggest Ever Black Friday Weekend Sales (6 minute read)Amazon has announced that this year has been their biggest Thanksgiving ever, though specific sales figures have not been released. Independent retailers selling through Amazon have seen total sales topping $1 billion across the four day shopping extravaganza. Overall shopping numbers rose from last year, with online Black Friday sales up 2.3% from last year and Cyber Monday figures 5.8% higher

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Investing

Higher Bond Yields Can Be Fundamental to a Recession Investing Playbook (4 minute read)Investors who have already endured one of the most challenging years ever must now confront the question of how to invest when the U.S. and other major economies may be headed toward a recession. While financial market volatility is likely to persist, we believe the case for bonds is stronger than it has been in years, bolstered by significantly higher starting yields and bonds’ strong track record during economic downturns.

Why Costco Stock Dropped Today (3 minute read)Shares of Costco Wholesale fell 6.6% on Thursday after the retailer announced a surprise drop in e-commerce sales. The sales shortfall sparked concern among investors that inflation and fears of a potential recession are driving consumers to pare back their discretionary spending. That could spell trouble for Costco's holiday-quarter results. Particularly worrisome were the retailer's online revenue figures. Costco's e-commerce sales declined by 10.1% in November after rising sharply earlier in the pandemic.

BlackRock Investment Institute not chasing post-Powell rally (2 minute read)BlackRock Investment Institute is not "chasing" the stock rally triggered by Federal Reserve chief Jerome Powell's latest comments because U.S. interest rates are still likely to stay elevated, its global chief investment strategist said on Thursday. Stock markets have been cheered by comments from Powell on Wednesday that signalled this year's frantic pace of U.S. interest rate hikes could be about to slow.

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Money

Effective Altruism Committed the Sin It Was Supposed to Correct (7 minute read)The spectacular collapse of the cryptocurrency trading firm FTX has raised a number of urgent questions. Why did the founder, Sam Bankman-Fried, get such fawning media coverage? Will his customers get their crypto back? Oh, and should wealthy philanthropists in the United States spend their money on buildings at their alma mater, mosquito nets halfway around the world, or the prevention of global catastrophes in the distant future?

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