📈 TRYing Times for Turkish Lira

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Good Morning!

The streets of the Big Apple are looking a bit lonely these days, thanks to the smoke from Canada's wildfires causing major smog. Janet Yellen announced that the US economy is looking strong, fuelled by robust consumer spending.

GameStop just had a major shock as their stock nosedived 17% after they bid farewell to their CEO and missed Wall Street’s Q1 estimates. Turkey's lira also took a 7% drop - The government decided to ditch their currency control strategy, causing some serious financial panic selling.

Grab your venti matcha latte with oat milk and let's get into it ☕👇

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Markets

Yellen says U.S. inflation easing as some sectors slow, labor market strong (3 minute read)
The good ol' U.S. economy is flexing its muscles and feeling pretty strong these days, according to Janet Yellen, the Treasury Secretary. She mentioned that people are spending like there's no tomorrow, which is great news! However, she did admit that some areas are slowing down a bit. Lastly, she gave us some hope that we can tame inflation without sacrificing those sweet job opportunities. Unemployment is ticking up slightly to around 4% (compared to 3.7% in May), but that's still not too shabby.

Investing

GameStop slumps after terminating Matt Furlong as CEO (1 minute read)
Big news from the gaming world! GameStop (GME), the notorious video game retailer, made a surprising move and said, "bye" to Matt Furlong as their chief executive. Their first-quarter results didn't quite meet the expectations of those Wall Street big shots. As a result, GameStop's stock took a bit of a tumble, dropping a whopping 17% in after-market trading.

3 No-Brainer Stocks to Buy With $300 Right Now (6 minute read)
If you've got $300 burning a hole in your pocket, here are three no-brainer stocks you should seriously consider, courtesy of The Motley Fool. First up, we've got the mighty healthcare giant Johnson & Johnson (JNJ), or J&J if you're fancy. Their analysts also recommend Okta (OKTA), the cybersecurity superstar. And last but not least, we've got NextEra Energy (NEE), America's biggest electric utility by market cap.

The slide and fall of the Turkish lira (5 minute read)
Turkey's lira (TRY) took a whopping 7% nosedive on Wednesday after the newly re-elected government is waving goodbye to their pricey 18-month strategy of keeping the currency under control by any means necessary. Ankara has had its fair share of financial struggles over the years and this time is no different.

Money

The 3 Best Money Moves to Make This June (5 minute read)
Money.com is spilling the beans on why opening a certificate of deposit (CD) account right now is a genius move. They're also keeping a close eye on the Supreme Court as they play judge and jury on President Joe Biden's student loan forgiveness program.

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