Good morning. Truly an all-time collection of bizarre news stories in today's Three Headlines and a Lie section—we can't wait for you to read it. Going forward, feel free to flag us on Twitter so we don't miss the next time Wendy's gets in a fight with flat-earthers, or whatever. —Neal Freyman, Jamie Wilde, Matty Merritt | | | |  | Nasdaq | 15,188.39 | | | | | S&P | 4,726.35 | | | | | Dow | 36,290.32 | | | | | 10-Year | 1.746% | | | | | Bitcoin | $43,839.33 | | |  | Biogen | $225.34 | | | | *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. | - Markets: A red-hot inflation report couldn't stop stocks from pushing higher yesterday, likely because it wasn't worse than expected. Biogen shares tumbled after Medicare said it would limit coverage of its controversial $28,000 Alzheimer's drug, Aduhelm.
- Covid: The current Omicron wave is projected to peak by Jan. 19 in the US, according to an influential model from the University of Washington. Then, cases are expected to plummet "simply because everybody who could be infected will be infected," Washington professor Ali Mokdad told the AP. Cases appear to have already peaked in Britain.
| | Pixar You all selected inflation as the top business story of 2021, and it just kicked off its 2022 campaign with a bang. Consumer prices soared 7% in December, marking the largest yearly increase since 1982, the Labor Department reported yesterday. The biggest culprits: Shelter costs (aka rent) and used car prices. - Shelter costs jumped 0.4% from the previous month and 4.1% on the year—their fastest annual growth since February 2007.
- Used vehicles, which have become the poster child for the current inflationary environment, have increased 37% over the past year.
- Gasoline prices have also spiked nearly 50% since December 2020, though fuel and energy costs dipped slightly last month.
And while many Americans have gotten a raise this year, pay bumps haven't kept up with price bumps. Real average hourly earnings, or wages that take inflation into account, fell a seasonally adjusted 2.4% in December from a year earlier. What can be done? Let's start with the Fed, whose literal job is to keep prices under control. Caught flat-footed as inflation spread across the economy, the central bank is now planning to wind down its stimulus measures and hike interest rates several times this year. The point is that higher interest rates raise borrowing costs for consumers and businesses, slowing down demand, incentivizing more saving, and in turn deflating prices. - Other ideas: The Biden administration has launched an antitrust crusade against highly concentrated industries in the hopes more competition will bring down prices. And the US Chamber of Commerce argued for more immigration to ease labor shortages.
But some analysts argue many of those interventions are like giving Gatorade to a hungover 40 year old—the only fix is to just wait it out. That's because the Covid-related supply-chain bottlenecks that helped fuel inflation are still raging, and prices will only start to cool when constrained supply catches up with demand. Big picture: Those bottlenecks could get even worse. Manufacturing powerhouse China has locked down roughly 20 million people across three cities in a bid to prevent a widespread Omicron outbreak. HSBC economists warned that the Big O gaining steam in Asia, where it hasn't taken off yet, could lead to the "mother of all" supply chain disruptions by forcing factories offline…again.—NF | | House Of Commons - PA Images/Getty Images Lady Whistledown would have a field day with Boris Johnson's latest scandal. The UK prime minister apologized yesterday for attending a large outdoor party during Britain's first Covid lockdown in 2020. But his mea culpa did little to douse a political firestorm—officials in every major UK political party, even his own, are urging Johnson to resign. The backstory: On May 22, 2020, a senior official for Johnson organized a BYOB outdoor garden gathering. Johnson said he only showed up to thank staff for their work throughout the pandemic, so he considered it a "work event." - At that time, UK citizens were only allowed to meet one other person outside their own household, and they had to be outdoors and remain two meters apart.
So you can probably understand why Brits were so mad to find out politicians were schmoozing among the tulips. The budget airline Ryanair—which isn't new to trolling the prime minister—let its social media team go hog wild and roast Johnson with memes so good we thought we made them. Zoom out: A handful of government officials around the world have treated their own Covid guidelines like they're a "hand wash only" tag. Last month, for instance, Finnish Prime Minister Sanna Marin was caught dancing maskless at a club a day after she was in contact with someone who tested positive.—MM | | Photo Illustration: Dianna "Mick" McDougall; Source: Getty Images The CDC could soon change its masking recommendation from "fabric/surgical masks are fine" to "time to stock up on N95s," the Washington Post reported. The possible switch follows several new studies that suggest cloth isn't cutting it anymore. - In one, a well-fit N95 (or other particle-filtering mask) was found to be 75x better at preventing Covid-19 than a surgical mask.
Bad news for Hey Arnold!: The most important factor in recent mask studies was how well it fits. People wearing snug N95s were protected against Covid for 2,500 hours if the infected person also wore a fitted N95, versus 25 hours with non-fit-tested N95s. Zoom out: The growing recognition that N95 > cloth and the possibility of new CDC guidance have caused the prices of N95 and KN95 masks to spike, with some brands nearly quintupling in price on Amazon. And even if you make the purchase, you could accidentally be snagging counterfeits, which have flooded the market. Some politicians don't think you should pay for N95s at all. Sen. Bernie Sanders, known for his love of covering up, introduced a bill on Tuesday that would give every American three free N95 masks.—JW | | | Yes, knee and hip replacements can keep joints functioning, buuut there's still a problem: Complications will cause 10%–15% of those replacements to fail this year. Luckily, a solution is coming, courtesy of Monogram Orthopedics. Monogram combines 3D printing, specially crafted surgical robots, and AI to create custom implants unique to individual patients. And if your knee-jerk reaction is, "That sounds like solid investment potential," we'd agree. The joint-replacement market currently sits at $19.6B, with over 1 million knee replacements performed annually. And with Monogram poised to help overhaul the industry and pave the way for a better future in ortho, make no bones about it: There's never been a more fitting time to get in on all this potential. This is the final month to invest, so get in before January 27, 2022, here. | | Stat: The top 10 most popular podcasts in the US are on average more than seven years old, and none have made their debut in the past couple of years. Why? Bloomberg's Lucas Shaw explains that the number of new podcasts is growing faster than the audience, driving down the number of listeners per show. Quote: "All of us at APOPO are feeling the loss of Magawa and we are grateful for the incredible work he's done." The Belgian nonprofit APOPO, which trains animals to detect land mines and tuberculosis, paid its respects to Magawa, an eight-year-old rat who died this week. Magawa was awarded the top award for animal gallantry in 2020 for his work detecting more than 100 land mines and other explosives across a 5-year career. Read: Why do so many TV shows and movies look like they were filmed in a gray wasteland? (Vox) | | Val Thorens If gruyere doesn't come from the Gruyeres region of Switzerland, is it just sparkling cheese? A federal judge ruled last week that no, gruyere can be called gruyere whether it's curdled in the Alps or Wisconsin. In response to a lawsuit from a group of Swiss and French cheesemakers, a Virginia judge concluded that the meaning of gruyere has "eroded" in the US and "rendered it generic." So despite its 12th century Swiss heritage, the US won't grant gruyere the international trademark protections afforded to region-specific products like Champagne, Roquefort cheese, and Cognac brandy. Reactions are hotter than raclette The gruyere group behind the suit plans to appeal. A spokesperson for Switzerland's agricultural department said the decision "threatens the reputation of the original product and its place in the foreign market and can only harm the entire sector." Meanwhile, in the US, the National Milk Producers Federation said it was "ecstatic" about how the case was sliced, while the Dairy Export Council is downright "thrilled." According to the DEC, European food producers are trying to hoard the entire charcuterie board, with gorgonzola, feta, asiago, and bologna makers all recently seeking international trade protections.—JW | | - Elon Musk and Hollywood actors alike are criticizing a CA proposal that would cut rooftop solar system subsidies.
- Netflix revealed a documentary series that will follow the PGA Tour from the same producer as the streamer's F1 hit, Drive to Survive.
- Cannabis compounds have the potential to prevent Covid-19, a new lab study found.
- Rachel Balkovec was introduced as the manager of the NY Yankees' Low A affiliate, the Tampa Tarpons. She'll be the first female skipper in affiliated baseball history.
| | Feelin' anxious? Fatigued? Just plain off? Base pairs at-home lab testing with an AI-backed health app to help you get to the root cause of persistent health issues. Get started with their quiz to receive a personalized plan unique to you, plus 20% off with code MORNINGBREW.*
Top maps of 2021: Here you won't find just the best maps of last year but also analysis of what makes them truly great. Check it out.
Help design our merch: We want your input on the Morning Brew Store. What do you want to see in the next Brew merch drop? Let us know, and if we decide to use your idea we'll send you a piece of merch using the design you inspired, plus a newsletter shoutout. Share your ideas now.
In this episode of Fresh Invest, we chat through how investing over a significant period of time can empower your money to grow. Listen here.*
But do they have nap pods? Glassdoor published its list of the best places to work. *This is sponsored advertising content | | Brew Mini: In our Mini crosswords, you'll find clues you won't encounter anywhere else. Play today's puzzle. Three Headlines and a Lie Three of these news headlines are real and one is faker than anyone who says they got 🟩 🟩 🟩 🟩 🟩 on their first try. Can you guess the odd one out? - LAPD officers ignore robbery in progress to catch Snorlax in 'Pokémon GO'
- Doctor who branded his initials on patients' livers no longer allowed to practice medicine
- Kanye West wants to meet with Vladimir Putin, make Russia his 'second home'
- New Moana ride at Disney criticized by attendees for being 'just a giant dunk tank'
| | Looking for a podcast worth listening to? Check out Business Casual for conversations with the biggest names in business: This editorial content is supported by Stella Artois. | | | We made up the dunk tank one. | | | Written by Neal Freyman, Matty Merritt, and Jamie Wilde Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → - Emerging Tech Brew: AI, crypto, space, autonomous vehicles, and more
- HR Brew: analysis of the employee-employer relationship
- Marketing Brew: the buzziest happenings in marketing and advertising
- Retail Brew: retail trends from DTC to "buy now, pay later"
Tips for smarter living → - Money Scoop: your personal finance upgrade
- Sidekick: lifestyle recs from every corner of the internet
 Podcasts → Business Casual and Founder's Journal  YouTube Accelerate Your Career → - MB/A: virtual 8-week program designed to broaden your skill set
| ADVERTISE // CAREERS // SHOP // FAQ
Update your email preferences or unsubscribe here.
View our privacy policy here.
Copyright © 2022 Morning Brew. All rights reserved.
22 W 19th St, 8th Floor, New York, NY 10011 | |
No comments:
Post a Comment