Ozempic may exacerbate “slow stomach”: https://www.cnn.com/2023/07/25/health/weight-loss-diabetes-drugs-gastroparesis/index.html . We recently learned that Ozempic involves a vomiting risk. In so-far rare cases, Ozempic may cause or exacerbate “slow stomach”, or gastroperisis. Sufferers may exhibit frequent vomiting for up to a year (possibly more) after taking Ozempic.
WSJ: UK reviews Ozempic’s safety: https://www.wsj.com/articles/u-k-reviews-safety-of-ozempic-other-weight-loss-drugs-76952d65 .
WSJ: Extreme heat risk: Pavement burns: https://www.wsj.com/articles/streets-are-getting-so-hot-they-are-causing-serious-burns-cacd231b .
Fed hikes rates as expected: https://www.cnn.com/business/live-news/us-stock-market-fed-decision/index.html . WSJ: More: https://www.wsj.com/articles/federal-reserve-interest-rate-decision-c5eec106 . Powell’s comments make it clear that the process is data-driven, but the starting position is a rate hike in one of the next two meetings. As readers know, I have taken Powell at his word every month, and that has been a better predictor of rate moves than the market or most “experts”. The market retains its expectation that the Fed will cut rates rapidly after reaching its maximum. In my view, that is completely unreasonable. You are pricing in a severe recession in the near future.
When inflation hits 2%, sound economic policy is that bonds have a real rate of return, and inversion disappears. For many years the long-term real rate of return was believed to be 3% (so that plus inflation is a long-term 5% rate). I can see some lowering of the long-term real return as a reasonable possibility, but not below 2% (that is, a 4% long-term rate). The current bond market does not agree on either the projected long-term interest rate or inversion. Also, if inflation increases in the future, all of the rates discussed here go up. This significantly devalues current long-term bonds.
WSJ: Our “expert” thinks he knows more than the Fed, and rate hikes are over: https://www.wsj.com/articles/investors-can-read-the-feds-poker-face-a1934d25 . Okay, let’s see. We’ll know soon enough. Transcript of Powell’s press conference: https://www.wsj.com/articles/transcript-fed-chief-powells-postmeeting-press-conference-5ed40b07 . More: https://www.wsj.com/articles/federal-reserve-raises-interest-rates-to-22-year-high-3c3e499c .
Gas prices are rising: https://news.yahoo.com/why-are-gas-prices-going-up-again-213910938.html . The article identifies two primary reasons. First, OPEC and the Russians have cut supply. Second, extreme heat causes refineries to reduce production. Note that this will raise inflation numbers in the next few months.
Audit industry’s performance “completely unacceptable”: https://finance.yahoo.com/news/22-years-63-billion-enron-173348320.html . The industry’s oversight body, PCAOB, trashes the industry in its latest report.
WSJ: California banks merge to get smaller: https://www.wsj.com/articles/california-banks-merge-to-get-smaller-creating-a-template-for-others-b6815581 . This appears to be a thoughtful deal. Will regulators approve it?
Yellow Trucking headed toward bankruptcy: WSJ: https://www.wsj.com/articles/trucker-yellow-prepares-to-file-for-bankruptcy-as-customers-flee-281151a6 .
WSJ: Aerospace industry is all screwed up. Boeing loses $149 million in latest quarter: https://www.wsj.com/articles/hunter-biden-guilty-plea-federal-court-3b15f98b . Meanwhile, Airbus faces supply chain problems: https://www.wsj.com/articles/airbus-hit-with-new-supply-chain-hurdle-in-race-with-boeing-d1c5f1a4 .
WSJ: More struggles for China’s economy: https://www.wsj.com/articles/china-youth-unemployment-xi-jobs-522028c5 .
DOJ asks judge to order removal of Rio Grande floating barrier: https://abcnews.go.com/US/doj-asks-judge-order-abbott-start-rio-grande/story?id=101684286 . Again, this case appears to me to be a slam dunk for the feds.
Russian tycoons dropping like flies: https://currently.att.yahoo.com/att/2nd-high-profile-russian-businessman-150917439.html .
WSJ: Things aren’t much better for the powerful in China: https://www.wsj.com/articles/replaced-then-erased-mystery-deepens-around-chinas-former-foreign-minister-9117007a .
Mitch McConnell freezes during press briefing: https://www.nbcnews.com/politics/congress/watch-mitch-mcconnell-freeze-press-conference-rcna96486 . McConnell, 81, has had a series of health issues in the past year. WSJ: More: https://www.wsj.com/articles/justice-department-and-epa-probe-telecom-companies-over-lead-cables-d2f7e8d8 .
Special prosecutor gathering evidence that Orange Julius acted in bad faith: https://www.salon.com/2023/07/26/jan-6-investigator-new-jack-smith-evidence-signals-that-trump-was-acting-in-faith/ . So, it is hard to imagine that anyone in the country believes OJ ever acts in good faith. However, Smith appears to building a case that is beyond airtight.
Teenage January 6 insurrectionist sentenced to 1 year in prison: https://apnews.com/article/bruno-cua-youngest-sentencing-capitol-riot-senate-chair-d64490eeb176b6204ecd503593c8f0d3 .
Rudy Giuliani concedes his statements about 2 Georgia election workers were false: https://www.aol.com/rudy-giuliani-concedes-made-false-115101120.html . Somebody broke the knob off Rudy’s control button. Despite his lawyer’s contorted description of the situation, Rudy has conceded that he made false statements – that certainly means the statements are now false in everyone’s eyes. WSJ: More: https://www.wsj.com/articles/rudy-giuliani-says-he-wont-contest-that-he-made-false-statements-ad706fd6 .
Senator Tommy Tuberville, who has put a hold on all military promotions, has misstated his father’s WWII service record: https://www.msn.com/en-us/news/us/tuberville-s-tales-about-his-father-in-world-war-ii-have-false-elements/ar-AA1emFfL?ocid=hpmsn&cvid=c26f837ed1174de38f2611d2983c2c64&ei=12 . The GOP political leadership remains a collection of misfits.
Ohio cop who released canine on black trucker is fired: https://www.nbcnews.com/news/us-news/ohio-officer-released-police-dog-black-man-hands-raised-fired-authorit-rcna96509 . So Part 2 of the suggested remedy is in place. Now Circleville needs to provide a meaningful settlement to the trucker.
WSJ: Kevin Spacey found not guilty of sexual assault in UK: https://www.wsj.com/articles/kevin-spacey-found-not-guilty-of-sexual-offenses-by-u-k-court-29c943cc .
Hunter Biden plea deal goes off the tracks: https://apnews.com/article/hunter-biden-plea-deal-taxes-gun-drugs-690d38f1ffae4dfce2c171d21e7d3594 . So this should not happen with a highly visible plea deal. DOJ looks disorganized here. WSJ: More: https://www.wsj.com/articles/hunter-biden-guilty-plea-federal-court-3b15f98b .
WSJ: Prosecutors want Bankman-Fried in jail before trial: https://www.wsj.com/articles/sam-bankman-fried-faces-new-scrutiny-for-pretrial-conduct-d181e524 .
NYC crane catches fire and collapses: https://www.cnn.com/2023/07/26/us/nyc-crane-collapse/index.html .
WSJ: Lead cable issue investigated by DOJ and EPA: https://www.wsj.com/articles/justice-department-and-epa-probe-telecom-companies-over-lead-cables-d2f7e8d8 .
WSJ: A bridge too far? The Messina Straights Bridge: https://www.wsj.com/articles/italy-says-it-will-build-the-longest-suspension-bridge-in-the-world-dont-hold-your-breath-71b7cc86 .
Webb telescope picture of two stars forming: https://www.space.com/james-webb-space-telescope-stuns-with-glowing-portrait-actively-forming-stars .
Scientists think sun’s corona is heated by magnetic waves: https://www.space.com/solar-orbiter-fast-magnetic-waves-sun-coronal-heating . This is a big deal, because no one has been able to suggest a mechanism behind the corona’s incredibly hot temperatures.
WSJ: PGA Tour makes concessions to players: https://www.wsj.com/sports/golf/pga-tour-liv-merger-saudi-arabia-players-18c1ee09 .
Lindsey Horan lifts USWNT to draw with second-half goal over The Netherlands: https://sports.yahoo.com/lindsey-horan-uswnt-equalizer-draw-netherlands-025908767.html .
Sinead O’Connor passes at 56: https://www.nbcnews.com/news/us-news/ohio-officer-released-police-dog-black-man-hands-raised-fired-authorit-rcna96509 . A sad end for a talented woman who for a time overcame her mental health struggles.