The FED Speaks | Magical Inflation & Unparalleled Talent

Interest Rates: On Friday, Federal Reserve Chairman Jerome Powell announced from their meeting in Jackson Hole, WY, that they must continue raising interest rates until they’re confident inflation is under control. While rate increases will ultimately bring down inflation, Mr. Powell said, “they will also bring some pain to households and businesses.” He added, “Those are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.” Powell also indicated that the economy continues to show underlying momentum despite some mixed signals on growth. Fed officials are weighing whether to raise rates by half a point or 0.75 points at their next meeting in late September.

Don’t Get Swindled!: Spam text messages are on the rise. If you recently received a text about a gift, an account freeze, or someone unknown just saying “hi,” chances are it’s probably fraudulent. While federal law now requires carriers to combat robocalls, there’s attention being given by the Federal Communications Commission about how to include robo-texts. Unfortunately, fraud attacks are becoming sophisticated, and it’s important to be aware of how to avoid the schemes. First and foremost, don’t click any links from someone not in your contacts. You may also want to block the caller on your phone, report the robo-text to your cell phone carrier and avoid replying to such a message.

Happiest Place on Earth: The Disney magic is a real thing. But so is the crazy price of tickets. Check out this chart on the increase of Disney prices over the years compared to the price increase of gas, rent, and wages. Sometimes the visual helps determine value. And sometimes, the Disney magic might just be worth it. Or, perhaps, we all agree to give Dutch Wonderland one more try!

Business Briefing

• Shooting for the Stars: T-Mobile has reached a deal to use SpaceX satellites to expand cellphone coverage to remote areas that lack cell towers, the companies announced on Thursday. The agreement will allow T-Mobile to serve more than 500,000 square miles of the country that currently doesn’t get any connection. (The Washington Post)
• Peloton: Peloton Interactive shares fell more than 18 percent on Thursday after the fitness equipment maker reported a $1.2 billion quarterly loss, more than analysts expected. Peloton said its revenue dropped nearly 30 percent compared to the same quarter last year. Trouble came after the extremely high demand for Peloton’s treadmills and stationary bikes soared during the pandemic but plunged once gyms began opening. (The Wall Street Journal)
• Another California Ban: On Thursday, California air regulators approved rules to ban the sale of new gasoline-powered cars by 2035 after a series of measures to phase out the vehicles. Of course, the policy is expected to accelerate the transition to electric vehicles, as California is the biggest U.S. auto market, and several other states typically follow California’s lead on vehicle emission regulations. (CNN)

Unparalleled Talent: Sometimes, the distribution of talent just doesn’t seem fair. And that seems to be the case with a Dutch artist, Rajacenna, who can complete up to six illustrations simultaneously—two for each hand and one for each foot. What in the world?! And they actually look amazing. Rajacenna said, “In 2019, the idea came to me to be more productive because I didn’t make any artwork for the previous years due to health issues.” She started drawing at the age of 16 and soon became a published artist, eventually teaching herself how to draw with her feet and hands to stop herself from getting bored. Rajacenna claims that the root of her talent lies in her brain and that she once took an EEG scan which revealed extraordinary brain performance while drawing. “The connectivity between the left and right brain are totally connected and three times higher than normal,” she explained. Watch her draw here.