My weekend morning form The WFH reads:
• Americans have stopped quitting their jobs: The rate at which workers voluntarily leave their employers is approaching pre-pandemic levels. (the wall street journal)
• The arguments in favor of lower core inflation: We see four reasons to expect further declines in inflation this summer and beyond: 1) a 9% decline in used car auction prices which we believe is only midway through, 2) negative residual summer seasonality for CPI and PCE prices, 3) sharp deceleration in apartment rental list prices, and 4) significant progress in labor market rebalancing. (Goldman Sachs) see also Chartflation: Five charts showing that inflation is not as “sticky” as feared: Leading inflation indicators point to a further easing of price pressures. While we don’t think this is a direct market driver, with inflation continuing to weigh on sentiment, the clearing fog is likely revealing a better than expected reality. (Fisher Investments)
• The economy’s doomsday clock has been reset: Wall Street’s fearmongers were dead wrong about a recession. (Business Intern)
• The simple mistake that almost triggered a recession: Leading economists have said that we would need higher unemployment to keep inflation under control. Here’s why they got it wrong. (Atlantic)
• Twitter threatens to sue Meta for Threads. Twitter’s letter is an early sign that Threads is Musk’s chaotic, but still central, platform’s most serious rival yet. (Semafor)
• The persistence of cognitive biases in financial decisions across economic groups: It is often implied, but not tested, that choice patterns among low-income people may be a factor inhibiting behavioral interventions aimed at improving upward economic mobility. Choices hampered by cognitive biases alone cannot explain why some individuals do not experience upward economic mobility. Policies should combine behavioral and structural interventions to improve people’s financial well-being. (Nature)
• Yes, it’s hot. But this could be one of the coolest summers of the rest of your life.. Heat waves like those in Texas and Europe are likely to get worse overall, not better. (Voice)
• Trump coup plotter John Eastman finally faces real accountability: Pay attention to the disbarment proceedings attorney John Eastman is facing in California. He fabricated the false theory behind Trump’s efforts to undo his 2020 election defeat + could lose his law license. (Washington Post)
• Cary Grant’s Trauma: how he thrived after a terrible childhood – told by his daughter Born in extreme poverty, Grant as a child was told his mother had died. She had actually been placed in a mental institution. It was the beginning of a life of extraordinary repression and reinvention. (The Guardian)
• Money is not winning in MLB this season. Is it good or bad for baseball? The high-payroll Mets and Padres are fidgeting. The budget Rays, Diamondbacks, Orioles and Reds are booming. What’s behind MLB’s topsy-turvy rankings? And what could he predict for the future of the sport? (The ring)
Be sure to check out our Masters in Business this weekend with Franklin Templeton CEO Jenny Johnson, who manages $1.5 trillion in client assets. She has been with FT since 1988 and has held senior positions in investment management, distribution, technology, operations and high net worth clients. Franklin Templeton oversees more than 9,000 employees and 1,300 investment professionals. Johnson is on the list of the most powerful women (Barron’s, Forbes, American Banker, etc.). She was CEO in February 2020.
Threads could cause real problems for Twitter
Source: BBC
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