What we’re reading (1/23)
“Market Recovery Hinges On Quick Inflation Drop” (Wall Street Journal). “Behind this year’s improved start for markets lies a broad wager that inflation will soon post a once-in-a-generation decline. Market-based gauges of inflation expectations project the annual pace of rising prices will tumble in the months ahead roughly as fast as during the recession that followed the 2008 financial crisis—or when Fed Chairman Paul Volcker used double-digit interest rates to crush the soaring inflation of the late 1970s.”
“Billionaires At Davos Don’t Think COVID Is a Cold” (Slate). “In photos of 2023’s World Economic Forum—or Davos as it is commonly called, after the Swiss resort town where it annually occurs—you might not notice the HEPA filters. They’re in the background, unobtrusive and unremarked upon, quietly cleansing the air of viruses and bacteria. You wouldn’t know—not unless you asked—that every attendee was PCR tested before entering the forum, or that in the case of a positive test, access was automatically, electronically, revoked. The folks on stage aren’t sporting masks (mostly), so unless you looked at the official Davos Health & Safety protocol, you wouldn’t be aware that their on-site drivers are required to wear them. You also might be surprised to learn that if, at any point, you start to feel ill at Davos, you can go collect a free rapid test, or even call their dedicated COVID hotline.”
“In Their 20s, Struggling to Save and Tired of Being Lectured About It” (New York Times). “Young people who are just starting to get their footing as they enter adulthood are grappling with how to balance their incomes and spending priorities so they have money left over to save for emergencies and retirement. Worrying about saving has always been hard for 20-somethings who begin their careers at the bottom of their earning potential. But saving is especially difficult right now because on top of student debt, housing and food costs remain high even as inflation has started to cool.”
“Inside Google’s All-Hands Meeting: Layoffs Shatter The Company’s Aura Of Stability And Abundance.” (Insider). “The internet giant is still wildly profitable and has more than $100 billion cash, along with a reputation for high pay, lavish perks, and job security. So the news, which arrived internally via an abrupt email on Friday, hit many employees hard.”
“Microsoft Announces New Multibillion-Dollar Investment In ChatGPT-Maker OpenAI” (CNBC). “Microsoft declined to provide a specific dollar amount, but Semafor reported earlier this month that Microsoft was in talks to invest as much as $10 billion. The deal marks the third phase of the partnership between the two companies, following Microsoft’s previous investments in 2019 and 2021. Microsoft said the renewed partnership will accelerate breakthroughs in AI and help both companies commercialize advanced technologies in the future.”
