What we’re reading (2/14)
“Lael Brainard’s Fed Departure Could Leave Immediate Imprint On Inflation Fight” (Wall Street Journal). “President Biden’s reshuffle of his economic team could have its most immediate economic impact on the Federal Reserve, with the departure of the central bank’s vice chair, Lael Brainard, for the White House. Ms. Brainard’s move to lead Mr. Biden’s National Economic Council means the Fed will lose an influential top official who has advocated for a marginally less aggressive approach to raising interest rates than Fed Chair Jerome Powell.”
“There Is More Inflation Complexity Ahead” (Mohamed El-Erian, Project Syndicate). “[T]here is the possibility of what we can label ‘U inflation’: prices head back up late this year and into 2024, as a fully-recovered Chinese economy and the strong US labor market simultaneously drive persistent services inflation and higher goods prices. I would put the probability of this outcome at 25%.”
“Why The balloon And UFO Affairs Are A Sputnik Moment” (Vox). “Balloons are an old technology, susceptible to high winds, but their vulnerabilities also translate into advantages, as they fly low enough to avoid detection, says George Nacouzi, a senior engineer at the Rand Corporation. He predicts ‘some focus on anti-balloon technology,’ including ‘balloon killers.’”
“Is The Metaverse Already Dead?” (Fast Company). “[T]he metaverse buzz has subsided. Google Trends, which tracks search terms over time, shows interest in the term having peaked around the time Mark Zuckerberg staked Facebook’s future on building an immersive 3D world and adopted Meta as the company’s new corporate identity. Since then, metaverse search activity has tumbled back to roughly where it was in the first place.”
“Are Elite Schools Institutes Of Higher Learning Or Higher Income?” (Dealbreaker). “For decades now, elite colleges have positioned themselves as the gatekeepers of prestige and economic opportunity, and have stood as shorthand for a person being educated. Why mention a person’s diligence toward their studies, organizational skills, and blinding brilliance when you could just say ‘They went to Yale’ instead? From SATs to LSATs and all the other acronym-heavy entrance exams these institutions use as bedrock evidence for the notion that entrance to these hallowed halls are based in meritocracy and not the amount of coin that you — or your parents — can line university coffers with, is that really the case? An antitrust case alleging price fixing is trying to get to the root of it, and the plaintiffs have just made some major progress toward finding out.”
