What we’re reading (6/14)
“Fed Holds Rates Steady But Expects More Increases” (Wall Street Journal). “Federal Reserve officials agreed to hold interest rates steady after 10 consecutive increases, but signaled they are leaning toward raising them next month if the economy and inflation don’t cool more.”
“Why Economists Say It’s A Near Certainty That Housing Inflation Will Soon Fall” (CNBC). “‘I know this with about as high a degree of confidence as one could have,’ Mark Zandi, chief economist at Moody’s Analytics, said of falling housing inflation being near at hand.”
“Twitter Hit With $250M Lawsuit From Music Publishers Over ‘Massive Copyright Infringement’ Claim” (The Hollywood Reporter). “The three major music conglomerates — Universal, Sony and Warner — joined by a host of other publishers, on Wednesday sued Twitter for at least $250 million over the alleged infringement of roughly 1,700 works for which it received hundreds of thousands of takedown notices. They allege the company “consistently and knowingly hosts and streams infringing copies of music compositions” to ‘fuel its business.’ Twitter has rebuffed calls for it to obtain the proper licenses, according to the suit.”
“Workers Are Historically Stressed Out And Disengaged” (CNN Business). “A new Gallup poll released Tuesday revealed that workers around the world are historically stressed, disengaged with their work and increasingly fighting with their bosses. Gallup’s ‘State of the Global Workplace 2023’ examined how ‘employees feel about their work and their lives, an important predictor of organizational resilience and performance.’”
“Deep Value Moments” (Smead Capital Management). “The value factor has outperformed the stock market over long stretches of time because when you are wrong, these kinds of stocks go down less than growth stocks. A dollar saved is more valuable than a dollar earned in the world of compounding. [Co-head of asset allocation at Grantham Mayo Van Otterloo Ben] Inker points out that recessions have not been more damaging to deep value stocks than the rest of the stock market.”
