What we’re reading (6/19)
“Recession Probability Soars As Inflation Worsens” (Wall Street Journal). “Economists surveyed by The Wall Street Journal have dramatically raised the probability of recession, now putting it at 44% in the next 12 months, a level usually seen only on the brink of or during actual recessions.”
“Americans Are Starting To Pull Back On Travel And Restaurants” (Washington Post). “More Americans are beginning to hold off on booking flights, getting haircuts, building backyard pools and replacing old, leaky roofs — in some of the new signs that the consumer engine of U.S. economic growth could be losing steam.”
“This Is Going To Hurt” (New York Times). “Pay gains have been falling behind inflation for months. Credit card balances, which fell early in the pandemic, are rising toward a record high. Subprime borrowers — those with weak credit scores — are increasingly falling behind on payments on car loans in particular, credit bureau data show. Measures of hunger are rising, even with unemployment still low and the overall economy still strong. ‘It’s a grim picture already,’ said Elizabeth Ananat, an economist[.]”
“Recession Fears Roil Markets Amid Fed’s Inflation Fight: What To Know This Week” (Yahoo! Finance). “While the Fed's unprecedented action Wednesday reiterated its commitment to normalizing price levels, investors and economists fear this also increased the risk its inflation-fighting measures may tip the economy into a recession.”
“Three Years Ago, Her Art Sold For $400 At The Beach. Now It Fetches Up To $1.6 Million At Auction” (Wall Street Journal). “It has been a rocket-fueled rise to the top of the contemporary art world for Ms. Weyant—and far from her unassuming start in Calgary, Canada. Spotted on Instagram three years ago and quickly vouched for by a savvy handful of artists, dealers and advisers, Ms. Weyant is now internationally coveted for her paintings of vulnerable girls and mischievous women in sharply lit, old-master hues. Imagine Botticelli as a millennial, whose porcelain-skin beauties also pop one leg high like the Victoria Beckham meme or sport gold necklaces that read, ‘Ride or Die.’”
