What we’re reading (6/20)
“Stocks Historically Don’t Bottom Out Until The Fed Eases (Wall Street Journal). “Investors have often blamed the Federal Reserve for market routs. It turns out the Fed has often had a hand in market turnarounds, too. Going back to 1950, the S&P 500 has sold off at least 15% on 17 occasions, according to research from Vickie Chang, a global markets strategist at Goldman Sachs Group Inc. On 11 of those 17 occasions, the stock market managed to bottom out only around the time the Fed shifted toward loosening monetary policy again.”
“Why Grain Can’t Get Out Of Ukraine” (Vox). “Approximately 20 million tons of grain sit in storage in Ukraine, with few ways out of the country. It is a slow-moving crisis that is choking Ukraine off from the global economy, and cutting the rest of the world off from Ukraine’s critical supply of grains.”
“Coinbase’s Layoffs Show Growing Callous Side Of Crypto’s Plummet” (New York Post). “People who got the ax Tuesday found out via a weirdly terse text message around 8 a.m. alerting them to an ‘important update from Coinbase: please check your personal email for further details.’ That’s right: No management phone call giving a heads up, no town hall meeting telling people to brace for pain. Not even a Zoom call.”
“Libya’s Oil Industry Is In Disarray Right When The World Needs It More Than Ever” (CNN Business). “The Libyan oil ministry told CNN on Wednesday that production had shrunk to a near halt in June, to 100,000 barrels per day (bpd) from 1.2 million bpd last year. But on Monday, oil minister Mohamed Oun told CNN that production had climbed up to 800,000 barrels a day, saying some fields had come back online.”
“The Open Secret Of Google Search” (The Atlantic). “In February, an engineer named Dmitri Brereton wrote a blog post about Google’s search-engine decay, rounding up leading theories for why the product’s ‘results have gone to shit.’ The post quickly shot to the top of tech forums such as Hacker News and was widely shared on Twitter and even prompted a PR response from Google’s Search liaison, Danny Sullivan, refuting one of Brereton’s claims. ‘You said in the post that quotes don’t give exact matches. They really do. Honest,’ Sullivan wrote in a series of tweets.”
