What we’re reading (7/30)
“How Goes the War On Inflation?” (Paul Krugman, New York Times). “The real question is whether a moderate slowdown, whether or not it gets called a recession, will be sufficient to control inflation. And the news on that front has been fairly encouraging lately.”
“Inflation Figure That The Fed Follows Closely Hits Highest Level Since January 1982” (CNBC). “An inflation gauge that the Federal Reserve uses as its primary barometer jumped to its highest 12-month gain in more than 40 years in June, the Bureau of Economic Analysis reported Friday. The personal consumption expenditures price index rose 6.8%, the biggest 12-month move since the 6.9% increase in January 1982. The index rose 1% from May, tying its biggest monthly gain since February 1981.”
“$2,245.62 A Second: ExxonMobil Scores Enormous Profit On Record Gas Prices” (CNN Business). “ExxonMobil and Chevron both reported record massive profits thanks to record gasoline prices during the quarter. Exxon's profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia's invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.”
“OnlyFans Has Laid Off Staffers Amid A Move To ‘Reshape Certain Teams’” (Insider). “‘While this is the right decision for OnlyFans and our Creator community, we recognize it is difficult for the people who were impacted by this decision,’ the statement said. ‘Affected employees have been provided with a generous severance package and career counseling to support their transition period.’”
“JPMorgan’s List Of Reasons For Firing Mouthy Compliance Officers Look An Awful Lot Like Anti-Whistleblower Retaliation” (Dealbreaker). “JPMorgan Chase doesn’t like the suggestion that it would fire a newly-hired compliance officer for, you know, attempting to make the bank compliant. And not only because Shaquala Williams is suing it for just that, but also getting rather detailed about all of the ways it was violating its deal with the Justice Department over hiring all of those Chinese princelings in alleged pursuit of Chinese business. Ways like refusing to do anything about its allegedly shoddy sanctions screening software, shitty record-keeping, continued bribe-paying and lying to regulators.”
