What we’re reading (7/6)
“2-Year Treasury Yield Hits 16-Year High After ADP Jobs Data Shatters Expectations” (CNBC). “The 2-year U.S. Treasury yield reached a level not seen in 16 years on Thursday as investors absorbed strong jobs data that could mean further tightening from the Federal Reserve.”
“Meta’s Threads App Sees Early Success, Drawing Advertiser Interest And Twitter’s Ire” (Wall Street Journal). “In less than 24 hours, the microblogging app Threads, launched Wednesday by Meta Platforms, has signed up more than 30 million users, surged to the top of app store download charts and become a trending topic on Twitter, the social network it is hoping to upend.”
“Money Is Still Easy” (The Money Illusion). “We do know why rate increases have failed to slow the economy, if ‘we’ means market monetarists. But [Bloomberg journalist Joe] Weisenthal is right that the mainstream is puzzled by this fact.”
“American Express Is Being Investigated Over Sales Practices. Salespeople Say They Have Been Made Scapegoats.” (Insider). “Internal sales material seen by Insider, interviews with former salespeople, and the legal claims raise questions about whether senior managers knew the product was being pitched to help avoid taxes and how high up the corporate ladder the awareness went.”
“Americans Have Quit Quitting Their Jobs” (Wall Street Journal). “The surge in Americans quitting their jobs has abated since peaking during the pandemic, another sign that the labor market is cooling from ultrahot levels as the Federal Reserve raises interest rates.”
