Wednesday☕️

Mar 8, 2023 • 4 min read

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Markets:

Jerome Powell:

During the congressional hearing on Tuesday, Federal Reserve Chairman Jerome Powell stated that interest rates are "likely to be higher than previously anticipated."
The Federal Reserve regulates the economy by setting key interest rates and controlling the money supply.
The Federal Reserve raises interest rates to slow down inflation by making it more expensive to borrow money. This reduces spending, which can help to decrease inflationary pressures in the economy.
Higher interest rates can increase demand for the USD, but it doesn't reduce the supply of USD in the economy.

Cartel Kidnapping:

Four US Citizens were kidnapped in Mexico after traveling for a medical procedure. The four individuals traveled from South Carolina, crossed the US-Mexican border, then found themselves in the crosshairs of a shootout (in the city of Matamoros) between rival cartels.
The captives were found in a wooden shack in a rural area called Ejido Tecolote, east of Matamoros and en route to the Gulf coasts.
When the group was found, two of the captives, Woodward, 33, and Brown, in his mid-20s, had already been killed. The two survivors, McGee, 35, and Williams, 38, were quickly taken to Brownsville, Texas.

Business:

California Governor Gavin Newsom announced on Twitter that the state will end its business relationship with Walgreens due to the pharmacy chain's refusal to sell abortion pills in 20 Republican-led states.
Sam Bankman-Fried has now been restricted to a flip phone with no internet while on house arrest.
Tesla has reduced prices on its Model X and Model S vehicles in the US for the second time this year. The new prices are now 4%-9% lower than they were in January.
Slack has integrated the ChatGPT API into its messaging platform to act as a virtual assistant/copywriter.

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