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- Inflation Stays Hot, Markets Respond Well
Good morning and happy Wednesday. A Nebraska woman allegedly discovered a quirk at her local gas station: If she swiped her rewards card twice, she could pump fuel without being charged. So she capitalized on the hack. A lot. And also clued in another person for a fee. The woman now faces felony theft charges, 7.4K gallons and $28K worth of gas later. Have a great day.
In Today’s Brief
USPS: Surge in postal carrier robberies
Haiti: PM will step down soon
Biden: No State of the Union bump
Kohl’s: Babies R Us deal
Neve Campbell: Agrees to Scream return
... and more
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Top Tips
1) Still sizzling
Interest rate cuts appear no closer after inflation rose again in February.
New numbers: The consumer price index was up 0.4% MoM and 3.2% YoY; the monthly figure met expectations but the annual was 0.1% higher than anticipated. The core CPI (excluding energy and food) was 0.4% MoM and 3.8% YoY, both 0.1% higher than expected.
The forecast: Inflation remains well above the Federal Reserve's goal of 2%. Fed Chairman Jerome Powell has said the central bank will be conservative in cutting rates; these hot numbers support the cautious approach.
FWIW: The markets handled the reports well. Major indexes all closed up yesterday (Dow +0.61%, Nasdaq +1.54%, S&P 500 +1.12%), suggesting analysts do not think these numbers will knock the Fed off pace to make the first cuts in June, as has been recently predicted.
2) Going veep
Independent presidential candidate Robert F. Kennedy could spice up the 2024 election with his running mate pick.
The report: New York Jets quarterback Aaron Rodgers is a top contender to be Kennedy's vice presidential pick, according to The New York Times. The men have reportedly been in regular contact. Kennedy is also considering former Minnesota Gov. Jesse Ventura.
Closer look: Ventura, who first rose to fame as a professional wrestler and actor, has campaigned to be Kennedy's running mate and has flirted with presidential politics himself. The controversial and outspoken Rodgers is a vaccine skeptic like Kennedy and appeared to endorse him last spring.
Big picture: This could be a publicity stunt by Kennedy, who is polling at or close to 15% in some national polls, which would trigger access to presidential debates in the fall. Or it could be serious. If he picks Rodgers, it would be an unprecedented event in American political history.
3) Pill paucity
There is no sign the national shortage of attention-deficit/hyperactivity disorder drugs will end anytime soon.
The issue: The FDA first acknowledged supply issues with Adderall stocks in Oct. 2022. There remains an Adderall shortage 18 months later. Shortages of other ADHD drugs like Ritalin and Vyvanse have also developed.
The reasons: Government agencies and manufacturers blame demand for the drugs, as well as each other. The DEA and FDA claim pharmaceutical companies failed to produce to their quotas, making and shipping only 70% of what they could have. Clinicians say distributors and insurers are at fault. Providers are also writing more prescriptions.
Big picture: There are about 10M adults and 6M kids in the U.S. with ADHD. Many have struggled with inconsistent or no treatment for almost two years. And experts say there is no end in sight.
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Quick Tips
U.S. News
Postal carrier robberies increased nearly 30% in 2023, according to the U.S Postal Inspection Service, with about 10% of incidents resulting in injuries. A bill to appropriate funds to target the issue is expected to be presented in Congress (More)
Colorado Rep. Ken Buck will resign next week, leaving the House earlier than expected. His exit will drop the GOP majority to 218-213 with four open seats, or a two-vote cushion (More)
Special Counsel Robert Hur was grilled by both parties in a contentious House hearing. Hur testified he did not exonerate President Biden by declining to bring criminal charges for mishandling classified documents (More)
World News
Haitian Prime Minister Ariel Henry will resign once a transitional presidential council is established. The Caribbean nation has been thrown into chaos by violent gangs (More)
China demanded Japan launch a compensation system for economic damage after releasing treated radioactive wastewater into the Pacific Ocean. Japan claims water from the Fukushima plant meltdown is safe (More)
Romanian President Klaus Iohannis entered the race for NATO Secretary General. He would be the first alliance chief from a former Soviet state; outgoing Dutch Prime Minister Mark Rutte's bid is supported by the U.S., UK, France and Germany (More)
Campaign News
President Biden has not experienced a post-State of the Union bump, according to a new Yahoo/YouGov poll. The survey has former President Trump leading Biden 46% to 44%; Biden has now formally clinched the Democratic nomination (More)
Trump claimed he would free Jan. 6 Capitol riot "hostages" from prison if re-elected. Trump said he will also close the border and launch drilling projects on Day 1 if he returns to the White House (More)
The Teamsters union is not expected to endorse a presidential candidate before this summer's party conventions. The UAW has already endorsed Biden; both he and Trump have met with Teamsters leaders (More)
Business & Markets
Kohl's will add Babies R Us shops to about 200 U.S. locations later this year in a bid to drive more growth. The retailer already has Sephora beauty shops inside hundreds of its stores (More)
IBM is expected to cut an unspecified number of communications and marketing jobs. The tech giant announced plans to replace 8K jobs with artificial intelligence last December (More)
Campbell Soup finalized a $2.3B deal to buy Sovos Brands. Sovos owns the Rao's Homemade brand and other pasta products; it will enter a new Campbell business division (More)
Entertainment & Sports
Neve Campbell has joined the cast of the upcoming seventh Scream film and will reprise the character of Sidney Prescott. The actress was not in the last installment of the horror series due to a salary dispute (More)
Dallas Cowboys quarterback Dak Prescott has accused a woman and her attorneys of.a $100M extortion scheme. Prescott said in a lawsuit filing the woman fabricated sexual assault allegations against him (More)
Actor Malachy McCourt died at 92. The Ryan's Hope star and author was the brother of late Pulitzer Prize winner Frank McCourt; he also mounted a gubernatorial run in New York (More)
Quick Hitters
Crossed Wires: An Oklahoma couple got a lucky and lucrative break recently. A local roofing company replaced their roof by accident.
Take Note: Be sure to wash your hands. It can literally be a matter of life and death in some cases.
Go Deep: Organized retail crime rings have become a major issue nationwide, according to law enforcement. One California-based group allegedly stole millions worth of cosmetics and then sold them on Amazon for a decade.
Double Threat: John Cullen already owned a popular tourist attraction -- the Colorado hotel used to film The Shining. And then he added a museum featuring a frozen dead guy.
Life Hack: Your gas tank light just turned on. How far can you drive before you run out of fuel? Consult this handy chart to find out.
OPTIMIZE ME: Researchers “found convincing evidence that higher intake of ultra-processed foods was associated with 50% increased risk of cardiovascular disease-related death, a 48% to 53% higher risk of anxiety and common mental disorders, and a 12% greater risk of type 2 diabetes”
Want more health and wellness news? Subscribe to our brand new newsletter, Optimize Me, and start living a healthier life through diet, exercise, sleep, and mindfulness:
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Looking Ahead …
The UEFA Champions League will use a computer program to determine its draws moving forward. The annual tournament of European professional soccer's top teams will expand from 32 to 36 clubs, necessitating a new format.