Thursday morning articles
The US central bank has raised interest rates to the highest level in 16 years as it battles to stabilise prices. The Federal Reserve increased its key interest rate by 0.25 percentage points - its 10th hike in 14 months. (BBC)
Why Is Inflation So Sticky? It Could Be Corporate Profits: Economists think some companies may have been raising prices faster than their costs have increased, making it harder for inflation to fall (Wall Street Journal)
The FAAMGs are more than just five stocks: The thought of a few companies accounting for so much of the market is jarring, and it’s the kind of thing that you might consider a market vulnerability. Two quick things: First, there isn’t much evidence that shows a relationship between market concentration and forward market returns; Second, market concentration isn’t unusual. (TKer)
Bets Offering 2,400% Payout on US Default Lure Growing Crowd: Volumes, spreads on US CDS are rising amid debt-cap showdown; Deeply discounted long bonds could supercharge swap payouts (Bloomberg)
Why Banks Keep Failing: Three previously solid, medium-size banks suddenly faced annihilation. The blame lies with the system itself. (The Atlantic)
The Glorious Return of a Humble Car Feature: Automakers are starting to admit that drivers hate touchscreens. Buttons are back! (Slate)
A Tax Loophole Makes EV Leasing a No-Brainer in the US: An exemption in the Inflation Reduction Act is worth $7,500 to drivers who lease. (Businessweek)
IKEA Redesigns Its Bestsellers, Starting With the Billy Bookcase: With inflation squeezing consumers and material and shipping prices up, the company took products back to the drawing board (Wall Street Journal)
The New Social Network That Is Finally Threatening Elon Musk’s Twitter: Bluesky has instant buzz and great vibes. Is that enough? (Slate)
What is Bluesky, and why is everyone on Twitter talking about it? The invite-only, decentralized new social network, explained. (Vox)
A massive cavern beneath a West Antarctic glacier is teeming with life: Glaciologists bored 500 meters through the Kamb Ice Stream to access the cavern. (Science News)
Independents Saw Urgency in Ousting Trump. Will They Feel the Same About Re-electing Biden? In Arizona, where independents are a crucial voting bloc, there might not be the same sense of urgency for a Biden-Trump rematch. And some voters might look elsewhere. (New York Times)
Frum: The Coming Biden Blowout: Republicans thought about running without Trump in 2024—but lost their nerve. They’re heading for electoral disaster again. (The Atlantic)
Flipping Air Jordans Is No Longer a Slam Dunk The resale value of limited-edition sneakers defied gravity in 2021. Now they’re crashing back to Earth. (Wall Street Journal)
It’s Time to Take the Lakers Seriously (Again) Few believed Los Angeles could be a legit contender this season, even after its trade deadline makeover. But after upsetting the Grizzlies in the first round? It’s hard to deny that LeBron James and Co. have a real shot at another title. (The Ringer)