Executive Leadership Briefing

Political wounds will come under the spotlight in New York and Florida on Tuesday with key races in primary elections due to redistricting. Redrawn districts in New York will pit some Democrat incumbents against each other, while Florida’s new map resulted in fewer competitive seats and more advantages for Republican candidates. Oklahoma will also decide some key races Tuesday with runoffs for Senate and House seats.

The U.S. is urging citizens to flee Ukraine ahead of the country’s independence day on Wednesday, which will also mark six months since Russia invaded. While the day’s celebrations will be halted in Kyiv, experts say the war’s momentum has tilted in Ukraine’s favor. Ukrainian defenders are increasingly hitting Russian logistics and bases, including in Crimea, and Western support holds firm with Russian sanctions and providing weapons.

Life expectancy in the U.S. plunged by 1.8 years in 2020, the biggest drop since World War II, according to newly released data from the Centers for Disease Control and Prevention. The agency found that life expectancy in New York worsened the most among all states, dropping three years to just under 78 years old. Coronavirus was the nation’s third-leading cause of death in 2020 behind heart disease and cancer. Increases in mortality also stemmed from drug overdoses, heart disease, homicide and diabetes.

Cities and states are still struggling to bring down homicide rates after a record 30% increase in 2020. Portland, which has long had one of the lowest homicide rates, invested $6 million in nonprofit programs and formed a new police unit last year to counter violent crime, but the rate remains stubbornly high. Other police chiefs say that gun violence continues to be their number one problem in public safety.

White House chief medical advisor Dr. Anthony Fauci announced he will step down in December, leaving after more than 50 years of public service. Fauci became a household fixture during the pandemic and has advised seven U.S. presidents through HIV/AIDS, West Nile virus, the 2001 anthrax attacks, various bird influenza threats, Ebola, Zika and more recently, monkeypox. While Fauci drew praise for his handling of the pandemic, he also became a representation of government overreach to many on the political right, setting the stage for a more polarized experience for his successor.

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More CEOs are zeroing in on elasticity as they raise prices to account for inflation, making bets about how much their brands can withstand a price increase. Some products have weathered price increases with little or no consequence, while others experience a decline in demand. Coffee and pastry shops appear to have avoided an inflation backlash, but rising costs have cut margins at retailers such as Target. The Federal Reserve Board will meet at a key symposium this week at Jackson Hole with economists expecting the central bank to vow to bring down the high U.S. inflation rate even if it means a recession.

More U.S. workers are rejecting hustle culture and choosing instead to engage in “quiet quitting.” The term has recently flooded social media platforms as users share stories of how they close their laptops at 5 p.m., spend more time with family and do only the tasks assigned to them. More than 1 in 4 workers in a Resume Builder survey said they do the bare minimum or less at work, and 21% said they ascribe to quiet quitting in which they do only what they are paid to do. Some experts say the term is a misnomer and should actually be defined as setting healthy work-life boundaries.

The Internal Revenue Service is slated to receive $80 billion from the Inflation Reduction Act to help the agency recover from funding cuts, but experts say it could take years for the agency to rebuild enough to see a return on investment. The increased revenue from IRS enforcement is intended to help pay for a slew of climate-change initiatives, prompting wealthy individuals and large corporations to brace for more audits. However, those audits won’t likely happen for at least several more years.

Women around the globe are posting videos of themselves dancing and drinking to show support for Finnish Prime Minister Sanna Marin, who came under fire after a video of her dancing and singing with friends leaked on the internet. Marin took a drug test to dispel claims that she engaged in anything but drinking alcohol, while advocates argued that Marin is a public example of the unfair standard that prominent women in business and politics are held to.

The business of psychedelic drugs is heating up on Wall Street, thanks to a rapid path of mainstream acceptance forged by therapy advocates and decriminalization in numerous states. There are now more than 50 publicly traded psychedelic companies listed on U.S. exchanges, and some experts say they believe that pharmaceutical psychedelics may outpace the legalized cannabis industry. One report from Data Bridge Market Research projects that the global market for pharmaceutical psychedelics will reach $6.9 billion by 2027.

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The head of the Centers for Disease Control and Prevention announced a shake-up of the organization, saying it fell short responding to COVID-19 and needs to become more nimble. The agency has long been criticized as too academic, focusing on the collection and analysis of data but not acting quickly against new health threats. Plans to modernize the agency include giving the CDC new authority to require states to report data and changes that will allow the agency to hire staff more quickly. The change follows the Biden administration’s announcement it would elevate the Department of Health and Human Services pandemic and disaster response office.

A federal judge ordered CVS, Walgreens and Walmart to pay $650.6 million in a landmark judgment that will force three of the country’s largest pharmacy chains to bear some of the cost that the opioid epidemic wrought on two counties outside Cleveland. The award comes after a jury ruled last year that the pharmacies played a significant role in the crisis, dispensing drugs without effective controls and procedures. In Wisconsin, lawmakers are debating how to spend the state’s $31 million opioid settlement awarded to help combat fentanyl deaths.

Construction on new single-family homes fell about 10% in July, marking the third month new construction slowed. With home prices and mortgage rates both high, economists say housing affordability has plunged to the lowest levels since the late 1980s. Experts have noted a pullback in home buying activity and fewer people willing to commit to a new home that’s still under construction. While prices for commodities like lumber have eased, builders continue to struggle to fill open positions, especially more skilled roles.

Interest rates on credit cards are so high that consumers with a $5,000 credit card balance could pay an extra $1,000 in interest over the course of a year. While the Federal Reserve has aggressively raised interest rates this year in a bid to get inflation under control, the Consumer Financial Protection Bureau noted more families are relying on credit cards to keep up with the high cost of living. The Credit Card Competition Act of 2022 introduced by lawmakers last month marks a bipartisan attempt to curb processing fees stemming from merchants battling banks and payment processors.

An intelligence group that monitors extremist communities online found an increase in calls for civil war and other extremist rhetoric after news broke that federal agents had executed a court-authorized search for documents at former President Donald Trump’s Mar-a-Lago estate. Violent extremism in the U.S. has increased consistently since 2008, fueled by conspiracy theories and mistrust of government institutions. Former Vice President Mike Pence implored fellow Republicans to stop lashing out at the FBI as more law enforcement officials warn of an escalating number of violent threats.

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President Joe Biden signed the $430 billion Inflation Reduction Act into law Tuesday, widely seen as the biggest climate package in U.S. history. The bill’s $369 billion investment in climate and energy is designed to cut domestic greenhouse gas emissions and combat high inflation and prescription drug prices. The policies were praised by supporters who said the investment could create 1,000 new companies in the clean energy space. The bill comes as a new report revealed how dangerously high temperatures could increase over the next 30 years, pushing more than 8.1 million U.S. residents in 50 counties towards a heat index above 125 degrees.

Americans retail spending remained steady in July compared to a month prior as shoppers saved from falling gasoline prices but boosted spending in the retail sector. Walmart and Home Dept reported stronger revenue in the recent quarter, signaling that Americans are still spending but are paying more for fewer products as they mitigate the effects of inflation. Stock futures saw a five-day gain streak Tuesday propelled by better-than-expected earnings from the retail giants, but the streak ended Wednesday after Target reported quarterly earnings that were much weaker than expected. Walmart’s CEO said even wealthier families are “penny-pinching” as inflation drives up the price of groceries.

The U.S. Agency for International Development said it will spend upwards of $68 million to purchase and ship grain from Ukraine, signaling the start of a July agreement to allow for renewed shipments from Ukraine’s Black Sea ports. The decision is the largest export deal since Russia’s invasion. Ukraine’s grain exports have fallen 46% year over year so far in the season, with Ukraine managing to export only 2.7 million tons of the crops so far. Last year, Ukraine exported 48.5 million tons. Ukraine’s Deputy Infrastructure Minister said he received applications for 30 ships to come to Ukraine to export grain, a sign that exports are looking up following the unblocking of three Black Sea ports under a deal between Moscow and Kyiv last month.

Roughly $3.4 trillion has been erased from 401(k)s and IRAs in the first half of 2022 as a pandemic, war in Europe, high inflation, recession fears and a fast rate-hiking cycle ravaged through the economy. About half of private-sector workers don't have an employer-sponsored retirement plan. New York City reported a $6 billion rise in pension costs over the next three fiscal years as high inflation and recession fears have hammered the city’s retirement plans. Americans have withdrawn around $617 from their savings accounts since the beginning of the year to cover everyday costs like groceries and gas bills. As the Baby Boomer generation retires, things are expected to get worse, with the number of Americans aged 65 and over set to increase to 73 million by 2030, composing about 21% of the population.

The Biden administration announced it will automatically cancel $3.9 billion in student loan debt for borrowers who attended ITT Technical Institute after learning the for-profit college misled students. Many borrowers outside of the institute say they thought they would receive similar compensation, taking out student loans based on the fact that President Biden campaigned on forgiving up to $10,000 in federal student loan debt per borrower. The Department of Education’s decision comes as the Committee for a Responsible Federal Budget has pushed back against further broad student debt relief, arguing it risks undermining a Democratic effort to combat inflation. Analysis from the fiscal watchdog found that $250 billion would be lost over the next decade if President Biden extended the pause on federal student loan repayments.

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More than 150 Amazon employees participated in a walkout mid-shift over low wages and concerns regarding heat safety at the company’s air hub in San Bernardino, Calif., on Monday. The independently organized workers demanded a $5 an hour pay increase in addition to improved health and safety standards, marking the first coordinated labor action in Amazon’s growing air freight division. In the UK, Amazon workers report working in “sweatshop” conditions amid safety concerns and worries about the cost of living crisis, and staff at the Swindon depot staged another walkout in a protest over a 3% pay rise. The walkouts come as Union interest is on the upswing, with 70% of nonunion “skilled and hourly workers” in the U.S. reporting they would consider joining a union if given the opportunity.

Apple Inc. laid off roughly 100 contract-based recruiters over the past week in an effort to reduce the tech giant’s spending, underscoring a slowdown at the company. Apple joins a host of other Big Tech companies looking to cut costs amid an economic slowdown, with Peloton, Calm and LinkedIn recently adding to the layoffs. Roughly 70 HBO Max staff members were also laid off Monday as part of a wider reorganization at the cable channel’s parent company, Warner Bros. Discovery. Economists have warned that what is happening in one sector is not representative of the entire economy because many tech companies overhired during the pandemic and now need to cut staff and save money during a tougher economic cycle.

A record number of migrants are being arrested at the southwestern border as the U.S. Customs and Border Protection reported a surge from Latin Americans seeking asylum or work. Apprehensions were down in July, but Border Patrol agents recorded 1.82 million arrests in the first 10 months of the government’s fiscal year, exceeding last year's total. A Gallup poll found more and more Americans want a decrease in the level of immigration into the U.S. Texas is currently sending buses of migrants from the southern border to Washington, D.C., and New York City, as Texas Lt. Gov. Dan Patrick warned "big blue city" mayors that they will "keep coming" until the mainstream media and White House address the crisis.

U.S. freight rates increased 28% year over year, but declined by nearly 2% month over month in July, signaling that the U.S. has likely reached peak rates. The Cass Freight report also signaled a potential slowdown in inflation. The New York Fed's Global Supply Chain Pressure Index indicated that supply chain bottlenecks are beginning to clear up as consumer spending returns to a more normal level. Some firms are renegotiating the shipping agreements inked during the early days of the pandemic as carrier capacity eases. However, Russia’s war in Ukraine paired with fewer available ships globally pushed oil tanker freight rates from the U.S. to Europe toward a two-year high.

Britain became the first country to approve a vaccine booster designed to target two different forms of COVID in an effort to curb both the original virus and the newer Omicron variant. Moderna’s “bivalent” vaccine generated a good immune response to both variants as well as the BA.4 and BA.5 subvariants during clinical trials. The decision comes as the U.S. continues to report roughly 100,000 COVID infections and between 300 and 400 deaths on average each day, largely driven by the BA.5 omicron variant. Despite these numbers, the CDC loosened its guidance on quarantining and social distancing last week, putting more emphasis on personal choices to make informed decisions to protect oneself.

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Saudi energy company Aramco reported a 90% jump in second-quarter profits compared to last year, boosting earnings to $88 billion to propel the country’s geopolitical power. Aramco’s performance demonstrates how the war in Ukraine and the resulting surge in energy prices have boosted petrostates while the U.S. and Europe face recession fears. Crude oil prices rose more than 36% to nearly $120 a barrel from February through June, prompting major oil companies like Exxon Mobil, Chevron and Shell to record record-breaking profits.

YouTube is planning to launch an online store for various streaming video services and has already engaged in talks with entertainment companies about participating in the Google-owned platform. The “channel store” will give people a way to purchase a la carte streaming services from the main YouTube app. YouTube is joining tech giants like Apple in an effort to create a one-stop shop for consumers to access all of their favorite media. Despite more media giants joining the industry, roughly one-fifth of subscribers to premium streaming services like Netflix, Hulu and HBO Max canceled upwards of three subscriptions over the past few years as consumers cut back on unnecessary spending.

A man crashed his car into a barricade protecting the U.S. Capitol early Sunday, firing shots into the air before fatally shooting himself. The Capitol Police later identified the individual as a 29-year-old man from Delaware but his motive remains unclear and no one else was injured. The incident comes at a time when law enforcement authorities are facing increased threats with federal officials warning about the potential of violent attacks on government buildings following the FBI’s search of Donald Trump’s Mar-a-Lago estate.

Research indicates that TikTok is shaping up to be a primary incubator for misleading and baseless information ahead of the midterm elections this fall. The platform’s enormous reach, short video length and robust algorithm have made inaccurate claims challenging to contain. National security concerns over the Chinese-owned video app remain unresolved as lawmakers and regulators recently called for a Federal Trade Commission investigation into the app. A new report found overlap between hundreds of employees at TikTok’s parent company and Chinese state media outlets, with at least 300 workers previously holding positions in Chinese state media.

An electrical fire ripped through a busy Coptic Orthodox church during Sunday mass in Egypt’s capital, killing at least 41 people including 15 children. The blaze blocked an entrance to the church, causing a stampede. Authorities ruled out foul play, but the Christian community in Egypt has suffered an increasing number of attacks by Islamic State militants, underscoring the need for improvements to security. Coptic activists have increasingly criticized the government for obstructing Christian rights. Accidental fires are also not uncommon in Cairo as Egypt’s poorly maintained infrastructure has suffered several deadly fires in recent years.

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Law enforcement officials confirmed they shot and killed a man who was accused of trying to breach the FBI’s Cincinnati office with a nail gun and AR-15 Thursday after an hours-long standoff. Investigators are looking into the man’s possible ties to far-right extremist groups, including those involved with the Jan. 6 insurrection, following posts on Truth Social claiming responsibility for the attack. Authorities have warned of increasing threats against federal agents following the FBI’s search of former President Trump’s Mar-A-Lago home. FBI Director Christopher Wray called threats circulating online “deplorable and dangerous.” The Justice Department moved to unseal the Mar-a-Lago search warrant Thursday as Trump called for its “immediate release.”

Another heat wave is developing over Europe, prompting warnings as parts of the continent are expected to top 90 degrees just three weeks after breaking all-time temperature records. The heat wave has put pressure on the European power grid as residents try to keep cool. High temperatures and worsening drought conditions propelled a massive wildfire in southwestern France as firefighters work to contain the blaze that burned 18,000 acres and forced the evacuation of 10,000 people. Officials in southwest England are considering restricting the water supply in the area as the country’s Environment Agency officially declared a drought across parts of western, southern, central and eastern England.

A man accused of fatally shooting two Muslim men with a potential connection to two other murders made his first appearance in Albuquerque court this week after tips from the public led to his arrest. Community members described suspect Muhammad Syed as “volatile,” and new court documents showed Syed had a domestic violence arrest warrant open for four months prior to his arrest. The Muslim community in Albuquerque is fighting to keep Syed in jail as police search for a motive and evidence of whether additional attacks were planned.

A Centers for Disease Control and Prevention official said Thursday that the first confirmed U.S. case of polio in a decade could be one of “several hundred cases” within a New York community. Rockland County, where the case was found in late July, is known to be vaccine-resistant, and the populace has a polio vaccination rate 20% lower than the general U.S. population. The CDC is considering offering an extra shot of the vaccine for children or for certain groups of at-risk adults. British health officials will also offer a booster dose to children ages 1 to 9 after traces of the virus showed up in sewage samples in a quarter of London’s boroughs despite no confirmed cases.

The CDC relaxed its coronavirus guidance Thursday, dropping recommendations for social distancing and quarantining after exposure. The shift indicates that officials have decided the lower fatality rate amid a highly vaccinated population allows for less demanding guidelines, though the CDC acknowledged that the virus is “here to stay.” The Food and Drug Administration advised those who were exposed to COVID-19 to take three at-home tests instead of two as studies showed the previous two-test protocol can miss too many infections.

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U.S. jobless claims rose for a second straight week, nearing the highest amount since November. Claims climbed by 14,000 to 262,000 and have now risen for five of the last six weeks. Despite the increase, the U.S. employment market remains relatively strong. The global number of unemployed youths is expected to fall to 73 million in 2022, down by 2 million from last year, according to a UN International Labor Organization report.

Average gas prices reached their lowest levels for the first time in four months, according to AAA. The drop marks a dip of more that $1 since prices peaked at $5.02 in June. Falling gas prices have boosted consumer confidence in recent weeks as consumer spending and travel rebound. U.S. oil production reached a post-pandemic high last week, aiding in easing gas prices.

Disney saw its quarterly profit jump 50%, driven by record results at its theme parks and an unexpected surge in Disney+ subscribers. Disney lowered its forecast for future streaming growth due in part to losing the rights to air cricket competitions in India, though international viewers are expected to lead subscription growth. The company also raised its streaming service prices after posting an operating loss for the service. The report highlights Disney’s moves in the streaming market as other giants like Netflix lost subscribers due to their own price hikes.

Former President Donald Trump pleaded the fifth during an interview with New York state’s attorney general regarding a civil investigation into his family’s business practices. Although Trump’s silence was most likely the safest legal route, the decision could bolster the attorney general’s case in the weeks to come. The appearance was part of several investigations Trump and his family are entangled in, including the Jan. 6 committee and Mar-a-Lago. Following Monday’s FBI search of Mar-a-Lago, a group of House GOP lawmakers demanded scrutiny over the National Archive’s role in the investigation at Trump’s Florida home.

Volatile swings in the mortgage rates market drove a 4% surge in refinancing last week, though applications from homebuyers declined. Experts predict a slowing in the U.S. housing market, marking a reversal of the post-pandemic trend that saw home prices surge as buyers moved out of cities. Rental costs passed a median of $2,000 a month for the first time ever, surging nationwide at the fastest pace in more than thirty years. Rising rent rates are squeezing Gen Z and millennial consumers the most, according to Bank of America.

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The FBI searched the Mar-a-Lago home of former President Donald Trump Monday as a months-long probe intensifies to find how classified documents ended up in boxes of White House documents recovered earlier this year. Top Republicans criticized the raid, calling it a political attack intended to impede the former President’s chances of running again. The case is one of several that Trump and his associates are currently embroiled in. Doug Mastriano will testify to the House Select Committee investigating the Jan. 6 insurrection as Alex Jones’ texts were also turned over to the committee. Several Trump allies are resisting testifying in a criminal probe looking at alleged election interference in Georgia.

Axios agreed to a deal to sell a majority of the company to Cox Enterprises. Though the companies didn’t announce the amount Cox paid, Cox will own 70% of Axios which is valued at $525 million. Axios never hired a banker for the sale and only spoke with Cox rather than soliciting other buyers. The acquisition united old and new media in an era characterized by a surge of mergers in the publishing world as one of the largest antitrust trials ever to hit the publishing industry over the merger between Penguin Random House and Simon and Schuster unfolds in Washington.

A father and son who were convicted of murdering Ahmaud Arbery in 2020 and committing a hate crime were sentenced to life in prison, and their neighbor who filmed the altercation received a 35-year sentence. Travis McMichael, Gregory McMichael and William Bryan Jr. asked the judge to consider sending them to a federal prison rather than the Georgia prison system due to a risk of vigilante justice, but the judge denied their request. Hate crimes skyrocketed in 2020 with the FBI reporting 2,871 hate crimes targeting Black people that year. In another case that garnered attention for the Black Lives Matter movement in 2020, four current and former Louiseville police officers were charged last week with civil rights violations in the deadly raid that killed Breonna Taylor.

Indiana saw immediate political and economic fallout over the weekend over its new sweeping abortion law as one of the state’s largest employers Eli Lilly said the restrictions would force the company to hire out of state. Indiana’s law followed a vote in Kansas last week rejecting an amendment that would have said there was no right to abortion, the first public vote since the Supreme Court handed down its Dobbs ruling. Abortion rights remain in focus during midterm primaries as voters go to the polls in Wisconsin and Minnesota Tuesday.

A bipartisan group of lawmakers are calling for the Federal Reserve to issue a digital dollar to combat steps from China and other countries that could threaten the U.S.’s status as the global reserve currency. The House Financial Services Committee could vote on related legislation as soon as next month. Rep. Maxine Waters (D-Calif.), who is chair of the committee, called the financial area “a new digital assets space race.” After a turbulent summer on the crypto front, digital asset investors are focusing once again on the general tone of the U.S. stock market to predict moves on Bitcoin.

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Senate Democrats pushed through approval of a $740 billion economic package Sunday, bringing a hard-fought victory on climate, healthcare and taxes to the Biden administration. The action sends the measure to the house following 27 hours of debate and a tie-breaker vote from Vice President Kamala Harris. The package authorizes the largest surge of spending in U.S. history to tackle climate change with roughly $370 billion set aside to reduce emissions by 40% by the end of the decade. While Democrats battled off Republican amendments, they also denied amendments from Sen. Bernie Sanders, including an amendment to expand the child tax credit. Despite the overall wins for Democrats, Republicans did succeed in voting down a cap on the price of insulin in the private market.

China extended military drills near Taiwan for the fifth day as tensions mount between the two countries. The drills came in the wake of U.S. House Speaker Nancy Pelosi’s visit to Taiwan last week, marking a significant turning point in China-U.S. relations. China’s People’s Liberation Army said the exercises tested its long-range air and ground strikes as Taiwan’s official news agency reported Taiwan’s army will conduct live-fire artillery drills in response. Air traffic around Taiwan returned to normal after Taiwan reopened its airspace Monday after the drills led to some flight cancellations over the weekend.

A jury ruled that far-right radio personality Alex Jones must pay $49.3 million in damages to the family of one of the victims of the Sandy Hook Elementary School massacre for saying the country’s deadliest school shooting was a hoax. Jones had previously been found liable for defamation and intentional infliction of emotional distress against the family. Jones’ lawyer could face his own legal consequences after accidentally giving a digital copy of Jones’ phone records to the family’s lawyers.

President Joe Biden will visit eastern Kentucky to survey the damage from last week’s flash flooding that killed more than three dozen people. The state faced the threat of more heavy rain and flash flooding over the weekend with up to 2 inches of rain within one to three hours predicted. Firefighters rescued at least 19 people in Denver, Colo., from flash flooding as the city saw a surge of rain storms Sunday. U.S. cities are facing more frequent and extreme precipitation as a warming atmosphere supercharges weather-related disasters, and aging infrastructure appears to be increasingly outmatched against the threat.

Some big U.S. companies are saying hiring is becoming easier, with employers in hard-hit sectors like hospitality, retail and healthcare reporting an easing in hiring challenges despite an overall tight job market. The rigid labor market pushed wages up across the board but not enough to combat inflation, forcing many workers to seek second jobs and increase hours to pay for normal expenses. Lower-income households are struggling more deeply with inflation despite the resilient job market as richer households spend more and push prices up. A hot July jobs report will likely force the Federal Reserve to continue raising interest rates to temper inflation and cool the labor market.

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