Executive Leadership Briefing

House lawmakers passed a massive annual defense-policy bill Thursday that paves the way for the budget to exceed $800 billion next year – tens of billions of dollars more than President Joe Bide requested. The house attributed the increase to high inflation and Russia’s invasion of Ukraine, saying the bipartisan National Defense Authorization Act would give troops a 4.6% pay raise and an additional $750 million in funding to help reduce costs of essentials for military families. Some Republicans excoriated the bill for indulging "woke" ideology as it boosts the transition to electric vehicles within the military and creates a gender advisory task force within the Pentagon.

JPMorgan’s second-quarter profit fell 28% from a year earlier even as revenue rose slightly, pushing the SandP 500 to record a fifth consecutive day of declines. An unexpected pickup in inflation caused an increase in recession fears, but President Biden and his top economic advisers said the inflation rate was “out of date,” downplaying inflation readings that have caused discontent with his handling of the U.S. economy. Experts remain baffled by the contradictory signals after yesterday’s inflation numbers pointed toward a U.S recession but today, June’s U.S. retail sales grew 1% as consumers absorbed higher prices.

Britain’s national weather service issued its most severe heat warning for the first time Friday, placing parts of England under a red alert early next week. Europe's ongoing heat wave is expected to last weeks and break all-time records across the continent, posing extremely dangerous circumstances as air conditioning remains less ubiquitous than in the U.S. The onset of the heat wave fueled massive wildfires in Portugal, France, Spain and Croatia.

Only 28% of Americans’ say they have confidence in U.S. public schools, down from 41% in 2020, according to a Gallup poll. Republicans’ confidence in public schools plummeted to an all-time low of 14% this year, illustrating a growing national divide with debates over masking and open teachings about race and gender identity dividing parents. Only 1% of Republicans named education as the country's most important problem, implying that issues from inflation to abortion and guns are more prominent in influencing whether and how people vote this November.

Infectious disease experts warned that the federal and state response to the escalating monkeypox outbreak lacks access to enough vaccines, testing and treatments to keep up with the spread. San Francisco warned the city is veering toward a public health crisis due to the uncontrolled spread and in New York, the number of people identified with monkeypox jumped more than 30 fold. The World Health Organization is expected to hold a meeting next week to determine if monkeypox should be declared a Public Health Emergency of International Concern.

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U.S. inflation reached its highest point since 1981 in June at 9.1%, driven primarily by high fuel, food and housing prices. The spike in inflation has increased pressure on the Federal Reserve to act and may lead the central bank to raise interest rates by one percentage point. Economists warned that if the Fed chooses to implement a sustained period of high interest rates the chances of a recession in the next year significantly increase. While fuel prices were a major driver in the inflation rate increase, observers noted that consumer gas prices have begun to drop in recent weeks even though the trend could be quickly reversed.

The U.S. Secretary of Commerce Gina Raimondo urged Congress to pass stalled legislation related to semiconductors, stressing the urgency of passing the passing the bill to shore up national security. Raimondo argued that a separate bill focused entirely on the semiconductor aspect of the CHIPS Act was a suitable path forward. Democrats noted that a failure to pass semiconductor legislation soon can adversely affect the economy and U.S. security as chipmakers have been courted by other nations to open chip plants, highlighting the U.S.’s relatively slow pace in building capacity for domestic chip production. Despite the Biden administration’s rhetoric, some scholars have questioned how much of a national security threat reliance on East Asia for semiconductor production really is for the U.S.

Delta Airlines announced it will limit its operational capacity to the levels it operated in June, citing strong demand but a challenging operational environment. Airlines have been plagued by a spate of logistical challenges during the summer travel season ranging from cancelled flights to staffing shortages. Despite the announcement, Delta said it remains optimistic that the travel rebound will persist past the summer due to a rise in corporate travel and lowering of travel restrictions related to COVID-19. Industry experts have argued that airlines can work with unions to help ease staffing shortages, particularly as flight attendants have seen their incomes affected by the wave of flight cancellations.

Cryptocurrency lending company Celsius Network filed for bankruptcy this week after halting withdrawals and transfers earlier in the month. The news came shortly after Vermont's Department of Financial Regulation said it believed the company did not have the cash on hand to pay customers and creditors. Celsius’ troubles are the latest in a string of cryptocurrency casualties as the industry has seen high-profile companies such as Voyager and Three Arrows Capital fall apart due to the rapid collapse in prices for digital currencies. Celsius said its filing of Chapter 11 will allow the company to handle restructuring for its stakeholders and stabilize its business, and while the news sent another shockwave through the cryptocurrency industry, digital currency markets handled the news well as Bitcoin jumped 1.7% on Wednesday.

The President of Sri Lanka fled the nation for the Maldives after announcing his resignation this week amid increasingly chaotic protests. Protestors took over the Presidential estate and this week stormed the Prime Minister’s office, bringing about a state of emergency as protestors vowed not to stop until a new president and prime minister are installed. The people of Sri Lanka have cited mistrust in the government and the scarcity of food and medicine, worsened by the country heading towards bankruptcy, as the reasons for their protests.Analysts said the political turmoil will likely worsen the island nation’s economic struggles. Experts warned that the chaos in Sri Lanka is not unique to the nation and offers lessons of what emerging markets can expect as a result of governmental failures.

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The Euro and the U.S. Dollar reached parity for the first time in 20 years, brought on by economic pressures rooted in fears of a recession and the energy crisis linked to the war in Ukraine. Doubts have risen around the European Central Bank’s ability to take aggressive enough action to check inflation without plunging the bloc deeper into economic turmoil. While the news focused attention on the central bank’s ability to face a weakened currency, European consumers are likely to experience higher costs for imported goods while American travelers may seize the opportunity to vacation in Europe at a lower price. Conversely, the strong dollar may help contain prices for expensive commodities and ease inflationary pressure in the U.S. later in the year.

The U.S. Food and Drug Administration is set to authorize the Novavax coronavirus vaccine, opening the door to a shot using the protein-based method typical of some traditional vaccines. The news follows the Biden administration’s announcement that it will purchase 3.2 billion doses of the vaccine in line with the president’s renewed approach to tackling COVID-19 through increased booster access and extensions of public health emergency measures. The vaccine’s trials have shown its efficacy as a booster and the company hopes Americans initially hesitant to get vaccinated will take its shot.

A new survey found that an estimated 20 million Americans expressed regret over quitting their jobs within the first five months of the year. The number of Americans who quit their job this year is roughly double that of a decade ago, and while the reasons for regretting the decision to quit varied, roughly half of those looking for jobs said they expect labor market conditions to worsen. The survey also noted that roughly 40% of employed job seekers received pay raises this year, but inflation has largely dulled the effect of those increases.

Files leaked by former Uber lobbyist Mark MacGann disclosed a web of alleged steps the rideshare company took to aggressively expand around the world. The leak revealed that Uber used technology to evade law enforcement, drew attention to the “silver linings” of violence between drivers and taxicab operators and sought out favors from government officials. French President Emmanuel Macron was highlighted as a “true ally” of the company with the leaks potentially leading to the president being subjected to a parliamentary inquiry. MacGann argued his intention behind the leak was to “make amends,” and said he hopes Uber will treat its drivers better as the company has recently challenged court rulings in favor of worker’s rights.

A new survey from the National Federation of Independent Business revealed that U.S. small business confidence dropped to its lowest point in over nine years, due mostly to concerns over inflation and hiring as business owners’ expectations have declined every month since the start of the year. Notably, survey respondents overwhelmingly reported that few or no qualified applicants applied for the position owners sought to fill. Despite the historic low confidence measures, the report included some positive news as hiring efforts have continued, a sign that customer demand is still strong, and the amount of owners raising average selling prices has decreased.

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NASA unveiled the first full-color image from the new James Webb Telescope, marking a pivotal moment for deep-space observation. The image is the most detailed infrared view of the Universe to date, featuring a massive group of galaxy clusters that act as a magnifying glass for the objects behind them. The telescope aims to look deeper into space than ever before, filling a mysterious gap in the history of the universe – the first 400 million years after the big bang – and exploring the possibility of life outside our solar system.

A U.S. pharmaceutical company has asked the Food and Drug Administration to sell birth control pills over the counter for the first time in 60 years since the approval of oral contraceptives. The Supreme Court’s decision to overturn Roe v. Wade has placed contraceptive access at the heart of reproductive rights debates. Studies have shown more than 50% of pregnancies in the U.S. are unintended and one-third of women have reported difficulties filling birth control pill prescriptions. The request from Paris-based HRA Pharma came the same day the Biden administration told hospitals they “must” provide abortion services if the mother's life is at risk.

California firefighters gained ground Monday in a fight against a wildfire on the western flank of the Sierra Nevada, with the blaze 22% contained as of Monday night. The Washburn Fire poses a threat to a grove of giant sequoia trees – some thought to be more than 2,000 years old – and the small community of Yosemite National Park. The intense flames are so powerful that they are creating their own weather system, causing updrafts strong enough to launch debris into the air. The average fire season is already three-and-a-half times longer than it was decades ago, with the number of annual large fires tripling as heat and drought fuel wildfires.

A string of robberies at 7-Eleven stores across Southern California Monday left two dead and several wounded after suspects robbed six separate locations on 7-Eleven’s 95th birthday celebration. Authorities said they were seeking the same lone gunman in at least three of the four shootings. The violence occurred the same day President Joe Biden hosted mass shooting victims and survivors at a White House event highlighting the Bipartisan Safer Communities Act aimed at preventing such massacres.

Mexico President Andrés Manuel López Obrador plans to visit Washington Tuesday to meet with President Biden to discuss ways to improve infrastructure and cooperation along their almost 2,000-mile boundary as arrests at the border are reaching decade highs. The meeting comes nearly a month after López Obrador rejected Biden’s invitation to the Summit of the Americas when Biden did not invite leaders of Cuba, Nicaragua and Venezuela. The U.S.-Mexico relationship has been much more complicated since Biden took office, with disagreements over trade, foreign policy, energy and climate change heightening tensions.

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Elon Musk announced his intention to terminate his $44 billion agreement to buy Twitter Friday after claiming the social-media giant disclosed “false and misleading” numbers on fake user accounts. Twitter said it plans to take legal action. The decision sent shares of Twitter tumbling in premarket trading as analysts warned that Musk’s decision could set the stage for a turbulent period, carrying new financial risks for Twitter and its workers.

The tech industry’s rapid hiring during the pandemic is slowing as top executives warn employees to brace themselves for tougher times as fears of a recession loom. Roughly 85% of IT decision-makers predict their organization will be impacted by the cost of doing business - including pay freezes and hiring freezes. Companies like Netflix, Coinbase, Tesla and Twitter all laid-off workers in recent months. Additionally, more companies are hiring individuals without degrees as the lack of credentials is no longer shutting out workers from industries like tech, carrying implications for economic mobility and equity.

Rents have rebounded to pre-pandemic levels in most major cities, but the median price for a one-bedroom apartment in the U.S. still reached an all-time high of $1,422 in June. Cities like San Francisco are lagging behind as landlords point to sky-high prices pre-covid, rent-control policies and a mass exodus of tech workers, with the city’s median rent down only 10% from March 2020. Mortgage rates saw the largest decline since December 2008 last week, pushed down by economic uncertainty. Concerns about personal finances surged while COVID fears evaporated as a top issue for Americans, with roughly 40% of U.S. adults naming inflation as a top priority of the government.

A new COVID-19 subvariant BA.5.2.1 has been discovered in Shanghai and has been described as "very high risk." With pharmaceutical companies struggling to keep up with the rapid mutations, a Cambridge, Massachusetts startup claims it can help them by using artificial intelligence to predict future variants. The discovery came a few days after the U.S. Food and Drug Administration granted full approval for the Pfizer vaccine for adolescents between 12 and 15 years old.

New analysis indicated one in six callers to the national mental-health crisis line do not connect with a crisis counselor, prompting calls for health officials to strengthen the overstretched network. Annual call volumes to the 10-digit line increased by 92% from 2016 to 2021. States are rolling out 988 as the new National Suicide Prevention Lifeline number this week, working similarly to how people can call 911 for emergencies. Nearly half a million lives were lost to suicide from 2010 to 2020 and the suicide death rate increased by 12%, outnumbering deaths caused by motor vehicle accidents.

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Startup funding is dropping for the first time in three years, plunging 23% over the last three months. Startup sales and initial public offerings have already plummeted 88% this year – a rarity in the startup ecosystem which has enjoyed more than a decade of growth. The decline is being attributed to rising interest rates and inflation, which is prompting more investors to demand startups tighten their belts and improve their margins.

The Supreme Court’s decision to overturn Roe v. Wade and the subsequent criminalization of abortion in several states has sparked an increased interest in how data is being used and online privacy. Many women are concerned about their period tracking apps and some lawyers warn online search history and payment data could become problematic. Planned Parenthood said it will remove the marketing trackers on its search pages related to abortion after previously sharing data with third-party tracking companies including Google and Facebook.

Cruise, a subsidiary of General Motors, has reported multiple outages with its autonomous cars deployed in San Francisco. Recent internal messages show that nearly 60 vehicles were disabled across the city over a 90-minute period after losing touch with a Cruise server at the end of June. The incidents have caused traffic jams, but some worry outages could also hinder emergency vehicles and endanger motorists and pedestrians. Commercializing autonomous vehicles has proved to be more challenging than predicted a few years ago as U.S. lawmakers introduce more regulatory processes.

Global food prices dropped in June according to the United Nations, potentially offering some respite to strained households. Food prices climbed during the pandemic and spiked even higher after the war in Ukraine stifled grain exports. Global food prices are up 65% globally in the last two years and 12% this year alone.

Brands and retailers have shifted away from clipped newspaper discounts but the digital version hasn’t grown fast enough to catch up, worrying consumers who often rely on coupons. Critics say coupons are expensive, wasteful and inefficient advertising but one study found that customers who received coupons released feel-good oxytocin hormones. The shrinking coupon market includes not just the number of coupons distributed but also the share turned in at checkout. Economists predict that as consumers become increasingly time-strapped, many will not want to deal with even small hassles to save a few dollars.

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U.K. Prime Minister Boris Johnson confirmed that he will resign as leader of the Conservative Party and step down as prime minister once a replacement is selected. At least 59 members of Johnson’s ministers had resigned at the time of his remarks – nearly half of his government – amid a wave of scandals. The British pound jumped by nearly half a percent against the U.S. dollar and stocks rallied following media reports of Johnson’s imminent resignation.

The spike in fertilizer prices sparked by the war in Ukraine is threatening to push countries around the world into famine, a U.N. official warned. Russia and its ally Belarus are the world’s No. 2 and 3 producers of a key ingredient of fertilizer. Fertilizer makers’ shares have been dragged down in recent weeks by declining crop prices, but remain above where they traded pre-pandemic. Farming margins have been high for several years, which largely offset hikes in fertilizer costs.

Gas consumption is down in nearly every state, putting the U.S. at the same levels it was at in the mid-1990s. The shift is likely the result of rising gas prices and a growing interest in alternative-fuel cars. Millions of motorists have adjusted their lives to become fuel-efficient – more than half the drivers in one survey said they are driving less and 3 in 10 said they are driving more slowly. The number of Americans interested in buying an electric vehicle is also growing as the U.S. sees improvements to its charging networks and more lower-priced EVs come to market.

Corporate commitments to carbon neutrality continue to surge as business leaders race to realign strategic priorities with consumer, investor and regulatory pressure for climate action. Companies ranging from Xerox to Walmart to Delta Airlines have pledged to become net-zero and 38% of Fortune 500 companies have delivered a significant climate milestone or publicly committed to doing so by 2030. The central African nation of Gabon plans to issue the world’s biggest carbon credit load by November, but the move has exposed the politics of the carbon market, prompting concern from market participants.

Lawmakers in Texas said families of the Uvalde shooting victims are experiencing delays in getting compensation benefits from the state. Local and state officials announced last month they would provide long-term support services to residents after the school shooting in May. Some survivors and families of victims in previous mass shootings have expressed confusion over how funds are used, as there is often no easy way to track where the money will go or what it will be spent on. Fundraising scams have also become commonplace, prompting the crowdfunding platform GoFundMe to launch a centralized hub of verified fundraisers.

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Crude oil prices have fallen below $100 a barrel for the first time in months amid recession concerns and slowing demand – a rapid turnaround from soaring levels. Recent data revealed that more than 5 million barrels of oil that were part of a U.S. emergency reserves release to lower fuel prices were exported to Europe and Asia last month.

Walmart announced additional charges for some of its suppliers to transport goods to its warehouses and stores in response to increasing transportation costs, saying the fees can help keep prices low for consumers. The move comes after the nation's largest retailer slashed its full-year profit outlook, blaming rising costs of labor and fuel. Many big-box retailers are rethinking their business model, with Amazon recently agreeing to add Grubhub to its list of Prime services in the U.S., aiding the e-commerce giant in acquiring a small stake in the food-ordering company.

The Food and Drug Administration said it had temporarily suspended its ban on sales of Juul Lab Inc.’s products Tuesday as the e-cigarette maker appeals the agency’s June decision saying its products were not safe, especially for youth. Critics of the ban have argued it “makes a mockery of public health” as the number of youth who vape has dropped nearly 60% in the past two years. Nearly 90% of youth don’t vape and 95% don’t vape frequently, according to the latest National Youth Tobacco Survey.

Concerns are rising among some unauthorized immigrants in the U.S. as they fear deportation if they cross state lines to obtain care after abortion bans past 15 weeks of pregnancy took effect in Florida and Mississippi Tuesday. The new state bans have worried infertility patients and doctors that it could make it easier to restrict in vitro fertilization. Lobbyists pressuring Congress on telehealth are also pleaing to stay away from abortion matters as they fear it could erase wins throughout the sector. After the ruling, companies like Amazon, Disney and Apple pledged to cover travel costs for employees who live in states where the procedure is now illegal, but now it remains unclear if they will be able to do this legally while protecting employees.

Ice cream products from Big Olaf Creamery in Sarasota, Florida have been linked to a multi-state listeria outbreak, according to the Centers for Disease Control and Prevention. Numbers last week indicated that nearly two dozen people have been sickened with listeria and one has died. More than 900 million units of U.S. products have already been recalled in the first quarter of 2022, marking the highest number in the past 10 years and eclipsing average annual figures recorded.

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Stock futures dropped lower to start the second half of the year as investors brace for more market volatility. A key measure of inflation rose to 6.3% in May from a year earlier and consumer spending slowed in the same month as inflation continues to bite. Gas prices continue to pressure consumer spending even as pricing eases ahead of the Fourth of July weekend. State and local governments are hiking wages and adding incentives for potential employees as the Great Resignation drives away workers ahead of an expected recession. Fewer Americans filed for unemployment last week amid a strong job market despite rising job cuts in some sectors.

In one of its final rulings of the term, the Supreme Court ruled that the Environmental Protection Agency overstepped its authority in seeking to limit emissions from power plants, curtailing the agency’s ability to make policy decisions without congressional approval. The decision is expected to delay the U.S.’s transition to clean power. Local and state governments have accelerated their own efforts to combat climate change as action lags federally. National parks will bear the brunt of climate inaction as parks like Yellowstone, Glacier and Joshua Tree face climate shifts like extreme flooding, melting glaciers and intense heat.

Airbnb announced a permanent ban of parties at its properties worldwide after an initial temporary ban during the pandemic. Several shootings occurred at Airbnb parties in the U.S. over the past two years despite the ban, prompting the company to take a stronger stance to support communities, hosts and public health. Local policy reviews have outlined the negative impacts of short-term vacation rentals on communities as new policies and regulations stand to potentially interrupt Airbnb’s growth.

Game developer Unity is laying off hundreds of workers despite its CEO telling employees two weeks ago that the company was on solid financial footing. The round of layoffs follows another similar purge at Tesla, where 200 members of the autopilot team were let go earlier this week. A union contract covering 22,000 workers at nearly 30 U.S. West Coast ports expires late Friday, enhancing worries that the supply chain could be rocked again under a possible labor disruption. The unionization movement continues to ramp up in the U.S. as workers at a New Jersey Medieval Times dinner theater called to unionize the restaurant earlier this week.

Russia’s trial of Brittney Griner began Friday, where the WNBA star faces up to 10 years in prison on drug smuggling charges. Griner was arrested at a Moscow airport in February for possessing vape canisters with cannabis oil. Griner’s detainment has underscored tension in U.S.-Russian relations, and the court is expected to convict and sentence Griner in a move to force the Biden administration to negotiate for Griner’s freedom. Fewer than 1% of defendants in Russian criminal cases are acquitted, and acquittals can be overturned, unlike the U.S.

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President Joe Biden is expected to announce a rollback of some U.S. tariffs on Chinese consumer goods this week in a plea to address inflation concerns and maintain economic pressure on Beijing. U.S. stock futures and European equities fell over the holiday weekend despite the talks of tariff reductions as the possibility of a recession continues to dominate investors' minds. Biden’s cabinet remains split over the decision, with some wary that cutting tariffs would reduce leverage in future negotiations with China over Chinese trade practices.

Roughly 17,000 flights were delayed and more than 1,400 were canceled over the Fourth of July weekend as more than 9 million flyers flocked to U.S. airports between Thursday and Sunday. To manage demand, Delta issued a waiver making it easier for people to rebook their travels to less busy days. As airports grapple with staffing issues and worker strikes, some U.S. lawmakers are calling for the Transportation Secretary to penalize airlines for delays and cancellations.

A gunman on a rooftop opened fire on a Fourth of July parade in Highland Park, Illinois Monday, killing six people and sending more than two dozen to the hospital. The incident marks the 306th mass shooting since the start of this year, with mass shootings and gun deaths in the U.S. rivaling 2021’s record-breaking figures.

The U.S. Food and Drug Administration urged vaccine manufacturers to create booster vaccines that include components to fight the multiple dominant Omicron subvariants that are rippling through the U.S. The FDA noted that these shots should be approved for use “starting in early to mid-fall 2022.” The data suggests these new boosters provide noticeably stronger immunity against their targeted subvariants than the primary vaccines. More than two years into the pandemic, 67% of Americans are fully vaccinated against COVID-19. The U.S. is still averaging upwards of 100,000 new cases a day with high hospitalizations

Tesla will halt production at its new factory in Germany for two weeks after a disappointing quarter of deliveries, a record month of production and several weeks of downtime at multiple plants left investors uneasy. The electric car maker will also stop most production on its Model Y assembly line in Shanghai for the first two weeks of July. The decision coincides with a recent J.D. Power study that indicated battery-electric vehicles are more problematic than vehicles with internal combustion engines, with the automotive industry seeing a record number of problems this year. Recent reports showed chipmakers have seen an ease up in the two-year global semiconductor shortage that has hit car production hard.

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