✨ Value Investing Substack NEWS - INDONESIA MACRO REPORT
Ukraine Gains EU Candidacy, Tesla Losing "Billions", FDA Finally Bans Juul, Singapore Cracks Down on Crypto, Not Putin's Price Hike, US Fed Becomes Woke, Sri Lanka Becomes Failed State, What Is Web3?
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Stock Markets:
Fast & Efficient, More Unit Trains Are Riding The Rails | NYT (1981)
Musk Says Tesla ‘Losing Billions,’ Trying Not to Go Bankrupt
Southeast Asia’s start-ups have fired hundreds of workers, and this may be just the beginning
FDA bans Juul e-cigarettes as U.S. pursues broader crackdown on nicotine products
What Is Web3? [Reddit]
Singapore regulator vows to be ‘unrelentingly hard’ on crypto | FT
“We have been called out by many cryptocurrencies for not being friendly,” he told the Financial Times in an interview. “My response has been: friendly for what? Friendly for a real economy or friendly for some unreal economy?” Mohanty added: “We have no tolerance for any market bad behaviour. If somebody has done a bad thing, we are brutal and unrelentingly hard.”
Macro
ASEAN:.
MIDF expects govt to record RM73.7bil petroleum-related revenue (Malaysia)
The man who helped create Singapore’s housing boom is getting worried
Malaysia remains likely to call for early elections; BN-UMNO in driving seat
America:
The S&P 500 Hasn’t Had Such a Bad First Half Since the Nixon Era
Not ‘Putin’s Price Hike’: Fed chair Powell breaks with Biden on inflation
President Biden recently promised in these pages not to interfere with the Federal Reserve. Yet last week he endorsed a House bill that would add racial equity to the Fed’s dual mandate of price stability and full employment. How does the White House square this contradiction?
The House bill passed last week 215-207 with little media notice. But it deserves attention because it reveals how the Biden Administration and Democrats plan to politicize monetary policy and financial regulation.
Recall that Candidate Biden advocated making reducing racial disparities a third monetary mandate. You have to wonder if one reason the Fed was slow to tighten policy was because the central bankers agreed with him. Several Federal Open Market Committee (FOMC) members promoted the goal of “inclusive” employment even as inflation began to creep up.
Now House Democrats want to codify racial equity as part of the Fed’s mandate. Their bill would require the Board of Governors and FOMC to “exercise all duties and functions in a manner that fosters the elimination of disparities across racial and ethnic groups with respect to employment, income, wealth, and access to affordable credit.”
The bill directs the Fed to include race in monetary policy, the operation of payment systems, and the supervision of banks and non-banks deemed by the Financial Stability Oversight Council to be systemically important.