Fed Chair Powell, speaking at an economics conference in Denver yesterday, made news by indicating that the central bank would “once again begin expanding its portfolio of government-backed securities”—a shift in policy hastened by recent
repo market shortages requiring Fed intervention –
NYTimes and
WSJ and
Bloomberg and
MarketWatch and
Law360
A Philly jury has hit Johnson & Johnson subsidiary Janssen Pharmaceuticals with an $8 billion punitive damages verdict this week “after agreeing the company had recklessly ignored the risks that the antipsychotic drug Risperdal could lead to breast growth in adolescent boys as it pushed the medication for use in children” – Law360 and Bloomberg and NYTimes and WSJ
More on the White House’s move yesterday to blacklist Chinese tech firms over China’s crackdown on Muslims—a departure for the Administration, which to this point has only punished Chinese companies as part of its trade dispute rather than China’s human rights violations – NYTimes and Bloomberg
While we’re at it, new IMF chief Kristalina Georgieva highlighted America’s trade war with China as a major economic concern, warning that it could “cost the global economy around $700 billion by 2020—a loss equivalent to the size of Switzerland’s entire economy” – NYTimes
Wall Street sure seemed to agree – WSJ and MarketWatch
Checking in on the widening economic toll of the GM strike, now in its 4th week, which is hurting an already struggling manufacturing sector—especially across the Midwest – NYTimes
Facebook’s seeking an immediate 9th Circuit appeal of a N.D. Cal. Ruling allowing users “suing over the Cambridge Analytica data-harvesting scandal to move forward with their privacy claims” citing conflicting standing law from various jurisdictions as making the issue especially Circuit-worthy – Law360
Twitter admitted on Tuesday that it used phone numbers and emails that users uploaded for security reasons for ad targeting, a practice it called “an error” without providing much more detail about the misuse – Bloomberg
Volcker Rule 2.5 is finally ready for prime time thanks to the Fed’s approval – Bloomberg and MarketWatch
Zuck’s latest Libra struggle is taking the form of new EU legislation intended to keep the proposed digital currency “from undermining Europe’s single currency and being used as a money-laundering tool” – WSJ
Looking to Netflix and chill with some architecture and urbanism edification? We’ve got you covered – ArchDaily