Fed officials wrapped their June meeting yesterday with the news that “they expected to raise interest rates from rock bottom sooner than they had previously forecast.” That translates to a potential two incremental increases in 2023, thanks to improved economic projections. The central bank is also likely to start “taking baby steps toward reducing their vast bond purchases” - NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace

The Upshot on Fed Chair Powell’s long view, shaped by lessons learned from the 2008 financial crisis and its aftermath, and his ability (and willingness) to pivot quickly when wrong - NYTimes

The DOJ has filed a lawsuit to block the “proposed merger of Aon and Willis Towers Watson”—two of the “Big Three insurance brokers” that the Feds argue would “create an anticompetitive ‘behemoth’” if combined - NYTimes and WSJ and Law360

Victoria’s Secret is in the early stages of an attempted rebranding that it hopes—with the help of Megan Rapinoe, Eileen Gu, Paloma Elsesser, and Priyanka Chopra Jonas—will help the company put the L Brands/Epstein ties (and its years-long focus on the VS Angels) in the rear view - NYTimes

Another day, another slowly building disaster for Southwest Airlines, which delayed and canceled nearly 30 percent of its flights yesterday in the aftermath of tech difficulties that disrupted flights the two days before - NYTimes

A new report out this week from the National Association of Realtors suggests that lagging construction of new homes in the U.S. in the past 20 years has created a more-than 6 million unit shortfall across all sectors of the market—from affordable housing to market rate, single-family to multi-family - WSJ and Marketplace

Microsoft has named CEO Satya Nadella as its Board Chair, replacing John W. Thompson, who is returning to his “role as lead independent director, a title he held from 2012 to 2014” - WSJ

Streetwise on the deflation of bubbly stocks (hey Tesla) and the parallels this era of “fashionable” investments like “clean energy, electric cars, cannabis stocks and SPACs” has to the dot-com boom and bust of 2000 - WSJ

Your annual look at the 5 things not to buy when Prime Day   hits next week - MarketWatch

Yeah, so we’re admittedly still early in the game here, but there’s so much good stuff here that we’ll happily go along with this 21 in 21 effort for the best TV comedies of the century (so far) - NYTimes

Out tomorrow, so we’ll see you back here next week. Have a great weekend, stay safe, and get vaxxed.