Back on the Hill on Tuesday before the House Financial Services Committee, Fed Chair Powell assured lawmakers that he was well-aware of yesterday’s CPI figures showing a 5.4% jump in prices and that inflation was “poised to remain higher in coming months before moderating,” but he also noted that the increases would not “spur central bankers to rush to change policy” - NYTimes and WSJ and Bloomberg and MarketWatch

Some important context from the Pacific for those urging swift action to tame those rising prices - NYTimes

Facebook is joining in Amazon’s call for FTC Chair Lina Khan to recuse herself from the Commission’s “deliberations on whether to file a new antitrust case” against the social-medial giant, “arguing she couldn’t be impartial because of her long history of criticizing it and other big-tech firms” - WSJ and TechCrunch and Law360

While we’re talking Zuckville, Facebook has unveiled a new plan to pay $1 billion to “creators” of all kinds through the end of 2022, all part of “an effort to woo influencers onto its platforms” and fight off inroads for eyeballs and time made by TikTok, YouTube, and other social media rivals - NYTimes and WSJ and Mashable

The folks at Coca-Cola are hoping that their planned tinkering with Coke Zero—and the promise of “an even more iconic Coke taste”—doesn’t lead them down the path of 1985’s ill-fated “New Coke” debacle - NYTimes

Delta Airlines reported its first profits in more than a year, booking some $650 in the black on $7.1 billion revenue in Q2. Delta CEO Ed Bastian called domestic leisure travel “fully recovered to 2019 levels,” but the airline’s revenue is a far cry from 2019—due, in part, to lagging activity by international and business travelers - NYTimes and WSJ

Netflix is working on its “first big move beyond TV shows and films” via a planned expansion into video games. The company’s hoping former EA and Facebook exec Mike Verdu can help the streaming company make the jump - Bloomberg and MarketWatch

PE behemoth Blackstone has struck a deal with AIG in which it will manage “a portion of the assets backing AIG’s life-insurance policies and annuities,” a move viewed as a vital stepping stone for Blackstone to become “a major player in the insurance industry.” The firm will also pay $2.2 billion for a nearly 10% stake in AIG’s life-insurance and retirement-services unit - WSJ

OPEC and the UAE have ironed out their differences, and the cartel has agreed to “lift the amount of oil that country can eventually pump as part of a wider agreement with Russia-led producers to boost global supplies” - WSJ

As the Open championship kicks off across the pond today, those of us with our 20s and 30s in the rear view may be encouraged by this look at the growing success of older golfers—even as young talent booms in the sport - NYTimes

Stay safe, and get vaxxed,
MDR