Jobs Report Friday. Here’s what we’re watching for in the numbers, including speculation about some easing in the historically tight labor market - MarketWatch and Marketplace and Bloomberg and NYTimes and WSJ
OPEC+ members met this week and agreed “to a larger increase in supply than planned for July and August,” a move the White House “hailed . . . as a diplomatic breakthrough after months of lobbying Middle East oil giants to raise production to ease price pressures.” Still, even with the increase, Thursday’s announcement is “unlikely to cause gasoline prices to fall” - NYTimes and WSJ and Bloomberg
Winklevii-owned crypto company Gemini Trust Co. is on the receiving end of a new CFTC-initiated lawsuit that accuses it of “misl[eading] regulators as part of an effort to gain approval for bitcoin futures in 2017.” The suit “amounts to a broadside against one of the crypto industry’s best-known brands, accusing the company of using undisclosed incentives to goose trading during an important period of the day” - WSJ and Bloomberg and Law360
Throwing some “cold water” on recent speculation about an autumnal pause on coming interest rate hikes, Fed Vice Chair Lael Brainard confirmed on Thursday and confirmed that the central bank is poised to carry rate increases into the fall as it remains focused on taming rising prices in America - NYTimes and WSJ and Bloomberg
Also, why, with that in mind, we shouldn’t be so quick to fret about a meh economy - NYTimes
Either way, markets appeared to appreciate the stay-the-course guidance from Brainard. Traders found their footing after some early selling, with all three major U.S. indices finishing up for the session on Thursday - WSJ and Bloomberg
The Education Department is wiping out $5.8 billion in loans owed by borrowers who attended the collapsed Corinthian College for-profit chain. The cancellation is automatic, “meaning former Corinthian students will not have to apply to have their debts canceled” - NYTimes and Law360
The Citi-trader-fat-finger-caused European flash crash last month is poised to cost the bank some $50 million in losses, though the bank “is still tallying losses from the mistaken trade and the final figure could balloon higher” - Bloomberg
Ford announced plans this week to add more than 6,000 union manufacturing jobs and pump $3.7 billion into operations in Michigan, Ohio, and Missouri, “as it looks to expand vehicle production and prepare for coming labor talks” - WSJ and NYTimes
More on Sheryl Sandberg’s departure from Meta and her enduring legacy from a decade-plus at Facebook - NYTimes and Bloomberg and Marketplace
And what it means for Meta’s value in the near term - WSJ
Your definitive summer reading list, courtesy of the Times, from thrillers to travel and nearly everything in between - NYTimes
Stay safe, and have a great weekend,
MDR
