Recession, Brittney Griner and SoulCycle

Let’s not talk about this


Today may or may not be the day of the recession.

Ah today? Sure, just let me cancel my call and secure my bank account …

Keep that thought. Economists have predicted that today’s GDP numbers would indicate a recession. Gross Domestic Product tracks the overall health of the economy, kind of like an Apple Watch … but for American business. Now, if the report – due to be released at 8:30 am ET – shows a second consecutive month of quarterly losses, it could mean we’re in a recession. It comes the day after the Fed raised interest rates for the fourth time this year to try to crack down on runaway prices.

None of this sounds good.

Nobody wants a recession. But there are some signs that the economy is healthier than it looks. Recently, some economists have changed their forecasts and say that GDP this quarter may have grown … albeit by a lot. The labor market is still in crisis. And US exports are steadily increasing, reducing the country’s trade deficit. President Biden is saying ‘see? No recession here. ‘ Fed Chairman Jerome Powell supports this. But the pressure is high: since 1900, only one president has won re-election right after a recession. Good for you, William McKinley.

What does this mean for my wallet?

For those still in ruins on Zillow, yesterday’s Fed news should help cool the housing market and lower mortgage rates … which have been the highest in more than a decade. But for many, the key right now is to have a strategy in case the economy cools. This means giving some TLC to your emergency savings by cutting your budget and negotiating where you can. If you can afford it, pay off your debt at high interest. That way, if money is tight, you won’t be forced to accumulate more debt or sell your investments before you’re ready.

the Skimm

The US economy is in a crisis situation: not quite prosperous, not quite disastrously. But as politicians and economists debate the definition of a “recession,” nearly half of Americans are becoming increasingly indebted due to spikes in inflation.

PS: Can’t keep up with all the money stocks these days? Subscribe to Skim the money for the news that matters to your wallet.

And also … this

Who is looking to close a deal …

The United States. Yesterday, Sec of State Antony Blinken announced that the United States made a “substantive proposal” to bring detained WNBA star Brittney Griner home. Blinken did not share any details, but said the proposal was put on the table “weeks ago”. For months, Griner’s supporters have been calling on the US government for a prisoner swap to bring her back, similar to what Marine veterinarian Trevor Reed took home in April. Now, a report says the US could consider swapping convicted Russian arms dealer Viktor Bout with Griner and former Marine Paul Whelan. Critics argue that prisoner exchanges encourage foreign countries to take more hostages. But that hasn’t stopped the US government in the past. Now, Blinken expects to speak with his Russian counterpart in the coming days to see if a deal can be reached. It’s something Russia seems to be interested in, but only after its trial is over.

  • By the way: the news comes when Griner first testified in a Russian court. He said he wasn’t going to break the law when he went to the Moscow airport. And that the vaporizer cartridges “accidentally” ended up in his bags.

PS: We have the latest news on Brittney Griner and her trial here.

What’s good news about the word “virus” for once …

This update. Yesterday, a medical team shared that a 66-year-old man with HIV is now in long-lasting remission. The patient had spent about half of his life with the virus until he was treated with a stem cell transplant used to treat leukemia. But that’s not all: the donor cells have a virus-resistant mutation. In another case, Spanish researchers shared that a woman who also received immune-boosting and antiretroviral treatments appears to have an undetectable viral load over 15 years later. This means that the presence of the virus in her blood is so low that it cannot be detected in a standard laboratory test. Now, medical procedures offer hope to 38 million HIV patients around the world. But we are still a long way from a cure.

Who do people remember …

George Floyd. A federal judge yesterday convicted two former Minneapolis police officers for violating Floyd’s civil rights. An officer had three years for participating in Floyd’s detention. The other was sentenced to three and a half years for keeping the crowd away while Floyd was on the ground. The two initially faced steeper penalty recommendations. Now, all four officers who played a role in Floyd’s death will serve jail time, a rarity in police brutality cases.

Who is a “Renaissance” woman …

Queen Bey.

Who says ‘your Peloton Pilots move’ …

Soul cycle.

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