The Biden Administration acknowledged it’s conducting a review into the damage caused by former President Donald Trump’s storage of classified documents at Mar-A-Lago that’s separate from the Justice Department investigation. The Education Department shared new details on how student loan relief will work. And we look at how race has largely been left out of the “quiet quitting” conversation so far.
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In The News Today
- The U.S. dollar hit a 20-year high on Monday, coming on the heels of Federal Reserve Chairman Jerome Powell’s comments that the central bank will continue to tackle inflation “forcefully,” seemingly by continuing to increase interest rates. A stronger dollar could help ease inflation as imports of goods and services become cheaper, but could also deal a blow to the stock market as 30% of the revenue earned by S&P 500 companies stems from outside the U.S.
- Bitcoin dropped below $20,000 Saturday, trading at its lowest levels in over a month. The decline came after stocks sold off sharply Friday as investors pulled back from risky assets amid renewed concerns the Federal Reserve’s efforts to fight inflation could fuel an economic downturn. A “very worried” Sen. Elizabeth Warren (D-Mass.) said that the Fed’s moves will “tip the economy into recession.”
The Office of the Director of National Intelligence is working with the Justice Department to determine whether the trove of classified documents that former President Donald Trump brought with him to Mar-a-Lago posed any threats to national security. This is the first acknowledgment from the Biden Administration that it is conducting a review alongside the Justice Department investigation.
The U.S. Department of Transportation declared a regional emergency for Illinois, Indiana, Michigan and Wisconsin after a fire shut down the BP oil refinery in Whiting, Ind., the largest in the Midwest and No. 6 in the nation. There hasn’t been an impact on gas prices so far, and analysts caution against consumers “panic” buying gas.
A new digital cash service that uses the same technology as Zelle and Venmo will cut out Visa and Mastercard fees. Sionic is partnering with Google Cloud Services and MX, a company that connects fintechs to users’ bank accounts, to launch pay-by-bank payments. The product lets merchants cut out card acceptance fees, but its success depends on whether consumers will switch from credit or debit cards.
When President Joe Biden unveiled an unprecedented executive action providing up to $20,000 in federal student forgiveness, some key details were unclear. Here’s a breakdown of the latest U.S. Department of Education insights.
Electric vertical take off and landing vehicles, known as eVTOLs, are all the rage among those looking for new sustainable, Jetsons-like ways to travel. But while the current version of eVTOLs—primarily helicopters for the affluent—could have better economics, there are more significant challenges for the future.
The PGA Tour concluded its tumultuous season when it crowned Rory McIllroy the $18 million FedEx Cup champion. But the celebration may not last long. Rumors abound that LIV Golf, the upstart Saudi Arabia-backed tour, will announce more poachings in advance of its September 2 Boston event. Here’s our list of the most likely to jump. More: An in-depth look at pro golfer Scottie Scheffler.
The White House scored the most popular tweet of the week with a snarky thread clapping back at congressional Republicans who criticized President Joe Biden’s student loan forgiveness plan despite having had business pandemic aid loans forgiven, a rare viral victory for a major institutional account on the platform.
The Artemis mission is to establish permanent human settlements on the Moon and, if all goes well, Mars.
In Case You Missed It
“Quiet quitting” seems generational—enthusiasts seem to be mostly millennial and Gen-Z professionals. But conversations about this new term are noticeably raceless. Take a look into the viral trend’s relevance to Black workers, who often experience a racial promotion and pay gap and say they have to be “twice as good” as their white colleagues.
Tips You Can Trust
- Contract, freelance and temporary workers are considered the frontline of the gig economy. However, there is a growing trend of recent college graduates and highly experienced, well-credentialed professionals stuck in a cycle of freelance jobs and unable to find full-time work. This can impact millions of independent workers’ mental health, emotional well-being and finances.
- Want to make yourself indispensable to future employers? It’s not just technical skills you need to cultivate. As the pace of change continues to accelerate, the skills you need to thrive in the workplace are shifting. Here are the top 10 most in-demand skills for the next 10 years.
As we enter the final weeks of summer, inflation, supply chain delays and higher interest rates persist. While the U.S. economy isn’t officially considered to be in a recession, there are a few non-traditional indicators to keep an eye on as warning signals.
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