🌞 Sorry Not Sorry – March 17 2022

*Stock data as of market close, cryptocurrency data as of 5:00am ET. .

• Markets: Stocks exploded on news we knew was coming. It’s almost like investors forgot that Fed Chief Jerome Powell told all of us months ago that interest rate hikes were coming in March.

The Lead: Fed Tries to Move Interest Rates

credit: giphy

The Federal Reserve raised interest rates by 0.25% on Wednesday. That is less than half of one percent that was expected.

After a two-day meeting, the Federal Open Market Committee voted 8-to-1 on the rate increase. The one “no” vote was because St. Louis Fed President James Bullard wanted a bigger jump.

The Fed also said that it will plan to shrink its $9 trillion asset portfolio, which was intended for stimulus but hasn’t really worked out that way. Instead of stimulating an economy, it has resulted in historic price inflation for consumers.

“The shrinkage of the balance sheet..might be the equivalent of another rate increase,” said Fed Chief Jerome Powell.

Powell would not commit to how many more rate increases will happen this year but he did say “several.” Experts are predicting that rates will end up between 1.875-2.75% by the year’s end.

Mr. Zelensky Zooms Into Washington

credit: cnn

Russian officials denied reports early this morning that they are close to an agreement that could end the conflict. A news report on Wednesday night from The Financial Times suggested the agreement would make Ukraine a neutral state with its own army. Despite that small glimmer of hope, the war rages on.

Meanwhile in D.C.

Ukrainian President Zelensky addressed a joint session of Congress on Wednesday pleading for more U.S. aid. President Biden committed to an additional $800 million in “security assistance.” According to the Wall Street Journal, this will include 800 Stinger anti-aircraft systems, 2,000 Javelin anti-tank missiles, 1,000 light anti-armor weapons, 6,000 AT-4 anti-armor systems, 7,000 small arms like machine guns, shotguns and grenade launchers, 20 million rounds of ammunition and thousands of helmets and body armor.

While the West continues to sanction Russian businesses, including gas, Norway says that it will ramp up gas production through this summer in order to keep up with Europe’s needs in the absence of Russian oil.

Due to sanctions, many Western-owned airlines are still inside of Russia and companies cannot go in and get them out. Russian President Vladimir Putin is playing finders-keepers with the planes.

The Kremlin will now allow the planes to be registered in Russia to be flown by other airlines. By some accounts, there are over 500 planes worth $10 billion that the airlines will have to write off of their books if this becomes permanent.

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Breathe In, Breathe Out

credit: epa

The U.K. set new air pollution targets for 2040. They’re…better?

The World Health Organisation recommends that the level of fine particulate matter be limited to 5 micrograms per cubic meter. The U.K. says that it will set levels to 10. That is one-third less than levels were in 2018 but still double what the WHO suggests for, oh you know, healthy living.

The government also scrapped a plan to clean up England’s rivers. It did say that it aims to reduce water pollution and half residual waste, as well as increase tree canopy and woodland by 3.5%.

These are itty bitty goals, not proportionate to the climate crisis. Please, England, don’t get up.

A Victory For Freelancers

credit: marzano

If you are an independent contractor, the rules of your work will remain protected for the time being. A court in Texas has struck down the Biden Administration’s attempts to change the rules around independent contractors.

Former President Trump instated what was called the independent contractor Final Rule. It clarified who can call themselves a contractor and who cannot. The Biden administration sought to block it from going into effect but lost in that effort in court this week.

Why is this important? Because the government does not like independent contractors as much as it likes paycheck employees. The government cannot tax them as aggressively, cannot reach directly into their paychecks and exert less control over them. The Biden administration sought to remove the Final Rule so that they could continue to challenge independent contractors’ status in lawsuits and audits but they lost.

Many are celebrating this as a win for the freelance economy and we see it that way too.

News By The Numbers

6 meters. That is how much taller the Eiffel Tower is now due to a new antenna.

1,800. That is how many Amazon employees are relocating away from the company’s Seattle headquarters due to crime sprees in the downtown area.

35%. That is how many Americans are in favor of taking military action in Ukraine, according to a new survey.

25,500. That is how many bags of Walmart Corn Tortilla Chips are being recalled due to possible metal contamination.

What’s Trending?

credit: telegraph

Russell Brand is trending because The Telegraph published a hit piece on the actor whose YouTube channel has millions of followers. They are calling him a “Mad Hatter of conspiracy theories.” I dissent.

Ashley Parker is trending because the Washington Post reporter pointed out that President Biden wore a suit and is 79 years old in her report on the virtual meeting between him and President Zelinksyy. She also pointed out that Zelinsky wore the military t-shirt he’s been wearing for weeks. Economist Peter Schiff’s Tweet that the t-shirt was a sign of disrespect is also getting a lot of attention.

Jussie Smollett is trending because a judge ordered that he be released from custody while he appeals his prison sentence.

Trevor Noah is trending because of two comments he made on The Daily Show. In one, he spoke about Kanye West and his mental health. West responded to the piece with a racial slur and was subsequently slapped with a 24-hour ban on Instagram. In the other, he discusses America’s response to Ukraine and how one could say that America is a bit too willing and too armed.

Today’s Live Show

JOIN US TODAY AT 9AM EASTERN TIME

Join us on today’s live morning show.  Today we’re looking at why the U.S. is sending thousands of troops to Australia. Meanwhile, U.S. senators continue to push for American jets to be sent to Poland. All of that and more on today’s show. Click here to RSVP and I’ll see you at 9 AM Eastern.

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