Inflation Exceeds Wage Growth, Robbing Workers of Their Best Raises in Decades – Bloomberg

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US Consumer Spending Barely Rose in June as Inflation Picked Up
US Employment Costs Top Estimates, Stoking Inflation Concerns
Amazon, Apple Poised to Add $220 Billion After Resilient Results
Chinese Government Asked TikTok for Stealth Propaganda Account
Private Equity’s Top Lawyers Enjoy Prized Access to Buyout Funds
Former Aide to Boris Johnson Says She Felt Like His ‘Nanny’
Liz Truss Has 90% Chance of Becoming UK’s Next Prime Minister
UK’s Mortgage Market Feels the Heat From Rising Rates
Is It Too Late for British Homeowners to Remortgage?
Hong Kong Authorities to Investigate Concert Accident
Sony Sees Profit Rise Despite Waning Interest in Video Games
US Third Parties Aren’t Always Pointless
Coal Is Still King of the Energy System: Elements by Javier Blas
The Fed Should Get Ready for Higher Unemployment
US Banks Passed the Latest Stress Test, But Are Still Unhappy
Kenya Election Expected to Be Closest in Years as Debt Crisis Looms
Axie Infinity CEO Moved Crypto Tokens Before the Company Revealed Hack
Australian PM Reveals Plans for Landmark Indigenous Referendum
Women Are at Risk of Being Taxed on US Abortion Travel Benefits
Citigroup Enlists Black-Owned Banks in Rare $1.2 Billion Loan Deal
St. Louis Region Hit By More Flooding, Prompting Rescues
Stop Wearing Ties to Save Energy, Spanish Premier Sanchez Says
A Legal Showdown Over Section 8 Discrimination Is Brewing in Dallas Suburb
Corporate Landlords ‘Aggressively’ Evicted Tenants During Pandemic, House Report Says
A College Town Takes On Exclusionary Zoning
Next Installment of Behind the Editor’s Desk at Bloomberg Crypto
Three Arrows Liquidators May Try to Force Founders to Cooperate
El Salvador’s Bitcoin Bet Is Working, Finance Minister Says
Workers are using pandemic leverage to bargain their best wage growth in decades, only to lose out to the rate of inflation.
A demonstrator during a recent strike against Kellogg Co. in Battle Creek, Michigan.

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Welcome to a Points of Return that will be much briefer than usual, for reasons beyond my control. The latest risk-off move in markets, with both bond yields and tech stocks down, appears to be about Vladimir Putin rather than the central market story about the attempt to rein in inflation. As with any game of brinkmanship, there is a chance that the situation in Ukraine could cause a lot of damage, and a greater chance that it won’t. I don’t have anything to add on that subject for now.


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