It’s hard to categorize the US economy these days. Inflation remains quite high, retail sales are moderating but unemployment is at historic lows. The Federal Reserve is stuck navigating these crosscurrents as it attempts to squeeze demand while avoiding recession. Indeed, policymakers are poised for another aggressive hike next week, and where the tightening will end is anyone’s guess. Bridgewater’s Ray Dalio argues inflation may eventually force rates into the 4.5%-6% range, and with that trigger a 20% plunge in equity prices. The Fed’s moves have been reverberating the world over, with officials in Asia pushing back against a surging dollar in a bid to stem losses to their currencies. FedEx flagged weakness in Asia and challenges in Europe as it pulled its prior outlook on worsening business conditions—a dark sign for the global economy. Marcus Ashworth wonders in Bloomberg Opinion whether the Fed’s “cure” might be worse than the disease.

US railroads and unions reached a tentative labor agreement this week, avoiding a potential shock to supply chains that could have cost the US economy $2 billion a day. President Joe Biden, who pledged to be the most pro-union president in history, hailed the tentative contract (he personally took part in negotiations) as a victory for workers. While the agreement has yet to be ratified, union members agreed not to walk off the job for now.
Ukrainian President Volodymyr Zelenskiy said authorities have discovered hundreds of graves in territory liberated in its sweeping counteroffensive against Russia. The war is not going well for Vladimir Putin—on the ground or diplomatically. He said after a meeting with Xi Jingping, one of his few allies, that he understands China’s “questions and concerns.” There are risks for Ukraine, too: Pushing farther to retake its Crimean peninsula, which Russia has occupied since 2014, could risk its partnership with Washington.

As the UK ushers in a new government and mourns the loss of Queen Elizabeth II, there’s another shift at play. The vast estates underpinning the British monarchy’s money are switching hands to a new generation of Windsors. It’s no ordinary £18.2 billion ($21 billion) wealth transfer, with the various inheritances following paths set down for centuries.
There are lots of reasons to be agitated by the climate crisis, including new research that findshateful comments online spike when temperatures rise above 30 degrees Celsius (86 Fahrenheit). And online hate has translated into an uptick in real-world violence, studies find. Patagonia founder Yvon Chouinard meanwhile is giving away ownership of his
$3 billion outdoor apparel company to a trust and environmental nonprofit.

Indigenous American cuisine is increasingly popular: A table at Owamni in Minneapolis, where “the Sioux chef” serves bison tartare and native corn tacos, is a seven-week wait. Toronto is now on the Michelin star map. Singapore is roaring back despite the ongoing Covid-19 pandemic, with high-profile events including the return of Formula One racing. And here are 14 of the city-state’s best cocktail bars.

China Spy Wanted GE Secrets; But US Got His

The modern Chinese industrial espionage apparatus presents the biggest security and economic threat to America, US officials have said. So when the US was able to catch a Chinese spy, the arrest marked the first time one was lured out of China and extradited to America. It yielded an extraordinary trove of digital correspondence, official Chinese intelligence documents and even a personal journal. And an iPhone.

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