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Today's Top Stories

  • August's consumer price index broke mainstream inflation narratives
  • Twitter shareholders pressure Elon Musk to take buyout deal with vote
  • Justin Trudeau slams pro-crypto opinions of newly elected rival, Pierre Poilievre

Econ Bytes

Reuters

 

Inflation Isn’t Just About Fuel Costs Anymore

 

August's consumer price index broke the narrative that inflation was just a "food and fuel" problem. Many economists thought freeing up supply chains and dropping gas prices would lower prices across the board, but August's CPI rose to 8.3% year-over-year. Keep in mind this increase in inflation comes amid a steady drop in the price of gasoline (10.6% for the month). On the other hand, food, shelter, and medical services drove costs higher in August. Even though prices came down on things like airline tickets, coffee, and fruit, the food at home index increased a whopping 13.5% over the past year. Unsurprisingly, stocks reacted poorly to the news.

 

Tech Bytes

TheStreet

 

Twitter Shareholders Vote in Favor of Elon Musk’s Takeover Deal

 

Elon Musk is basically fighting tooth-and-nail to escape the Twitter deal, but the company's shareholders won't let him off that easy. More specifically, the vast majority (98.6% to be exact) of Twitter's shareholders voted to in favor of Musk's proposed $44 billion takeover deal. The company stresses it is "ready and willing to complete the merge" immediately, yet Musk has sent nearly three letters to Twitter seeking to terminate the deal. Also on Tuesday, Twitter whistleblower, Zatko, testified in front of the US Senate, further complicating the company's situation. No matter how exciting things may get, the case between Musk and Twitter still won't be until October 17th.

 

Notable Decliners

  • Western Digital (WDC) -9.1%
  • QRVO (QRVO) -7.7%
  • MU (MU) -7.5%
  • ADBE (ADBE) -7.1%
  • UBER (UBER) -3.6%
 

Earnings

  • Monday: Oracle
  • Tuesday: N/A
  • Wednesday: N/A
  • Thursday: Adobe
  • Friday: N/A

Crypto Bytes

Shutterstock

 

Justin Trudeau Slams Rival’s 'Irresponsible' Bitcoin Views

 

Canada's Prime Minister, Justin Trudeau, is criticizing his newly elected rival's Bitcoin views. Pierre Poilievre was elected as Canada's next conservative leader on Saturday while expressing his support for Canadians using Bitcoin. Trudeau, however, is calling Poilievre's support a "questionable, reckless, economic idea." Most of the attacks have come from Bitcoin's dramatic drop in price since its all-time high of nearly $69,000 last November. While Poilievre wants to make Canada the "blockchain capital of the world," Trudeau believes Canadians are being misled and losing their life savings by investing in crypto. 

 

Notable Gainers

  • Ravencoin (LUNC) +15.40%
  • TerraClassicUSD (USTC) +7.41%
  • Kyber Network Crystal v2 (KNC) +5.96%
  • Terra (LUNA) +3.48%
  • Celsius (CEL) +2.54%

rareliquid

 
 

Disclosure: This newsletter is meant for informational purposes only and is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.

 

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