Columbia University President Resigns; Too Early For Pumpkin Spice?

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Morning everyone!

Actress Christine Baranski told the Hollywood Reporter that Mamma Mia 3 is in the works… and she knows the plot! “I was in London with (producer) Judy Kramer at our favorite watering hole, [and] she is planning ‘Mamma Mia 3.’ She gave me the narrative plot line of how it’s going to happen… We’ll all be on some fabulous Greek or Croatian island having a blast, I hope.”

Here we go again!

Mosheh

PS: Don’t forget to refer friends & family to subscribe to the Mo Newsletter… you could get free Mo News merch — DETAILS at the bottom of this newsletter!

📌 IS INFLATION OVER?

Finally, some good news when it comes to inflation. We learned Wednesday that inflation continued to cool last month. According to the Labor Department, the consumer-price index or CPI rose 2.9% from a year earlier.

That’s the first time inflation has fallen below 3% since 2021. Core inflation, which excludes food and energy, was 3.2%, also a three-year low.
BY THE NUMBERS: Wednesday’s report wasn’t perfect. The cost of housing rose at a faster pace than it did in June. Still, improvement in other categories, from used cars to medical care, was enough to offset that one setback.
- The decline has occurred in stages:
  - Price increases for goods from electronics to used cars were the first to slow as demand for those products eased and supply chains improved following pandemic disruptions.
  - Inflation for services—everything from hair cuts to car repairs, child care and hotel stays—took longer to moderate but has also improved. That partly reflects a slowdown in wage growth.

WHAT THIS MEANS FOR INTEREST RATES
Basically, the Fed is all but guaranteed to cut interest rates at its next meeting in September.

REWIND: As of July 2023, the Fed had raised interest rates to their highest level in two decades. The goal was to slow down the economy enough that inflation would cool, without slowing it down SO much that the US would end up in a recession. It appears, at least as of now, that the Fed pulled off this “soft landing.”
LOOKING AHEAD: Now a rate CUT is on track because of better inflation readings and signs that the job market might weaken in the months ahead.

BUT ARE PRICES ACTUALLY DROPPING? Not really. The Fed’s goal is 2% inflation. That means that prices are still climbing about 2%— which is normal in a healthy economy. If prices go down that would be deflation and indicate a recession or depression.

⏳ SPEED READ

🚨NATION

📌 Columbia president resigns after months of turmoil on campus (NY TIMES)

📌 Judge rules UCLA must protect Jewish students and not allow protesters to lock them out of buildings (REUTERS)

📌 Hidden report reveals workers got sick while cleaning up East Palestine, Ohio train derailment site (ABC)

📌 Shocking video shows toddlers in diapers stranded on Texas highway after being ejected during car crash (FOX NEWS)

🌎 AROUND THE WORLD

📌 World Health Organization declares a global health emergency over mpox outbreak (AXIOS)

📌 High-stakes cease-fire negotiations begin today in Qatar (TIMES OF ISRAEL)

📌 Sudan’s civil war intensifies amid historic famine as U.S.-backed peace talks aim to halt a catastrophic war (NEW YORK TIMES)

📌 Germany closes military base over suspicion its water supply was sabotaged (CNN)

📱BUSINESS, SCIENCE & TECH

📌 DraftKings scraps plan to take a cut of your winning bets (CNBC)

📌 “I’m down to eating ramen.” Social security benefits aren’t keeping up with inflation (CNN BUSINESS)

📌 Disney wants wrongful death lawsuit over fatal allergic reaction tossed because widower bought an Epcot ticket and had Disney+ (FOX BUSINESS)

📌 Americans are spending less time at Target and Walmart but are still lingering at Costco. Here’s why. (BUSINESS INSIDER)

🎬 SPORTS & ENTERTAINMENT

📌 Joe Burrow says the three and a half years he spent with Ohio State were “definitely tough” (FOX NEWS)

📌 Taylor Swift seen for first time since canceling Vienna shows over terror plot (E!)

📌 MLB team owner accused of using gigantic excavator to remove sand from public beach for construction project at his posh home (BUSINESS INSIDER)

📌 “Offensive!” CNN anchors objects to early rollout of pumpkin spice items (CNN)

🗓 ON THIS DAY: AUGUST 15

1947: India gained independence after nearly 200 years of British rule.
1969: The Woodstock Music and Art Fair opened in upstate New York, over 460,000 people attended the three-day festival.
1992: ‘End of the Road’ by Boyz II Men reached #1 on the Billboard Hot 100.
2021: The Taliban regained control of the Afghan capital of Kabul after the withdrawal of US forces from the country.