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Your Daily BriefJuly 21st, 2022 |
Good morning, and happy Thursday! It’s another sizzler, but believe it or not, today is the anniversary of the lowest temperature ever recorded in human history–Antarctica experienced temperatures of -128.6 degrees Fahrenheit back in 1983–and here’s what we have for you:
In Today’s Brief
- Canada: Highest inflation levels since 1983
- Covid-19: CDC approves Novavax vaccine
- Beyoncé: Drops track list from upcoming album
- Tesla: Sells 75% of its Bitcoin holdings
- Quidditch: Changing its name to “quadball”
- Top Tips: Mortgage demand falls to a 22-year low, President Biden announces climate action, EU proposes rationing gas until March 2023
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Mortgage demand in the United States hits a 22-year low
According to data released yesterday, demand for mortgages in the United States fell to a 22-year low last week due to a combination of rising interest rates and inflation.
The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 15th shows that mortgage applications decreased more than 6% compared to the week prior. Joel Kan, the MBA’s Associate Vice President of Economic and Industry Forecasting, said that buyer demand was impacted due to inflation, along with a “weakening economic outlook” and “persistent affordability challenges.”
In addition to the recent drop in mortgage demand, the National Association of Realtors reported that the median price of homes for sale hit a new record of $416,000 in June, rising 13.4% year-over-year, while sales of existing homes last month fell 5.4% from May.
President Biden announces three executive actions on climate
In a speech yesterday, President Biden announced three climate-related executive actions that his administration is taking to address extreme heat and boost offshore wind.
The announcement of executive actions comes after heat advisories were issued this week for over 100 million Americans. Per the President’s speech and a fact sheet the White House published, the Biden administration’s measures include protecting communities from extreme heat and dangerous climate impacts through $2.3 billion in federal funding, lowering cooling costs for communities suffering from extreme heat, and expanding offshore wind opportunities and jobs.
While President Biden didn’t declare a national emergency for the current heat levels across the country, he stated that he believes “climate change is literally an existential threat to our nation and to the world,” adding that it is “an emergency, and I will look at it that way.”
European Union tells member states to cut gas usage by 15% until March 2023
The European Union proposed that its member states cut natural gas consumption by 15% from August to March 2023, compared with their average usage over the last five years.
The proposed plan comes after Russian President Vladimir Putin warned that gas flows through the Russia-to-Germany Nord Stream 1 pipeline–the country’s biggest pipeline to Europe–could be curbed if sanctions prevent additional maintenance on its components. In a memo released along with the plan, the bloc wrote that households and essential social services like hospitals and schools would be exempt from any rationing measures, though added that “everyone can contribute to saving gas.”
Nord Stream 1 had been down for annual maintenance since July 11th, though after EU leaders put forth yesterday’s plan in anticipation of a gas supply crunch, the pipeline's operator confirmed today that natural gas began flowing through it again.
Around the Globe
- Inflation in Canada jumped by 8.1% in June and has reached its highest level since January 1983, according to the country’s consumer price index
- Sri Lankan members of parliament elect Prime Minister Ranil Wickremesinghe as the country’s new president; the nation’s Parliament only elects a president instead of the public in the event that the presidency becomes vacant before the term ends
- Ukraine will receive four more high mobility artillery rocket systems (HIMARS) as part of the latest military aid package from the United States
On the Homefront
- A federal appeals court lifted an injunction on Georgia’s 2019 law that bans most abortions after six weeks and ruled that the law is fully in effect, citing the Supreme Court’s reversal of Roe v. Wade in its decision
- CDC Director Rochelle Walensky authorized emergency use of Novavax’s Covid-19 vaccine for adults 18 years or older; it is the fourth Covid-19 vaccine to receive such authorization in the U.S.
- A New York judge ordered Rudy Giuliani to appear next month before a grand jury in Georgia that is investigating whether former President Donald Trump and others tried to interfere in the 2020 general election in the state
Glitz and Games
- 2022 San Diego Comic-Con kicks off today, marking the convention’s first in-person event since 2019
- Charlotte Hornets forward Miles Bridges pleaded not guilty to three felony counts of domestic abuse in a Los Angeles court and will reappear on August 19th, when a date for a preliminary hearing is expected to be set
- Beyoncé revealed the 16-song track list off her upcoming album Renaissance ahead of its release on July 29th
Money Moves
- Major indexes in the stock market rose slightly, with the tech-heavy Nasdaq leading the upswing (Dow +0.15%, Nasdaq +1.58%, S&P 500 +0.59%)
- Tesla grew revenue by 42% year-over-year in Q2 and sold approximately 75% of its Bitcoin holdings, according to the company’s earnings report released yesterday
- Toy maker Mattel is partnering with SpaceX in a multi-year agreement to create and sell space exploration-themed toys under the Matchbox brand
Tip & Tricks
- Bump This: We’re obsessed with the 2000s rock vibes in Alexander 23’s track “If We Were A Party” - listen on Apple Music and Spotify
- Chow Down: Check out this recipe for 3-ingredient teriyaki chicken that takes less than 30 minutes to prepare and cook (ask yourself–have you ever met anyone who doesn’t like teriyaki sauce?)
- Nerd Out: Read about a British company that claims it has produced the world’s first bioplastic vinyl record; bioplastics are made from sources like sugars and starches instead of oil and gas and don’t create any toxic waste when produced
- Go Deep: Uncover findings from new studies that debunk the theory that depression is caused by low serotonin levels or a chemical imbalance
- Say What: “The conclusion is very simple that I am not motivated to play another match. I don't particularly like it,” five-time chess world champion Magnus Carlsen said on his podcast The Magnus Effect when discussing his decision not to defend his world championship title (looks like even chess grandmasters are suffering from burn out)
- Hot Goss: Quidditch is changing its name to “quadball” to secure more sponsorship and broadcast opportunities and distance itself from its creator and author of the Harry Potter series, J.K. Rowling
- Life Hack: Drinking a glass of raw lemon juice or eating a spoonful of honey before bed can help improve the quality of your sleep (just do it before brushing your teeth–trust us)
Looking Back…
On July 21st: First Battle of Bull Run is fought in the United States Civil War (1861); Guns N’ Roses’ debut album Appetite for Destruction comes out (1987); Harry Potter and the Deathly Hallows is released as the series’ seventh novel (2007); U.S. space shuttle program ends after 135 missions (2011).
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