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TOGETHER WITHGood Wednesday morning. Today is the 20th anniversary of the PlayStation 2’s release in Japan, so we asked around the office for some memories and...console-ation:- Jenny Rothenberg, director of growth: “Crash Bandicoot. Warrrrrped.”
- Tyler Denk, senior product lead: "Spending hours building your own skate park in Tony Hawk."
- Michael Ferrante, director of integrated marketing: “Not so much a memory, but rather a vast gap where my ninth grade should have been.”
- Ryan Duffy, Emerging Tech Brew writer: “Fondest memory is telling my PS2 friends that Xbox is better.”
MARKETS
NASDAQ8,684.09- 2.99%S&P3,003.00- 2.82%DJIA25,913.41- 2.96%GOLD1,639.00+ 2.77%10-YR1.005%- 16.10 bpsOIL47.32+ 1.22%*As of market close- Super Tuesday: It sure looks like a two-person race for the Democratic nomination after former VP Joe Biden had an impressive showing on an all-important day. Sen. Bernie Sanders, his main rival, criticized Biden’s record in primary-night remarks.
U.S. Federal ReserveWhen the U.S. economy gets a mustard stain, you can always rely on the Federal Reserve for Tide to Go.In a surprising move yesterday, the central bank cut interest rates by half a percentage point, the first time it’s applied Emergen-C stimulus since the 2008 financial crisis.- “The fundamentals of the U.S. economy remain strong,” a Fed statement read. "However, the coronavirus poses evolving risks to the economy.”
- Fed Chair Jerome Powell acknowledged that the rate cut won’t reduce the infection rate or repair broken supply chains, but it will “help boost household and business confidence.”
The reaction
Markets: not reassured. The major indexes each fell nearly 3%, wiping out any optimism from Monday’s rally. Investors loaded up on the canned beans of the finance world—government bonds—dropping the 10-year Treasury yield below 1% for the first time ever.President Trump: not satisfied with the amount of easing and cutting. “More easing and cutting!” he tweeted following the central bank’s announcement.Treasury Secretary Mnuchin: picked up his cheerleader pom poms. “They did the right thing getting ahead of this...I applaud the Fed on this move.”But this is a global problem
And major economies don’t seem united in their response. Before the Fed’s decision yesterday, leaders from the G7 said they were “closely monitoring the spread of the coronavirus disease,” but didn’t lay out any coordinated action.- As we discussed yesterday, interest rates are already at historic lows across the world, leaving central banks without First Aid kits to dress economic wounds.
- The Bank of England, for example, is in no hurry to cut rates.
Looking ahead...in the U.S., more cuts seem imminent. The next one could happen at the Fed's regularly scheduled meeting March 17–18.RETAIL
Profiteer No Profiteering
Justin Sullivan/Getty ImagesAs the coronavirus spreads, companies and governments are struggling to keep opportunists from exploiting demand for medical supplies.- As of yesterday, there were more than 91,300 confirmed cases and at least 3,110 deaths worldwide. In the U.S., there have been at least nine deaths and over 100 confirmed cases.
Fear of contracting the virus sent prices of supplies like facemasks and hand sanitizer, especially those hawked by third-party sellers, through several roofs. Amazon said last week it had taken down over 1 million listings because of price gouging or misleading descriptions related to the coronavirus.- But that's not enough. The FT found a pack of 20 masks that usually goes for around $15 being resold on the site for $387.
Looking ahead...a New York state senator floated a bill to step up penalties on businesses that raise prices on medical supplies by more than 10% during public health emergencies.GEOGRAPHY
Don’t Share a Pizza With San Diego
Two recent analyses suggest a few U.S. cities are hogging the fruits of the U.S.’ record economic expansion.The first: The WSJ reports that the proportion of U.S. cities expecting general fund revenue to slide more than 3% by the end of fiscal 2019 jumped to 27% from 17% (adjusting for inflation, of course).- General fund revenue = city money not yet designated for a specific purpose.
- When cities are budget-strapped, not only do services suffer and taxes go up, but officials can’t plan long-term.
Zoom out: Some U.S. cities are flush with cash provided by new, highly taxable tech workers. But a larger share still suffer from the extended bottoming out of American manufacturing.Which brings us to the second analysis, courtesy of The Brookings Institution. The think tank’s thinkers say tech employment growth is heavily concentrating in coastal cities like Seattle, Boston, San Francisco, and San Diego.- The top 10 metro areas with the highest shares of the U.S. digital services industry captured 47.9% of the country’s new tech jobs from 2010 to 2018.
FOOD & BEV
Live Footage of German Vineyards
GiphyFor the first time ever, German vintners aren't producing any Eiswein after wine-growing regions failed to reach low enough temperatures.Production of Eiswein, or ice wine, has fallen since the ’80s and today accounts for about 0.1% of German wine production. But as one of the country’s most famous (and expensive) wine exports, it’s an early indication of how climate change is impacting the industry.Not your grandma’s frosé
Eiswein production, which originated in 18th or 19th century Germany, is about as thrilling as a Planet Earth snake chase scene.Vintners let grapes concentrate and dehydrate on the vine through winter. Grapes can only be harvested if temperatures drop below 18°F (so that when they're pressed, only sugar and juice concentrate is released).- Some farmers freeze grapes artificially, but can’t legally call it “Eiswein” since Germany tighened regulations following the “ice wine fiasco of 2011.”
For you winos, this means you’re stuck pairing spicy pad thai with a Riesling. Quelle horreur.+ While we’re here: Other winemakers are benefiting from warming winters. Go deeper with our breakdown of how climate change is disrupting wine production.SPONSORED BY IMA® (INSTITUTE OF MANAGEMENT ACCOUNTANTS)
Time to Remodel Your Career Ceiling
If your career ceiling is low, your life can be pretty uncomfortable—particularly in the age of standing desks.IMA® (Institute of Management Accountants) is here to help remodel your career's ceiling. As a CMA® (Certified Management Accountant), you’ll be equipped with the skills you need to thrive in the finance and accounting world.Closer to a career ceiling of a Gothic cathedral than a one-story house, the CMA certification provides you with:- Greater credibility
- Higher earning potential
- A pathway to leadership roles
CMA is the global benchmark for business professionals in accounting and finance.Raise your ceiling today.The Federal ReserveIt’s Day 3 of our weeklong series explaining the important events on the economic calendar. So far, we’ve covered the ISM Manufacturing Report and central bank meetings. Today, we turn to the Beige Book, which is due this afternoon.Who publishes it: The U.S. Federal Reserve.How often? Eight times a year.What’s in it? Stories about economic growth from 12 districts across the U.S. These reports are localized: We may hear about port delays affecting business in Los Angeles or a shortage of pretzels wreaking havoc in Philly.Is it important? Yes, mainly because of its timing. The report is usually released two weeks ahead of the Fed’s scheduled monetary policy meetings, so it has the potential to influence central bankers’ decisions. But since it’s more Word doc than spreadsheet, it’s been called the “ask your uncle survey” by one former Fed vice chair.Fun fact: The Beige Book is actually the report’s nickname. Its official moniker is “Summary of Commentary on Current Economic Conditions by Federal Reserve District.”TRANSPORTATION
These Scooters Go How Fast?
Francis ScialabbaOlympic legend Usain Bolt’s always been quick off the block, but the scooter venture he cofounded is fighting a yearslong headstart by competitors like Lime, Bird, and Skip.This might help: Bolt Mobility said it closed a Series A funding round yesterday, bringing its total investment to $30 million. Now valued at $100 million, the Miami Beach startup operates ~5,000 scooters in cities from Fort Lauderdale to Paris.Now here's what you've been waiting for...- Bolt scooter max speed: 30 mph
- Usain Bolt max speed: 27.8 mph at the Berlin 2009 World Championships
WHAT ELSE IS BREWING
- Chevron, the No. 2 U.S. oil producer, said it would return up to $80 billion to shareholders over the next five years.
- Exxon Mobil released plans to reduce its methane emissions.
- Thermo Fisher agreed to buy Qiagen, a German genetic testing company, for $11.5 billion.
- South Africa, the most industrialized economy in Africa, was pushed into a recession by widespread power cuts, official statistics indicate.
- Google canceled its annual I/O developer conference and made its Cloud Next event in April virtual.
- Tornadoes in the Nashville, TN, area killed at least 25 people on Tuesday. See how you can help here.
BREW'S BETS
- You don’t have to be a hedge fund guru…to know the best way to protect your portfolio from risk is to diversify into uncorrelated assets—like art. With a tiny correlation factor of just 0.13% with global equities, art has long been the go-to investment for the ultra-wealthy. Don’t just take our word for it—skip the 25,000+ waitlist with this special Morning Brew link.*
- We died and went to denim heaven. Revtown’s tough-yet-highly-mobile denim is so comfortable you might forget you’re wearing pants. They come in four office-friendly washes and have us excited to get ready for work in the mornings. Get yours here.*
- What to listen to while you avoid touching your face: a coronavirus music video from Vietnam's health department. It's a banger.
- On National Grammar Day, check out the awesomeness that is MondayPunday.com.
*This is a sponsored postFOR THE GRAM
No better time to revisit our grammar quiz than on National Grammar Day. See if you can spot the grammatical and stylistic errors in these sentences from the WSJ editors.- Lincoln's prose, borne of his immersion in Shakespeare and the King James Bible, invested the Union cause with a moral majesty that sanctified a fratricidal conflict.
- Wrapping around the monument’s entrance, which is bound by two small towers, are terra-cotta panels by Caspar Buberl narrating Garfield’s life, portraying him as an educator, a hero of the Civil War, an orator, taking the presidential oath, and laying in state.
- In 2011, allies launched a bombing campaign on Libya that eventually lead to an overthrow of the government and the death of strongman Col. Moammar Gadhafi.
- He lobbied in Washington for funding to build a levy that still protects the city’s riverfront.
SHARE THE BREW
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morningbrew.com/daily/r/?kid=a17a7110 FOR THE GRAM ANSWERS
- Lincoln’s prose was “born of his immersion,” not “borne.”
- This is a twofer: First, Garfield should be “lying in state.” Second, the monument’s entrance is “bounded by two small towers,” not “bound.”
- The campaign “led” to an overthrow.
- He lobbied for a “levee,” not a “levy.” The WSJ notes that if you’ve been humming “Drove my Chevy to the levy” for years, you’re also wrong.
Was this email forwarded to you? Sign up here.Written by Neal Freyman, Eliza Carter, and Alex HickeyWANT MORE BREW?Retail newsletter → Retail Brew
Tech newsletter → Emerging Tech Brew
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Business podcast → Business Casual
March 04, 2020 Read in Browser FOX
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