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Good morning. Two big events on tap today: The Fed will wrap up its meeting with potentially market-moving remarks on inflation, and President Biden and Russian President Vladimir Putin are chatting face-to-face at a summit in Geneva. These aren't the type of meetings that could have been an email.

MARKETS Nasdaq 14,072.86 -0.71% S&P 4,246.59 -0.20% Dow 34,299.33 -0.27% Bitcoin $40,002.56 -1.54% 10-Year 1.492% -0.7 bps Lordstown $10.31 +11.34% *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Yesterday on Wall Street felt like the eight-hour pregame show for the Super Bowl—in this instance, today's Fed meeting. And after two executive departures Monday, Lordstown Motors rebounded after its new chairwoman said production for its electric pickup was on track. Covid: The US death toll from the coronavirus topped 600,000 yesterday, roughly equal to the number of people who died of cancer in 2019. New York lifted nearly all Covid-related restrictions after the state partially vaccinated 70% of adults.

WEALTH Great Scott! Taylor Hill/FilmMagic via Getty Images Yesterday, MacKenzie Scott announced she donated $2.7 billion to 286 organizations working to address issues including poverty, racial equity, and higher education. In her 2019 divorce settlement with Amazon founder Jeff Bezos, Scott received a 4% slice of Amazon, which was worth $36 billion at the time. Thanks to the company's rising valuation, today she's the world's 20th wealthiest person. But she's not like other billionaires The speed and volume of Scott's giving, as well as the types of organizations she's supporting, is "highly unconventional," the NYT reports.  Instead of splashing her name across a big foundation or philanthropic effort like, just for the sake of example, her ex-husband's Bezos Earth Fund, Scott focuses on direct giving to smaller institutions that may be passed over by the biggest donors. Last year, she dispersed $6 billion in what is believed to be a record annual sum by a living person. And there's plenty more where that came from: Like some other billionaires who have pledged to give away their fortune, Scott's wealth continues to grow faster than she can spend it; Forbes estimates her current net worth at $60 billion. Will Jeff follow suit?  In 2020, Bezos created a $10 billion climate change fund and announced the first ~$800 million in grants. He's expected to be slower dishing out his fortune while he decides how to maximize its impact. But donations from Scott's and Bezos's Amazon fortunes can be a catch-22 for activists, who on the one hand may not want money tinted by a large carbon footprint and allegations of labor abuse...but on the other hand could really use the funds. Big picture: As a recent ProPublica report reminded us, many billionaires' wealth is structured in such a way that they pay next to nothing in income taxes. Scott acknowledged wealth disparities in a Medium post announcing her donations yesterday, writing, "It would be better if disproportionate wealth were not concentrated in a small number of hands, and that the solutions are best designed and implemented by others."

FINANCE The Big Four's Getting Bigger Jack Taylor/Getty Images A quarter of the Big Four accounting firms is getting about one-third bigger, to be more precise. Yesterday, PwC said it'll spend $12 billion to grow its workforce, which currently stands at 284,000, by 100,000 over the next five years. Where will those hires come from? 1) The Asia-Pacific region, where PwC plans to double its presence 2) 10,000 from its college mentorship program for Black and Latino students 3) Candidates with experience in ESG (environmental, social, and governance) and artificial intelligence/machine learning PwC also plans to shake up some of its current workforce by combining its accounting and tax services divisions into a new unit called "trust solutions." Following Big Four scandals involving tax shelters and sketchy auditing practices, the firm is looking to rebuild clients' trust. FYI, PwC's revenue growth is slowing, and it ranks third among the Big Four in market share.  Bottom line: PwC is betting that helping clients with their diversity and sustainability initiatives will be key to its competitiveness.

ECONOMY The Experience Economy Is Back Retail sales fell 1.3% in May, which may not seem that important or interesting until you consider how it reflects major changes in the post-Covid economy. What's going on: People are paying less for things, like sweatpants, and more for experiences, like things you shouldn't do in sweatpants. This is the opposite of what happened during the pandemic, when people could really only buy...things.  To illustrate the point, restaurant sales have eclipsed grocery sales for the first time since March of last year.

Restaurant Business Less spending on goods and more spending on services could bring better balance to the off-kilter economy. The surge in demand for physical products last year caused supply chains to become more tangled than your headphones, sending consumer prices higher.  Along with alleviating pressure on supply chains, more services spending means people are finally enjoying experiences they couldn't during the pandemic, like vacations and live music.   Bottom line: Consumer spending has rebounded from the 2020 recession, but stimulus payments, supply chain bottlenecks, and business reopenings are clouding the long-term picture.

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GRAB BAG Key Performance Indicators Dimitras Dishes Stat: Turns out your morning brew can deliver business news in five minutes and reduce your probability of death. Studies show that people who drank three-to-five cups of coffee a day were 15% less likely to die early from all causes, and moderate coffee drinkers showed a 50% reduction in suicide risk, per the NYT. Quote: “If you want to get paid New York rates, you work in New York. None of this, ‘I'm in Colorado and work in New York and am getting paid like I'm sitting in New York City.’” Morgan Stanley CEO James Gorman wants to see employees back at the bank's offices by Labor Day or else face a pay cut. “If you can go into a restaurant in New York City, you can come into the office,” he said at a conference yesterday, echoing other top bank chiefs who are over remote work. Read: Decadence and Andreessen's dilemma. (Ross Douthat)

MEDIA Call Spotify Daddy Giphy/Instagram And only Spotify. The not-just-music streamer has purchased the exclusive rights to the Call Her Daddy podcast from Barstool Sports. Variety reports the three-year deal is valued at more than $60 million. Some background for the non-Daddy gang: Call Her Daddy is the fifth-most popular podcast on Spotify and consistently in the top 15 across all platforms. The raunchy pod was originally co-hosted by Alex Cooper and Sofia Franklyn—before a contract dispute with Barstool split the duo. What this deal means for Spotify: The company continues to ramp up its investments in podcasts. It's previously struck exclusive deals with the Obamas, Prince Harry and Meghan Markle, and Joe Rogan (not a list we expected to write today) and acquired podcast companies including Gimlet and Anchor.  What it means for Barstool: CEO Erika Nardini said on her podcast yesterday that host Alex Cooper will "still be partnering with Barstool Sports," but not on podcasts. Instead, watch out for a newsletter and merchandise platform. Looking ahead...Call Her Daddy will start airing exclusively on Spotify July 21.

WHAT ELSE IS BREWING Lina Khan, a prominent Big Tech critic, was confirmed as the commissioner of the Federal Trade Commission.   DraftKings stock fell 4.2% yesterday after Hindenburg Research (of Nikola and Lordstown Motors fame) said it has a short position in the sports gambling company. The US and EU reached a truce in their 17-year trade conflict over aircraft subsidies to Boeing and Airbus.  The original code for Tim Berners-Lee's World Wide Web is up for auction at Sotheby's as an NFT. What went down during the pandemic at JFK8, Amazon's only fulfillment center in NYC.

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FROM THE CREW Mission Palmpossible?

Halie LeSavage Retail Brew is the newsletter that gives you insights and analysis on all the action in the retail industry. Lately, they’ve been getting their hands dirty. By placing them all over Amazon’s new pay-by-palm system. Yep, Retail Brew just tested out Amazon One, the company's biometric in-store checkout tech. Read here to find out how well the futuristic solution works.

GAMES Podcast Trivia If Call Her Daddy was the fifth-most popular podcast on Spotify last year, what were the other four?

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ANSWER 1. The Joe Rogan Experience 2. TED Talks Daily 3. The Daily 4. The Michelle Obama Podcast

June 16, 2021

Government documents: FBI agents appeared to help organize Jan. 6 Of all the questions asked, words spoken, and ink spilled on the so-called “Capitol Siege” of January 6, 2021, none hold the key to the entire event quite like what Sen. Amy... Read More ›

Protect Your Family With The Haylo Safety Flare 1,000 people die each year after getting hit on the shoulder of the freeway because other drivers did not see them in time to avoid them. It takes less than 60 seconds to prevent a disaster from happening to you and your passengers... Read More ›

BREAKING: President Trump Will Visit the US Border on June 30th! (VIDEO) President Trump accepted an invitation from Texas Governor Greg Abbott to visit the US southern border in Texas later this month. ... Read More ›

Authorities Arrest More Than 100 Illegal Aliens in Rio Grande Valley Stash House EDINBURG, Texas – On Monday, Rio Grande Valley Sector Border Patrol (RGV) agents apprehend 131 illegal immigrants in two stash housesYesterday morning, RGV agents in coordination with Texas... Read More ›

DeSantis Signs Bill Requiring Time for Students to ‘Pray as They See Fit’ in Schools Florida governor Ron DeSantis signed a bill Monday that will require public-school students to “reflect and to be able to pray as they see fit” for one to two minutes each day. ... Read More ›

BREAKING: Fox 26 Reporter Releases Tape of ‘Corruption,’ ‘Censorship’ The Fox 26 reporter who went mega viral on Monday night for announcing that she went to Project Veritas about the company live on air has been suspended. ... Read More ›

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June 16

FEATURED BIOGRAPHY Joyce Carol Oates READ MORE   FEATURED EVENT 1963 First woman in space READ MORE

MORE EVENTS ON THIS DAY

2017: German politician Helmut Kohl, who presided over the integration of East Germany into West Germany in 1990 and became the first chancellor of a unified Germany since 1945, died at age 87. [ Test your knowledge of German history.]

2012: Liu Yang became the first Chinese woman in space when she and two other crew members were launched aboard the spacecraft Shenzhou 9. [Take our quiz about famous astronauts and cosmonauts.]

1933: The Hundred Days period of U.S. President Franklin D. Roosevelt came to a close, with the bulk of his New Deal legislation passed. [Test your knowledge of U.S. presidents.]

1911: International Business Machines Corporation (IBM), a leading American computer manufacturer, was incorporated. [Take our quiz about tech companies.]

1874: Arthur Meighen, leader of the Conservative Party and prime minister of Canada (1920–21, 1926), was born. [ Sort fact from fiction in our quiz about Canada.]

1976: South African police fired on a group of Soweto students marching in protest against state plans to impose the Afrikaans language as a medium of instruction in black schools, igniting a massive popular uprising. [ Sort fact from fiction in our quiz about South Africa.]

SEE ALL EVENTS ON THIS DAY

Columnists The 2022 Ballot Box Bloodbath Kurt Schlichter Left-Wing Media Finally Writes About Hunter Biden's Activities Brad Slager The Poor Get Richer John Stossel Democrats Trapped in Progressive Echo Chamber Byron York Will Republicans Step Up to Challenge on Values? Star Parker The New York Times' Ironic Coverage of the 'Woke' ACLU Ken Blackwell Exposing Media Bias Is a 'Bad Faith' Argument? Brent Bozell and Tim Graham Biden Wants to Make Catholics Pay for Murder Terry Jeffrey The Leftists Writing Your Child's Social Studies Lessons Betsy McCaughey		Tipsheet New Survey About Inflation Is Bad News For Joe Biden Leah Barkoukis Illinois Rep. Elects Not to Censure Marjorie Taylor Greene Following Her Apology for Holocaust Comparison Landon Mion Senate Passes Bill Recognizing Juneteenth as Federal Holiday Landon Mion A Group Of Parents Sent Their Kids' Face Masks To A Lab For Analysis. Here's What They Found Scott Morefield Project Veritas: Here's Why Fox Corp. Allegedly Muzzled One of Their Reporters Matt Vespa Bipartisan Central America Migration Bill Introduced to Protect Women and Children Carson Swick Noem Slams Biden for Hypocritical Rules Surrounding 4th of July Fireworks Landon Mion
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Army Long Range Strike Gives China A Taste of Its Own Medicine Austin Bay Legislators Demand a Voice in Public Health Restrictions Jacob Sullum Seeing Through the ProPublica Misdirection Peter P. Copses Citizen Trump: The President’s 10 Living Commandments to Defeat the Leftist Media! Robert Orlando Impatient Libs Want Supreme Court Now John and Andy Schlafly Robust Competition Policy Will Do More to Counter China Than Big Government Spending Will Yepez G7 Co-opts Biden to Embrace Europe’s Tax Cartel Bob Barr How Blue City Governance Is Destroying Blue Cities Ben Shapiro 'Green Bank' Would Be Boondoggle for Taxpayers and Consumers Ross Marchand Why the Next Iranian President Is Dangerous to the World Ali Safavi		#TurnTexasBlue Trends on Twitter as Progressives Misdirect Blame at Abbott Carson Swick Govs. Greg Abbott and Doug Ducey Plead with Other States to Help Them Address the Border Crisis Julio Rosas So, Will Liberals Go Ballistic When They Figure Out Which Trump Positions Biden's DOJ Intends on Defending? Matt Vespa Political Cartoons Bearing Arms No, Gun Licenses Aren't The Answer For Straw Buyers | Tom Knighton Suspect In Georgia Supermarket Shooting No Stranger To Police | Cam Edwards Vox Blames Surge In Violent Crime On More Guns | Tom Knighton 140 Members Of Congress Reject Biden's Backdoor Gun Ban | Cam Edwards Framing Everything As Mass Shootings Muddies The Water | Tom Knighton
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