• Daily Digest

    Daily Digest 9/23 — Fed Tees Up Taper and Signals Rate Rises Possible Next Year; European Energy Crisis Is About to Go Global…

    by Whitney

    Thursday, September 23, 2021, 10:14 AM

Economy

Fed Tees Up Taper and Signals Rate Rises Possible Next Year – WSJ

The Federal Reserve signaled it was ready to start reversing its pandemic stimulus programs in November and could raise interest rates next year amid risks of a lengthier-than-anticipated jump in inflation.

The European Energy Crisis Is About To Go Global – OilPrice.com

It was only a matter of time, really. In a globalized world, energy crunches can hardly remain regionally contained for very long, especially in a context of damaged supply chains and a rush to cut investment in fossil fuels. The energy crunch that began in Europe earlier this month may now be on its way to America. For now, all is well with one of the world’s top gas producers. U.S. gas exporters have enjoyed a solid increase in demand from Asia and Europe as the recovery in economic activity pushed demand for electricity higher. According to a recent Financial Times report, there is a veritable bidding war for U.S. cargos of liquefied natural gas between Asian and European buyers—and the Asians are winning.

What ‘financial weapons of mass destruction’ are telling us about Evergrande – Quartz

Wall Street traders are betting the world’s financial wiring is insulated from Evergrande’s troubles, but that doesn’t mean the world’s economy is immune to the fallout.

As the Chinese real-estate developer and its $300 billion of debt teeter on the edge of default, the turmoil in China’s property market is buffeting stock markets and boosting demand for government bonds. The malaise is also showing up in the credit-default swaps (CDS) linked to major banks, from the Industrial and Commercial Bank of China to JPMorgan in New York.

Russian hackers target Iowa grain co-op in $5.9 million ransomware attack – Washington Post

Russian hackers leveled a ransomware attack on an Iowa farming co-op and demanded $5.9 million to unlock the computer networks used to keep food supply chains and feeding schedules on track for millions of chickens, hogs and cattle.

Shoppers will notice poultry, pork and bakery items disappearing from shelves ‘in about 10 days’ – Sky

Shoppers could start noticing food shortages within days due to the crisis in carbon dioxide (CO2) supply, a food industry chief has warned.

CO2 is used in food packaging, as well as a method of stunning animals prior to slaughter – but now supplies are running low.

Surging energy costs have resulted in the suspension of operations at fertiliser plants – which produce CO2 as a by-product – having a knock-on effect on the food industry.

Consumers could start noticing shortages in poultry, pork and bakery products within days, according to Ian Wright, the chief executive of the Food and Drink Federation.

Environment

In U.N. climate push, UK PM disputes Kermit: ‘It is easy to be green’ – Reuters

British Prime Minister Boris Johnson pushed the world to “grow up” and tackle climate change during his annual United Nations address to world leaders on Wednesday and contradicted Muppets character Kermit the Frog by saying: “It is easy to be green.”

Health

FDA Clears Covid-19 Booster Shots From Pfizer for High-Risk People – WSJ

U.S. health authorities cleared Covid-19 vaccine booster shots for people 65 and older and certain other adults at high risk of severe illness, a bid to help curb the pandemic and the dangerous Delta variant.

The Food and Drug Administration on Wednesday said it permitted a third dose of the shot from Pfizer Inc. and BioNTech SE for people who got two doses of the Pfizer-BioNTech messenger RNA vaccine and are 65 years and older or are at risk of severe disease and death, including because of their jobs or where they live.

Can you grow COVID-19 vaccine-lettuce? UC Riverside scientists think so – Jerusalem Post

Injectable vaccines could be a thing of the past, with University of California Riverside (UCR) researchers investigating turning edible plants like lettuce into mRNA vaccine factories and make edible vaccines, which could have significant implications in combating COVID-19.
Backed by a $500,000 grant from the National Science Foundation, the project works by showing how DNA with mRNA vaccines can be delivered into plant cells in a way that lets them replicate. If this works, it could mean that plants could produce as much mRNA as a traditional vaccine injection.
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