75bp rate hike expected from Fed / UN Chief: inaction on climate change is "dangerous" / Strawberry supermoon tonight

Plus, South Korean truckers on strike over surging fuel costs.

Inside.com Part of   Network June 14, 2022

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Financial institutions expect a 0.75% rate hike from the Federal Reserve this week. Federal Reserve officials are not allowed to publicly comment on potential rate increases in the leadup to the two-day Open Market Committee meeting that starts today, but financial institutions generally agree that the central bank will accelerate its rate hiking to combat ongoing inflation. More: Last Friday the Bureau of Labor Statistics released its Consumer Price Index report for May, which showed that inflation was up 8.6% YOY. Goldman Sachs updated its expectations for a rate increase to 75 basis points, from 50 basis points previously, citing the CPI and consumer sentiment numbers.  The investment bank expects the benchmark funds rate to hit 3.25-3.5% by the end of 2022. Economists at Barclays and Jefferies also expect the Fed to hike rates by 75 basis points this week.  According to the University of Michigan’s consumer sentiment survey released on Friday, Americans now expect that the inflation rate will reach 5.4% over the next 12 months, whereas a month ago they expected a 3.3% increase in consumer prices over the next year. In a bid to tame inflation, the Fed raised rates by 25 basis points in March — its first increase since reducing rates to near zero in the spring of 2020 — and by 50 basis points in May. The last time that the Federal Reserve hiked rates by 75 basis points was under Alan Greenspan in November 1994.

U.N. Secretary-General António Guterres said on Tuesday that there is a "dangerous disconnect" between the actions taken by governments on climate change and the demands made by scientists and activists. Speaking at a climate conference in Austria, Guterres said that governments' failure to take "ambitious and transformative climate action" is having "grave consequences."  More: Guterres said that the Russian invasion of Ukraine had led governments to take steps backward in their fight against climate change because instead of embracing renewables, many countries have doubled down on fossil fuels.  "New funding for fossil fuel exploration and production infrastructure is delusional... It will only further feed the scourge of war, pollution and climate catastrophe," he said. Guterres said that "renewables are the peace plan of the 21st century."  Zoom Out: The Austrian World Summit was organized by former California Gov. Arnold Schwarzenegger, who has been an outspoken advocate of action on climate change.  Citing research showing that European nations had paid Russia tens of billions of dollars for energy imports in the first two months of the Russian-Ukrainian war, Schwarzenegger said that "we have blood on our hands because we are financing the war."

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South Korean truck drivers have been on strike for more than a week to protest rising fuel prices and low wages. The South Korean Ministry of Trade, Industry and Energy said the strike had cost the South Korean economy $1.2B so far. More: The strike has disrupted steel production, automobile manufacturing, cement production, and shipping in South Korea. Inbound and outbound container traffic at South Korea's 12 major ports is running at ~1/3 of last month's capacity.  The truckers' minimum wage plan, which has been in effect since 2020, is set to expire at the end of this year.  It contains provisions that would allow for higher pay if fuel costs increase.  The fourth round of negotiations between government officials and the truckers' union broke down on Sunday.  The South Korean government claimed that 30% of the union's 22,000 members were on strike across the country, but a union spokesman said that all of its members were participating.

GOOD NEWS: State and municipal governments across the United States are repurposing landfills as solar farms. Last year, 21 solar landfill projects in the U.S. had an estimated production capacity of 207 megawatts — a 10-fold increase from 2021. More: Whereas the term "brownfield" is often used to describe environmentally hazardous landfills, the term "brightfield" is used to describe the solar farms being built atop the landfills.  A 240-acre "brightfield" that is being built in Houston, Texas, is expected to power ~5,000 homes annually.  According to one report published last year, closed landfills across the U.S. could potentially host solar farms with a combined 60 gigawatts of capacity — enough electricity to power the state of South Carolina.

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A rare strawberry supermoon will be visible on Tuesday night. June's full moon is typically called a strawberry moon, a name that originates with the indigenous North American Algonquin tribe. This year's strawberry moon will also be a supermoon, meaning that it will be at the closest distance to the Earth in its orbit.  More: NASA says that a supermoon appears to be 17% bigger and 30% brighter than the faintest moon of the year.  Supermoons only appear three or four times per year.  Lunar observers should look for the strawberry supermoon tonight at dusk.  Tuesday's moon will be the second of four consecutive supermoons visible in the Northern Hemisphere this summer. The next two will be on July 13 and August 11.

Indigenous groups in Ecuador have set up ~20 roadblocks across the country as part of a protest against higher fuel prices. The protests were organized by the Confederation of Indigenous Nationalities of Ecuador (CONAIE), whose leader said that they had to "resort to resistance" in order to get concessions from the conservative Ecuadorian government.  More: The cost of diesel fuel in Ecuador has almost doubled since 2020, while gasoline prices have increased substantially.  Protestors are demanding lower fuel prices and a government mandate to ensure prices stay low. They also want the government to raise price caps on agricultural goods to ensure that farmers earn more for their produce. CONAIE leader Leonidas Izas said the protests would continue until their demands are met.  Ecuadorian President Guillermo Lasso said his government would not allow protestors to take over roads or oil installations.  Two marches in the capital of Quito saw clashes between police and students. More than one million of Ecuador's 17 million people are Indigenous.

QUICK HITS Same old marketing automation not cutting it these days? Get our eBook and power up your customer experiences.* The Golden State Warriors beat the Boston Celtics 104-94 on Monday night, bringing their series lead in the NBA Finals to 3-2.  The price of Bitcoin dropped below $21,000 in overnight trading after falling by ~15% on Monday. Former President Trump issued a 12-page statement criticizing the Jan. 6 Committee hearing on Monday. Committee members provided evidence showing that people close to Trump told him that he had lost the 2020 election while he continued to falsely claim that there had been mass electoral fraud. Microsoft entered into an agreement with the Communication Workers of America that will allow employees at Activision Blizzard to unionize more easily. Microsoft's acquisition of Activision has not yet been approved by regulators. *This is sponsored content.

Embroidery by Mika Hirasa ART OF THE DAY

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Daniel Smith is an Inside Analyst who currently resides in Miami, Florida. A native of Brooklyn, New York, Daniel spent the last four years as a PhD candidate in Politics and International Studies at Cambridge University in the United Kingdom. He is fascinated by tech, business, politics, venture capital, and everything in between. When he’s not writing for Inside he can be found kicking a ball on the nearest rugby pitch. Follow him on Twitter @DanSmithInside. Editor Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade.

NanoVMs is a privately held deep tech company from SV. Learn more about investing here.

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