Wednesday morning news drop
Bank of Canada all but certain to raise lending rates this week — with more hikes to come Central bank rate expected to hit 1.5% on Wednesday — soon it could be twice that (CBC)
When Can We Say Stagflation? In a series of tweets on Tuesday, the Pershing Square founder argued that the Federal Reserve should lift rates aggressively now to stamp out price pressures to avoid having to hike as many times overall. An observation that would have been more accurate a few month ago. (Bloomberg)
How inflation became America’s greatest economic problem The last time inflation was this high, the Fed engineered a severe recession. Unfortunately, the problem is much more complex now. Can the off-ramp to spiking inflation go better this time? (Grid)
Where Does the Supply Chain Crisis Stand Now? There are signs the tide may be turning even as challenges continue in some sectors. (Morningstar)
Lithium mining: How new production technologies could fuel the global EV revolution. Lithium is the driving force behind electric vehicles, but will supply keep pace with demand? New technologies and sources of supply can fill the gap. (McKinsey)
This Is Where Dirty Old Cars Go to Die: The electric vehicle revolution is gathering speed—but what happens to all those polluting cars already on the road? (Wired)
Gas prices have never been higher — but Canadians still aren't jumping on public transit People are driving and traveling again, but public transit use remains sluggish (CBC)
One Man Helped Credit Suisse Make Billions From Russia Tycoons: A charismatic fixer made the Swiss bank the leading destination for Russia’s wealthiest individuals. Then war and sanctions got in the way. (Bloomberg)
Mark Zuckerberg Is Blowing Up Instagram to Try and Catch TikTok The CEO of Meta Platforms needs Reels—his short-form video feature—to fund his metaverse, and you can smell his desperation from Beijing. (Bloomberg)
Would the World Be Better Off Without Philanthropists? Critics say that big-time donors wield too much power over their fellow-citizens and perpetuate social inequality. But don’t cancel Lady Bountiful just yet. (New Yorker)