Thursday morning news drop
U.S. Federal Reserve raises benchmark interest rate another 75 points Move comes after Canada's central bank raised its rate earlier this month (CBC)
Victoria eyes changes to new-build bylaw to meet climate goals On Thursday, council heard that the city needs to further decrease building emissions to get on target (Capital Daily)
Supply chain issues continue to be a ‘pressure cooker’ in B.C. Chris Atchison, president of the B.C. Construction Association (BCCA) said supply chain disruption and escalating costs of goods are worse than he’s ever seen and there doesn’t appear to be any relief on the horizon. (Journal of Commerce)
Why Your House Was So Expensive: Material-cost inflation, anti-building rules, NIMBY attitudes, and barriers to innovation have created a housing-affordability crisis (The Atlantic)
I Beg to Differ Howard Marks’s latest memo argues that investors seeking superior performance must have the courage to depart from the pack, even though doing so means accepting the risk of being wrong. Thinking differently and better than others is key to outperformance because in investing, it’s not enough to be right. You have to be more right than most. This means being able to tell when the investment crowd is focused on all the wrong things. (Oaktree Capital)
What If Inflation Really Is Transitory? The Case For A Return Of Disinflation/Deflation (The Capital Spectator)
Myth of ‘Free’ Checking Costs Consumers Over $8 Billion a Year: US consumers who frequently overdraft drive more than half of the profitability of mass-market checking accounts. (Bloomberg)
Spreadsheets Are Hot—and Cranking Out Complex Code: The venerable (and yes, super dull) piece of officeware is getting reinvented as a tool for non-coders to automate and simplify their lives. (Wired)
Elder Millennials Have Less Time for Fun: A new report on how Americans spend their days shows 35- to 44-year-olds have fewer leisure hours than anybody else, and less than two decades ago. (Bloomberg)
The Claremont Institute triumphed in the Trump years. Then came Jan. 6. After Trump helped revolutionize Claremont from a minor academic outfit to a key Washington player, the think tank is facing blowback for standing by lawyer John Eastman after he counseled Trump on overturning the 2020 election. (Washington Post)
Rockstar Games Cleaned Up Its Frat-Boy Culture - and Grand Theft Auto, Too In the summer of 2020, after a police officer killed George Floyd, Rockstar Games quietly shelved a mode of play it had planned to release for its Grand Theft Auto Online game called Cops ‘n’ Crooks. (Bloomberg)
Frank Talk At age 93, Frank Gehry, the original starchitect, is as busy as ever, with 17 Projects in the works in 15 cities, including his hometown. He also has a few things to get off his chest (Toronto Life)
Mad Men’s Smoke and Mirrors Have Aged Like a Fine Whiskey Fifteen years after the show’s premiere, Peggy, Don, and the Sterling Cooper gang feel more relevant than ever. (Vanity Fair)