The Pour Over Today - Friday, June 17, 2022

Episode Date: June 17, 2022

Today we’re talking about Wall Street’s biggest losers, the COVID vaccine’s newest patient group, the impact of the Fed’s interest hike, and other top news for Friday, June 17th. Stay informed while remaining focused on Christ with The Pour Over. Sponsored by Public Goods.

Today we're talking about Wall Street's biggest losers, the COVID vaccine's newest patient group, the impact of the Fed's interest hike, and other top news for Friday, June 17th. Stay informed while remaining focused on Christ with The Pour Over. Here's the quote of the day. We should so work as if we were to be saved by our works, and so rely on Jesus Christ as if we did no works. Francis Asbury. Let's start with some espresso shots.

All the contestants on The Biggest Loser's new finance edition are absolutely crushing it. Nasdaq is down 34% from its high. S&P 500 is down 23% from its high. Dow Jones is down 18% from its high, dropping below 30,000 yesterday for the first time in a year. Meanwhile, Bitcoin is up 7% since December 2017. The flagship crypto dropped below $21,000 yesterday, a decline of nearly 70% since it peaked at $69,000 in November. The recent crumble has crypto and other tech companies making layoffs and seeking to hoard cash after two years of meteoric growth. BlockFi, Coinbase, Gemini, and Crypto.com each waved goodbye to 5-20% of their workforces and yanked job offers from hundreds more future employees. Our hope is never contingent on an economic outcome. It's much more secure than that.

Regardless of whether things get worse or better during your lifetime, everything eventually ends well for followers of Christ. Psalm 18 verse 2 says, The Lord is my rock, my fortress, and my deliverer, my God, my rock where I seek refuge, my shield, and the horn of my salvation, my stronghold. Children ages six months to five years old could start receiving COVID-19 vaccinations as early as next week. An FDA panel unanimously voted to recommend expanding authorization of vaccines from both Pfizer and Moderna to the littlest age group on Wednesday. Pfizer's kids version offers three low-dose jabs at 80% effectiveness at preventing symptomatic COVID in trials, while Moderna's option claims 50% effectiveness with two shots. Not everyone is lining up at CVS just yet. Florida

is the only state to skip pre-ordering shots for the under-five group, stating that the Florida Department of Health does not recommend the vaccine for all children. On the other side of the age spectrum, twice-boosted Dr. Fauci has announced he's tested positive but is experiencing mild symptoms. Culturally hot topics like COVID vaccines frequently make people think, speak, and act poorly, including us. We can respect others and represent God better if we are quick to listen and slow to speak. James 1, verse 19-20 says, Everyone should be quick to listen, slow to speak, and slow to anger, for human anger does not accomplish God's righteousness. slow to speak, and slow to anger, for human anger does not accomplish God's righteousness.

The Federal Reserve is really committed to tackling inflation. Economists had high hopes inflation had peaked back in March, but after last Friday's news that it continued to climb through May to an 8.6%, the Fed decided to yank up interest rates faster than anticipated. On Wednesday, they announced a massive 0.75% hike, three times their normal 0.25% adjustment. Here's the logic. Higher interest rates make debt, credit cards, car loans, mortgages, etc. more expensive, which means consumers spend less, and that decreased demand should lower prices. The risk is that while they're trying to cool off the economy, they may accidentally deep freeze it. Prospective homebuyers are likely already adjusting plans. Wednesday's rate hike pushed mortgage rates up to an average 5.78%, up 2.67% from six months ago. Here's a verse to consider when you're redoing your grocery budget. I know how to make do with little. I know how to make do with a lot. In any and all circumstances, I have learned the secret of being content. Whether well-fed or hungry, whether in abundance or in need, I am able to do all things through him who strength often, you know, shampoo, coffee, cleaners, etc., make some pretty illogical long-term compromises for short-term benefits.

Things like labels that stand out on a store shelf but look horrible in your home, or containers with four weeks of product that take 450 years to decompose. Public Goods is different. They're the one-stop shop for sustainable, healthy, and high-quality everyday essentials. They carry no single-use plastics, no toxic chemicals, and they keep costs low. In other brews, here's a rapid round of updates. In other brews, here's a rapid round of updates. President Biden announced a disbursement of another $1 billion in military aid to Ukraine, including anti-ship systems and artillery rockets, as well as $225 million in humanitarian assistance, such as safe drinking water and medical supplies. It's the 12th military assistance installment since the start of the war. The gunman who killed 10 Black people in a Buffalo supermarket last month has been charged

with federal hate crimes. The charge, partially based on the shooter's radical manifesto found after the attack, opens up the possibility of the death penalty. Internet Explorer has gone the way of Sears, Blockbuster, and AIM. Microsoft announced it will no longer support the once-dominant internet browser. Adios to the bug-ridden, insecure clunker that Twitter recently deemed the top browser for installing other browsers. The January 6th public hearings continued yesterday with the Democratic-led committee focusing on the pressure put on then-Vice President Mike Pence to reject the certification of the 2020 presidential election results. The committee is attempting to demonstrate a link between that pressure and the riot at the Capitol. Netflix announced that it's creating the largest

reality show ever in terms of both contestants and payout. Inspired by the uber-successful Squid Game series, 456 contestants will compete in a series of games for $4.56 million. No word yet on what happens if you lose. That's all we have for today. Thanks so much for listening. If you're listening on the Apple Podcast app, give us a five-star rating and drop a review. If you're listening on Spotify, give us a follow and hit the notification bell to never miss an episode. We appreciate your support and hope you have a great weekend. We'll see you on Monday.