Week InReview
Friday | Jul 8, 2022
Fed minutes.
The Fed released the minutes from their most recent interest-rate setting meeting, and they again underscored their commitment to getting inflation down. Many on the Federal Open Market Committee saw the risk of entrenched inflation, and signaled that a 50 or a 75 basis-point hike at the July FOMC was most likely. The Fed also made clear it’s ready to prioritize inflation over growth. On the latter front, tomorrow sees the release of non-farm payrolls in the US. Jobs data still remain upbeat, with layoffs steady in May, while unemployment claims remain historically very low.
let's recap...
Volatility traders are putting their guard up just as US stocks bounce back, with options signaling the highest level of anxiety since right before the 2020 pandemic crash. The call-put ratio on the Cboe Volatility Index, or VIX, jumped Wednesday to levels unseen for some two and a half years, driven by bets on fresh market turmoil. (Bloomberg Markets | Jul 7)

The Treasury bond market flashed a warning signal on Tuesday and investors piled into haven assets, evidence of the fears of potential recession that have gripped global markets. Yields on 10-year US government bonds slumped below those on two-year notes for the third time this year. So-called inversions of the yield curve have preceded every US recession in the past 50 years — not immediately, but within the subsequent two years. (Financial Times | Jul 5)

A federal appeals court threw out an SEC order that would have given securities firms and others a greater say on management of public data feeds that provide crucial information on real-time stock prices. The US Court of Appeals for the D.C. Circuit on Tuesday vacated a 2020 SEC order that would have reduced the control that exchanges like the New York Stock Exchange, Nasdaq Inc. and Cboe Global Markets Inc. have over the collection and dissemination of core market data. (Bloomberg Law | Jul 5)

The Federal Housing Finance Agency has decided to keep Fannie Mae and Freddie Mac’s 50-basis point charge to create certain mortgage-backed products even as it explores other alternatives, the agency said in a June 30 statement. Mortgage market players have found the response lacking. (FHFA | Jul 5)

The bear market of 2022 features some extraordinarily destructive claws, and few mutual-fund managers have managed to escape unscathed. The average performance for fund managers was ugly. So, how did the handful of fund managers tracked by the Journal’s Winners’ Circle quarterly survey manage to post gains in this market? (The Wall Street Journal | Jul 4)
the cyber cafe
A handful of apartments on May 3, 2022, in Lviv, Ukraine. Russian and Ukrainian cyberattacks have punctuated the war since Moscow's invasion began. Photo: Leon Neal | Getty Images
The worst hacks and breaches of 2022 so far
With the Covid-19 pandemic, economic instability, geopolitical unrest, and bitter human rights disputes grinding on around the world, cybersecurity vulnerabilities and digital attacks have proved to be thoroughly enmeshed in all aspects of life. With another six months left in the year, though, there's more still to come. Here are the biggest digital security debacles that have played out so far.
— Wired

Chinese hackers kept up hiring drive despite FBI indictment
Hackers with suspected links to China’s intelligence agencies were still advertising for new recruits to work on cyber espionage, even after the FBI indicted the perpetrators in an effort to disrupt their activities. Hainan Tengyuan, a Chinese technology company, was actively recruiting English language translators in March — nine months after US law enforcement agencies accused Beijing of setting up such companies as a “front” for spying operations against western targets.

Heads of FBI, MI5 issue joint warning on Chinese spying
The heads of the FBI and Britain’s domestic security service issued sharply worded warnings to business leaders about the threats posed by Chinese espionage, especially spying aimed at stealing Western technology companies’ intellectual property. China uses state-sponsored hacking on a large scale, along with a global network of intelligence operatives in its quest to gain access to technology it considers important, Wray and McCallum said.
binge reading disorder
Illustration: Bloomberg
The open house hunters who targeted LA's rich and famous
In a stunning crime spree, a pair allegedly stole millions of dollars in watches, bags, and other luxury items from celebrities, the fabulously wealthy, and even friends. Their trial begins on Aug. 25.
— Businessweek 

How to peek at your 401(k) without freaking out
Taking a quick glance when stocks are down can cause investors to take steps that undermine their long-term financial security, increasing the temptation to sell stocks at fire-sale prices.

Worried about personal data leaks? Here's how to lock down your phone.
While most services on your devices capture some personal data – your name, websites you visit, your network IP address, etc. – apps on your smartphone tend to get more. Your phone is packed with GPS, cameras and other sensors, as well as sensitive data such as your contacts and health status. Apps, if granted various permissions, could access all of that.