A growing number of investors fear the US Federal Reserve could hike rates by 100 basis points next week. Another tennis legend is retiring off the court. A widespread rail strike has also been averted – at least for the time being.
Sign up here to get the Forbes Daily Dozen morning newsletter straight to your inbox.
In the news today
- Big rail freight companies and unions representing tens of thousands of rail workers have reached a “tentative” deal on wages and working conditions that – for now –fends off a nationwide strike that could cost $2 billion per day. The announcement is particularly good news for New England, a region facing winter power shortages that a strike would only make worse. More: Until the agreement is formally ratified by unions, executives may want to consider how a strike and related supply chain disruptions would affect their businesses over the holiday season.
- A bill that would codify protections for same-sex marriages nationwide is on hiatus in the Senate until after the midterm elections in November, while Democrats struggle to rally enough Republican support amid fears that the Supreme Court’s next target after Roe v. Wade LGBTQ+ weddings could be. Under Senate filibuster rules, 10 Republicans must side with all 50 Democrats in procedural votes for the measure.
Top take aways
Adobe acquires design startup Figma for $20 billion in a cash and stock deal, marking Adobe’s largest acquisition of all time. Founded by Dylan Field and Evan Wallace, who met at Brown University, Figma is considered the Google Docs for designers. Millions of users pay $12 to $45 per editor for their digital whiteboard product. The deal will make Field and Wallace billionaires, but investors balked at Figma’s 50x price, prompting a sharp sell-off in Adobe shares.
The Ethereum blockchain merged with a special decentralized ledger called the Beacon Chain, completing a six-year effort that will reduce its energy consumption by 99.9%. and help make crypto more mainstream. The switch subsequently weighed on other digital assets such as Ether, Solana and Cardano, while shares of Coinbase and Robinhood, two companies offering exposure to Ether, rose sharply.
The late-breaking inflation report released on Tuesday – the one that sent markets into their worst one-day decline since June 2020 – was the latest drop in most Wall Street pundits of the Federal Reserve raising interest rates by another 75 basis points will have more at its policy meeting next week. There’s also now a growing camp of people predicting it can implement one more aggressive 100 basis point hike this time, which has not happened in more than four decades. forbes breaks down the impact of former Fed Chair Paul Volker’s brutal fight against inflation.
Tennis legend Roger Federer is following in Serena Williams’ footsteps by announcing his retirement: next week’s Laver Cup will be his last professional event. The 41-year-old Swiss star is an all-time financial champion in the sport. Since turning pro in 1998, he has $131 million in winnings and approximately $1 billion in sponsorships and other business ventures throughout his career. forbes has ranked Federer as the highest paid tennis player in 17 years in a row.
Kanye West – who forbes It is estimated to be worth $2 billion ends its 10-year partnership with Gap, who alleges the retailer is breaching the contract by not releasing clothes and not opening retail stores by a previously agreed schedule. It’s only the latest public feud for the multi-platinum rapper, as he’s also feuding with footwear maker Adidas over the production and sale of Yeezy sneakers. If West also terminates his contract with Adidas, what forbes Estimated to be worth $1.5 billion, it would drop the star from billionaire status.
A day after Patagonia founder Yvon Chouinard donated his company to efforts to fight climate change, billionaire Lululemon founder Chip Wilson Pledged $75.8 million Buy and protect hundreds of acres of Canadian wilderness. More: Chouniard’s outsourcing of Patagonia shakes notions of capitalism and consumerism, writes our senior contributor Shelley E. Kohan.
Today’s must read
Bolt’s Ryan Breslow is back as the CEO of a new startup called Love
The controversial founder and CEO of payments company Bolt is slipping into the CEO seat of an early-stage wellness startup.
In case you missed it
Senator Josh Hawley (R-MO) quoted forbes Covering TikTok employees’ ties to Chinese state media while Vanessa Pappas, the app’s chief operating officer, was questioned during a heated hearing convened by the US Senate Committee on Homeland Security and Governmental Affairs. Pappas said so nobody who “makes a strategic decision” at the social media giant is a member of the Chinese Community Party, although the company does not check the political affiliations of the rest of its employees.
Tips you can trust
- Investors selling or using crypto and NFTs should be on the lookout for an updated tax form that the IRS will use later this year Inquire about digital assets. Tax season is confusing enough as it is, so this guide can point you in the right direction if you’re not sure what to report in the digital space.
- forbes surveyed more than 500 locations across the US for everything from climate change risk to doctor availability and crime to determine this year’s 25 best places to enjoy your retirement ranking. We then compared those who made it to what they offer in terms of fun activities – from arts, learning and fine dining to hiking, skiing, sailing and golf. See which places make the list, from Portlands on both coasts (Maine and Oregon) to Santa Fe, New Mexico and beyond.
Must watch video
The current status of sports betting with Sportradar Managing Director Carsten Körl
Koerl explains how the industry is weathering inflation, the path to reaching investors’ goal of 25% to 30% growth, and what the future holds for sports and television, including live sports betting. “You have to be creative to run this global business,” he says.
A Forbes subscription illuminates, informs and inspires. Join today to get unlimited access to all our journals and a front row seat to exclusive subscriber-only events.