Rates

• The Fed funds rate is at its highest level in 22 years. (nytimes.com)
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• U.S. consumers are less exposed to higher interest rates than they used to be. (wsj.com)
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QQQ

• What do you get when you run a regression on the returns of the Invesco QQQ Trust ($QQQ)? (alphaarchitect.com)
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• What you need to know about the rebalance of the Invesco QQQ Trust ($QQQ). (etf.com)
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Finance

• JP Morgan Asset Management is on roll in 2023, ETF-wise. (financial-planning.com)
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• Private equity fundraising is at a five-year low. (wsj.com)
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• Joe Weisenthal and Tracy Alloway talk bank consolidation with Scott Hildenbrand of Piper Sandler. (bloomberg.com)
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AI

• Why Meta ($META) is giving away Llama, its large language model. (wired.com)
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• AI is the future of biotech. (wsj.com)
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• How Amazon's ($AMZN) Alexa could bump up its AI efforts. (axios.com)
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• Some first hand experience with an AI drive-thru assistant. (wsj.com)
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Heat

• July is set to be the hottest month on record. (scientificamerican.com)
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• How builders are adjusting to higher temperatures. (wsj.com)
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• Extreme heat is not great for mental health. (vox.com)
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• It's not just humans that struggle with the heat, livestock and poultry do as well. (wsj.com)
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• How poverty factors into heat deaths. (nytimes.com)
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Economy

• Q2 GDP was up at a 2.4% annual rate. (calculatedriskblog.com)
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• Jobless claims are not heading meaningfully higher. (bonddad.blogspot.com)
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• The vibecession seems to be over. (kyla.substack.com)
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Earlier on Abnormal Returns

• Longform links: 36 years of data. (abnormalreturns.com)
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• What you missed in our Wednesday linkfest. (abnormalreturns.com)
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• Personal finance links: the burden of social debt. (abnormalreturns.com)
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• Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)
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Mixed media

• Goodreads is filled with reviews by people who haven't read the book. (theatlantic.com)
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• Disney ($DIS) is looking increasingly desperate when it comes the future of ESPN. (frontofficesports.com)
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• The Hollywood strikes signal peak content. (hollywoodreporter.com)
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