Good morning. Today is the first Bastille Day in 20 years where the euro and the dollar are essentially at parity. Celebrate accordingly. —Neal Freyman, Matty Merritt, Joe Abrams | | | |  | Nasdaq | 11,247.58 | | | | | S&P | 3,801.78 | | | | | Dow | 30,772.79 | | | | | 10-Year | 2.936% | | |  | Bitcoin | $19,907.02 | | | | | Twitter | $36.75 | | | | *Stock data as of market close, cryptocurrency data as of 7:00pm ET. Here's what these numbers mean. | - Markets: Stocks fell for the third-straight day after the government said that inflation was running hotter than at any point since 1981. But Twitter got a boost after short-seller Hindenburg Research said it was long on the company, meaning it's bullish on its stock.
| | | | Imgflip Less than 24 hours after James Webb delighted us with the wonders of outer space, the June inflation report brought us screeching back to Earth. US consumer prices climbed 9.1% in June from a year prior, topping expectations of an 8.8% gain. That's the highest rate of inflation since 1981, and a sign that it still hasn't peaked, despite our best efforts to not spend anything on Prime Day. Experts reacted to the report like Simon Cowell hearing a tone deaf auditionee in the early days of American Idol: Their assessments ranged from "very bad" all the way to "brutal." Digging into the numbers The headline 9.1% figure was driven by an increase in gasoline prices, which jumped 11.2% from May to June. Now, gas prices have dropped considerably this month, so that may provide some relief for July's inflation report. Problem is, inflation is still ripping higher in many areas of the economy besides fuel. Take rents, for instance: The rent index jumped 0.8% from May for its biggest monthly increase in 36 years. Cars, apparel, and home goods prices also increased in June. People are really feeling it: In a recent Monmouth poll, Americans were asked about the biggest concern facing their family, and the top four answers were some version of "inflation" or "the economy." It's not a mystery why: As prices have gone up across the board, your paycheck isn't going as far. Real average hourly earnings, which are wages that adjust for inflation, are declining at their fastest pace in 40 years. All eyes on the Fed. Last month, the central bank hiked interest rates by 75 basis points, the most since 1994. This inflation report all but cements a rate hike of at least that amount following its next meeting later this month. Could it hike rates by 100 basis points? Atlanta Fed President Raphael Bostic said yesterday, "Everything is in play."—NF | | | Snacks packed. Playlist queued. Sunroof open. Life's very best memories are often adventures on the open road—in the right ride. Now through August 1, find your dream car during the BMW Summer On Sales Event and command every summer road with more capacity and more luxury. Whether you want the latest intuitive tech, all-terrain performance, or innovative design, you can find it in an iconic 3 Series, dynamic X3, or powerful X5. No matter where summer takes you, make it ultimate with the BMW Summer On Sales Event. Learn more. | | President Biden fist bumps Israeli Prime Minister Yair Lapid upon arriving in Israel for his Middle East trip. Source: Israeli Government Press Office (GPO) / Handout/Anadolu Agency via Getty Images  Biden touches down in the Middle East. The president arrived in Israel to begin a high-stakes trip during which he'll meet with 11 leaders in the region. Biden's most closely watched rendezvous will be his chat with the Saudi Crown Prince Mohammed bin Salman. On the campaign trail, Biden called Saudi Arabia a "pariah" for its human rights abuses, including the murder of journalist Jamal Khashoggi, but Biden is now arguing that stronger ties with the Saudis could help stabilize security in the Middle East as well as calm oil markets.
 Netflix hires Microsoft for ad service partnership. Netflix announced it will team up with Microsoft to help it build a cheaper subscription tier with ads, a step it had refused to take for years. According to Netflix COO Greg Peters, Microsoft will bring strong privacy protections and "innovate" the service's tech and sales departments. Netflix is hoping that a low-cost option will help it win back fans—it lost 600,000 subscribers in the first three months of 2022, and is expected to have lost 2 million during Q2.
 Charges filed in child abortion case: A Columbus, OH, man was arrested after he admitted to raping a 10-year-old girl, who became pregnant and had to travel from Ohio to Indiana to get an abortion after her state banned most abortions in June. The arrest confirms the validity of a viral story (invoked even by President Biden last Friday) that some media outlets and Ohio's attorney general had claimed was made up.
| | Hudson Rowan's design, Ulster County Board of Elections An "I voted" sticker design contest for teens in Ulster County, NY, is being dominated by what can be only described as "hell spider" or "that baby head monster from Toy Story, but with something to celebrate." The design went viral this week and it's already received over 175,000 of the 190,000 total votes cast in the county, which is located about 100 miles north of NYC. The mad genius behind this masterpiece is 14 year old Hudson Rowan, who said the chaotic, six-legged, way-too-many-teeth character only took him about 10 minutes to create. The county's election commissioners, Republican John P. Quigley and Democrat Ashley Dittus, acknowledged that they chose Rowan's design as one of six finalists because they knew it would get attention, especially on the internet, and in turn boost voter turnout. Well, they nailed the first part at least. No word on whether or not this virality will make the creature come to life.—MM | | Grant Thomas Talk about perfect timing with Theme Park Week: Medieval Times employees at a New Jersey location will vote today on whether to form a union, marking the first time since Shrek when nobles and commoners have stood united for a common cause. Reflecting gripes among unionizing service workers across the country, employees at the Medieval Times dinner theater in Lyndhurst, NJ, have asked management to address a number of safety concerns on the job and to grant them bigger paychecks (most performers start out at New Jersey's minimum wage of $13 an hour). When their requests for inflation-matched pay raises weren't met last December, employees began organizing. They've also complained about lax security at shows that has led to audience members groping performers who play the queen, scaring horses, and, after getting Richard III-level drunk, trying to grab the live falcon that flies over the audience during the show. Medieval Times execs are calling blasphemy. The company has reportedly spent at least $3,200 a day on union-avoidance consultants from the end of June through the election. Zoom out: If the vote is successful, the group of 40 show actors and stablehands in Lyndhurst would join the same union that represents variety artists including the Rockettes, Disneyland performers, and other theme park entertainers. In 2006, the same location attempted to unionize but lost by a vote of 18–16, per HuffPo.—MM | | Herman Lumanog/Pacific Press/LightRocket via Getty Images Stat: Just eight countries will account for more than half of the increase in world population up to 2050, according to new UN projections: the Democratic Republic of the Congo, Egypt, Ethiopia, India, Nigeria, Pakistan, the Philippines, and Tanzania. The rest of the world? Not having many babies. The global population growth rate is its lowest since 1950. - Pop quiz: What is the city depicted in the photo above? It's in one of the eight countries. (Answer at the bottom of the newsletter.)
Quote: "Subway serves 100% tuna." A federal judge isn't ready to take Subway's claim as fact, and has refused to dismiss a lawsuit brought against the chain for misrepresenting what goes into its tuna product. The suit was brought against Subway by a customer in early 2021 and, after the New York Times found no evidence of "amplifiable tuna DNA" in the tuna offerings at three different Subway locations, the case picked up steam. Subway claims that any non-tuna DNA found in its tuna comes from eggs in the adjacent mayonnaise or contact with other meats. Read: How Buddhism became the religion du jour of Silicon Valley. (Guernica) | | | Protect your PTO. You've planned your summer getaways so well, it's only logical to account for alllll the things you haven't planned for, too. To help you learn from our mistakes, we teamed up with battleface to share our biggest travel mishaps. Have a laugh at our expense, then safeguard your trips with travel insurance from battleface. | | - The FDA authorized Novavax's Covid vaccine for use by adults, making it the fourth vaccine available in the US.
- The field of candidates who are aiming to replace Boris Johnson as UK prime minister has narrowed from eight to six. Former finance chief Rishi Sunak got the most support from fellow Conservative lawmakers in the first round of voting.
- The Bill and Melinda Gates Foundation is upping its grant-making by 50% from pre-pandemic levels. And Bill donated another $20 billion to its endowment.
- A bottle of champagne sold for $2.5 million, which likely makes it the most expensive wine in history. Helping juice the price: It came with a few NFTs.
| | DIY meteorologist: This is the most hardcore weather map we've ever seen. Kimchi fried rice recipe: But make it a Spotify playlist. Superfreak: Join us for a FREE virtual workshop with Stephen J. Dubner, host of Freakonomics Radio, the podcast that explores the hidden side of everything. In this session, you'll learn about data analytics and challenging your assumptions. Get signed up. Brew's Bookshelf: For a few beach reads… | | Brew Mini: Today's Mini crossword requires you to go deep into British titles and taxes, so a margarita and an eye mask may be needed to counteract the big-brain thinking. Play it here. Three headlines and a lie Three of these headlines are real and one is faker than an "anytime" after someone says, "Thanks for the ride to the airport." Can you guess the odd one out? - NYC mayor defends nuclear-attack PSA: "Better safe than sorry"
- Arizona business owner arrested for breaking A/C units in employees' homes in back-to-office scheme
- A distillery is fighting invasive crabs by turning them into whiskey
- Three men charged in plot to sell stolen lyrics for Eagles' "Hotel California"
If you love three headlines and a lie, play along on The Refresh from Insider and dive deeper into these weird headlines. | | We took to the streets to test people's knowledge of Warren Buffett quotes. Watch here. For more from the Brew:  Is pay transparency worth it? Money with Katie explores the benefits and pitfalls of openly sharing compensation information—and how we can share in a way that actually helps one another. Listen or watch here.
 Flying sucks right now. Many travelers are being met with canceled flights, hourslong delays, and lost baggage. We break down why this is happening and whether it will get better soon. Watch here.
| | Three headlines and a lie answer: We made up the A/C one. KPI pop quiz answer: Manila, Philippines | | | ✤ A Note From Fidelity Investments Disclosure: Fidelity is a registered trademark of FMR LLC | | | Written by Neal Freyman, Matty Merritt, and Joseph Abrams Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → | ADVERTISE // CAREERS // SHOP // FAQ
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