Musk tried to walk away from the social networking site. Boris Johnson sings a song for three months. China is considering a large amount of economic stimulation. Today is what you need to know.
According to the Washington Post, Musk's team believes that the company can't verify its figures on the number of fake accounts. According to the company, less than 5% of its total user base is comprised of fake accounts. Musk has said that the number is higher. Legal experts believe that Musk is using the bot issue as an excuse to abandon or revise the deal, which is looking better and better for the company as the stock market has fallen. You should read what Matt Levine has to say about the bot saga.
After the mass resignation of members of his government, Boris Johnson decided to step down as UK prime minister. Johnson wanted to remain as Prime Minister until October when a new leader of the Conservative Party is elected. The Conservatives are drawing up plans for a contest to replace Johnson by the end of the summer.
The Ministry of Finance is considering allowing local governments to sell about $220 billion worth of bonds in the second half of the year. There are signs that China's economy has shrunk.
The news that customers of bankrupt broker Voyager Digital probably won't get all their money back is making people nervous. He doesn't think he'll be able to get that back despite the fact that it's now worth $6,900. He said it felt like he had been taken. I'm not sure how this could be legal. I won't invest on any other platform. You can read more about the winter in the crypt.
According to the investment strategy arm of the bank, the US is in a recession now.
As investors wait for clarity from key data points, including payrolls later on Friday and then the consumer price index next week, Treasuries are volatile. Realized and implied volatility in US bonds has also soared, but the pattern here is making it seem like 3% is now the golden mean when it comes to the benchmark 10-year yield. ICE's MOVE index of expected price swings, often referred to as the fear gauge for bonds, has jumped around the periods when the yield topped that round number, and the index also bottomed out in May when the yield got a substantial way below 3%. If 3% is a ceiling or a floor for yields over the long term, there will be more volatility.
Garfield Reynolds is based in Australia.
Garfield Clinton Reynolds helped with the project.
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