Hi Treasure Friends,
We have now entered the final stretch toward the end of the year. The big news last week was inflation still remaining above 3%; still well above the Fed 2% target.
What the Treasure Team is reading
- Economy: Never bet against the US consumer Black Friday Shoppers Set Online Spending Record, Adobe Says
- Economy: The manufacturing sector activity remains sluggish US manufacturing stays depressed in November
- Economy: The service economy is booming TSA breaks daily passenger record during Thanksgiving weekend
- Finance: As US oil production reached a new all time high OPEC+ may have played its final card with voluntary crude cuts
- Finance: Walking a fine line Fed Chair Powell calls talk of cutting rates 'premature' and says more hikes could happen
- Finance: RIP legend Charlie Munger, investing genius and Warren Buffett's right-hand man, dies at age 99
- Finance: When one of the largest pension funds goes to court Norges Bank Investment Management will lead investors’ action related to SVBs Collapse
- Fintech: The end of a bad relationship Apple Pulls Plug on Goldman Credit-Card Partnership
- Fintech: A good deep dive to understand the mechanism of CBDC Central Bank Digital Currencies: Design and Implementation in the Evolution of Sovereign Money
From the Treasure chest...
Janet Yellen mushroom trip in China: Treasury Secretary Janet Yellen almost took her recent trip to China a little too literally. Yellen said she was unaware that the "delicious mushroom dish" she ordered at a popular Chinese restaurant contained mushrooms that could be hallucinogenic. "I was not aware that these mushrooms had hallucinogenic properties," Yellen told CNN's Erin Burnett. "I learned that later." The Treasury Secretary said she read that if the mushrooms were cooked that they do not cause hallucinations, so it does seem unlikely that the Biden Cabinet official was trying to intentionally microdose. CNN previously reported that following Yellen's visit the mushroom dish was selling out at Yi Zuo Yi Wang other locations across China. Yi Zuo Yi Wang means In and Out in English, but the Chinese chain bears no connections to the California burger giant.. Instead of animal style fries, Yi Zuo Yi Wang specializes in Yunnan food, according to CNN it is a popular cuisine in southwestern China.
Have a great week!
The Treasure Team
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