A court has affirmed your right to be rude...
March 18, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Aura Health]( Good morning. This newsletter is dedicated to the state of New Jersey, because last night Fairleigh Dickinson became only the second 16-seed ever to beat a No. 1 seed in the menâs NCAA tournament, improbably knocking off Purdue. Meanwhile, No. 15 Princeton defeated No. 2 Arizona on Thursday, and Jersey City-based Saint Peterâs was last yearâs Cinderella story. After the first round, there are 0 remaining perfect brackets among the 20+ million in the major online games. Suppose thatâs what 1 in 9,223,372,036,854,775,808 odds look like in practice. âJamie Wilde, Matty Merritt, Sam Klebanov, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 11,630.51 -0.74% S&P 3,916.64 -1.10% Dow 31,861.98 -1.19% 10-Year 3.430% -15.3 bps Bitcoin $27,584.17 +10.12% First Republic $23.03 -32.80% *Stock data as of market close, cryptocurrency data as of 4:00am ET. [Here's what these numbers mean.]( - Markets: Wall Streetâs $30 billion infusion into First Republic didnât manage to calm investorsâ jitters about how banks are holding up. The regional bankâs stock [tanked]( again yesterday, dragging most of the market down with it. But Big Tech stocks got a boost from investors looking to park their cash in non-bank companies, pushing Microsoft to its best week in almost eight years. Â FOOD [Lunchables are coming to school cafeteria menus](
[Deconstructed ham and cheese Lunchable]( Alyssa Nassner Little discs of cardboardy dough smothered with unnervingly sweet pizza sauce via a tiny red stick, sprinkled with what is called âcheeseâ: Lunchablesâs Extra Cheesy Pizzaâas well as its Turkey and Cheese varietyâwill be on the menu at K-8 cafeterias across the US come fall as part of Kraft Heinzâs [new deal]( with the National School Lunch Program (NSLP). NSLP provides free or low-cost lunches to nearly 30 million children. â90s kids may already be salivating, but they should know that Kraft Heinz had to tweak its original recipes to hit some nutritional targets required for school mealsâsuch as lower levels of fat and sodium and increased amounts of protein and whole grains. Child nutrition experts arenât satisfied with the new formulations They argue that the reengineered Lunchables are a red flag that the USâs standards for school lunches are simply too lowâ¦and that they may be that way in part because schools are [too underfunded]( to raise them. - K-12 cafeteria budgets have been tightened by high food costs, supply chain snags, and labor shortages.
- One the main selling points of Lunchables to the NSLP was that theyâre refrigerated, not frozen, which costs less to ship and store. âSchool nutrition programs need to be reimbursed at a rate that they can scratch-cook delicious, healthy meals and not just provide the students a Lunchable because they donât have equipment or labor,â Donna Martin, the director of a school nutrition program, told the Washington Post. Others are concerned that selling a healthier version in schools than in stores could confuse customers into thinking the for-school versions and the grocery originals are equally healthy. But Kelloggâs Pop-Tarts, General Mills cereals, and even Dominoâs pizza already have healthified versions available at school cafeterias. Speaking of marketingâ¦getting in front of Gen Alpha (yeah, thatâs what comes after Gen Z) is a Super Bowl-level win for Kraft Heinz. Lunchables accounted for 8.6% of the grocery-dominating food companyâs sales last year, and this could boost sales even higher.âJW    TOGETHER WITH AURA HEALTH [Brothers solve $100b problemâ¦for their mother](
[Aura Health]( After seeing their mother struggle with depression, Forbes â30 Under 30â brothers Steve and Daniel Lee founded [Aura]( to reinvent the $100b mental wellness industry. The all-in-one mental wellness marketplace helps users find peace and has quickly grown to [7m users and 100k+ paying subscribers](. Theyâve attracted investments from well-known Silicon Valley investors like Cowboy Ventures and Berkeley SkyDeck, plus executives from the biggest tech giants in the industry. And theyâre just getting started. For the first time, you can invest in Aura alongside these legendary investors and build the future of mental wellness together. Join over 1,000 people whoâve already invested in Aura and [get 10% bonus shares when you invest today](. There are only three days leftâthis opportunity ends 3/20. WORLD Tour de headlines
[Russian President Vladimir Putin]MIKHAIL METZEL/SPUTNIK/AFP via Getty Arrest warrant issued for Putin. The International Criminal Court issued [a warrant]( yesterday for Russian President Vladimir Putin for alleged war crimes due to his involvement in the forced relocation of thousands of children from Ukraine to Russia. But youâre unlikely to see a Putin perp walk any time soonâthe ICC can only arrest and try Putin if Russia hands him over (it wonât) or if it can nab him outside the country. Russia has long denied committing war crimes and does not recognize the courtâs authority. Weekend banking crisis update. SVBâs parent company [filed]( for Chapter 11 bankruptcy yesterday, buying it time to pay off creditors and making it easier to sell off its assets (but the bank itself, currently in the hands of the FDIC, isnât part of the filing). Meanwhile, President Biden called on Congress to make it easier [to punish]( bank executives if their mismanagement causes a bank to collapse, including allowing regulators to claw back their pay. Itâs time to learn what a raccoon dog is. We still donât definitively know where Covid came from, but team âit was an animalâ got new evidence for its side when scientists [analyzed]( genetic material collected from the Wuhan market in the pandemicâs early days and found raccoon dog DNA comingled with the virus. Raccoon dogs, an animal known to have been sold at the market, arenât raccoons, and while theyâre part of the dog family, theyâre most closely related to foxes. The analysis has not yet been peer-reviewed, and the debate over Covidâs origins rages on. CRYPTO [Bitcoin is having a moment after SVBâs collapse](
[Chest of Bitcoin in front of up arrow.]( Hannah Minn Like the two Christmases you get after your parents divorce, sometimes an institution collapsing can result in an abundance of spoils. Bitcoin prices [climbed]( as high as $27,293 yesterday, wrapping up the cryptocurrencyâs best week since January 2021. And it has Silicon Valley Bank and friends to thank for it. Why is crypto getting a boost? Crypto diehards claim bitcoinâs gains are the result of people losing faith in traditional banking after SVB and Signature imploded (though itâs worth noting that Signature was a big player in the crypto world). But thereâs another possibility: After the second- and third-biggest bank failures in history, economists started [second-guessing]( whether the Fed would stick to the plan to hike interest rates again or change course protect the rest of the very fragile banking industry. That could mean the crypto market, which slid into the dreaded Crypto Winter in the first half of last year because of macroeconomic factors like the Fedâs rate hikes, might finally be approaching spring. Looking aheadâ¦the Fedâs interest rate decision next week will likely serve as cryptoâs Groundhog Day. And despite the banking industry hoping Jerome Powell pauses the interest rate hikes, Februaryâs inflation numbers showed that the Fed may need to stick to its original plan to keep inflation in check.âMM    TOGETHER WITH WANDER
[Wander]( First-of-its-kind vacation rental REIT: Wander.com just announced the launch of the first [Vacation Rental REIT](. Earn passive income, diversify your portfolio, and unlock a 14% targeted total return with quarterly dividendsâby owning a piece of a portfolio that combines hotel quality with vacation-home comfort. [Learn more about Wander REIT](. GOVERNMENT [You have every right to be rude, Mass. high court rules](
[Gif of Full House character saying ]( Full House/Warner Bros. via Giphy Some wicked news for Massholes: Bay Statersâ right to be as insolent at town assemblies as they are behind the wheel was [upheld]( by the Massachusetts Supreme Judicial Court. The stateâs high court unanimously ruled that towns cannot require residents to act civilly in public meetings. Politeness vs. freedom of assembly The main plaintiff in the case was 71-year-old Louise Barron of Southborough, MA. Barron sued after her brash behavior got her threatened with removal from a town meeting under rules requiring civility. She was uncivil: In a heated argument, Barron accused the townâs Select Board of spending taxpayer funds âlike drunken sailorsâ and told one member âto stop being a Hitler.â The court opined that local governments should encourage polite discourse but deemed Southboroughâs public meeting civility rules a violation of citizensâ constitutional right to criticize public servants. Mixed opinions: While some critics worry the decision will embolden cantankerous constituents, freedom of speech advocates welcomed it. Bellicose exchanges in town meetings are as much a Massachusetts tradition as sipping on a Dunks medium iced while plowing snow after a mighty norâeaster. Zoom out: Discussions in public meetings have reportedly become more combative nationwide, as passions have run high over Covid policies and other contentious issues.âSK Â Â Â GRAB BAG Key performance indicators
[A broken piggy bank covered in NYC stickers]Hannah Minn Stat: We know you canât actually measure your money in vibes, but a [recent analysis]( found that a $100,000 salary in New York City feels like just $36,000. And itâs not just a feelingâthatâs really how much buying power your paycheck has there, once you factor in soaring rents, steep taxes, and the sky-high price of buying salsa from the local bodega at 3am, SmartAsset determined. Of the 76 US cities the financial information provider examined, New York was the one where making six figures made you least baller. Quote: âItâs a hard job. If I said it was easy, Iâd be lying to youâand I donât think thatâs what we want, right?â George Santos, the New York congressman who seems to have made up his entire personal history, [told]( the Associated Press that despite pressure from members of his own party, heâs got no intention of stepping down and might even run for reelection. Thatâs bold, but not as bold as the fact that he kept a straight face when he told the reporter, âI think truth still matters very much.â Read: Why med school grads canât get jobs despite a doctor shortage. ([Vox]() NEWS What else is brewing - [UBS]( is reportedly considering buying some or all of flailing rival Credit Suisse. Swiss officials are said to be pushing for a deal to resolve uncertainty in the banking sector.
- [Disney+]( kept 94% of its subscribers despite raising prices by 38%, according to the WSJ.
- [Ticketmaster]( has agreed to lower fees and provide small refunds to fans that bought tickets to see The Cure after the bandâs frontman publicly expressed frustration over high fees.
- [YouTube]( will allow Donald Trump to post new videos after two years. That means the former prez, who posted on Facebook yesterday for the first time since 2021, will be back on all major social media platforms for the 2024 election.
- [Rolls Royce]( has secured funding to explore building a nuclear reactor on the moon. RECS
[Saturday To-Do List graphic] Takeout container not included: [Watch this video]( to learn how to make the perfect fried rice at home. Phoning it in: Check out [the winners]( of a mobile photography contest. Dream job: Someoneâs got to make the [weird noises]( you hear in sci-fi. Spoiler alert: This [website]( can tell you whether the show youâre about to start bingeing ends on a cliffhanger. Get free advice: [Register to]( [join]( our free 35-minute conversation on leadership with Sallie Krawcheck, founder and CEO of Ellevest (and former head of BOAâs Global Wealth and Investment Management division), this Tuesday, March 21, at noon EDT. Be 10x faster: GPT-4 (aka the tech that powers ChatGPT) is taking on unstructured data workflows. With [Klarityâs new demo](, you can automate workflows and even chat with your documents. [Try it out](.*Â *This is sponsored advertising content. GAMES The puzzle section Brew crossword: Nothing cures a St. Paddyâs hangover more quickly than conquering the Brewâs weekly 15x15 crossword puzzle. [Play it here](. Open House Welcome to Open House, the only newsletter section that needs to color-code each room for organizational purposes. Weâll give you a few facts about a listing and you try to guess the price. [Palm Springs home]Zillow Todayâs [house]( in Palm Springs, California, is a 3,350-square-foot masterpiece that would delight the Pantone color of the year committee. Amenities include: - 3 beds, 3 baths
- All-blue guest suite
- Shag carpet in the den
- Pool (standard color) How much to never see an eggshell wall again? AROUND THE BREW [The future is bright](
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