🌎 Up in smoke

Plus: Does this summer have a song? Was this newsletter forwarded to you? [Sign up here]( [Quartz]( June 23, 2022 [View in browser]( Sponsored By Good morning, Quartz readers! Here’s what you need to know The US Federal Reserve acknowledged rising interest rates could trigger a recession. Last week’s decision is already [having an impact]( on the housing market, with JPMorgan [cutting jobs]( in its mortgage unit. Elon Musk compared Tesla’s gigafactories to “giant money furnaces.” The billionaire [bemoaned the financial impact]( of supply chain disruptions on his company’s operations. E-cig maker Juul’s market share went up in smoke. The US Food and Drug Administration is [set to ban]( the vape company following an investigation and thousands of lawsuits. Revlon has become a meme stock. After filing for bankruptcy last week, the cosmetics company’s stock [has shot up]( more than 50% as [speculative retail investors]( cash in. Uvalde’s school district police chief was put on leave. Pedro “Pete” Arredondo [faces scrutiny](over his handling of the deadly mass shooting at Robb Elementary. The Westminster Dog Show crowned a new top dog. Trumpet the bloodhound became the [first of his breed]( to earn Best in Show. Sponsor content by Global X ETFs The rise of cyber threats is not just a news story, it’s a reality. But as the world continues to digitalize, more of our data and devices are potentially at risk. The Global X [Cybersecurity ETF]( (BUG) provides exposure to companies preventing intrusions and attacks — all in single trade. [Explore BUG]( What to watch for Summer has officially started in the northern hemisphere, but the jury’s still out on its official song. The charts are topped by Harry Styles’s “[As It Was](,” and Kate Bush’s 1985 classic “[Running up that Hill](.” But Billboard charts may [no longer]( be a good yardstick for a song’s success. For one, Billboard’s chart-toppers are [pop and reggaeton](, but Twitter is [all about Kpop](, and [indie jazz]( is hot on Bandcamp. And Billboard itself [has acknowledged]( it can’t keep up with streaming. TikTok generates viral hits too—treat yourself to TikTok compilations of Lizzo’s upbeat “About Damn Time,” and Jack Harlow’s “First Class.” And, of course, Beyoncé has a new single ([and Great Resignation anthem?](). Spotify just went ahead and [threw them all on one list](, and maybe we [no longer like to be told]( what single song defines our season, anyway. What’s the point of a gas tax holiday? In response to record-high gasoline prices, US president Joe Biden asked lawmakers yesterday to pause federal taxes on the fuel for three months. Production of gasoline in the US is already [close to maxed-out](, and outside of [begging Saudi Arabia]( to drill more, the federal government doesn’t have a ton of cards to play. But it’s not like the temporary tax break, which some states [have also tried](, will [save drivers all that much](. The federal gas tax is 18.4 cents per gallon, less than 4% of the current gasoline price. Plus, a break on a fixed rate looks even worse if gas just keeps getting more expensive. [A bar chart showing elements of the retail price of gasoline in the US. Crude oil itself accounts for more than 50% of the cost, while federal and state taxes account for 16.4%.] Whether the gas tax holiday will be another [fruitless effort to curb inflation]( is hard to say. But targeted relief for low-income households, as well as subsidies on public transit and electric vehicles, could be a better place to start. Did the US waste low interest rates? Today’s inflation problem can be traced in part to the last recovery, when public investment stalled despite unprecedented low interest rates. The decision to forego investment left the US vulnerable to supply chain problems, and led industries like housing and energy to cut much of the capacity the world sorely needs today. ​​✦ Our next Weekend Brief, available exclusively to Quartz members, takes a look at the “wasted decade.” Get it in your inbox by [signing up for a membership]( (at 40% off!) today. Quartz’s most popular ❓ [Will lifting US tariffs on Chinese goods help fight inflation?]( 🛍🌎 [Shopify’s Indian rival Dukaan is going global]( 🛍🏬 [Some Chanel customers spend so much money, they get their own special stores…]( 🛍👻 […Though the meh turnout for China’s latest shopping festival is concerning]( 📕 [Publishers discriminate against women and Black authors—but readers don’t]( 🦷 ​​[Belgium is returning a Congolese freedom fighter’s tooth 60 years after his murder]( Sponsor content by Global X ETFs The rise of cyber threats is not just a news story, it’s a reality. But as the world continues to digitalize, more of our data and devices are potentially at risk. The Global X [Cybersecurity ETF]( (BUG) provides exposure to companies preventing intrusions and attacks — all in single trade. [Explore BUG]( Surprising discoveries Porn-detecting headwear now exists. Chinese scientists have [developed a helmet]( that can read brainwaves to detect consumption of illicit material. Robo-fireflies have taken to the skies. Flying, [insect-sized robots]( can use light to communicate with each other. A tiny, self-healing robo-fish is bait for microplastics. It’s [made of materials]( the pollutants can’t resist. Amazon’s latest hire is a robot worker. It [won’t quit]( unless it runs out of power. Londoners are going wild for vegetable cocktails. That’s one way to [get your five-a-day](. SPREAD THE WORD Over 500k readers and counting. You already know why half a million people read the Daily Brief, so why not spread the word? 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