9.12.2024

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Good morning. It's Thursday, Sept. 12, and we're covering the hurricane in Louisiana, a new twist in the history of Easter Island, and much more. First time reading? Join over 3.8 million intellectually curious readers. Sign up here.

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Need To Know
 

Hurricane Francine

Francine made landfall yesterday around 60 miles southwest of New Orleans, Louisiana, as a Category 2 hurricane before weakening to a Category 1. A state of emergency is in effect statewide and in Mississippi, with a shelter-in-place order in effect for New Orleans following the end of evacuation windows. See live updates here.

 

The storm's center has been traveling north (see map). Officials are also bracing for possible tornadoes and the risk of storm surge (see 101). Today, the storm is expected to continue on to Mississippi, with flood warnings extending to Florida. Roughly one-quarter of the Gulf Coast's oil and gas production has been shut down; the region is responsible for 15% of domestic oil production.

 

Louisiana has witnessed some of the strongest hurricanes in US history. Among 57 documented storms was Hurricane Katrina, which killed more than 1,390 people in 2005 when levee failures left 80% of the city underwater. See an interactive timeline of that storm here.

 

Easter Island Genome Study

The people of Easter Island likely did not suffer a population collapse due to "ecological suicide," according to a new genomic study yesterday. The findings instead indicate steady population growth to a peak of 3,000 in the 1860s, far below previous estimates of 15,000.

 

Known to natives as Rapa Nui, Polynesia's Easter Island is a 63-square-mile special territory of Chile in the southeast Pacific. It is the most isolated inhabited landmass on Earth. For decades, the island—famous for its more than 1,000 massive human-faced stone statues, or moai—was theorized to have suffered a self-imposed population collapse due to resource overuse prior to initial European contact. 

 

Analyzing the genomes of 15 Rapa Nui natives from the last two centuries, researchers revealed no evidence of a genetic bottleneck—or drop in genetic variation—a near certainty had there been a catastrophic collapse. The analysis also revealed Rapa Nui natives mixed with Native Americans as early as the 13th century.

 

Inflation Cools in August

Inflation continued its downward trend to 2.5% year-over-year in August, the latest consumer price index report showed, reaching the lowest level since February 2021 and approaching the Federal Reserve's 2% target. The data solidified market expectations the Fed will lower interest rates when it meets next week. See how inflation works here (w/video).

 

The index, which tracks the annual change in prices of goods and services, reached a peak of 9.1% in 2022. It was the final metric the Fed was seen to be waiting on before next week's decision following August's mixed jobs report (see previous write-up). The Fed is now widely expected to cut benchmark rates by a quarter-percentage-point next week, down from the current range of 5.25% to 5.5%. See how the federal funds rate impacts Americans here.

 

Notably, while inflation cooled, "core" CPI—excluding volatile food and gas prices—held steady at 3.2% year-over-year and up 0.3% month-over-month. The data reduced traders' expectations the Fed will cut interest rates by a half-percentage point, but benchmark rates are still anticipated to drop to 4.25% to 4.5% by the end of the year.

In partnership with Sky Quarry

From Sustainable Oil to Planned Nasdaq Listing

 

This company made $50M in revenue last year from their refinery. But that’s just the tip of the iceberg. 

 

Sky Quarry currently produces ~480,000 barrels of oil per year, with plans to open another facility with the potential to produce up to 1,000,000 barrels of oil in a year—more than double the amount the entire state of Nevada makes. Their technology can also create sustainable aviation fuels, construction materials, and other valuable products from waste asphalt shingles, totaling up to $4.4B in sales potential. 

 

You can invest now before their planned Nasdaq listing. Complete your investment before the 9/18 deadline.*

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In The Know
 

Sports, Entertainment, & Culture

> MTV Video Music Awards, hosted by rapper Megan Thee Stallion, return for award show's 40th anniversary; see awards list and takeaways (More) | Frankie Beverly, frontman and founder of soul and funk band Maze, dies at age 77 (More)  

> NFL hauls in 21 million viewers per game in Week 1, the most-ever for opening week and a 12% increase over last year (More) | See Week 2 preview (More)

> Justin Timberlake agrees to plea deal in drunken driving case; driving while intoxicated charges will be dropped (More) | Sean "Diddy" Combs accused of sexual battery by former Danity Kane singer Dawn Richard (More)

 

Science & Technology

> Meta admits to scraping data from every adult Australian Facebook user to train its AI models; says Australian law did not require it to provide an opt-out option for users (More

> The lateral fabella, a tiny bone in the knee the size of a sesame seed, may have played a key evolutionary role in helping ancient humans walk upright; also linked to arthritis, only two in five modern humans have the structure (More

> Researchers discover a new species of parasitoid wasp targeting adult flies; the wasp lays eggs inside other insects, ultimately killing the host (More

 

Business & Markets

> US stock markets close higher (S&P 500 +1.1%, Dow +0.3%, Nasdaq +2.2%) as investors weigh latest US inflation data and buy chipmaker stocks, including Nvidia and AMD, whose shares rose 8% and nearly 5%, respectively (More)

> TD Bank to pay $28M fine to Consumer Financial Protection Bureau for sharing inaccurate and negative data about the bank's customers with credit reporting agencies since 2015 (More

> PwC's US unit to lay off roughly 1,800 workers amid broader restructuring; marks accounting firm's first formal layoffs since 2009 (More) | Restaurant chain BurgerFi  files for Chapter 11 bankruptcy protection (More

In partnership with SmartAsset

$1B Startup Disrupting Retirement Industry

This Princeton grad's startup raised $161M to help people plan for retirement.

 

SmartAsset's no-cost tool makes it easy to find vetted financial advisors who serve your area. Research suggests that people who work with a financial advisor could end up with 15% more money to spend in retirement.** Try the free quiz to get matched with up to 3 financial advisors legally bound to work in your best interest. Kickstart your retirement planning today.

 

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Politics & World Affairs

> Mexico's Senate approves anticorruption overhaul requiring country's 7,000 judges run for election; constitutional revision—an initiative driven by the governing, left-leaning Morena party—came despite weeks of protests and strikes, with judicial workers saying the move will politicize the judiciary (More)

> Death toll from Typhoon Yagi and its aftermath rises to more than 155 people amid flash flooding and landslides; the typhoon is the strongest to hit Vietnam in decades (More)

> A man was arrested for arson over the Line Fire in San Bernardino, California (More) | Airport and Bridge Fires threaten Southern California, two of more than 60 wildfires burning in the US as of this writing (More)

 

In-Depth

> To Play or Not to Play with Your Kid?

The Atlantic | Amanda Ruggeri. A deep dive into the debate over how far to take "independent play," a concept surging in popularity among new parents, championed by author Janet Lansbury. (Read)

 

> Coffeeology

Ologies | Staff. Exploring the history and controversies surrounding America's second-most popular beverage, after water, with coffee expert Peter Giuliano. (Listen)

In partnership with Sky Quarry

Turning Trash into Treasure

 

This company’s patented technology enables them to convert discarded asphalt shingles into valuable products. With 211% revenue growth last year, Sky Quarry has only begun to lead the way towards advancing better waste-to-energy management. First, they get paid to collect waste asphalt shingles. Next, they turn this waste into products like sustainable diesel oil, construction materials, and more.

 

Become a Sky Quarry shareholder before their planned Nasdaq listing. Your last chance to invest is 9/18.*

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Etcetera
 

Hawaii tops list of happiest states in the US.

 

Watch pups at the annual dog surf-a-thon.

 

... and photos from UK's hobby horse championships.

 

Man on Google Maps discovers potential ancient asteroid impact.

 

Jewelry seized by Nazis returned to families.

 

NFL mascot makes history with highest indoor rope swing drop.

 

ChatGPT as study aid may lead to worse test performance.

 

FDA to investigate tampon safety after toxic metals found.

 

Clickbait: Campbell's drops the "soup."

 

Historybook: Henry Hudson begins exploration of what will become known as the Hudson River (1609); Iconic track and field athlete Jesse Owens born (1913); Singer Barry White born (1944); Mae Jemison becomes first Black woman in space (1992); Johnny Cash dies (2003).

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*Disclosure: This is a paid advertisement for Sky Quarry’s Regulation A Offering. Additional information on the Company and risk factors related to the offering can be found in the Form 1-A offering circular at investor.skyquarry.com

**Disclosure: "Journal of Retirement Study Winter" (2020). The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of your future results. Please follow the link to see the methodologies employed in the Journal of Retirement study.

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