Elon Musk is Worth $400B & Saudi Arabia Set to Host 2034 World Cup
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What recent inflation trends should I be aware of?
Good morning, Brew Daily Show. I'm Neil Freiman. Today, Saudi Arabia was awarded the 2034 World Cup, a controversial move that cements the kingdom as a sports juggernaut. And Elon Musk's net worth has exploded. The world's richest man is now worth nearly $450 billion. It's Thursday, December 12th. Let's ride. As you may have noticed, Toby is not here. He got a last minute bug. So I am going to go full Alex Honnold and free solo this podcast today. I promise to do my best to bring you all the most important business news of the day, as well as a few fun tidbits as well. Speaking of fun tidbits, if you're running for statewide office, don't manipulate your Spotify rap, folks. New Jersey Representative Josh Godheimer said,
who is running for governor of the state, is in some hot water after he was found photoshopping his Spotify rap to give off the impression that all he listened to was Bruce Springsteen, who is a god in New Jersey. Like everyone else you know, Gottheimer posted his Spotify rap on social media, and his top songs were all the boss. Thunder Road was number one, and Badlands and The Rising rounded out his top five. The one problem? It wasn't real. Internet sleuths found that the font, numerals, and spacing were off, and when Gottheimer was approached about it, he acknowledged that he fudged it, perhaps to impress voters with his Springsteen bonafides. He still said he was a huge Springsteen fan, but shares a Spotify account with his two kids, so his rap data wouldn't necessarily reveal that. Look, if you're going to run for the state of New Jersey, it's true. You have to be a Springsteen fan. That's just a baseline qualification. But this wasn't one of Gottheimer's glory days. Now a word from our sponsor, Sage.
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Why was Saudi Arabia chosen to host the 2034 World Cup?
So the Consumer Price Index report came in yesterday, which is this big monthly inflation report. And it came in matching expectations. It was pretty solid. The CPI index rose 0.3% from the prior month. For the year, it rose 2.7%. So this was a bigger increase than in previous months. This was the strongest month over month increase in prices since April. The thing was, people economists were expecting it and so didn't ruffle any feathers in the market and if you just look to the stock market as a response to the cpi index the market did well after a few days of declines the nasdaq popped nearly two percent it reached over two thousand for the first time. S&P also added 0.8%. So the market reaction to this was pretty strong, even though there does seem to be some underlying inflation pressures. I guess the bottom line is that inflation is a bumpy road to come down to 2%. Remember, two years ago, it was at 9.1%. Now it's down to 2.7 annual growth.
When you strip away those very volatile things like food and energy prices, which economists call core CPI, it also came in at 0.3%. That is what analysts and economists really look at. Not that headline number, but the core number, which is One thing that was very heartening about this particular inflation report was shelter costs.
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Chapters
6 chapters
1
What recent inflation trends should I be aware of?
0:21–2:58
2
Why was Saudi Arabia chosen to host the 2034 World Cup?
2:58–4:50
3
What are the implications of Elon Musk's $400B net worth?
4:50–6:48
4
What interesting statistics about American migration did Neal share?
6:48
5
What are the latest updates on consumer price inflation?
6:36–7:20
6
How is Saudi Arabia transforming its image through sports?
7:20–23:10
Speakers
1 identifiedMore from Morning Brew Daily
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