Pelosi-Tok… House Speaker Nancy Pelosi and her VC husband are TikTok-famous for beating the market with their stock trading, a practice she’s defended to voters. There’s been growing criticism of lawmakers’ freedom to trade because they literally shape the law. Last year 55 lawmakers reportedly failed to disclose their trades. Politico reported that members of Congress sold travel stocks like Royal Caribbean and bought pharma stocks like Moderna in early 2020 while downplaying Covid. So last week Pelosi OK’d a proposal to bar Congress from trading. The House is set to vote by November, but not all members support it.
Not-so-value meal... From cereal and bacon to gas and cars, prices have soared at the fastest rate in 40 years. Inflation’s starting to dent corporate profits across industries: Toyota saw earnings drop 20% last quarter on chip shortages. Yum Brands (owner of KFC, Taco Bell, and Pizza Hut) said rising ingredient costs and wages hurt its bottom line. Unilever (Ben & Jerry’s, Dove soap) is taking a hit on transportation costs. The Fed wants to rein in prices with at least three interest-rate hikes this year. Regardless, shipping giant Maersk says supply shortages aren’t easing up anytime soon.