It's Back-to-Schloss Time |
As we're all aware, Schloss is an Austrian-style washed-rind triple crème cheese made since the early 1900s by the U.S.-based Marin French Cheese Company. It has an aroma of sour cream with a creamy, smooth middle and a chalky exterior underneath its sticky orange rind. The flavor is robust, earthy and meaty. It also has slight hints of fruitiness, just like this newsletter. Schloss means "castle" in German. But it looks enough like "school" in English for us to use it as today's cheese pun, what with Labor Day out of the picture. Your vacation is over, America. Get back to work! Today's cheddlines: What did the buffalo say at school drop-off? Bison. —Matt Davis, Need2Know Chedditor P.S. We've got more on the Honey Deuce, the U.S. Open's signature cocktail, which generates over $10 million a year for U.S. tennis, on our Instagram. |
|
|
"There's a post-pandemic yearning, especially for young people, just to get outside and do something. Everybody wants their meet cute." — Ore Ogunbiyi |
|
|
1. Price Pressures Easing, Says Fed's Favored Inflation Gauge |
A four-pack of TP from the bodega downstairs now costs $15. My father-in-law gets, like, 40 rolls for that price at Costco. But I like the guys at the bodega, and I also like telling Mike that I've just spent so much on toilet roll. The waste is just delightful.
Meanwhile, the Commerce Department reports that the year-on-year inflation rate remains unchanged at 2.5%, marginally above the Federal Reserve's target level of 2%. The steady plateau suggests the last three years of spiraling inflation are easing, and that toilet paper prices are likely to stabilize in the near future.
Inflation peaked at 7.1% in June 2022, the highest in nearly four decades. The subsequent downtrend points to relief for families whose finances have been under pressure. Like yours. Like mine. Like everybody's.
Fed Chair Jerome Powell, recognizing this change, has suggested that the time is ripe to start reducing the central bank's key interest rate. Economists expect a rate cut of at least a quarter-point from the current rate of 5.3% at the upcoming Fed meeting, slated for September 17–18. This potential cut, aimed at easing borrowing costs for consumer and business loans, signifies a shift in the Fed's focus toward preventing any further deterioration of the job market, especially considering a creeping up of the unemployment rate over four consecutive months.
In the face of continued inflationary challenges, consumer behavior remains robust, with spending increasing by a vigorous 0.5% from June to July, indicative of a resilient—dare we say, two-ply—economy. Read More |
|
|
2. Yelp Alleges Monopoly Behavior by Google, a Monopoly |
Do you remember when Ask was called Ask Jeeves and you could go on their search engine and have a pretend butler trawl the internet on your behalf? Man, I miss those days.
Now nobody's favorite review platform, Yelp, has launched a lawsuit against Google, accusing the search giant of anti-competitive practices and maintaining an unlawful monopoly. The alleged monopoly, Yelp alleges, favors Google's reviews and searches (which I actually use) over Yelp's (which nah).
The suit follows a federal judge's decision earlier this month, which found Google in violation of U.S. antitrust laws related to its search operations, setting a notable precedent for companies like Yelp to file lawsuits like this one.
Yelp—which was cool back when blogging was cool—blogged about the suit, saying: "Our case is about Google, the largest information gatekeeper in existence, putting its heavy thumb on the scale to stifle competition and keep consumers within its own walled garden."
Is it just me, or are Yelp's attorneys kinda poetic? Like the sort of people who would maybe prefer to Ask Jeeves?
Google, on the other hand, stands firm in its defense, with a spokesperson reiterating that similar arguments from Yelp have been previously dismissed by both the Federal Trade Commission and during the Department of Justice's recent case. "Google will vigorously defend against Yelp's meritless claims," they have said. Read More |
|
|
| Move over, Mint Julep.🍹🏆
The US Open's signature cocktail, the Honey Deuce, is here to steal the show. Generating over $10 million a year for the USTA, it's the top drink in all of sports.
Plus, Honey Deuce merch ranks #1 and #2 in sales during the tournament, with a drink sold every 1.5 seconds. |
|
|
3. Telegram Founder Charged in France |
French authorities have charged Telegram CEO Pavel Durov for allegedly allowing the perpetuation of criminal activities on the app.
The French allege that the messaging service has become a conduit for unlawful content, including the distribution of child sexual abuse material, drug trafficking, and fraudulent schemes.
Durov, the exiled Russian-born billionaire, was detained last weekend at Le Bourget airport, outside Paris, and released on a €5 million bail under strict conditions including bi-weekly police check-ins and a mandate to stay within France.
Durov, 39, also holds French citizenship and has been a vocal advocate for freedom of speech, often promoting Telegram's commitment to privacy and minimal moderation policies. Despite this, he asserted in a March interview that Telegram does have "red lines," specifically citing child abuse material and calls for violence as unacceptable. And yet…
Telegram, in response to Durov's arrest, stated that the platform abides by European Union laws and that its moderation practices align with industry standards. The company describes the allegations against its owner as baseless, emphasizing Durov's routine travels in Europe.
Durov, sometimes referred to as the Mark Zuckerberg of Russia, left Russia in 2014 after a fallout over Kremlin pressure to censor opposition voices. His subsequent move to Dubai, where Telegram is headquartered, was fueled by a quest for a business-friendly environment and the emirate's perceived neutrality. Notably, he now has dual citizenship in France and the United Arab Emirates.
France's President, Emmanuel Macron, has refuted claims by Russian officials that the charges are politically inclined. The broader implications of Durov's arrest extend to ongoing debates about social media governance and the extent to which companies are accountable for the content shared on their platforms. Read More |
|
|
You Need 2 Know About This Box!
|
Meet the Sunset Box, a quarterly subscription service sending home, wellness, and travel goodies straight to your doorstep, curated by editors at mag Sunset, the Western-lifestyle magazine that just so happens to be a sister company of ours. Since you clearly have good taste (you're an N2K subscriber, after all), we think you'll love this box. Use code CHEDDAR15 for 15% off your subscription. |
Note: Sadly does not contain any cheese. |
|
|
4. Gen Z Ghosts Dating Apps |
Economist correspondent Ore Ogunbiyi has been exploring Gen Z's move from swiping to meeting IRL. She points out that there's been a significant decline in people using dating apps, citing their impersonal and transactional environments.
"I think people are tired of the experience, a lot of people aren't getting love when they come on these apps," she said. "The apps, to stay alive, are going to need people to pay for them, and if people aren't valuing the experience they're getting, then they're not going to pay. And that becomes a problem for the businesses. Tinder has had a seventh quarter of declining paying users and Bumble's stock has now hit a record low."
Tinder and Bumble are not really innovating their basic format, Ore said, which is why the environment is so frustrating. They say they're introducing AI, their paid options will be better and they're making the platforms feel less overwhelming for women.
"Ultimately if people aren't finding what they're looking for on the apps, then those things aren't really going to help," Ore said.
She points to alternative dating apps like Thursday, which, along with other apps, seeks to create real-life meet-ups (on Fridays?). The apps still match people based on perceived compatibility, but they're creating real-life connections. "Even if it was a little bit awkward," she said. "It's not just swiping meaninglessly."
These disruptive apps are about people wanting to meet in person. It also means events designed not just for dating, such as running clubs, cooking clubs, and more, are about a "post-pandemic yearning, especially for young people, just to get outside and do something. Everybody wants their meet cute."
Sorta reminds me of the 1990s when, according to Jerry Seinfeld, you'd just meet people on the street and ask them for their phone numbers, doesn't it? Watch Now |
|
|
5. Gen X: Reality Bites, and So Does Retirement |
Firstly, the idea that "retirement" is still a thing people aspire to in this country rather than scrambling around like a wild animal in something akin to Cormac McCarthy's The Road, well. That's something to celebrate, at least, isn't it?
Otherwise, the picture is somewhat bleak for Gen X, for whom the American Dream of having enough savings not to die in abject poverty to cover living and health expenses in old age is becoming increasingly elusive.
As the oldest members of Gen X approach their retirement years, a significant portion is at risk of outliving their savings. A recent Morningstar analysis shows 45% of U.S. households could face financial challenges if they retire at 65. This risk jumps to 54% for those opting to retire early at 62.
The root of the crisis lies in the seismic shift from traditional defined-benefit pension systems to defined-contribution plans. The former offered guaranteed monthly payouts by employers, while the latter placed the onus on employees to save and invest for their future. Without the cushion of a defined-benefit pension, these generations have had less time to amass adequate savings, leaving them more susceptible to retirement shortfalls compared to their Millennial and Gen Z counterparts.
Also, why not have fun now and suffer later, you know? The advice is to work longer, save diligently, and minimize expenses. But, like, yuck. I'd rather pay $15 for four rolls of TP. Read More |
|
|
| So, What Do You Think of Cheddar?
|
We want to hear from you! From shows to site to this very newsletter, we'd love some feedback. |
|
|
|
