The Fed won’t rely on the market

Good morning. On Tuesday, we asked what it was about Disney’s streaming business that makes its economics so much worse than Netflix’s. It seems that Disney thinks part of the reason is scale and control: Disney has offered to buy the third of Hulu that it does not already own for $8.6bn. Think it will help? Email us: [email protected] and [email protected].

Powell talks tighter financial conditions

An economy in rude health buys a central bank time to wait. No surprise, then, that Federal Reserve chair Jay Powell did not sound like a man in a hurry to raise rates yesterday. In his post-meeting press conference, Powell cheered inflation “progress”, rising labour supply, moderating payroll growth, and inflation expectations in a “good place”.