Jackson Whole

“Federal Reserve chair Jerome Powell on Friday warned that inflation was still far too high, and suggested the central bank may need to raise interest rates further in coming months.” The location of his comments couldn’t be more symbolic of the broader issue. “Among the top 1% in Teton County (where Jackson Hole is located), the average annual income is a jaw-dropping $22.5 million.” Fed policy collides with reality in the most unequal county in America.

+ The economic divide is the story behind almost every economic story, including stories that on the surface, don’t seem like economic stories at all. Nordstrom Says Theft at Historic High as Retailers Battle Crime, and Dick’s Sporting Goods blames ‘increasingly serious’ theft problem for profit plunge.