The 1970s oil-shock playbook needs an update: The inflation costs remain, but the employment risks appear far smaller than they did 50 years ago. Why it matters: As the Iran war continues, there are early signs of renewed strength in the labor market. - If energy disruptions pose less of a risk to jobs, the challenge for central banks shifts from managing stagflation risks to guarding against renewed price pressures. That's the takeaway from new Federal Reserve Bank of Boston research that finds an oil shock the size of what the Iran war has produced would push inflation materially higher while having essentially no effect on national employment. What they're saying: "The U.S. economy's vulnerability to oil shocks has not been…
Watching Game 1 of the Knicks-Spurs series, Bill Bradley, the two-time N.B.A. champion and former U.S. senator, spoke reverently of teamwork — and had a few choice words for the refs.
Bird helped usher in bebop and transformed the alto saxophone into an instrument of startling possibility. Here’s an 11-song primer on his enduring legacy.
In the summer of 2020, sixteen-year-old Antonio Mays Jr. traveled a thousand miles to join the racial justice movement of his generation. He arrived in Seattle during the Capitol Hill Occupied Protest, known as CHOP. Less than a week later, he was shot and killed there. The case remains unsolved.