The thing living in the back of Jay Powell’s mind

There’s inflation, and then there’s hyperinflation. That’s what’s happening in Argentina, and it’s changing the way people do business and behave in the economy. We’ll talk about how Argentina is dealing with it and how it relates to the “sticky” inflation situation in the U.S. economy. Then, why reaching a compromise on the debt crisis may be harder than we thought. Plus, kids who love to read are making us smile.

Here’s everything we talked about today:

• • “How a 12-year-old playbook is shaping the battle over the debt limit” from Politico

• • “The messy money reality at the center of the debt ceiling fight” from Marketplace

• • Biden-Harris administration proposal to protect Colorado River basin from U.S. Department of Interior

• • “Three states agree to reduce water usage so the Colorado river doesn’t go dry” from NBC

• • “TikTok Sues Montana Over State’s Ban of Its Service” from The Wall Street Journal

• • “TikTok sues Montana over its new law banning the app” from NPR

• • “Argentina Introduces 2,000 Peso Banknote. It’s Worth About $4” from Bloomberg

• • “Highest-denomination bill in Argentina is now the 2,000-peso note, worth $4” from The Guardian

• • “A tweet about a Pentagon explosion was fake. It still went viral.” from The Washington Post

• • “Fake Pentagon attack hoax shows perils of Twitter’s paid verification” from TechCrunch

• • TikTok from @casualgeographic on the unproblematic nature of the capybara

• • “Kids’ reading scores have soared in Deep South states” from AP

• • “Sold a Story: How Teaching Kids to Read Went So Wrong” from APM Reports

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