Week InReview
Friday | Jul 9, 2021
'We dream in order to forget.'
Lethe, the river of forgetfulness.
Photo: Alamy stock photo
In “Forgetting” Dr. Scott Small writes that until fairly recently, he and most other scientists believed that forgetting was simply a technical glitch, a bug in the system. For most of his 35 years as a memory specialist, he reflexively viewed retaining information as “always the noble goal” and forgetting as lamentable, to be avoided at all costs.

But recent research in neurobiology, psychology, medicine and computer science tells another story. In a boon to spouses everywhere, it turns out that mentally misplacing facts and details is not only healthy but psychologically necessary. When we draw a blank or stumble over a mislaid word, we are merely evidencing a “cognitive gift” that allows us to adapt to the tumult of our lives.

— The Wall Street Journal
let's recap...
“There’s a growing narrative of fear out there.... I think some investors are wondering whether the bond market is signaling slower growth, which is feeding the idea that the peak in growth/inflation numbers is going to signal the shift from positive surprises to negative surprises.” -- Josh Wein, portfolio manager at Hennessy Funds (Bloomberg Markets | Jul 8)

Federal Reserve officials last month felt substantial further progress on the U.S. economic recovery "was generally seen as not having yet been met," but agreed they should be poised to act if inflation or other risks materialized, according to the minutes of the central bank's June policy meeting. (Reuters | Jul 7)

U.S. Treasury Secretary Janet Yellen will press G20 counterparts this week for a global minimum corporate tax rate above the 15% floor agreed by 130 countries last week, but a rate decision is not expected until future phases of negotiations, U.S. Treasury officials said on Tuesday. (Reuters | Jul 6)

One of the great market mysteries of the moment is stubbornly low yields on U.S. Treasuries, with the benchmark 10-year now dipping below 1.35%. While bond investors could be implying rather dismal expectations about the outlook for the U.S. economy, the move lower in yields seem extreme to some at a time when economic growth is still expected to run relatively high and inflation expectations have barely budged. (Bloomberg Odd Lots | Jul 6)

The U.S. debt ceiling comes back into effect at the end of July, putting pressure on the Treasury to reduce its cash balance ahead of the deadline. That means more injections of cash into a financial system already swimming with liquidity, potentially sinking short-term rates and causing undue distortion in money markets. (Reuters | Jul 6)
SEC may require firms to disclose more on what makes funds ESG
Photo: Bloomberg
(Jul 7) — U.S. Securities and Exchange Commission Chair Gary Gensler said he’s asked his agency to consider whether funds should disclose the underlying data and criteria they use to defend ESG labels.

Gensler, speaking at SEC event Wednesday, said “there’s not a standardized meaning of these sustainability-related terms.” He said he’s also asked staff to consider ways the SEC can enhance transparency around the diversity of boards and senior management.

Examples of factors that could be disclosed include the “aggregated demographic information about an adviser’s employees and owners,” Gensler said.

Source: Bloomberg Government
the cyber cafe
Computer code displayed on screens arranged in Danbury, U.K.
Photo: Bloomberg
If there’s one thing Vladimir Putin knows how to do, it’s get someone’s attention
With an economy that’s resource-rich but dwarfed in size by the U.S. and China, the Russian president gains influence by meddling in other countries’ affairs and sending troops to conflicts many miles away. When it comes to America, Putin has found a particular sweet spot — its cyber infrastructure. 

The enemy is inside the gates
Enterprises need to support greater cybersecurity urgency now, review security planning and embrace the leading principles of comprehensive cybersecurity. Ultimately, the price to be paid is unwavering diligence and a hyper-focus on better comprehensive security starting with protecting “the castle,” recovering from a breach and then assurance that future attacks cannot be detrimental. 
— Forbes

China expands a cybersecurity probe
President Xi Jinping’s government is sending a message to global investors: Beware of any Chinese tech giant that handles large amounts of data.
binge reading disorder
How is Wall Street handling hybrid work?
A new divide is emerging in finance as firms around the world return to their desks after months of lockdowns during the pandemic. Some are making clear their determination for staff to return to the office. Others have sketched out more flexible policies.

How to make time slow down
Why does time pass so quickly as we age? Routine. This phenomenon became even more jarring amid the pandemic. But there are ways to slow down the way time feels.
— Lifehacker

Robocalls are declining but not gone yet, so remember these tips to protect yourself
With the new federal law that took effect June 30, we should start seeing a decline in illegal robocalls. But the scams certainly won't halt overnight. Here are some tips to live by and share with vulnerable, trusting friends or relatives.
— U.S. PIRG
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