The Daily Valet. - 6/16/22, Thursday

✔️ A Steep Hike

June 16, 2022

Thursday, June 16th Edition

Cory Ohlendorf, Editor in Chief of Valet.

What’s your favorite reality TV show?

Cory Ohlendorf , Editor ⋯ @coryohlendorf

Today’s edition is presented by

Today’s Big Story

A Steep Hike

Federal Reserve takes swing at inflation with largest rate increase since 1994. What’s it mean for you?

The Federal Reserve escalated its battle against inflation Wednesday, announcing the largest interest rate hike in nearly three decades as the central bank struggles to regain control over soaring consumer prices—and indicated another similar move could be coming next month.

The Wall Street Journal says the move will ripple through the financial world and the wallets of millions of Americans, changing the math on a range of money decisions big and small.

With inflation hitting 8.6% in May, the cost of everything from lawn care and air conditioning to groceries and gas is on the rise. The Fed rate increases are intended to cool the economy and slow the runaway growth in prices and get people to ultimately buy less and let companies catch up with demand.

So what does this mean for you? With the backdrop of rising rates and future economic uncertainty, consumers should be taking specific steps to stabilize their finances—including paying down debt, especially costly credit card and other variable rate debt, and increasing savings, one analyst told CNBC.

Did you know that credit card rates are closely linked to the Fed’s actions? Yep. So consumers with credit card debt (i.e. all of us) can expect to see those rates rise, usually within one or two billing cycles. The average credit card rate was recently 16.73%, according to Bankrate.com, up from 16.34% in March.

And while the Fed has no direct influence on savings deposit rates, they tend to be correlated to changes in the target federal funds rate. As a result, the savings account rates at some of the biggest banks are barely above rock bottom—currently a mere 0.07%, on average. But what it ultimately means for consumers will depend on whether the pace of inflation slows as much and as quickly as the Fed has been forecasting.

↦ Dig Deeper: The Conversation pulls together five things to know about the Fed’s biggest interest rate increase since 1994 and how it will affect you.

Self-Driving Tech Linked to Hundreds of Car Crashes

Tesla accounts for most driver-assist crashes, but safety agency warns data lacks context

The National Highway Traffic Safety Administration on Wednesday released initial data on the nearly 400 crashes since last summer that involved vehicles with various levels of automated driving systems. In these crashes, six people died and another five were seriously injured.

Tesla accounted for 273 crashes, Honda 90 and Subaru 10, with other carmakers reporting five or fewer Advanced Driver-Assistance Systems-equipped crashes. The majority (116) of the reported crashed cars collided with another vehicle, while others involved a “vulnerable road user” such as a pedestrian or cyclist. In total, ADAS-equipped vehicles collided with at least one cyclist, three pedestrians, 20 poles or trees and 10 animals.

According to The Verge, car and tech companies insist these technologies save lives, but more people died in auto crashes last year than in the last three decades. More data is needed to accurately determine whether these new systems are making roads safer or simply making driving more convenient.

Officials cautioned against drawing conclusions based only on the numbers contained in the reports. The NHTSA expects to release new crash data every month in an effort to bring some much-needed transparency to what has previously been a promising but rather opaque technology.

↦ Meanwhile: Ford is recalling 2.9 million vehicles due to a rollaway risk *not* related to self-driving technology.

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Eliminating Chronic Homelessness

Houston got 25,000 people off the streets and into housing. Can other cities follow?

Here's an inspiring story: Over the last decade, Houston (the country's fourth largest city) has mo ved more than 25,000 homeless people directly into apartments and houses. What's more, the overwhelming majority of them have remained housed after two years.

Even judging by the more modest metrics registered in a 2020 federal report [PDF], Houston did more than twice as well as the rest of the country at reducing homelessness. Ten years ago, homeless veterans (one of the categories that the federal government tracks) waited 720 days and had to navigate 76 bureaucratic steps to get from the street into permanent housing with support from social services. Today, a streamlined process means the wait for housing is 32 days.

What did Houston do that other cities haven't been able to accomplish yet? The city said they were able to get this far by collaborating with county agencies and persuading scores of local service providers—the corporations and charitable organizations that often bicker and compete with one another—to row in unison. Together, they've gone all in on ‘housing first,’ a practice, supported by decades of research, that moves the most vulnerable people straight from the streets into apartments (not into shelters).

Since most cities haven't been as successful as Houston, many state governments are now experimenting with legislative approaches to address homeless population. But advocates say these bills are unprecedented and unhelpful because they basically criminalize homelessness.

↦ FYI: According to the latest statistics, one in every 14 Americans will experience homelessness at some point in their life.

Is Reality TV a “Guilty Pleasure”?

A lot of them feel good to watch. And they might actually be good for you too.

Reality TV shows saw a substantial surge in popularity during the beginning of the pandemic and they don't seem to be losing any steam. Experts say viewers have used reality TV to both process how they were feeling during times of lockdown or physical distancing, and as a means of escape, where they could watch people go about their daily lives.

For many Americans, watching so-called lowbrow, mindless reality TV—the type of content that doesn't further our intellect in any tangible way—is just part of our culture, reports Mic. But “just because a TV show is entertaining to watch and feels mindless doesn't mean you're not actively using your brain when watching it.”

In fact, one researcher who studies the psychology of binge-watching, points to several studies which have shown that binging can help us regulate negative emotions and offer us instant gratification. So maybe it shouldn't be considered a “guilty pleasure” ... perhaps it's more like self-care.

I mean, sure, has it gotten a little out of hand? Perhaps. But does it deserve a little more credit than we give it? The BBC thinks so. Even the highbrow paper of record, the Ne w York Times said earlier this year that “reality TV is part of the atmosphere ... it is an entertainment genre and lifestyle, career path and political philosophy.”

↦ FYI: Netflix is planning a Squid Game reality show with a record $4.56 million cash prize.

In Other News

↦ Biden Tells Oil Companies in Letter That Record Profit Margins Are ‘Not Acceptable’

↦ The Late Prince Philip’s Gorgeous Green Land Rover Defender Is Up for Auction

↦ What to Do When You’re Awake Before the Alarm Rings, According to Experts

Other Things We’re Talking About Today

The best bars in America

Ryan Gosling as Barbie’s Ken

Pilates

Partner

Ready to Go the Distance?

A simple, safe and effective solution for lasting longer in bed

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The only thing more embarrassing for a man than not being able to perform in the bedroom is “performing” a little too quickly. That, unfortunately, can be embarrassing or just plain disappointing (for both of you). Of course, this is a common problem. Depending on how experts define it, premature ejaculation affects between one-fifth and one-third of men in the United States.

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What We’re Buying

Just because it's summer doesn't mean you have to say goodbye to your beloved hoodie. This Beams Plus khaki-colored sweatshirt is quite the steal at the moment. The summer-weight fabric is garment-dyed with a classic kangaroo pocket. It's light enough for sunny days and doubles as an outerwear piece, so you don't have to worry about the hassle of carrying around a jacket all day. Of course, your price-per-wear will decrease even further come fall as this would be the perfect layering piece underneath heavier coats.

↦ Get It: $85 / $43 by Beams Plus