Happy morning, Munchers! 🙏

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 51 seconds.

That's less time than it takes for US inflation to start coming back down, Tether to get untethered, and Elon to ruin the mood for everyone at Twitter. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Markets absolutely RIPPED. Full stop.

• Cooling inflation was the trigger for investors to throw dry powder into markets.

• Stonks are back up, oil is back down. The world is healing. 😇

Story Roundup

1 - American inflation is on it's way down. ⬇️

It looks like inflation is easing.

Yep, that's right. The problem that's plagued us all for so long might be going away soon.

US inflation data came in at a 7.7% - marking a big, big milestone in the fight against a surging cost of living.

But that's not what moved markets.

Core CPI (excluding volatile stuff like food and energy) barely rose from the previous month. Direct effect on us will be slower monetary tightening by the Fed, which means that million-dollar monkey JPEGs might be back in style.

Markets are now pricing in an interest rate increase of 50bps instead of the 75bps mentioned earlier.

Sign of the times. 🤷

2 - Tether loses it's peg to the Dollar. 💸

FTX's crumbling empire has spread it's contagion all over the crypto markets.

A token called Tether (USDT) is an important link in the crypto world.

Anyone with US dollars can park them in Tether, which is pegged to maintain it's price at $1.

The problem? Redemptions are soaring.

Tether just processed over $800 million in withdrawal requests and briefly lost it's peg to the Dollar before correcting again.

The last time something like that happened, the whole world of Web3 was shaken.

This is our weekly once-in-a-lifetime event. 🤣

3 - Elon Musk says bye-bye to work from home. 💻

The new boss is a pretty strict guy.

Elon Musk just sent out his first email to Twitter employees, and it ain't looking pretty.

He just banned work-from-home and told everyone all about the intense work that needs to be done if Twitter wants to spread it's wings again.

Employees now need to be in office 40 hours a week, or find new employment.

That's a big U-turn from his predecessor Parag Agrawal, who said that work-from-home was implemented forever at Twitter.

Weird world we live in. 🚀

4 - Zomato pleases both dal street and Dalal Street. 🚲

Zomato seems to be on quite a rocket ship.

They just halved their net losses and saw a 60% jump in revenue in a time when most hyper-growth businesses have lost a lot of steam.

Losses stand at just $20mn, from $53mn a year back and top line revenue is now sitting at $206mn.

Their food delivery business is growing bit-by-bit and it's reflective of strong consumer balance sheets despite a time when all hell seems to be breaking loose.

Quick-commerce might be back in style. 🎯

5 - UK railways derailed by more strikes. 🚂

If you want to see the state of the UK, try taking a train out there.

12 operators across the UK will face more disruption as trade unions that rep drivers have decided to strike for higher pay.

British inflation is well into the double digits, and life is pretty hard for the Average Joe.

The head of these train unions said that employers wanted drivers to take a pay cut in real terms, which is why they aren't bumping salaries up.

Looks like this is gonna keep chugging on. 💀

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Hope you enjoyed this issue of the Market Munch. If you've got any feedback - good or bad (😏) you can hit reply to this email. Thanks a ton for reading!

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Cheers, and have a lovely day. 🙏

Aryaansh