Happy morning, Munchers! 🙏

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 5 minutes and 7 seconds.

That's less time than it takes for the Bank of England to warn of a recession, Moderna sales to evaporate, and Elon Musk to chip-chop Twitter's employees. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Portfolio managers (ie the big boys) at top hedge funds are warning that pain is to come.

• The British Pound dropped hard as their central bank gets ready to slow down with rate hikes in front of a very aggressive Fed.

• Almost everything is pointing to higher rates to come out of the US. 😱

Story Roundup

1 - Bank of England tightens belts by 75 bips. 🎯

The UK economy seems to be burning the candle at both ends.

Interest rates were just bumped up by 0.75% to a flat 3% - the BoE's most aggressive act to tame rampant inflation in over 30 years.

Words from their governors basically boiled down to one thing. Times are tough, and a long recession is ahead.

They also issued some strong guidance that the central bank wouldn't be hiking rates aggressively anytime soon. If you slam the brakes hard on a cooling economy, you're bound to cause a crash.

Inflation needs to be tamed quickly, without making life difficult for the average Brit.

Balancing on a knife's edge. 🔪

2 - COVID is away, and Moderna is looking grey. 💉

When the COVID wave came in, it filled up vaccine makers' bank accounts.

But cities are reopening, tourism is roaring, and life is getting back to normal.

And this is harming vaccine makers around the world.

Moderna just announced that their revenue is gonna come in 10% lower due to canceled orders for $2 billion of vaccines.

According to executives, they're experiencing a lot of pain points in their supply chain.

COVID jabs are starting to bite back. 🦠

3 - Elon Musk chops up Twitter's workforce. 🔪

Elon has a game plan for Twitter, and it's looking pretty dark for some.

He's looking to slash almost 4k jobs at Twitter. That's more than 50% of the company, and it's all in a big move to cut costs.

Policies surrounding work-from-home are also getting scrapped. If you work at Twitter, you've gotta be back in the office starting next Monday.

These job cuts are expected to come out today, under the guise that it's gonna make Twitter 'healthy'.

Pretty grim. 💀

4 - Bad guys fire shots at Pakistan's PM. 🔫

Shockwaves were sent through one of the world's largest countries as Pakistan's PM got shot in an assassination attempt.

This happened at a rally in Punjab - where an assailant fired a few shots at him and landed a few in his shin.

He's currently safe. They took him to a hospital where he got stitched up, but he looks to be alright for now.

One person got arrested, and it's super deserved.

Here's a video of the way stuff unfolded.

Pretty sad to see.

5 - Deloitte axes their senior leaders. ⚔️

Deloitte is shuffling their deck up.

They just fired 8 of their 16 UK senior partners, and put 8 new ones on.

A lot of people have called them out because females are now just 27% of the executive committee.

It looks like these changes have been driven by a desire to switch the old out, and sub the new in.

All of the people that got put at the top are younger than the ones that left - which means that there might be newer candidates ready to run for the CEO role of Deloitte when the time comes.

Interesting times. 🤔

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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