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Citigroup’s Fraser, JPMorgan’s Dimon Warn of Economic Risks as They Head to Capitol Hill [Bloomberg]
Citigroup’s Jane Fraser said in her written testimony for the House Committee on Financial Services that “the worst of Covid may be behind us, but the economic challenges we face are no less daunting.” JPMorgan’s Jamie Dimon wrote that the “US economy today is a classic tale of two cities,” with competing headwinds and tailwinds that make it “challenging to predict the future….” The CEOs said they’re providing help to consumers.

Jerome Powell’s Inflation Whisperer: Paul Volcker [WSJ]
“We must keep at it until the job is done,” Mr. Powell said, invoking the title of Mr. Volcker’s 2018 autobiography, “Keeping At It….” Without explicitly predicting a recession, officials have made clear their willingness to tolerate one. Mr. Powell has stopped talking about a so-called soft landing, in which the Fed slows growth enough to bring down inflation without causing a recession, except when asked. Instead, he has framed the Fed’s objective of bringing down high prices as an “unconditional” obligation and warned of even worse consequences for employment later if the Fed does not defeat inflation now. “We can’t fail on this,” Mr. Powell told lawmakers this summer.

Asia’s World City Might Reopen to the World, Finally [WSJ]
Visitors to the city currently need to quarantine in a hotel upon arrival for three days at their own expense, followed by four days of self-monitoring. That could be replaced by seven days of self-monitoring, according to the reports…. With much of the world outside of China already fully reopened, the city’s status as an international business hub is under threat from regional competitors like Singapore. Scrapping hotel quarantines could help placate some foreign businesses, more of which might leave the city if stringent travel restrictions continue indefinitely.

FTC probes Amazon's $1.7 billion acquisition of Roomba maker iRobot [CNN]
In addition to the iRobot deal, the FTC has also sent a second request on Amazon's proposed acquisition of health care provider One Medical for $3.9 billion…. Last month, the FTC announced it is considering drafting new regulations for US businesses that could limit how they collect, use and share consumers' personal information. The regulations could affect companies across the economy, including Amazon.

Twitter to depose Elon Musk next week [CNN]
The company's lawyers will also depose Musk lieutenant Jared Birchall and lawyer Alex Spiro in the coming days…. Musk claims he terminated the agreement over concerns about Twitter's representations about bots and user numbers on its platform — and later also cited [former Twitter security head Pieter] Zatko's allegations. But Twitter accuses him of using those issues as pretexts to get out of a deal he developed buyer's remorse over when the market declined shortly after the deal was signed.

Jeffrey Gundlach says bonds are ‘wickedly cheap’ compared to stocks — and offers one way to get a 9% return without much risk [MW]
“[The Fed] started partying — which is a euphemism for tightening — one shot, two shots, back-to-back three shots, and now three more … like dude, have a water, you know? Slow down….” He says that’s what the bond market is saying with inflation running at between 8% and 9%. “Why is anyone buying a 3.50%-ish 30-year Treasury? The only logic that squares the circle is that inflation will overshoot to the downside.”

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