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The Federal Reserve’s influence on the economy is immense, and often misunderstood. President of the San Francisco Fed Mary Daly gives an exclusive, firsthand look into the central bank’s daily decision-making, explaining how the Fed’s policies, at both the regional and national level, ripple through society. From housing prices to immigration’s impact on labor, Daly weighs the major factors shaping the U.S. economy. As political and market pressures mount, she reflects on what it means to lead with discipline and data, and what every business leader can learn from the Fed’s balancing act. This is an abridged transcript of an interview from Rapid Response, hosted by t…

Hannah Alsark says that Adobe’s top clients—the owners of some of the most protected, most valuable brands and IP in the world—had a stark message for the company regarding Firefly, its generative AI engine: They wanted more, and they wanted better. “They told us they actually needed models that understood all their products, all their brands, their creative direction,” says Alsark, Adobe’s VP of GenAI New Business Ventures. “They have characters, they have particular motion styles, and they needed us to train on that.” Firefly—which uses prompts to create assets across all Adobe’s vector, bitmap, and motion apps—couldn’t do this because it doesn’t understand bra…

Get ready to hurry up and wait. As delays and cancellations continue to pile up at the nation’s busiest airports during the weeks-long government shutdown, some travelers who have been anticipating extra headaches are hedging their bets with extra insurance protections. According to data shared with Fast Company from the price comparison service InsureMyTrip, 10% of travel insurance policies purchased in September and into October have included “cancel for any reason” (CFAR) coverage. That’s the highest percentage of the year so far and above the average of 8% seen from January through August, InsureMyTrip says. The additional protection, which can incr…

Apple stock just soared to an all-time high, and it might be thanks to the new iPhone 17. On October 20, Apple shares (NASDAQ: AAPL) surged to more than $264 apiece, topping out their last peak at $258.10 in December 2024. As of this writing, the company is trading up 8% since the start of the year and more than 11% year-over-year. The spike appears to be a reaction to a study published today by the technology market research firm Counterpoint. According to the report, the iPhone 17 series has outsold the iPhone 16 series by 14% in its first 10 days of availability in the U.S. and China. While the numbers are not yet official (Apple is expected to share more d…

In a stunt that’s surely destined for Netflix adaptation, this weekend a group of thieves broke into the Louvre in broad daylight and stole nine pieces of priceless jewelry in less than seven minutes. Prediction markets are already betting on whether the robbers will be caught. Prediction markets, including popular sites like Polymarket and Kalshi, are platforms dedicated to betting on current events including elections, sports events, and even cultural moments. In the past, they’ve been used to gamble on the next pope, the incoming editor of Vogue, and even whether the “Coldplaygate” couple would each get a divorce. Now, as French police desperately search for th…

How do modernist transportation planners recommend handling congestion? By recommending new vehicle lanes. What happens when you build new vehicle lanes to handle traffic congestion? The vehicle lanes fill up with more traffic congestion. As they themselves have said for decades, you cannot build your way out of congestion. But every week you can do a quick internet search to see a bunch of new attempts. ‘Induced demand’ I’ve been hearing planners and engineers say “we can’t build our way out of congestion” since the 1990s, when I began my career. The wonky term that describes why adding more lanes doesn’t eliminate congestion is “induced demand.” Transportation p…

China likes to condemn the United States for extending its arm too far outside of its borders to make demands on non-American companies. But when it sought to hit back at the U.S. interests this month, Beijing did exactly the same. In expanding export rules on rare earths, Beijing for the first time announced it will require foreign firms to obtain approval from the Chinese government to export magnets containing even tiny amounts of China-originated rare earth materials or produced with Chinese technology. That means a South Korean smartphone maker must ask for Beijing’s permission to sell the devices to Australia if the phones contain China-originated rare earth mater…

A popular frozen food producer has recalled nearly 92,000 pounds of breakfast burrito and breakfast wrap products that contain eggs due to a risk of contamination with Listeria monocytogenes. The ready-to-eat burritos and wraps were recalled after the producer, M.C.I. Foods, discovered a positive Listeria result while doing routine testing on scrambled eggs from external suppliers, according to a recall notice posted by the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS). The recall impacts multiple brands supplied by M.C.I. Foods, including some that contain branding from the popular Minions animated franchise. The California-base…

U.K. banks and government tech systems going down. University students in Australia struggling to complete their coursework. Homes across Europe losing access to their Ring doorbells. While you were sleeping, large parts of the Amazon Web Services (AWS)-based internet went offline around the world. According to the AWS outage monitor, the problem stemmed from a misconfiguration of Domain Name System (DNS) resolution within the company’s cloud infrastructure. The problem was remedied within three hours of being encountered—by people unable to log onto Roblox or search the web with Perplexity. But the outage highlights just how much the web’s day-to-day function…

French luxury goods company Kering said Sunday it is selling its beauty division to L’Oreal for 4 billion euros ($4.66 billion). Under the agreement, Clichy, France-based L’Oreal will acquire the House of Creed high-end fragrance company as well as licenses to create beauty and fragrance products for Kering brands like Gucci, Bottega Veneta and Balenciaga. The companies said they will establish a strategic committee to ensure coordination between Kering brands and L’Oréal. Kering and L’Oréal said they are also exploring joint business opportunities in the wellness and longevity market, combining L’Oreal’s innovation with Kering’s deep understanding of luxury clients. T…

On a recent weekday in Aspen, Colorado, Stu Landesberg stood with a group of firefighters on a mountainside and watched a drone take off and fly toward a simulated fire. The drone detected the “hotspot”—a pile of ice, since wildfire risk was too high that day for real flames—and then aimed and blasted it with fire suppressant. The test flight was one of thousands that Landesberg’s startup, Seneca, has run while operating in stealth mode over the last several months. The company officially launched today, announcing that it has raised $60 million. It aims to reshape wildfire response—and help protect wildfire-prone communities in a way that hasn’t been possible until n…

One of the stocks with the highest surges in premarket trading this morning is Beyond Meat, Inc. (Nasdaq: BYND). As of the time of this writing, shares in BYND are up a staggering 67% before the opening bell. But what’s driving this surge? Here’s what you need to know. Beyond Meat’s recent struggles Today’s premarket stock price jump follows a significant rally on Friday for Beyond Meat, the California-based producer of plant-based meat alternatives, whose shares closed up more than 24% to end the trading week at 64 cents per share, according to data from Yahoo Finance. The stock price surge, which is now in its second trading day, may come as a surprise t…

The week is not off to a great start for much of the internet. In the early hours of the morning Pacific time, internet users around the world began experiencing issues with accessing various apps, websites, and platforms. Shortly after, a culprit emerged: Amazon Web Services (AWS)—or, more specifically, an outage at Amazon’s cloud computing platform. Here’s what you need to know about the AWS outage and what websites are affected. What’s happened? At around midnight Pacific time, internet users around the globe began experiencing issues accessing high-trafficked parts of the internet. Websites like Reddit, services like Lyft, and even apps from resta…

Hello and welcome to Modern CEO! I’m Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company. If you received this newsletter from a friend, you can sign up to get it yourself every Monday. Gregg Renfrew is back. Four years after the entrepreneur sold her clean skincare and cosmetics brand Beautycounter to The Carlyle Group in a deal valued at $1 billion—and more than a year after she and the private equity firm shut down the company amid falling sales—Renfrew today is officially laun…

Over the past few years, business leaders have lived through a masterclass in volatility. A global pandemic, supply chain breakdowns, surging cyberattacks, economic whiplash, and now the rapid acceleration of artificial intelligence have reshaped markets in unpredictable ways. For many executives, resilience once meant little more than business continuity planning: extra servers, backup systems, and insurance policies. But the world we lead in today demands more. Resilience is no longer just about defense—it’s about growth. The organizations that thrive amid disruption are not those with the strongest walls, but those with the most flexible foundations. They are a…

Layoffs might make headlines, but the real measure is how leaders support the remaining employees. Layoffs are undeniably challenging for good reason. However, it’s what leaders do in the aftermath that determines whether a culture fractures or recovers. I’ve led workforce complex reductions at Amazon, Microsoft, startups, and PE-backed firms. While every situation was unique, the same pattern appeared each time. It wasn’t necessarily the layoff that broke the culture. It was the leadership response. Layoffs disrupt the culture and impact more than just headcount. I’ve watched talented, engaged employees turn quiet and withdrawn after layoffs. Not because they sto…

The difference between OpenAI and Anthropic has never been clearer. OpenAI is constantly in the news with a new consumer app or feature, and is being billed as the next great consumer tech platform. Most recently it made news by offering a social network around its Sora image generator, and even says it plans to allow NSFW content on ChatGPT. Anthropic, meanwhile, has chosen a different path. The company stresses that because it gets most of its revenues from businesses and developers, it’s not trying to capture the mass market, and it’s not terribly concerned about how long users spend on its platform every day. “We are interested in our consumer users to the degree…