Morning Report: TikTok CEO faces Congress
The CEO of TikTok heads to Capitol Hill today to answer questions from Congress. Many of these questions will have to do with the data TikTok gathers and how it is used. Some politicians believe the app is a threat to national security. In an effort to justify staying in the United States, the app will rely on business owners who use the TikTok to make money.
The Federal Reserve continued its fight against inflation. Despite worries about what higher rates could do to the fragile banking systems, the Fed raised its key interest rate a quarter-percent. Fed Chair Jerome Powell said the U.S. banking system is sound and resilient. However, he did warn that banks could tighten up on lending due to the crisis.
Stocks plummeted after the Fed raised rates.
The DOW, NASDAQ and S&P 500 all dropped by 1.6%.
Freshpet and Petco health are launching a subscription meal program for dogs. The companies will produce and deliver customized subscription meal plans to pet owners in more than a dozen states before expanding the partnership nationwide later this year.
As employees return to the office, eating utensils have been vanishing from workspaces worldwide at shockingly high rates. The Wall Street Journal reports nearly 60% of professionals in the U.S. and Canada said their workplaces made environmentally friendly changes in the past three years. According to a 2021 poll by Captivate, these changes include substituting single-use plastic cutleries with reusable ones.