Good morning, Quartz readers!
In yesterday’s email, we incorrectly reported that Donald Trump’s proposed budget was for $4.4 million. That was hugely, horribly wrong—the correct number is $4.4 trillion.
What to watch for today
Markets walk a tightrope on inflation and VIX data. The US consumer price index is expected to show a slight downtick, rising 1.7% in January versus 1.8% in December, but any surprises could trigger another big market sell-off. Separately, monthly options will expire for the closely watched CBOE Volatility Index, making bigger swings more likely.
Boris Johnson’s Brexit valentine. The UK foreign minister will deliver a speech that sets out a new liberal vision for post-Brexit Britain, as the government tries to win over people who voted to remain in the European Union.
While you were sleeping
Israeli police recommended charging Benjamin Netanyahu with bribery. The prime minister may be indicted for two separate scandals: Receiving expensive gifts from wealthy businessmen and a scheme to guarantee positive coverage from the country’s biggest newspaper. Prosecutors may take months or years to consider the recommendation.
Jacob Zuma refused to step down. The ruling African National Congress is giving the president 48 hours to resign, or face a no-confidence vote in parliament. Zuma, who faces a number of corruption charges, has demanded a three- to six-month “notice period” before he leaves office.
The US acknowledged a deadly battle with Russian fighters in Syria… Dozens of Russians, allegedly fighting as mercenaries for the Assad regime, were killed by a US air strike as they attempted to storm a base held by US allies. The Russian government denied any involvement in the attack.
… As US intelligence agencies warned of Russian meddling in the 2018 elections. National intelligence director Dan Coats told lawmakers “there should be no doubt” that Moscow will attempt to use “propaganda, social media, false-flag personas,” and other methods to “exacerbate social and political fissures.”
The new Fed chair vowed to proceed with interest rate hikes. Jerome Powell, whose first days in office have been marked by wild stock market swings, said the US central bank would continue “gradually normalizing both interest rate policy and our balance sheet.” Fears of higher rates have been a primary driver of market sell-offs.
Quartz obsession interlude
Dan Kopf on the foolish strategies people use to pay down credit card debt: “The best way to pay off credit card debt is simple. If you can’t pay the full balance for all the cards, pay the minimum monthly payment for each, and then devote the rest to repaying the card with the highest interest rate … Very few people do this.” Read more here.
Matters of debate
Nobody knows what’s causing stock meltdowns. Understanding why something happened in the market is only slightly easier than understanding the meaning of life.
“Smart cities” are a pipe dream. Gadgetry won’t necessarily make urban living more affordable or resilient.
South Africa’s crisis could taint an entire continent. If it fails to recover, cynicism about Africa will spread across the rest of the world (paywall).
Surprising discoveries
Bed bug excretions linger for months. Even after extermination, infested homes have sky-high levels of allergy-causing histamine.
A scientist captured an impossible photo of a single atom. The award-winning image shows a glowing strontium atom suspended in an web of lab machinery.
China banned penguin-touching in Antarctica. Ill-mannered tourists have been flocking to the continent.
A small town in Washington still uses wooden money. Tenino’s Depression-era wooden banknotes can be spent in town, but most are hoarded by collectors.
Robots had their own Winter Olympics in South Korea. Eight teams sent autonomous humanoids down a 70-meter ski slope, with very mixed results.
Our best wishes for a productive day. Please send any news, comments, wooden currency, and skiing robots to hi@qz.com. You can follow us on Twitter for updates throughout the day or download our apps for iPhone and Android. Today’s Daily Brief was written and edited by Sangeeta Singh-Kurtz and Adam Pasick.