🌍 The Beyoncé Effect

Plus: Did CLOP strike again?

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Photo: Buda Mendes (Getty Images)

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Here’s what you need to know

A global cyberattack struck US government agencies. The vulnerability was similar to the one exploited by the Russian hackers known as CLOP against the BBC and British Airways last week, but it’s unclear if the same group is responsible for the latest hit.

Beijing is betting on monetary stimulus tools. China’s government is opting for rate cuts to rejig its economy, but there’s little evidence that the policy changes will do the trick.


Nigeria’s currency recorded a historical plunge. The central bank’s move to freely float the naira sent it spiraling 36% on the official market to 750 per US dollar.

Music publishers are suing Twitter over copyright infringement. They seek $250 million in damages from violations affecting 1,700 songs.


Sweden’s inflation shows the Beyoncé Effect

Queen Bey’s concert in Stockholm put Sweden’s economy in a tizzy.

The BeyHive flocked from all over the world for Beyoncé’s two shows in mid-May, taking advantage of the weak Swedish currency and cheaper ticket prices compared to other countries (cough cough Ticketmaster).

All in all, the concert days probably accounted for 0.2 of the 0.3 percentage points added to the country’s 9.7% inflation in May, thanks to hotel and restaurant prices. Honestly, if anyone could affect the inflation numbers of an entire country, it’d be Beyoncé.

Quotable: The Fed now predicts a soft landing

“We have been seeing the effects of our policy tightening on demand in the most interest rate sensitive sectors of the economy, especially housing and investment. It will take time, however, for the full effects of monetary restraint to be realized, especially on inflation.”


—Fed chair Jerome Powell in a press conference on Wednesday. The Federal Reserve has changed its mind about the US hitting a recession this year.

Origin story: The Body Mass Index

The Body Mass Index, used since the 1970s as the main metric to measure healthy weight, was developed by Belgian mathematician Adolphe Quetelet in the 1830s using data from—you guessed it—European white men.


Unsurprisingly, that has made the BMI inherently racist and sexist. But it wasn’t until this week that the American Medical Association finally acknowledged these issues, officially warning doctors to use the BMI with caution. Read more about the AMA’s decision.

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