Good morning, Quartz readers!
What to watch for today
The Bank of England marks a dubious milestone. The central bank is expected to keep its benchmark rate at 0.5%, which means it has gone seven straight years without doing much of anything. Separately, the South African central bank is expected to boost rates to 7%, to bolster the economy and the rand.
Australia and Sweden count recent jobless claims. Unemployment rose to 6% in Australia in January and is forecast to be about the same for February. Sweden’s jobless rate is expected to decrease slightly.
Earnings: Adobe is expected to post a major quarterly revenue increase thanks to its cloud computing business, with analysts forecasting a 20% increase to about $1.34 billion. The German airline Lufthansa should also report healthy profits due to low oil prices.
While you were sleeping
The Federal Reserve decided not to hike interest rates. Officials had projected four rate hikes in 2016, but cut that number to two due to global economic turmoil. The Fed, finally recognizing that deflation is the biggest threat to the economy, also scaled back its expectations for growth and inflation.
Obama nominated Merrick Garland to the Supreme Court. Garland is a centrist appeals court judge who is highly regarded in Washington, even among the Republicans who have vowed to block any Obama nominee. The US president is essentially daring conservatives to compromise.
Brazilian president Dilma Rousseff named her scandal-tainted predecessor as chief of staff. Appointing Luiz Inácio Lula da Silva to a cabinet position gives him immunity from a widening corruption scandal—but is also likely to further inflame the millions of people calling for her ouster.
Britain decided to introduce a sugar tax on soft drinks. The levy, which has delighted health campaigners and angered soda makers, will go into effect in two years. It promises to reduce rates of obesity and diabetes in the UK, and raise £500 million a year in tax revenue.
The biggest US coal miner warned of possible bankruptcy. Peabody Energy would be the latest in a string of major coal producers to seek bankruptcy protection. The industry is struggling as cheaper and cleaner natural gas is used in more power plants.
Quartz obsession interlude
Soraya Chomaly on the implications of leaving out women of technological design. “Games, virtual assistants and health trackers may seem trivial, but they reflect the dominant model not just for what we build, technically, but how we know and understand the world; how we frame problems and find solutions.” Read more here.
Quartz markets haiku
Fed doves are aloft
Soft spring air full of promise
Matters of debate
The only effective weapon against terror is empathy. That means caring about all victims equally.
A cashless society has a lot of benefits, but one massive drawback: Government control on our wallets.
Fitness trackers could be dangerous to your health. They can exacerbate eating disorders and put users at risk of overuse injuries.
Surprising discoveries
A punk scion is setting $7 million worth of memorabilia on fire. He is protesting cultural appropriation by mainstream figures like Queen Elizabeth.
A prominent ad agency is trying out a radical new idea: a 40 hour work week. Wieden + Kennedy, famous for its work with Nike, was nicknamed “Weekend + Kennedy.”
Our brains have neurons solely devoted to music. The specialized neural circuits only light up when exposed to melody and rhythm.
Americans are ordering Egg McMuffins as side orders at lunch and dinner. All-day breakfast is gift that keeps on giving for McDonald’s.
Russian authorities are investigating a Calvin Klein ad for “gay propaganda.” The commercial shows two men lying on a pink bed.
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