Good morning, Quartz readers!
What to watch for today and over the weekend
Janet Yellen delivers a key speech in Chicago. Today will be the Fed chairwoman’s last chance to shift market expectations before a mid-March Fed meeting. Investors will look for hints on whether higher interest rates might be announced.
Nintendo launches its hybrid Switch console. The highly anticipated mobile gaming platform—the company’s biggest bet in years—is expected to be in short supply. But it may be better to wait before buying one: Early reviewers have found some bugs, and there are relatively few titles available.
Northern Ireland tries to break a political deadlock. Votes from a snap election are now being counted after the region went to the polls yesterday for the second time in 10 months. A continued deadlock could see devolved power revert to London for the first time in a decade.
While you were sleeping
The world’s top advertising company reported record revenue in 2016. But London-based WPP, home to agencies like Ogilvy & Mather and clients like Ford, warned the year ahead could be difficult (paywall). It cited a mixed economic outlook for the UK and political uncertainty in Western Europe’s leading economies.
Spotify hit 50 million paid subscribers. The streaming music service said it grew 25% in less than six months, extending its lead over its closest rival Apple Music, which had about 20 million subscribers in December. Stockholm-based Spotify remains unprofitable, but its rapid growth provides some hope for the music industry.
Consumer prices in Japan rose for the first time in over a year. The Bank of Japan received help in its fight against deflation from the rising price of oil worldwide. The 0.1% gain in January from a year ago was modest—and the inflation goal of 2% is still far off—but it will fuel speculation about when the central bank might nudge up its ultra-low interest rates.
The biggest pension fund in the world posted its best-ever quarterly gain. Japan’s Government Pension Investment Fund returned 8%, or $92 billion, in the final quarter of 2016. It was helped by the strong performance of Japanese stocks, and by a drop in the yen that boosted overseas assets.
Quartz obsession interlude
Amy Wang on the alchemy of the perfect pop song: “Rarely does Max Martin, the elusive Swedish songwriter and producer responsible for the bulk of the world’s smash pop hits in the last two decades, give interviews. When he does, they’re revelatory.” Read more here.
Matters of debate
India’s GDP numbers are highly suspect. The stately progress of the economy appears to have been completely unaffected by the chaos of demonetization.
The Trump administration is better off buying a Muslim registry than building one. Data brokers can sell personal information, including religious affiliation, thanks to a legal loophole.
Killing free trade will rob the world of a highly effective deterrent to war. History shows that trade deals are not just about economics.
Surprising discoveries
Wild elephants sleep just two hours a night. The pachyderms spend most of their time feeding a massive hunger.
Netflix’s DIY personal trainer makes you work for your binge-watching. The device gives you encouragement from your favorite characters.
Leasing a dog is a terrible idea. Companies like Wags Lending let you avoid upfront payments but charge exorbitant interest rates.
The Deepwater Horizon oil spill led to the discovery of 60 new species. BP hired scientists to scour the area during the cleanup.
Nintendo’s Switch cartridges taste terrible. The games are coated in a bitter, non-toxic substance so kids don’t choke on them.
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