Friday's Fast Five: Week of 10.21
A Text Scam Called ‘Pig Butchering’ Cost Her More Than $1.6 Million (The Wall Street Journal): Three months after beginning a conversation with the person who texted her, Ms. Yan had lost more than $1.6 million, the victim of a wave of messages that have flooded onto mobile devices this year via text message and social media, according to law-enforcement officials.
UK Prime Minister Liz Truss resigns after failed budget and market turmoil (CNBC): U.K. Prime Minister Liz Truss resigned Thursday following a failed tax-cutting budget that rocked financial markets and which led to a revolt within her own Conservative Party.
China's shifting economic storyline (Axios): Xi Jinping's third term ruling China won't be based on generating the kind of economic growth that defined the world economy in recent decades.
Why Housing Can Skew Inflation Numbers (The Wall Street Journal): Housing is one of the most weighted categories when tracking inflation, but it's also one of the most complicated to measure. WSJ’s David Harrison explains how the shelter index is calculated, and why it can muddy the inflation outlook for the Fed.
Will California Lead the Country—or Just Alienate Business? (Barron's): As California veers left, it is becoming a test case: Is it a blueprint for the rest of the country, pulling the nation to the left in areas like labor rights, healthcare, and environmental standards? Or is California progressivism generating a backlash that will only create openings for Texas and other conservative states to attract more business and human capital?