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   Daily Brew // Morning Brew // Update
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     Cracker Barrel’s new logo tanks its stock...
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             August 22, 2025
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               Happy Friday.
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              This week marks the two-year anniversary of us adding the Word of the Day section to the bottom of the newsletter. We hope it’s helped you add a cool new word or two to your vocabulary—and not just made you realize you’ve been using “ambivalent” incorrectly your entire life. (It means “to have mixed or conflicting feelings.” It doesn’t mean “indifferent.” Don’t shoot the messenger.)
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               —Sam Klebanov, Matty Merritt, Brendan Cosgrove, Adam Epstein
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               MARKETS
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                  Nasdaq
                 </p>
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                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  21,100.31
                 </p>
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                     -0.34%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
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             </td>
            </tr>
            <!-- END Nasdaq -->
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                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  S&amp;P
                 </p>
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                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  6,370.17
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
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                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     -0.40%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END S&P -->
            <!-- Dow -->
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                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NTU4NTU2ODYuMDMxMzk5M30:1upOH0:wsogVmjiTPdUsUeqyjut0_-NmKcXqJrSBcE6shCbWj8" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  Dow
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  44,785.50
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
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                   <td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     -0.34%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END Dow -->
            <!-- 10-Year -->
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             <td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
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                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F6097ec1c26b17401a61bfbfe4440c75ebfea1886-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NTU4NTU2ODYuMDMxNDk4fQ:1upOH0:FczmNW6iYds7M_Yg4awVV_cpGoYT_pYzF6jp95XJ0MY" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  10-Year
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  4.330%
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
                  <tr>
                   <td style="background-color:#28d31a4d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     +3.0 bps
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END 10-Year -->
            <!-- Bitcoin -->
            <tr>
             <td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
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                <td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NTU4NTU2ODYuMDMxNTk4M30:1upOH0:PHhR2JNJRS3hkESPvX0gQYcJ3LMOBFf2uGr1ZVhEpoE" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  Bitcoin
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  $112,156.62
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
                  <tr>
                   <td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     -1.75%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END Bitcoin -->
            <!-- Walmart -->
            <tr>
             <td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse" width="100%">
               <tr>
                <td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NTU4NTU2ODYuMDMxNjk1Nn0:1upOH0:u9wAfruN-uZ2YryH9qkLGBbjKGFSzMMhd154h-b3hjM" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  Walmart
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  $97.96
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
                  <tr>
                   <td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     -4.50%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END Walmart -->
            <!-- START REGULAR TEXT -->
            <tr>
             <td style="padding:3px 15px 10px">
              <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-collapse:collapse;font-size:13px">
               <tr>
                <td style="padding-right:4px">
                 Data is provided by
                </td>
                <td style="margin:0;padding-right:5px">
                 <a style="display:block" target="_blank">
                  <img height="16px" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F61a0dac0b53d6766459afdca784ae8fe604f17ed-720x102.png%253Fh%253D32%2526q%253D100%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NTU4NTU2ODYuMDMxNzk3Nn0:1upOH0:0udFnTBj6IVL0UD0X6fDvUrN2IwwDzTLmPwUV5AjG0g" style="vertical-align:middle;height:16px;display:inline"/>
                 </a>
                </td>
               </tr>
              </table>
              <p style="text-align:left;margin:0;padding:0;font-size:13px;line-height:22px">
               *Stock data as of market close, cryptocurrency data as of 4:00pm ET.
               <a class="link-sm" rel="noopener" style="color:#333;border-bottom:1px solid #1c7ff2;text-decoration:none" target="_blank">
                Here's what these numbers mean.
               </a>
              </p>
             </td>
            </tr>
            <!-- END REGULAR TEXT -->
            <tr>
             <td style="mso-padding-alt:0px 15px 15px 15px;padding:0 15px">
              <ul style="margin-top:0;padding-left:30px">
               <li style="margin-bottom:10px;line-height:22px">
                <span>
                 <strong style="color:#000">
                  Markets:
                 </strong>
                </span>
                <span>
                 Stocks fell yesterday for a
                </span>
                <span>
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  fifth straight day
                 </a>
                </span>
                <span>
                 amid a broad selloff in tech over AI fears. The focus will shift to Fed Chair Jerome Powell today as he gives a high-stakes speech at a conference in Wyoming (more on that below). Elsewhere, Walmart slipped after its quarterly profit failed to meet Wall Street’s expectations.
                </span>
               </li>
              </ul>
              <div style="display:none">
              </div>
             </td>
            </tr>
            <tr>
             <td style="mso-padding-alt:0px 20px 15px 20px;padding:0 20px">
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               <p style="margin-top:0;margin-bottom:0;line-height:22px">
                <strong style="color:#1c7ff2;font-size:16px">
                 Markets Sponsored by State Street Investment Management
                </strong>
               </p>
               <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                 Discover DIA
                </a>
                —the only ETF that tracks the Dow—and tap into liquid exposure to
                <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                 30 blue-chip US stocks
                </a>
                .
               </p>
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          </th>
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      <!-- STORY ARTICLE -->
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            ECONOMY
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                 All eyes on Powell’s swan song speech
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               <img alt="Fed Chair Jerome Powell" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F69e466b31089788118034fd1955997eabcb696c8-1500x1000.jpg%253Fw%253D668%2526q%253D70%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NTU4NTU2ODYuMDMxODk5Mn0:1upOH0:isS5NOghiC3Gr322GWIqan-OKr7ysSDbuyubtd3zLJA" style="width:100%;max-width:670px;display:block" width="670"/>
              </a>
              <p style="margin:0;padding:0;line-height:22px">
               <span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
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                 <em>
                  Chip Somodevilla/Getty Images
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                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Jay Powell won’t have to tap a glass with a knife to get everyone’s attention before his highly anticipated speech at the Fed’s annual economic symposium today in Jackson Hole, Wyoming.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Wall Street will dissect every sound bite and eyebrow twitch for hints about whether the Fed
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  intends to slash interest rates
                 </a>
                 next month. But that’s far from the only reason why his wonkfest address will hit different this year. It’s all but certain to be Powell’s last Jackson Hole speech as Fed chair, since his term ends next spring.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Powell takes the podium amid internal divisions at the Fed over interest rates as a cooling job market and the threat of inflation induced by President Trump’s tariffs complicate the central bank’s decision on rates.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 The odds of a rate cut currently stand at 74% ahead of Powell’s speech, down from 92% last week, per the FedWatch tool that investors use to bet on interest rate moves.
                </p>
                <h2 style="color:#000;margin:0 0 15px;font-family:Helvetica,Arial,sans-serif;font-size:19px;font-weight:700">
                 It's all about balance
                </h2>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Analysts will be watching for any shifts in how Powell talks about balancing the risks of inflation with a cooling labor market—a task that’s a bit like unicycling on a tightrope:
                </p>
                <ul style="margin-top:0;padding-left:30px">
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Price growth for businesses accelerated sharply last month, and many economists expect consumer prices to rise due to tariffs.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Job numbers for May and June were revised down by 258,000 in a sign that companies are hiring at an anemic pace, giving ammo to the pro-rate cut camp.
                  </span>
                 </li>
                </ul>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 In a rare breakdown of internal consensus, two of the seven Fed governors recently broke ranks with their colleagues to vote for a rate cut, arguing that tariff-induced inflation will be temporary.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  The White House will tune in…
                 </strong>
                 Trump has repeatedly threatened to fire Powell over the rate cut issue, while this week the Justice Department said it's considering investigating the Biden-appointed Fed governor Lisa Cook over alleged mortgage fraud and urged her removal.
                 <em>
                  —SK
                 </em>
                </p>
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            Presented By Lindy
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              Agents aren’t just for movie stars
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             <p style="margin-top:0;margin-bottom:15px;line-height:22px">
              This isn’t the kind of agent you call to scream at because no one has your vanilla soy latte ready on site. It’s a lot better.
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              Thanks to
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               Lindy
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              , anyone can build a custom AI agent in minutes. No need to write code or get a technical degree.
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              <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
               Lindy
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              can handle complex jobs like:
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                monitoring social posts for mentions and replying in your brand voice and tone
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                building an entire sales team that can manage and negotiate deals like a pro
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                delivering 5-star customer service 24/7 so your customers are never left hanging
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               Try Lindy today
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              , and see what your first AI employee can do.
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            WORLD
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                 Tour de headlines
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              <img alt="Donald Trump" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fb74bdb7a02b22638215597d7eb9b70d088ada600-1500x1000.jpg%253Fw%253D668%2526q%253D70%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NTU4NTU2ODYuMDMyNDUxfQ:1upOH0:FhOTNxuV952EFiQLrnFw6Lngep6LdCgmx9RuYkfr4sw" style="width:100%;max-width:670px;display:block" width="670"/>
              <p style="margin:0;padding:0;line-height:22px">
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                  John Lamparski/Getty Images
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                 <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fscales_2696.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NTU4NTU2ODYuMDMyNTQ4Mn0:1upOH0:q3gM5ewCBlPdmK0z8-LhaGKNAtHEhuhF3wzS4cxCgS4" style="max-width:18px" width="18"/>
                 <strong style="color:#000">
                  NY appeals court throws out $500 million fraud penalty against Trump.
                 </strong>
                 President Trump will no longer have to pay the half-billion-dollar judgment from his civil business fraud trial after a New York court tossed the
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  massive fine
                 </a>
                 . “While harm certainly occurred, it was not the cataclysmic harm that can justify a nearly half billion-dollar award to the State,” Justice Peter Moulton wrote in a decision that sharply divided the court. Trump immediately took to social media to declare “TOTAL VICTORY.” Though it threw out the huge financial penalty, the court upheld the fraud ruling, which found last year that the president had inflated his net worth in order to secure better loan terms.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fflag-for-united-states_1f1fa-1f1f8.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NTU4NTU2ODYuMDMyNjQ3Nn0:1upOH0:nvtwr9soXpdcIjQh-zuh5UP72h1thsnC7cLfIFNjOg8" style="max-width:18px" width="18"/>
                 <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fflag-for-european-union_1f1ea-1f1fa.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NTU4NTU2ODYuMDMyNzQ2fQ:1upOH0:I8TrqCYamJOKpKgmIFa7pQ_NjHmoHDcuElOf5y9ZuqI" style="max-width:18px" width="18"/>
                 <strong style="color:#000">
                  The US and EU reveal some details of their trade agreement.
                 </strong>
                 A month after announcing a preliminary trade deal that was devoid of specifics, the US and EU laid out
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  the framework
                 </a>
                 of their arrangement. Under the deal, which is still only a verbal agreement and not yet a legally binding contract, the US will put a 15% tariff on most goods coming from European Union member countries. The exception is cars, which will be slapped with a much higher 27.5% tariff until the EU introduces legislation to lower levies on American products—at which point the auto tariff will drop to 15%, too. A White House official told the New York Times that this could be addressed “in a matter of weeks.”
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 🧊
                 <strong style="color:#000">
                  Meta reportedly freezes its AI hiring.
                 </strong>
                 According to the Wall Street Journal, the Facebook and Instagram parent company is ending its AI spending spree (for now) and putting a
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  hold on hiring
                 </a>
                 for its artificial intelligence division. Meta has invested untold billions in waging a talent war over the industry’s top AI minds as part of CEO Mark Zuckerberg’s quest to develop “superintelligence,” or smarter-than-human intelligence. Earlier this year, Meta spent $14 billion for a stake in Scale AI to secure the services of its co-founder, Alexandr Wang. But analysts and investors are beginning to worry about the sky-high spending. Meta downplayed the hiring freeze as “basic organizational planning.”
                 <em>
                  —AE
                 </em>
                </p>
               </td>
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            TRAVEL
           </h3>
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                <a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
                 Your honor, there was no window
                </a>
               </h1>
              </div>
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              <a style="border:none;text-decoration:none" target="_blank">
               <img alt="Plane window opening to brick wall." src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fcc3e90e6e01b62e968b0c8d09a59faaff42cf3a0-700x467.gif%253Fw%253D668%2526q%253D70%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NTU4NTU2ODYuMDMyODQ5Nn0:1upOH0:HtbMmk6rMYBn3Jz128CoTg162ewoqRloDdkgpAbXZ94" style="width:100%;max-width:670px;display:block" width="670"/>
              </a>
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               <span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
                <small>
                 <em>
                  Anna Kim
                 </em>
                </small>
               </span>
              </p>
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                 You still can’t be reimbursed for getting stuck in the middle seat between two flight map watchers hogging the arm rests. But one law firm
                 <em>
                  is
                 </em>
                 trying to get ~1 million passengers a
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  refund
                 </a>
                 for their windowless window seat.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Two class action lawsuits filed against Delta and United claim that the airlines are selling seats on some Boeing 737, Boeing 757, and Airbus A321 planes advertised as window seats that don’t actually have windows. Instead, there are allegedly air conditioning ducts and other electrical components where the window would usually be.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 The suit alleges that the airlines don’t warn people when they book, despite the seats costing up to hundreds of dollars extra. American and Alaska Airlines offer similar seats but do disclose that they don’t include a window, NBC News reported.
                </p>
                <ul style="margin-top:0;padding-left:30px">
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   The law firm behind the legal action, Greenbaum Olbrantz, was founded a few weeks ago.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   The firm also launched an investigation into Gymshark about whether the company violated consumer protection laws by not disclosing influencer promo for its products.
                  </span>
                 </li>
                </ul>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  Fed up with the upcharges.
                 </strong>
                 Airlines have recently racked up some big losses with the public. Delta caught flak earlier this year from customers who said the company’s promise to use AI-powered
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  dynamic ticket pricing
                 </a>
                 would drive up travel costs, while many flyers bemoaned Southwest’s announcement that it was doing away with its “bags fly free” perk.
                 <em>
                  —MM
                 </em>
                </p>
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            Together With Bleecker Street | Relay
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             <p style="margin-top:0;margin-bottom:15px;line-height:22px">
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               Movie night’s lookin’ juicy
               <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fpopcorn_1f37f.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NTU4NTU2ODYuMDMzMzUyOX0:1upOH0:k43s9pxMtlNxN2DXDHHfOG-YB0sWWQivPSd_L4EP_Sw" style="max-width:18px" width="18"/>
               .
              </strong>
              In
              <em>
               <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                Relay
               </a>
               ,
              </em>
              Academy Award nominee Riz Ahmed plays a world-class “fixer” who specializes in brokering lucrative payoffs between corrupt corporations and individuals. That is, until Lily James steps on the scene and shakes everything up.
              <em>
               Relay
              </em>
              is
              <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
               officially out and in theaters today
              </a>
              . Happy watching—and no spoilers, please.
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           <h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
            DESIGN
           </h3>
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                 Cracker Barrel’s new logo is already costing it money
                </a>
               </h1>
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              </a>
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               <span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
                <small>
                 <em>
                  Cracker Barrel
                 </em>
                </small>
               </span>
              </p>
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                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Cracker Barrel is trying out a new look, and just like that time you thought you could pull off bangs, it’s been a little rough. The company announced this week that it’s ditching the image of an old man sitting next to a barrel in its logo and replacing it with a cleaner, text-only look.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  It’s not just the logo:
                 </strong>
                 The change is part of a multiyear, $700 million rebrand meant to attract new customers. In recent months, Cracker Barrel has:
                </p>
                <ul style="margin-top:0;padding-left:30px">
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Added new menu items.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Brightened up restaurant interiors.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Removed some wall decorations to reduce clutter. (Peg games are safe.)
                  </span>
                 </li>
                </ul>
                <h2 style="color:#000;margin:0 0 15px;font-family:Helvetica,Arial,sans-serif;font-size:19px;font-weight:700">
                 New culture war just dropped
                </h2>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Redesigns are meant to signal change, but companies also run the risk of alienating existing customers, who appreciate familiarity and the fact that fried apples are still considered a fruit.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 There’s also the risk of
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  inflaming social media
                 </a>
                 , where users are eager to politicize controversy. Several conservatives decried Cracker Barrel’s new look, including Donald Trump Jr., who shared a post implying the logo redesign was related to its diversity, equity, and inclusion policies. Cracker Barrel found itself in a similar position in 2022, when it sparked an online firestorm by adding
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  meatless sausages
                 </a>
                 to its menu.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  Dropped stock and Barrel:
                 </strong>
                 Investors aren’t happy, either: Yesterday, Cracker Barrel’s stock dropped more than 12%, though it recovered some of those losses.—
                 <em>
                  BC
                 </em>
                </p>
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            STAT
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                <a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
                 Prime number: Reading for fun down 40%
                </a>
               </h1>
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              <img alt="Woman reading a book at a library" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F0c09601699cf50def0b5142b56fff3b473285ef5-1500x1000.jpg%253Fw%253D668%2526q%253D70%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NTU4NTU2ODYuMDMzODcxNH0:1upOH0:58zTEHFU5ABJraiGiPzUQjvhQ8iNi7R2S2i16Vul-M4" style="width:100%;max-width:670px;display:block" width="670"/>
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                  Juliana Yamada/Getty Images
                 </em>
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                 LeVar Burton, cover your eyes. There are no rainbows to be read here.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Reading for pleasure among Americans has
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  declined
                 </a>
                 by 40% over the past two decades, according to a new study by researchers from University College London and the University of Florida:
                </p>
                <ul style="margin-top:0;padding-left:30px">
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   In 2004, 28% of Americans said they read for fun.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   In 2023, only 16% said they read because they wanted to and not only because they were assigned
                  </span>
                  <span>
                   <em>
                    Great Expectations
                   </em>
                  </span>
                  <span>
                   for an English Lit project.
                  </span>
                 </li>
                </ul>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 The researchers posited that the rise of social media could be to blame. One of the study’s authors called the decline “deeply concerning.”
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 One bit of better news for bookworms: Those who do read for fun are spending more time doing so, per the study.
                 <em>
                  —AE
                 </em>
                </p>
               </td>
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            Together With Golf Digest+
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               A legend takes it back to basics.
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              In
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               this exclusive series
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              from Golf Digest, watch Tiger’s candid commentary and on-course demonstrations on topics like driving, iron play, short game, fitness, strategy, and trouble shots. Find out how golf’s iconic star approaches every part of the game—and how you can learn to play better.
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               Watch now
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              .
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                 The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to the player you really wanted falling to you in your fantasy football draft.
                </p>
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                 It’s that satisfying.
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  Ace the quiz
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                 .
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            NEWS
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                 What else is brewing
                </a>
               </h1>
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                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    Apple
                   </a>
                  </span>
                  <span>
                   raised the price of an Apple TV+ subscription in the US from $10 a month to $13 yesterday.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    Starbucks
                   </a>
                  </span>
                  <span>
                   is expanding its test of coconut water drinks to hundreds more locations, probably because we need something besides pumpkin spice lattes to talk about.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    Serena Williams
                   </a>
                  </span>
                  <span>
                   is the new spokesperson for Ro, the telehealth startup that provides access to GLP-1 weight loss drugs.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    Sony
                   </a>
                  </span>
                  <span>
                   is hiking prices of PlayStation 5 consoles by about $50 due to tariffs, the company announced yesterday.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    Elon Musk
                   </a>
                  </span>
                  <span>
                   was ordered to face a lawsuit accusing him of running an illegal $1 million giveaway during the 2024 presidential election.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    Netflix
                   </a>
                  </span>
                  <span>
                   is launching an astrology hub that will recommend content based on your zodiac sign, so now Leos and Scorpios can find something to bond over (
                  </span>
                  <span>
                   <em>
                    Love Is Blind
                   </em>
                  </span>
                  <span>
                   ).
                  </span>
                 </li>
                </ul>
               </td>
              </tr>
             </table>
            </td>
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            RECS
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              <p style="margin:0;padding:0;line-height:22px">
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                  <strong style="color:#000">
                   Read:
                  </strong>
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   <em>
                    Bunny
                   </em>
                  </a>
                  is a great novel about an evil and alluring girl gang.**
                 </p>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NTU4NTU2ODYuMDM0Mzc0NX0:1upOH0:tdls1lR3uspeM28QzVq1CU5HwN7MHoM_aOjkR6DvIls" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   Wait:
                  </strong>
                  The most embarrassing
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   restaurant lines
                  </a>
                  in the US.
                 </p>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NTU4NTU2ODYuMDM0NDczMn0:1upOH0:vGHkqjxfgt7orMrstiHiQdLQ6jFB-R5InhbSPnkLVzI" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   Watch:
                  </strong>
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   The trailer
                  </a>
                  for the first Daniel Day-Lewis movie in eight years.
                 </p>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NTU4NTU2ODYuMDM0NTY4NX0:1upOH0:3PFN3TSQuvbY2NXWi2c56KAWbo0q3OfhgTF0b4MV1WE" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   Debate:
                  </strong>
                  The 25 greatest
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   sports films
                  </a>
                  of all time, according to the Hollywood Reporter.
                 </p>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <strong style="color:#000">
                   <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NTU4NTU2ODYuMDM0NjYzMn0:1upOH0:XVqgEPsH8zEyQ77qHYUlQGbC3yzWhQZ_HFc3NyVpH3Y" style="max-width:18px" width="18"/>
                   One small step for man:
                  </strong>
                  One giant leap for employee
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   mental health support
                  </a>
                  . Discover practical strategies for cultivating a simple and sustainable mental healthcare routine for the
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   workplace and beyond
                  </a>
                  .*
                 </p>
                 <placementslot data-id="76f48abab80f">
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                 </placementslot>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <sup>
                   <em>
                    *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission.
                   </em>
                  </sup>
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                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  Decipher:
                 </strong>
                 Think back to the early aughts to identify this frequently memed movie quote.
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  Play it here
                 </a>
                 .
                </p>
                <h2 style="color:#000;margin:0 0 15px;font-family:Helvetica,Arial,sans-serif;font-size:19px;font-weight:700">
                 Friday puzzle
                </h2>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Welcome to another edition of Password, a brain teaser created by the Brew’s puzzle master, Jack Murtagh.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  Instructions:
                 </strong>
                 Guess the secret word from the following clues.
                </p>
                <ol>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   The password becomes something gross when you change its second letter.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   The password’s middle two letters form a US state abbreviation.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   The password’s first and last letters together form a US state abbreviation.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   When you insert the letter “e” and the letter “w” (as in “ew”) somewhere in the password, you get something gross.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   The password is composed entirely of Roman numerals.
                  </span>
                 </li>
                </ol>
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            SHARE THE BREW
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                  Share Morning Brew
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                 Click to Share
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                 Or copy &amp; paste your referral link to others:
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            ANSWER
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                 Mild
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                 <span style="text-decoration:underline">
                  Word of the Day
                 </span>
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Today’s Word of the Day is: devoid, meaning “entirely lacking or free from.” Thanks to Arthur from Newark, NJ, for the suggestion. Submit another Word of the Day
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               ✷ A Note From State Street Investment Management
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               <strong style="color:#000">
                Before investing, consider the funds’ investment objectives, risks, charges, and expenses. To obtain a prospectus or summary prospectus, which contains this and other information, call 1-866-787-2257 or visit
               </strong>
               <strong style="color:#000">
                <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                 www.ssga.com
                </a>
                . Read it carefully.
               </strong>
               Investing involves risk. ALPS Distributors, Inc. (fund distributor); State Street Investment Management Funds Distributors, LLC (marketing agent).
              </p>
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                <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                 State Street Global Advisors (SSGA) is now State Street Investment Management. Please click here for more information
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                .
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         </a>
         .
         <br/>
         <br/>
         Copyright © 2025 Morning Brew Inc. All rights reserved.
         <br/>
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