Vax Mandates Blocked

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What's Happening Today

Good morning! If your week has been as busy as mine, you're glad it's about to be the weekend. First, I have a lot to catch you up on:

Big news from Washington, D.C.: The Supreme Court blocked President Biden's "vaccine-or-test" mandate for companies with more than 100 employees. The decision is a victory for the Republican-led states and business groups that brought the case but undermines the Biden administration's efforts to fight the pandemic. In a small concession, the court upheld mandates for workers at healthcare facilities that receive Medicare and Medicaid funding from the government.

The decision doesn't stop states and companies from having their own vaccine mandate policies. See: Nike. For unvaccinated employees at Nike's headquarters in Oregon, this weekend could be their last. Local news outlets out of Oregon reported that the retailer sent out an email to unvaccinated workers notifying them of their termination starting tomorrow if they failed to comply with Nike's vaccination requirements.

As consumer inflation continues to rise, prices might have been too much for consumers' wallets: Retail sales fell by 1.9% in December, according to data released today by the Commerce Department. Despite the decline, retail sales are still up 16.9% from December 2020, and have jumped more than 19% for the full year.

Banks started releasing earnings data this morning and were a mixed bag. JPMorgan Chase and Citigroup earnings came ahead of revenue estimates for the quarter, but Citigroup's profits were still 26% lower from last year. Expectations for big banks have increased as the Fed eyes raising interest rates, which will be financially positive for financial providers.

Markets will be closed on Monday in observance of Martin Luther King Jr. Day, but we'll still have a roundup of news for you. For those who have the day off, enjoy the holiday weekend!

- Kristin

Editors' Picks

Supreme Court Axes Biden's Employer Vaccine Mandate (The Balance)

Retail Sales Chilled in December (The Balance)

Settlement Erases Debt for 66,000 Student Borrowers (The Balance)

Price Controls Set Off Heated Debate as History Gets a Second Look (New York Times)

Off the Charts

Of all the economic upheavals brought on by the pandemic, a surge of home foreclosures wasn't one of them.

Instead of the wave some had feared, there were 151,153 foreclosure filings across the country last year, a record low, according to analysis by ATTOM Data.

Number of the Day

34% - That's how few people felt "very healthy" financially at the end of the year, down from 48% at the beginning, according to a new survey.

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