Good morning! South Dakota Governor Kristi Noem will take over as Secretary of Homeland Security, 23andMe is cutting 40% of its workforce, and the International Monetary Fund’s Gita Gopinath sees the much-discussed disconnect between the US economy and the way people feel about it.
-Econ 101. Inflation has been a hot topic since the United States voted to return Donald Trump to the White House, with critics arguing that rising prices led voters to reject the Biden administration.
Geeta Gopinath, Senior Deputy Managing Director of the International Monetary Fund, is a true expert on the global economy. Gopinath was appointed chief economist at the International Monetary Fund by Christine Lagarde in 2018; In 2022, she was appointed to her current role. A long-time economist and academic, the 52-year-old’s research focuses on international finance and macroeconomics. She spends her time thinking about the economic health of the entire world, and not just the US elections, but she shared her view at the Fortune Global Forum in New York yesterday.
Michael O’Shea for Fortune
She said that the American economy is strong Biden White House He argued a lot. “We have seen a global economy that has become resilient in a way we have never seen before” through “the pandemic, the energy crisis, rising inflation, and central banks everywhere raising interest rates,” Gopinath said. luck Editor Clay Chandler. Economies have avoided the “prolonged global recession” and high unemployment rates that followed previous periods of high inflation, such as in the 1970s.
But Gopinath admits that numbers like the annual growth forecast (3.2% this year, down from an average of 3.8%) don’t mean much to ordinary people. He added: “Inflation rates have come down, which means prices are continuing to rise, but at a slower pace. So, if you look at a four-year period, you’ve seen households that looked at how much they were paying for their goods… and said: ‘Well, everything is more expensive.’ “So it’s not surprising that the way people feel is versus the way I describe how the global economy is.”
The rest of Gopinath’s conversation covered topics like what to expect from Trump Tariff program (“We’ll have to wait. Once the policy announcements are made, we’ll analyze the consequences,” she said.) And the impact of economics on AI adoption.
Emma Hinchliffe
emma.hinchliffe@fortune.com
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Also in the headlines
– Choose internal security. Donald Trump has chosen South Dakota Governor Kristi Noem to be his Secretary of Homeland Security. Noem, who was Forbidden From some tribal lands in its jurisdiction and frontage backlash As described in her book about killing her dog, she is a longtime Trump supporter with strong views on immigration. CNN
– Restructuring and suffering. Ann Wojcicki’s company 23andMe has decided to lay off 40% of its employees — 200 jobs — and pause development of its treatments as the company restructures. Fiscal second-quarter earnings were down $50 million from last year’s second quarter, and 23andMe said in its filings that “there is significant doubt about the company’s ability to continue as a going concern.” Financial Times
– Partner promotions. Goldman Sachs has promoted 26 women to partner, with women making up 27% of the 95-person class this year. While the number of female partners increased, the percentage decreased from 29% in 2022; The class of 2024 is the largest since David Solomon began as CEO in 2018. Wall Street Journal
– Not an ace. Wimbledon champion Barbora Krejcikova has called for more professionalism in the sports media after an analyst was caught on hot mic making a disparaging comment about her appearance (specifically, her forehead). “As an athlete who has dedicated herself to the sport, it was disappointing to see this type of unprofessional comment,” the tennis star said in a statement. The analyst was removed from the air on the Tennis Channel. CNN
Movers and shakers
Cathy Vidal She announced that she would Step down He was appointed director of the US Patent and Trademark Office in December and is returning to the private sector.
Julie Whalen He will step down as Expedia’s CFO; She has also resigned from the board.
CFO of MassMutual Betsy Ward He will retire from LIC after 30 years. Mary Jane Fortin It will work for her.
Its name is AARP Misha Minter-Jordan CEO. Most recently, she served as President and CEO of the CareQuest Oral Health Institute.
The main financial group has been appointed Diana Strable President and CEO. She is currently the company’s President and COO.
Named after PopSockets, a developer of phone grip accessories Jiayu Lin chief executive officer. Most recently, she was the company’s president.
Boomi, the integration and automation platform, is set to launch Francesca Molinari As a chief people officer and Valerie Rennie As head of operations. Most recently, Molinari was an independent strategic human resources consultant. Previously, she was Chief People Officer at Maergo. Rainey was most recently an operating partner at K1 Investment Management and previously served as president of iCIMS.
Level Access, a digital accessibility solutions provider, was appointed Rachel Roberts As Head of Revenue Department. Most recently, Roberts was Director of Customer Relations at AppDynamics.
REI Co-op, an outdoor gear and apparel retailer, His name Abigail Jacobs Chief Marketing Officer. Most recently, Jacobs was Senior Vice President of Integrated Marketing and Branding at Sephora.
The venture capital firm was named Susa Ventures Sheila Tran Head of Marketing and Platform Department. Most recently, Tran was the chief communications officer at Opendoor.
Crescent Biopharma, a biotechnology company focused on treating solid tumors, was appointed Susan Moran and Alexandra Balcom To its board of directors. Most recently, Moran was Chief Medical Officer at RayzeBio. Balcom currently serves as CFO at Nuvalent.
Designated by Biocom California, a life sciences industry association Catherine Lowell and Tina self To its board of directors. Lowell serves as group vice president of global government affairs at BioMarin. Self is senior vice president and head of the Biomanufacturing Capability Group and head of Bayer’s Berkeley site.
On my radar
Perimenopausal women feel angry, and they no longer shut up The Washington Post
Logitech CEO takes diving lessons in the Metaverse Bloomberg
Kaia Gerber knows what you’re thinking Vogue magazine
Parting words
“The real shared information and coming together and growing in this way will be where I think the strength of (women) is that we alone are enormous.“
— Actor Brooke Shields Building a community for women
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