Good morning. In the meme-verse, moments can go viral faster than a sneeze in a silent library. That’s because the internet never misses a beat. So, when whispers began about former President Donald Trump's impending mugshot at Fulton County Jail (marking his fourth indictment, no less), meme enthusiasts and t-shirt vendors alike sharpened their digital pencils. It was clear: this image would not only grace our screens but might just find its way into future history books (and perhaps a few novelty mugs). Even Donald took advantage of the moment by launching his own merch store, selling anything that would flaunt his mugshot.

“Never surrender!”

Let’s jump into today’s storylines.

In today’s digest:

• Looking for love? Get ready to pay up big

• Headline Hustle: Recap of Jackson Hole speech,

• The unlikely pioneer of the crypto world

• Pulse Points: What’s Trending

• The Week Ahead: What to Expect

BUSINESS

The high cost of digital dating

In the age of digital heartbeats and swiping for soulmates, dating apps are boldly asking; how deep are your pockets in the pursuit of passion? And as they dangle the carrot of love with a heftier price tag, we're left wondering: is Cupid now accepting credit cards?

Break it down for me

Match Group, the bigwig behind a plethora of dating apps, is taking a gamble. They've jazzed up Hinge with a $50 monthly fee, a leap from its previous $35. And if that doesn't make your heart skip a beat, they're toying with a jaw-dropping $500 monthly plan for Tinder. Meanwhile, Bumble's buzzing about a tier beyond its $60 rate, and Grindr…they’re sprucing up their premium offerings as well. It seems like love isn't the only thing in the air; so is the scent of dolla dolla bills y’all.

But here's the million-dollar (or perhaps $500-a-month) question; can these digital matchmakers convince lovelorn souls that these prices are the ticket to romance, especially when wallets are already feeling the squeeze? Many dating apps are betting users will fork over cash for the golden opportunity to find love and hit the 'delete app' button for good.

The experience hasn’t been so rosy. For some, paying a premium means more than just avoiding ads on Hulu. It's about supercharging their love life with features like unlimited swipes. But as some have already discovered, a $50 Tinder subscription doesn't come with a 'happily ever after' guarantee. After a whirlwind of dates, the only thing they’ve done is swipe left on renewing their subscription.

So…the next time you’re swiping right, remember: love might be priceless, but dating apps? Not so much.

Headline Hustle

😑 Cool it or we’ll turn up the heat (on rates). Powell, in his keynote address at the Kansas City Fed’s annual retreat in Jackson Hole, Wyoming, stated that while inflation has taken a step back from its peak, it's still lounging at levels higher than the Fed would like. He remarked, “Although inflation has moved down from its peak — a welcome development — it remains too high.” Powell hinted that the Fed is all set to raise rates further if needed, emphasizing that they're ready to keep the policy restrictive until they're sure inflation is on a downward trajectory.

⚽ The kiss heard around the world. After Spain's groundbreaking Women's World Cup win, the celebration was cut short by a controversy involving federation chief Luis Rubiales and player Jenni Hermoso. Rubiales was caught giving an unsolicited kiss to Hermoso, leading to widespread outrage. Despite calls for his resignation, Rubiales stood firm, prompting FIFA to issue a 90-day suspension. The national team players made a bold statement, with all 23 members declaring they wouldn't don the Spanish jersey again under the current leadership. To add to the federation's woes, several members of the women's coaching staff, including trainers and analysts, handed in their resignations over the weekend, protesting Rubiales's behavior.

🛒 Instacart files for IPO. Instacart, the grocery delivery darling that once slashed its valuation amidst market turbulence, is now making headlines for a different reason. The company has officially filed to go public on the Nasdaq, aiming to thaw the tech IPO market that's been on a chilly hiatus since December 2021. But the company isn't just about delivering your favorite snacks to your doorstep. They’re heavily investing in artificial intelligence and machine learning to enhance its platform. Their latest toy? "Ask Instacart," a generative AI tool designed to answer all your burning grocery queries.

FINANCE

Crypto’s inner circle: Fidelity Investments

In the world of digital assets, a surprising name stands tall: Fidelity Investments. While the very essence of cryptocurrencies aimed to challenge traditional financial systems, this 77-year-old mutual-fund giant embraced the challenge head-on, becoming an unexpected trailblazer in the crypto space.

From mutual funds to mining bitcoin

Back in 2014, when bitcoin was a mere $400, Fidelity was already mining it. This wasn't a half-hearted dip into the crypto pool either. The company encouraged its employees to tinker with blockchain technology, leading to the birth of its crypto business unit in 2018…and it paid off. This proactive approach not only positioned Fidelity as a forward-thinking business but also cultivated a talent pool that would become invaluable to the industry.

A CEO’s grand vision. Abby Johnson, Fidelity's CEO, has been a driving force behind the company's crypto endeavors. From facilitating bitcoin trades for institutional investors to integrating bitcoin into Fidelity's retirement plans, Johnson's vision was clear: make crypto accessible. But the road ahead wasn’t an easy one for Abby and co.

• Johnson's 2014 proposal to invest $200,000 in bitcoin mining equipment faced internal resistance

• Regulatory concerns and criticisms from within and outside the company posed significant hurdles. The U.S. Labor Department even criticized Fidelity's plan to integrate bitcoin into 401(k) accounts

• Some former employees believe the company missed out on opportunities. They argue that Fidelity could have been the "Coinbase" of today had they been more aggressive. The rise of bitcoin prices during the pandemic further fueled this sentiment, as crypto companies, flush with venture cash, poached Fidelity's crypto talent

Despite the challenges, Fidelity's belief in crypto's potential remains strong. With billions in customer crypto assets and a growing crypto unit, the company is poised for the future. And their ambition doesn't stop there. Fidelity is vying to launch the first exchange-traded fund holding actual bitcoin, a move that could revolutionize the investment landscape.

Pulse Points

Canadian economy cooling down. Canada's upcoming GDP report for the second quarter, set to be released on Friday, is anticipated to reveal a significant decline in economic growth. This downturn might cause the Bank of Canada to reconsider its interest rate increases, even in light of recent inflation spikes.

Heineken sells it’s Russian business for a buck. Heineken announced the sale of its Russian division, encompassing seven breweries and 1,800 staff, to a Russian packaging and cosmetics firm for…wait for it…$1.

Jacksonville shooting leaves 3 dead. In Jacksonville, Florida, a 21-year-old local, Ryan Christopher Palmeter, took the lives of three black individuals at a Dollar General store before ending his own life. Palmeter, who is thought to have taken his own life at the location, entered the store on Saturday afternoon donning a tactical vest and armed with a handgun and a military-style semiautomatic rifle, which had swastikas on it, as per the police report.

The Week Ahead: What to Expect

U.S. labor market update and key earnings report

This week, the spotlight shines on fresh U.S. labor market data, followed by earnings reports from prominent retailers and the latest inflation figures.

On Tuesday, industry giants Best Buy, Hewlett Packard Enterprise, and HP are slated to unveil their financials. Nio also releases their financials on Tuesday. They’ll be followed by Salesforce and Brown-Forman on Wednesday. Broadcom, Dollar General, and Campbell Soup are set to disclose their results on Thursday.

Financial experts forecast a 0.3% uptick in income and a 0.7% surge in July's spending. The Federal Reserve's favored inflation metric, the core personal-consumption expenditures price index, is predicted to rise by 4.2% year-on-year.

Canadian bank earnings continue, payroll figures & GDP data

Bank earnings — third quarter results from Canada’s big banks continue the week with Scotiabank and BMO scheduled to report on Tuesday, National Bank reports on Wednesday and Laurentian bank and CIBC on Thursday.

Payroll — Stats Canada will report their figures for payroll employment, earnings and hours, and job vacancies in June this Thursday.

GDP data — Stas Canada will also release its reading on economic growth for June on Friday when it publishes its latest GDP numbers.