Hello, Wednesday-N2K’ers!

Sure, you may not be a talented pop star, but did you know there’s a bunch of power moves you can learn from Taylor Swift? Seriously, somebody from Harvard has written a book about it…

—Matt Davis, Need2Know Chedditor

News You Need2Know

• Power moves you can learn from Taylor Swift

• What to expect from the summer economy

• OPEC+ announces plan to pump more oil

• Saks Global sales are down as rivals fare better

• Online shopping drops for first time in a decade

Companies mentioned in today’s newsletter

$C ( ▼ 0.4% )  $SKS ( 0.0% )  

Power moves you can learn from Taylor Swift

Taylor Swift isn't just a pop icon. She's a business titan who has masterfully navigated the music industry, transforming challenges into triumphs. In her book, “Good Ideas and Power Moves: 10 Lessons for Success from Taylor Swift,” Harvard MBA graduate and former head of their institute for strategy, Sinéad “Nothing Compares To Taylor Swift” O’Sullivan, unpacks Swift's unparalleled business acumen, offering insights on leadership, long-term thinking, and emotional intelligence.

One of Swift's most audacious "power moves," O’Sullivan says, was her decision to re-record her albums. As she told us, "She turned what probably would have been a massive loss for any other recording artist into this incredible act of creative sovereignty, probably the best decision that we've seen in modern business and particularly within the entertainment industry." 

Beyond simply owning her music, Swift's genius lies in her approach to brand building. O'Sullivan highlights how Swift "creates worlds, not products." Instead of single albums, Taylor delivers "eras," each a fully constructed universe with its own symbols, language, and storytelling. This strategy fosters deep emotional ownership, leading to brand loyalty "nearly immune to competition." 

Other power moves include leveraging emotional connections with her fanbase —recognizing it as her most valuable asset. She’s also discarded traditional business frameworks, authentically navigating her career and business decisions based on her unique understanding of her fans and brand. Plus, she’s embraced long-term thinking, prioritizing long-term goals, even if it means enduring short-term losses.

Song of the day: Cruel Summer

"Cruel Summer" is a song by Taylor Swift from her seventh studio album, Lover (2019). Swift wrote it with fellow pop star St. Vincent. Lyrically, the song is about "the agony and ecstasy of an anxious summer romance," which I think we can all identify with, although fun fact: I once went to a jazz club in London with St. Vincent and my friend Sigi, before St. Vincent was famous and we just called her “Annie.” Annie and my mate Big Andy even had a kiss in the basement of this jazz club, although Big Andy insists he has no memory of the incident at all, presumably because #jazz.

What to expect from the summer economy

The latest jobs report has stirred the pot, with the U.S. economy adding 147,000 jobs in June — exceeding Wall Street estimates — and the unemployment rate unexpectedly falling to 4.1%. Robert Salkin, a senior economist at Citigroup, joined us to gaze into his economic crystal ball for the summer months.

Salkin describes the labor market as "holding in there a lot better than many analysts would have expected." While acknowledging "some signs of concern," he notes that "layoffs are still quite low from a historic perspective."

Regarding the Federal Reserve, Salkin believes "any talks of a rate cut happening during the summer... have effectively been removed." He anticipates a slowdown later in the year due to tariffs, which he expects to "push up prices in the U.S., eating into real incomes and household spending." This slowdown, he suggests, will eventually lead the Fed to "start to gradually ease interest rates later this year."

On tariffs, Salkin finds it "very unlikely that those Liberation Day tariffs that we saw in April… are going to come on board and stick for a long period of time." However, he cautions that the "threat of them is going to loom large for a significant period of time." Trade relations with China remain the "most challenging" factor, with Salkin expecting tariffs on Chinese imports to remain significantly high, potentially around 30%.

Today on the ‘gram: $15 billion in grosses

Post of the day: Trump unhappy with Putin

Quote of the Day

OPEC+ announces plan to pump more oil

I’ve been reading Alaska Senator Lisa Murkowski’s book, Far from Home, recently. Honestly I find her candor about difficult issues so refreshing. For example, with the energy transition so far away, she is candid about the need to drill for oil in her state so that some of the revenue can help Alaskans. That’s not an easy position to square with her concern about something called “climate change.”

Still, expect gas prices to fall a bit this summer as OPEC members — including Saudi Arabia, Russia, and others — have agreed to accelerate crude oil production, raising output for August by 548,000 barrels per day from prior months. The decision comes as part of unwinding last year’s voluntary cuts of 2.2 million barrels per day, meant to support global prices.

The official rationale cites steady global economic outlooks and strong market fundamentals. However, demand growth, particularly from China — the world's largest oil importer — remains muted. June saw stronger Asian crude imports due to lower global prices earlier in the year, with Brent oil hitting a four-year low of $58.50 per barrel in May. However, short-term price increases driven by geopolitical tensions may deter further imports, especially in major markets like India and China.

Should you check your 401(k) today?

👎️ 

No.

Saks Global sales are down as rivals fare better

The “blockbuster” merger of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman was touted as a bold step to dominate the luxury retail landscape. However, six months later, the conglomerate now called Saks Global, is struggling, with sales plummeting while competitors Nordstrom and Bloomingdale’s fare better.

According to Bloomberg, Saks Fifth Avenue’s sales dropped 16% in the first quarter compared to the previous year, while Neiman Marcus and Bergdorf Goodman saw declines of 10%. June numbers were even worse.

Saks Global’s CEO Richard Baker remains optimistic despite the turmoil. “Saks Global remains on target for the $600 million in annual synergies,” he said, citing cost-cutting measures, including layoffs, and a $600-million bondholder deal to stabilize operations.

However, analysts like Mary Ross Gilbert aren’t convinced. “It’s just so much easier to shop elsewhere,” she told the New York Post, which highlighted a returns process debacle earlier this year that sent customers running to competitors.

The luxury giant’s rough patch shows bigger isn’t always better — especially when customers and vendors start walking out the door.

Online shopping drops for first time in a decade

Although, not in this house. I just bought a new car seat for our kid and a replacement iPad holder after he broke the last one watching the “F1” trailer at, let’s say, high speed.

Still, online shopping is witnessing its sharpest slowdown in over a decade due to tariffs on imported goods and growing economic uncertainty, according to a report by consulting firm AlixPartners. The report reveals that, for the first time since 2012, consumers have reduced their online purchases across all categories except groceries, which remained flat. Big-ticket items saw the steepest declines: furniture, home furnishings, large electronics, sporting goods, and office supplies— all plunged by double digits compared to last year.

The report highlights tariff policies as a major factor. “Elevated consumer awareness of tariffs is clearly flowing through into buying decisions,” said Chris Considine with AlixPartners. Tariffs have risen sharply, with importers facing a 21% effective rate compared to just 5% last November, contributing to higher consumer costs for imports — especially from China.

Consumer reactions vary: 34% are delaying purchases to avoid tariff-inflated prices, while 28% are accelerating buy timelines. AlixPartners predicts tough times ahead, concluding, “You won’t find cheer in the numbers of this report.”

Poll of the Day: Online shopping changes

Poll Results: Hey, boomer! (in a good way)

We asked: Which generation are you?

(My editor Sydney says “hello 👋🏻” to our 10 Gen Z readers btw.)

You answered:

⬜️⬜️⬜️⬜️⬜️⬜️ The Silent Generation: Born 1928-1945. (41 votes)

 🟩🟩🟩🟩🟩🟩 Baby Boomers: Born 1946-1964. (456 votes)

 🟨🟨🟨🟨⬜️⬜️ Generation X: Born 1965-1980. (310)

🟨🟨⬜️⬜️⬜️⬜️ Millennials: Born 1981-1996. (162)

⬜️⬜️⬜️⬜️⬜️⬜️ Generation Z: Born 1997-2012. (10)

⬜️⬜️⬜️⬜️⬜️⬜️ Generation Alpha: Born 2013-2024. (4)

983 Votes via @beehiiv polls

Yay!