- __1.9M:__ Global Covid deaths from January to June, already [higher](https://www.wsj.com/articles/covid-19-deaths-this-year-have-already-eclipsed-2020s-toll-11623350773) than 2020's toll.
- __57%:__ Percentage of US adults who have been fully vaccinated.
- __~$2.5K:__ The [average](https://www.wsj.com/articles/millions-are-unemployed-why-cant-companies-find-workers-11620302440?mod=hp_lead_pos1) monthly unemployment payout with boosted benefits, extended until September. 
- __-20%:__ Fall in the stock price of the 50 biggest SPACs this year.
- __5,000%:__ Surge in the price of Dogecoin this year so far. 


Numbers

The Numbers: five big numbers that defined the first half

1. __America's booming recovery...__ Cue the "[revenge spending](https://snacks.robinhood.com/newsletters/2lFqgJt0AfN3zJsbqdxm7m/articles/17MF35F4AhEUwPGvF1qKzt/)." The US economy is roaring back to life and is expected to grow [6.5%](https://www.wsj.com/articles/as-u-s-economy-roars-back-life-in-many-poor-countries-gets-worse-11617874201) this year, its highest rate since the '80s. Thank the US' massive stockpile of Covid vaccines for the glow-up — oh, and *$5.3T* worth of gov't stimulus. This year, Americans are spending more on restaurants, flights, and *non*-stretchy clothes (pajamas are about to enter a recession). US plane traveler volume is back to three-quarters of 2019 levels, up from 25% a year ago. But the reopening economy has also been driving inflation and shortages. And while the US recovers, poorer nations are falling [further](https://snacks.robinhood.com/newsletters/64VKtgKZkaaZZmAmaD67OM/articles/4D1D5CUdIwzesT1nTfvvJM/) behind. 

2. __The rise of alt-coins...__ This year, crypto mainstreamification is going far beyond Bitcoin: we call it "[coin crowding](https://snacks.robinhood.com/newsletters/dLcrQb1mMJkJggNDpsdYE/articles/2ZsEiE2UH2RHJdVHispio6/)." In January, BTC made up 70% of total crypto value — now, it makes up 45%. Alt-coins like Ethereum and Doge have picked up crypto market share, dimming BTC's spotlight. Smaller coins like DigiByte, VeChain and SafeMoon have also gained traction – and then there's [influencer coins](https://www.benzinga.com/markets/cryptocurrency/21/04/20747194/how-bitclout-aims-to-let-people-bet-on-twitter-influencers-using-creator-coins).  As BTC's environmental impact comes under scrutiny, "green" alternatives like Chia are getting attention, too.  Coin crowding is a new phenomenon with high volatility risk, and the long-term outcomes are still unclear.

3. __Big Tech's antitrust problems...__ have gotten a whole lot anti-er. This year, regulators are bringing real heat. Since the Apple-Epic [trial](https://snacks.robinhood.com/newsletters/5mrz8IgUB1Bjuc9ILsHQOj/articles/4GARoezVkzR6VmTXvlwEa1/) in May, the temp has gone from steam room to sauna. Just last week, a House committee [advanced](https://snacks.robinhood.com/newsletters/5tRYnsRgn3rJ4caqG3lXnl/articles/1RLuAoU5YouPqt1GL30lzZ/) major legislation to curb Big Tech's dominance. The headliner: a bill that would prohibit tech companies from playing favorites with their own products (think: Apple apps on App Store, Basics on Amazon). Meanwhile, newly confirmed FTC leader Lina Khan is a Big Tech critic who could expand the scope of antitrust enforcement. Blocked acquisition and even tech breakups seem more plausible.

_Inflation has been #trending — here's where some of the price jumps happened (source: BLS)_

Themes

The Big Picture: three key themes that defined the first half

1. __Inflation's effect on stocks...__ Will it have one? If the first half of the year were a hashtag, it would be #flated. For most of the year, investors worried that the Fed would raise interest rates sooner than expected to tamp down rising prices as the economy revved up (see: our chart above). This month, the Fed suggested it would do just that (ETA: 2023). Higher interest rates can make stocks less attractive compared to less risky assets like bonds and savings accounts. Despite the #flated sitch, stocks are at records highs. But if inflation starts to look like a trend rather than a one-time reopening blip, that could change. 

2. __Big tax hikes for corporations...__ Will they actually happen? This month, G7 countries came to a historic [agreement](https://snacks.robinhood.com/newsletters/1vHKAgE3hJdaCFv0cdJNIm/articles/6v5vQpqDdzXIWNmx3Oc9VL/): multinational companies should pay a minimum tax rate of at least 15% in each country in which they operate. That could hurt Big Tech companies like __Google__ and __Amazon__, who've  been plopping their international HQs in countries with low corporate tax rates. Meanwhile, President Biden wants to [raise](https://snacks.robinhood.com/newsletters/2FGYY02td4t3rp9KjKvLQM/articles/1d7eiIZp8iwgUI9aKXGIQZ/) the corporate tax rate in the US to 28% from 21% to fund trillions worth of proposals. Neither of these tax hikes have passed yet, and they'll likely get pushback — but they've become  more likely.

3. __Economic competition with China...__ Can the US stay #1? With its tech power and growing international influence, China’s becoming a bigger economic threat to the US economy. This month, the Senate approved a $250B bill to subsidize Made In USA  R&D for key industries of the future (think: tech, chips). The bipartisan goal: *keep the US competitive against China*. Then, G7 countries announced “Build Back Better World”: a Biden-inspired partnership to rival China's "Belt and Road" initiative by financing infrastructure projects in developing countries. 

The Numbers: five big numbers that defined the first half

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