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Good morning. It's Thursday, Oct. 15. Inflation picked up last month, fueling speculation of a potential interest rate hike before Election Day. First time reading? Join millions of insatiably curious readers. Sign up here.
Also in today's Digest: the world's oldest shipwreck (Need To Know), Netflix's biggest layoffs yet (Sports, Ent., & Cult.), a new dinosaur species (Sci. & Tech.), a bump in Social Security payouts (Bus. & Mkts.), and much more.
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Need To Know
Inflation Rise Continues
US prices rose 3.7% last month from September 2025, the latest Consumer Price Index report revealed yesterday. The report is the last of its kind before the November midterm elections, with polls showing the economy is voters’ top issue.
Cost bumps were spread across most categories, including housing, clothing, and restaurant food, though groceries saw prices decline since August. The war in Iran has fueled cost increases, as oil prices climbed to over $106 per barrel since August (see the latest prices in your state). The cost of diesel—which powers farms and the shipping industry, among other industries—has increased 70% since the start of the war; see past write-up here.
The 3.7% rate was higher than analysts had expected and above the Federal Reserve’s target goal of 2%. The bank has signaled at least one more interest rate hike may come this year, with the next Fed meeting scheduled for Oct. 27-28, days before Election Day. Stocks dropped on yesterday’s news (S&P 500 -1.1%, Dow -0.1%, Nasdaq -1.9%).
Nord Stream Pipeline Trial
A former Ukrainian army officer went on trial in Germany yesterday for allegedly leading a state-sponsored operation to blow up the Nord Stream gas pipelines in 2022. The trial marks the first criminal proceedings over the explosions, which severed a major link in Germany’s energy ties with Russia.
Serhii Kuznietsov faces charges of causing an explosion, damaging property, disrupting public service, and attacking civilian infrastructure, which is a war crime. The trial unfolds as public support for aiding Ukraine wanes across Germany. Around 42% of Germans think Berlin is supplying too many weapons to Ukraine, and nearly one-third of voters now back political parties that oppose sending more aid, according to recent polls. Germany is Ukraine’s second-largest donor after the US, budgeting over $12.3B to assist its ally in 2026. See a breakdown of support by country here.
Separately, Ukraine accused Elon Musk's SpaceX of imposing restrictions on its satellite internet network, Starlink, yesterday. The disruption occurred as Russian missiles struck Ukrainian energy infrastructure.
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World's Oldest Shipwreck
Archaeologists say they have discovered the world's oldest known shipwreck off the southern coast of modern-day Turkey, dating to between 4,400 and 4,700 years ago.
The ship's wooden structure is gone, but dozens of ceramic vessels and stone anchors scattered around the site suggest it dates to around the same time as the Great Pyramid of Giza. Researchers believe the ship was nearly 33 feet long and sank while carrying cargo to Troy or Crete. It is one of roughly 420 significant wrecks found along the coast of southern Turkey over the last 15 years, underscoring the region's importance to maritime trade (see map). Several of the vessels appear to have carried wine and olive oil, with some still containing residue despite having been between 65 and 78 feet underwater for over four millennia (see images).
The Dokos shipwreck, found in the Aegean Sea and dating to about 4,200 years ago, was previously considered the world’s oldest shipwreck. Learn about it and eight other ancient wrecks here (w/video).
🫶 Humankind: Animal orthotist, dubbed the "Wizard of Paws," creates world's first prosthetic limb for a bear.
In The Know
Sports, Entertainment, & Culture
> Winnie the Pooh marks 100th anniversary since teddy bear's first book of stories on Oct. 14, 1926 (More) | Watch the history behind the silly old bear (More via YouTube) | ... and see the feud over the original stuffed Pooh (More)
> Houston Astros will not renew manager Joe Espada's contract after three seasons and two American League West titles (More) | Which coaches could replace him? (More)
> Netflix lays off around 6% of its workforce, eliminating roughly 1,000 jobs and marking the company's largest cut to date (More) | How does Netflix viewership compare with other streamers? (More, scroll for graphs)
Science & Technology
> Overlooked brown fat linked to reduced risk of diseases like Type 2 diabetes and improves mental health, per landmark study; blood pressure medication may stimulate the healthy fat (More) | What's the purpose of different body fats? (More)
> New dinosaur species identified from a fossil found roughly a century ago on England's Isle of Wight provides first evidence a mysterious group of carnivorous dinosaurs lived in modern-day Europe (More, w/rendering)
> Dogs appear to link spoken sounds to shapes, a trait once assumed unique to humans; "bouba" is associated with round objects, while "kiki" is linked to spiky ones (More, scroll for experiment images)
Business & Markets
> Social Security Administration announces 3.6% cost-of-living adjustment, the largest hike in four years; payments will increase by roughly $75 a month starting in January (More) | How much of your US tax dollar goes into Social Security? (More)
> China reports its exports rose 36.3% last month compared with September 2025, including a 40% increase in exports to the US (More)
> Bending Spoons shares soar 41.2% on news Berkshire Hathaway will invest another $330M in the Italian tech company (More) | What is Bending Spoons? (More)
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Politics & World Affairs
> Iranian-backed Houthi rebels strike Saudi Aramco headquarters in the kingdom's eastern city of Dhahran, causing a limited fire but no deaths or injuries (More)
> Justice Department seizes Rep. Ilhan Omar's (D, MN-5) phone, subpoenas family members amid investigation into her immigration paperwork (More)
> Student-led protests in Albania over education costs, allegations of corruption erupt into violence as Education Ministry is reportedly set on fire (More)
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Etcetera
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Historybook: "I Love Lucy" airs for first time (1951); Sarah “Fergie” Ferguson, formerly the Duchess of York, born (1959); Black Panther Party is created (1966); Wayne Gretzky becomes all-time NHL points leader (1989); Microsoft cofounder Paul Allen dies (2018).
"In my experience, each failure contains the seeds of your next success—if you are willing to learn from it."
- Paul Allen
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