The Fed’s deflation fears, North Korea sanctions, punk rock bonfires

Good morning, Quartz readers!

What to watch for today

The Bank of England marks a dubious milestone. The central bank is expected to keep its benchmark rate at 0.5%, which means it has gone seven straight years without doing much of anything. Separately, the South African central bank is expected to boost rates to 7%, to bolster the economy and the rand.

EU leaders hold tough migrant talks. 28 EU leaders meet in Brussels to discuss sending all asylum seekers arriving in Greece back to Turkey. The controversial plan would require EU countries to resettle one Syrian for every Syrian remaining in Turkey.

Earnings: Adobe is expected to post a major quarterly revenue increasethanks to its cloud computing business, with analysts forecasting a 20% increase to about $1.34 billion. The German airline Lufthansa should also report healthy profits due to low oil prices.

While you were sleeping

The Federal Reserve decided not to hike interest rates. Officials had projected four rate hikes in 2016, but cut that number to two due to global economic turmoil. The Fed, finally recognizing that deflation is the biggest threat to the economy, also scaled back its expectations for growth and inflation.

Obama nominated Merrick Garland to the Supreme Court. Garland is a centrist appeals court judge who is highly regarded in Washington, even among the Republicans who have vowed to block any Obama nominee. The US president is essentially daring conservatives to compromise.

The US issued strong sanctions against North Korea. Following the DPRK’s nuclear test in January and rocket launch in February, the Obama administration has imposed harsh trade restrictions on Korea. The sanctions also target companies in other countries doing business in North Korea—which, if enforced, would affect Chinese firms the most.

A video surfaced of a Japanese journalist who went missing in Syria.Junpei Yasada, who had been missing since 2015, did not reveal his whereabouts in the recording. However, Nikkei reports that it was initially obtained by someone representing the Nusra Front, a Syrian militant group affiliated with al-Qaeda.

Which branded content resonated most in 2015? The first ever World Media Group Awards celebrate the best of cross platform, cross border, content-driven advertising from around the world. Which content made a lasting impression? Click here to see the winners of this year’s awards.

Quartz obsession interlude

Soraya Chomaly on the implications of leaving women out of technological design. “Games, virtual assistants and health trackers may seem trivial, but they reflect the dominant model not just for what we build, technically, but how we know and understand the world; how we frame problems and find solutions.” Read more here.

Quartz markets haiku

Fed doves are aloft

Soft spring air full of promise

The market loves it

Matters of debate

The only effective weapon against terror is empathy. That meanscaring about all victims equally.

A cashless society has a lot of benefits, but one massive drawback:Government control of our wallets.

Fitness trackers could be dangerous to your health. They canexacerbate eating disorders and put users at risk of overuse injuries.

Surprising discoveries

A punk scion is setting $7 million worth of memorabilia on fire. He is protesting cultural appropriation by mainstream figures like Queen Elizabeth.

One ad agency has a radical new idea: a 40 hour work week. Wieden + Kennedy, famous for its work with Nike, was nicknamed “Weekend + Kennedy.”

Our brains have neurons solely devoted to music. The specialized neural circuits only light up when exposed to melody and rhythm.

Americans are ordering Egg McMuffins as side orders at lunch and dinner. All-day breakfast is gift that keeps on giving for McDonald’s.

Russian authorities are investigating a Calvin Klein ad for “gay propaganda.” The commercial shows two men lying on a pink bed.

Our best wishes for a productive day. Please send any news, comments, punk memorabilia, and McMuffin sides to And download our new iPhone app for news throughout the day.

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