Most research from the US challenges the idea that a statutory pay floor doesn’t lower employment

Also in today’s newsletter: wealthy investors sought to pull $20bn from private credit funds and Meta launches new AI model

More than 25 countries have introduced universal measures to shield consumers from high energy prices since the start of the Iran war

And the US might find them hard to give up

European Commission preparing to cut growth forecasts despite two-week Iran war ceasefire

As Opec members have long understood, it is not a good idea to give users of your product an incentive to find alternatives