The daily business briefing: February 9, 2022
Canada's "Freedom Convoy" threatens Detroit supply lifeline, household debt surges as home and car prices rise, and more

- 1. Canadian 'Freedom Convoy' drivers snarl key U.S. border crossings
- 2. Household debt surged as home, car prices rose in 2021
- 3. U.S. arrests couple for allegedly laundering bitcoin from $4.5 billion heist
- 4. Stock futures rise ahead of more corporate earnings
- 5. Toyota profit drops as computer-chip shortage impact continues

1. Canadian 'Freedom Convoy' drivers snarl key U.S. border crossings
Canadian "Freedom Convoy" drivers have spread their protest against COVID-19 restrictions from Ottawa to the U.S. border, where they partially blocked an auto-industry supply-chain lifeline connecting Windsor, Ontario, with Detroit. Canadian-bound traffic across the Ambassador Bridge was shut down early Tuesday. Limited U.S.-bound traffic got through. Protesters in idling trucks and other vehicles also blocked traffic early Tuesday at an access point between Alberta and Montana. Lawmakers in Australia said they feared that local Freedom-Convoy-inspired protests that have continued peacefully for eight days in their country's capital, Canberra, could deteriorate. "Some of these protesters actually want to undermine and overturn democracy," Kristina Keneally of the Australian Labor Party said.
2. Household debt surged as home, car prices rose in 2021
U.S. household debt rose by $1.02 trillion in 2021, the most since a $1.06 trillion rise in 2007, according to a report released Tuesday by the New York Federal Reserve. The increase came as Americans borrowed more so they could afford homes, cars, and other big purchases as prices soared. The average U.S. home price jumped by almost 20 percent in 2021, and rising vehicle prices pushed new auto loans to $734 billion, a record. "As car prices have soared, buyers have borrowed more to finance the additional cost," researchers wrote in a separate blog post. So far, households have managed the extra debt as the economy recovers from the coronavirus crisis, and incomes rise.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Reuters The Wall Street Journal
3. U.S. arrests couple for allegedly laundering bitcoin from $4.5 billion heist
The Justice Department announced Tuesday that authorities had arrested a married couple — Ilya Lichtenstein, 34, and Heather Morgan, 31 — in connection with the theft of cryptocurrency currently worth $4.5 billion in a 2016 hack of the Bitfinex exchange. They were charged with conspiracy to commit money laundering and conspiracy to defraud the United States. Prosecutors said Lichtenstein and Morgan lied to financial institutions and virtual currency exchanges about who they were and how they got their bitcoin, and tried to cover their tracks by laundering the stolen funds "through a labyrinth of cryptocurrency transactions," Deputy Attorney General Lisa Monaco said. Law enforcement agencies have seized more than $3.6 billion linked to the crime.
4. Stock futures rise ahead of more corporate earnings
U.S. stock index futures gained early Wednesday ahead of another flurry of corporate earnings reports. Futures tied to the Dow Jones Industrial Average and the S&P 500 rose 0.5 percent and 0.7 percent, respectively, at 6:30 a.m. ET. Futures for the tech-heavy Nasdaq were up by 0.9 percent. Chipotle jumped by more than 6 percent in after-hours trading after the restaurant chain reported strong earnings. Ride-hailing service Lyft's stock fell after it reported a drop in riders compared to the previous quarter. On Tuesday, the Dow gained 1.1 percent. The S&P 500 and the Nasdaq rose by 0.8 percent and 1.3 percent, respectively.
5. Toyota profit drops as computer-chip shortage impact continues
Toyota reported Wednesday that its profit dropped by almost 6 percent in the last quarter of 2021 as the computer-chip shortage caused by the coronavirus pandemic continued to hurt the auto industry. The Japanese automaker said its quarterly profit was 791.7 billion yen or $6.9 billion, down from 838.7 billion yen in the same period a year earlier. Toyota sold 2.5 million vehicles globally, down from 2.8 million a year earlier. The company trimmed its sales forecast for its current fiscal year to 8.25 million vehicles from the previous 8.55 million estimate, still more than the 7.6 million it sold in the previous fiscal year as the pandemic hammered the industry.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Book reviews: ‘Red Scare: Blacklists, McCarthyism, and the Making of Modern America’ and ‘How to End a Story: Collected Diaries, 1978–1998’
Feature A political ‘witch hunt’ and Helen Garner’s journal entries
By The Week US Published
-
The backlash against ChatGPT's Studio Ghibli filter
The Explainer The studio's charming style has become part of a nebulous social media trend
By Theara Coleman, The Week US Published
-
Why are student loan borrowers falling behind on payments?
Today's Big Question Delinquencies surge as the Trump administration upends the program
By Joel Mathis, The Week US Published
-
Discount stores were thriving. How did they stumble?
The Explainer Blame Walmart — and inflation
By Joel Mathis, The Week US Published
-
Could a private equity deal be the end of Walgreens?
Today's Big Question The pharmacy chain will be taken private in a $10 billion deal
By Justin Klawans, The Week US Published
-
Eggs too pricey? Rent a chicken.
Under the Radar The cost of eggs increased more than 15% in January
By Justin Klawans, The Week US Published
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US Published
-
Will Trump's tariffs hurt Walmart?
Today's Big Question The world's biggest retailer 'isn't immune' to trade impacts
By Joel Mathis, The Week US Published
-
Store closings could accelerate throughout 2025
Under the Radar Major brands like Macy's and Walgreens are continuing to shutter stores
By Justin Klawans, The Week US Published
-
The diamond market is losing its shine
Under the radar Precious gemstones are rapidly dropping in price
By Devika Rao, The Week US Published
-
Can the US Steel-Nippon Steel merger come back to life?
Today's Big Question President Trump opposed the deal. But he could be flexible.
By Joel Mathis, The Week US Published