🇺🇸 SUMMARY OF FED CHAIR POWELL'S STATEMENT (5/1/24):

1. Inflation has eased but remains too high

2. Further progress on inflation is not assured and path is uncertain

3. Inflation data this year has been higher than expected

4. Rate cuts not appropriate until "greater confidence" over inflation

5. Balance sheet reduction to be lowered by $35 billion per month

6. Rate cuts are likely to take longer than expected

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🇮🇳 India will overtake 🇯🇵 Japan in nominal GDP in 2025 and become 4th largest economy in the world with a GDP of $4.34 trillion. (IMF)

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🇺🇸 UNITED STATES: #CNBC reports that McDonald's and other brands warn that 'low-income consumers are starting to crack'.

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🚨🚨🚨 Rabotnik, Affiliate of Ransomware Group REvil, Sentenced to 13 Years in Jail.

Ukrainian 🇺🇦 national, Yaroslav Vasinskyi, also known as Rabotnik, has been sentenced 13 years and seven months in prison for his role in conducting over 2,500 ransomware attacks and demanding over $700 million in ransom payments.

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📣 Google $GOOGL paid Apple $AAPL $20 billion in 2022 for Google to be the default search engine in the Safari browser, according to newly unsealed court documents - Bloomberg

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📣 Shell smashes forecasts with $7.7 billion quarterly profit

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🇹🇷 Turkey halts all trade with 🇮🇱 Israel, per Reuters

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🇺🇸 The S&P 500 just posted its worst month since September 2023.

The index fell by 4.2% in April, recording the first monthly drop since October.

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🇺🇸 Up to 7% of U.S. Banks may be at risk of failure, warns Consulting firm Klaros Group

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⚡JUST IN : 🇺🇸 U.S. Seasonally Adjusted Nonfarm Jobs Rise by 175,000 in April; Unemployment Edges Up to 3.9%, Falling Short of Anticipated Gains.

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🇺🇸 US commercial and industrial lending has been declining for 7 months straight

In April, commercial and industrial loans at all commercial banks decreased by ~1% year-over-year after a 1.8% drop in March

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🇺🇸 Elon Musk says the dollar "will be worth nothing" if the US doesn't do something about its national debt

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🚨🚨🚨 Carvana $CVNA short sellers have now sustained losses of $3.9 billion

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📣 JPMorgan $JPM just unveiled IndexGPT

"a new range of thematic investment baskets created with the help of OpenAI’s GPT-4 model"

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🇯🇵 Bank of Japan has used $59 billion to save the Japanese Yen

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🇺🇸 Treasury Secretary Janet Yellen says the 🇯🇵 Bank of Japan should consult with her before intervening to support Japanese Yen

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📣 Warren Buffett accidentally calls Greg Abel “Charlie” at the annual $BRK shareholder meeting 💔

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