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    Biden and Colin Jost Address the White House Correspondents Dinner

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    President Biden didn’t waste time.

    Just minutes into his speech at the White House Correspondents’ Association dinner on Saturday, Mr. Biden launched into the issues dominating the 2024 election, including his age and former President Donald J. Trump’s hush-money trial in New York.

    “The 2024 election’s in full swing and yes, age is an issue,” Mr. Biden said in a roughly 10-minute speech. “I’m a grown man running against a 6-year-old.”

    “Donald has had a few tough days lately. You might call it ‘stormy’ weather,” Mr. Biden said, an oblique reference to Stormy Daniels, a porn actress who claims to have had sex with Mr. Trump in 2006 and received a hush-money payment in the days before the 2016 election, a deal at the center of his New York trial.

    The comments, even as part of a roast, were notable given Mr. Biden has forbidden his aides from talking publicly about Mr. Trump’s legal troubles. But they also came as Mr. Biden has ramped up his attacks on Mr. Trump, sharpening the split-screen between a president on the campaign trail and a former president spending his days in a courtroom.

    The annual dinner at the Washington Hilton Hotel provided a break to journalists and government officials from their normal jousting for a night of glitz and gossip in celebration of the free press. Mr. Biden, who has held fewer news conferences than his predecessors, extended his roast to the journalists gathered for the dinner.

    “Some of you complained that I don’t take enough of your questions,” Mr. Biden said. “No comment.”

    “The New York Times issued a statement blasting me for ‘actively and effectively avoiding independent journalists,’” Mr. Biden said. “Hey, if that’s what it takes to get The New York Times to say I’m active and effective, I’m for it.”

    Outside the gates of the Washington Hilton, however, outrage over Mr. Biden’s support for Israel’s war in Gaza was evident.

    As journalists and politicians arrived at the hotel, many were swarmed by pro-Palestinian protesters chanting, “Shame on you!” Other protesters wearing press vests with the names of more than 100 Palestinian journalists who have been killed in Gaza lay down in front of the dinner venue.

    “By putting our human bodies on the street, we create a little discomfort” for the journalists attending the event, said Hazami Barmada, an organizer of the protest.

    Inside the hotel ballroom, many journalists wore pins reading “Free Evan” to raise awareness of Wall Street Journal reporter Evan Gershkovich, who has been detained in Russia since March 2023 — wrongfully, according to the U.S. government.

    Kelly O’Donnell, a senior White House reporter for NBC News who is also president of the correspondents’ association, used her remarks to call attention to journalists who have been captured or killed while doing their jobs, including Mr. Gershkovich; Austin Tice, who was kidnapped while reporting in Syria; and reporters who have been killed in Gaza.

    “Our profession can be perilous,” Ms. O’Donnell said. “Since October, about 100 journalists have been killed, most of those deaths in Gaza.”

    Ms. O’Donnell also said the association had wanted to choose both a writer and a comedian when it came to their host this year. Colin Jost, the co-anchor of “Weekend Update” on “Saturday Night Live” — and a former reporter for the Staten Island Advance — spent roughly 23 minutes poking fun at the president.

    But Mr. Jost’s speech was relatively light, even supportive of Mr. Biden. He ended it by noting that his grandfather, who recently died, had voted for Mr. Biden in the last election.

    “The reason he voted for you is because you’re a decent man,” Mr. Jost said.

    Still, Mr. Jost didn’t miss an opportunity to needle the president over his poll numbers.

    “My ‘Weekend Update’ co-anchor, Michael Che, was going to join me here tonight — but in solidarity with President Biden I decided to lose all my Black support,” Mr. Jost said, referring to polling that has shown Mr. Biden struggling with Black voters.

    Over seared petit filet mignon, celebrities and journalists also had a chance to catch those setting policy that will impact Americans for years to come. Lester Holt, the anchor of NBC News, sat next to Jeffrey D. Zients, the White House chief of staff, who made sure to stand up and speak briefly with the Rev. Al Sharpton.

    Not everyone was in a tuxedo or dress — Senator John Fetterman, Democrat of Pennsylvania, showed up wearing a white, hooded sweatshirt emblazoned with a bow-tie design on its front.

    Hollywood was well represented at the dinner, with the actress Scarlett Johansson, who is married to Mr. Jost, sitting up front. Popular cable news anchors dined with actors Jon Hamm and Sean Penn, among others.

    Before making their way to their seats, politicians like Senator Chuck Schumer of New York, the Democratic leader, and Gov. J.B. Pritkzer of Chicago held court with guests as Biden campaign officials talked about recent polls showing Mr. Biden cutting into Mr. Trump’s lead.

    Mr. Biden, too, sounded emboldened. While he rarely mentioned Mr. Trump by name early in his presidency, he has aggressively taunted him as of late and kept it going on Saturday.

    “Did you hear what Donald said about the major Civil War battle?” Mr. Biden said. “Gettysburg. Wow. Trump’s speech was so embarrassing, the statue of Robert E. Lee surrendered again.”

    “Age is the only thing we have in common,” Mr. Biden, 81, said of Mr. Trump, 77. “My vice president actually endorses me,” Mr. Biden said, referring to former Vice President Mike Pence’s decision not to endorse Mr. Trump.

    Mr. Biden also used his speech at the dinner to warn about his political opponent’s threats on democracy — increasingly a focus of his message to voters.

    “Focus on what’s actually at stake,” Mr. Biden said. “The stakes couldn’t be higher.”

    Powell Is Poised to Keep Fed on Higher-for-Longer Path

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    (Bloomberg) — Jerome Powell’s remarks in the coming week will be closely parsed by investors for any clues on just how long the Federal Reserve is willing to wait before cutting interest rates.

    Most Read from Bloomberg

    The last time the US central bank chair spoke, he signaled that policymakers were likely to keep borrowing costs high for longer than previously anticipated, pointing to the lack of further progress on bringing inflation down, and to enduring strength in the labor market.

    The latest price data, which showed stubborn underlying inflation, in tandem with expectations for a robust employment report on Friday, aren’t likely to lead the Fed chief to change his tune.

    Powell will address reporters after the Fed’s rate decision on Wednesday, when the central bank is widely expected to hold borrowing costs at a more than two decade high. Expectations for rate reductions have been pushed further into 2024, and investors are now betting on two cuts at most by year-end.

    Capping the week will be the monthly jobs report, offering a fresh look at the state of the US labor market. Economists see non-farm payrolls growth moderating to a still-strong pace in April amid stable, low unemployment.

    What Bloomberg Economics Says:

    “We expect Powell to make a hawkish pivot. At the minimum, he’ll likely indicate the median FOMC participant now expects ‘less’ cuts this year. In a more hawkish direction, he could hint at a chance of no cuts — or even suggest a hike might be on the table, though not the current baseline.”

    —Anna Wong, Stuart Paul, Eliza Winger & Estelle Ou, economists. For full analysis, click here

    We’ll also get updates on a quarterly, closely watched measure of employment costs, as well as monthly figures on job openings and manufacturing.

    Looking north, Canada’s gross domestic product data for February may show a slight boost to the economy, granting the Bank of Canada options as it weighs when to pivot to easier policy.

    Elsewhere, euro-zone data may show inflation stopped slowing and the economy started to grow again, while Chinese surveys will point to the strength of expansion there. Central banks from Norway to Colombia will set rates, while the Paris-based OECD will release new global forecasts on Thursday.

    Click here for what happened last week and below is our wrap of what’s coming up in the global economy.

    Asia

    China sheds light on prospects for building on first-quarter economic expansion with the release Tuesday of official purchasing manager index data. The report will indicate if manufacturing activity expanded for a second month in April.

    There could be some seasonal softness resulting from fewer working days, but the overall thrust will probably point to a continuing recovery, according to Bloomberg Economics. Due the same day is the Caixin gauge, which has hovered over the 50 threshold that separates expansion from contraction for five months.

    Global commerce will be in the spotlight as Australia, South Korea, Thailand, Sri Lanka and Vietnam all release trade figures over the course of the week.

    Japan gets a blast of data Tuesday that’s expected to show industrial output bounced back in March, with retail sales and the unemployment rate also set for release.

    And South Korea’s consumer inflation data Thursday are forecast to show price growth slowing a touch while staying above the Bank of Korea’s target, giving the central bank added incentive to postpone any policy pivot.

    Meanwhile, Thai Premier Srettha Thavisin named capital markets veteran Pichai Chunhavajira as the country’s new finance minister in an appointment that may ease tensions between the prime minister and the central bank over monetary policy.

    Europe, Middle East, Africa

    In the euro zone, data may show that the slowdown in inflation stalled in April for the first time this year. Consumer prices probably rose 2.4% from a year earlier, matching the outcome for March, amid rising energy costs.

    The underlying measure that strips out such volatile items may provide reassurance to officials that the direction of travel is still downward, though national numbers will probably reveal some divergence. Germany and Spain, due to release their data on Monday, may have experienced faster inflation.

    The euro-zone report comes on Tuesday along with the latest GDP numbers. Economists reckon the region probably returned to growth of a minimal 0.1% in the first quarter after the shallow recession it suffered in late 2023.

    As with inflation, the numbers on Tuesday may mask uneven outcomes across the region. For a taste of that, investors are likely to watch closely for Ireland’s growth data on Monday, which has a history of volatility.

    Overall, the reports might chime with European Central Bank President Christine Lagarde’s observation this month that the economy is weak and faces “bumps on the road” for the path of inflation.

    Switzerland will release consumer price data on Thursday which may show inflation staying far below the 2% ceiling targeted by the central bank.

    And the next day in Turkey, investors will be watching for progress in slowing consumer-price growth.

    Most of the market sees the Turkish inflation rate continuing to quicken from March’s 68.5% to about 75% in the coming months, despite almost a year of aggressive rate hikes. Until price rises decelerate, bond investors are unlikely to rush back into the lira debt market, a key goal of Turkey’s government.

    A trio of monetary decisions take place across the wider region:

    • On Tuesday, Malawi officials may be persuaded to again raise the key rate to rein in inflation that’s likely to remain elevated due to crop damage from adverse weather conditions.

    • The Czech central bank is set to reveal its latest decision on Thursday, with policymakers expected to cut borrowing costs by 50 basis points.

    • The next day, Norges Bank may keep the deposit rate on hold after Norway’s economy developed better than expected, even as inflation slowed faster than projected. Investors will watch for clues on whether policymakers are growing more cautious about starting to cut borrowing costs in the autumn.

    Latin America

    Mexico’s first-quarter flash output data will likely show that the economy suffered a slight contraction from the three months through December. The consensus of analysts has growth slowing for a third year in 2023, to roughly 2.4% from 3.2% in 2023.

    Brazil will post a number of reports, including the broadest measure of inflation, the central bank’s expectations survey, current account, industrial production and the national unemployment rate.

    Since last June, joblessness in Latin America’s biggest economy has been below 8%, which is viewed by many Brazil watchers as the economy’s non-accelerating inflation rate of unemployment.

    Chile releases a slew of March indicators, including retail sales, unemployment, industrial production, manufacturing, copper output and GDP-proxy figures. Stronger-than-expected growth and a pick-up in inflation prompted the central bank to slow the pace of easing earlier this month.

    In Peru, the April inflation report for the country’s mega-city capital of Lima may show prices finally back in the 1%-to-3% tolerance range, while still above the 2% target.

    Colombia’s central bank is widely seen extending its easing cycle with a second-straight half-point cut that would lower the key rate to 11.75% amid a steady process of disinflation. BanRep will also post its quarterly inflation report, updating growth and inflation forecasts, as well as delivering a revised monetary policy outlook.

    –With assistance from Ott Ummelas, Robert Jameson, Laura Dhillon Kane, Vince Golle, Patrick Donahue, Brian Fowler, Monique Vanek and Paul Wallace.

    (Updates with new Thai finance minister in Asia section)

    Most Read from Bloomberg Businessweek

    ©2024 Bloomberg L.P.

    Attorney Tayler Rahm wins GOP backing in battleground Second District race

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    Republican Party activists have backed conservative attorney Tayler Rahm to take on U.S. Rep. Angie Craig in Minnesota’s Second Congressional District, a battleground target for both parties this fall.

    Rahm, who has never run for office before, positioned himself as the outsider candidate. He beat out former federal prosecutor Joe Teirab, who had said he plans to run in the August primary election regardless of the results of Saturday’s endorsing convention. Rahm won on the first ballot with 74% of the vote from party activists over Teirab’s 25%.

    “I am deeply honored and humbled by the trust and confidence placed in me by the delegates of CD2,” Rahm said in a statement. “As your Republican endorsed candidate for Congress, I am committed to tirelessly advocating for our shared values and fighting to make changes that benefit all of us, not just some of us.”

    In western Minnesota’s Seventh District, a conservative small business owner who’s never held public office put up a spirited challenge against Republican U.S. Rep. Michelle Fischbach and blocked her from getting the party’s endorsement. GOP activists in the west-suburban Third District endorsed a former state legislator to run for the seat left open by Democratic U.S. Rep. Dean Phillips, who announced he wouldn’t seek re-election.

    Endorsed Republican candidates in Minnesota tend to win primary elections. But in the Second District race, Teirab has raised dramatically more money than Rahm so far this cycle. He recently reported ending March with $662,000 in the bank, while Rahm had $59,500.

    “This election is too important to let Angie Craig go against the weakest Republican challenger in decades,” Teirab said after the vote. “We have the message and the resources to prosecute the case against Angie Craig, and I look forward to earning the trust and support of Republican primary voters.”

    The outcome of that race is critical for Republicans, who are fighting this fall to maintain their narrow control of the U.S. House. The Second District, represented since 2018 by Craig, is one of a few remaining swing districts in the country that offer them a chance to pick up a seat. Some Republicans are worried that a potential primary battle will give them a disadvantage, while others have criticized the endorsing process for choosing candidates who don’t have broad appeal.

    DFL Party Chair Ken Martin said Republicans endorsed “a rubber stamp for their MAGA agenda” in backing Rahm.

    “In Congress, Tayler Rahm would be a rubber stamp for congressional Republicans as they push for a national abortion ban, seek even more special interest tax breaks for the big drug companies, and make devastating cuts to Social Security and Medicare,” he said.

    Republicans in the Third District endorsed former judge and legislator Tad Jude. Jude is poised to face state Sen. Kelly Morrison, who is running for the open seat on the Democratic side.

    In western Minnesota, a contentious endorsement battle between Fischbach and challenger Steve Boyd spanned multiple rounds of voting. Delegates eventually ended the convention with no endorsement.

    Both candidates had signaled they plan to run through the August primary election regardless of Saturday’s results.

    “Despite having every opportunity to respect our party’s process, our traditions, and the opinions of grassroots delegates, Steve Boyd is defying the endorsement and forcing a primary election,” Norann Dillon, executive director of Fischbach’s congressional campaign, wrote in a recent email.

    The 38-year-old Boyd is a political outsider, a small-business owner from Kensington who’s never held public office. He’s said the Seventh Congressional District would be better served by a new voice, arguing that Fischbach, a former state senator for more than two decades, is a political insider.

    “My goal would be to do politics a different way and run in a manner that engages more people in the process. Don’t just work the numbers so we win. Stand on principle,” Boyd recently told the Star Tribune. He added he would be willing to shut down the government to fix the border crisis.

    Fischbach has one of the most conservative voting records in Congress and has been endorsed by former President Donald Trump. Even so, many Trump-aligned conservative activists in the district have backed Boyd over Fischbach.

    Bitcoin – Dump the FUD as BTC’s price is still on course for $85,000!

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    • Increasing calls to sell BTC could fuel a rebound towards $68,600
    • An important metric revealed that the coin has not yet hit the peak of this cycle

    In an interesting turn of events, Bitcoin’s [BTC] fall below $63,400 has fueled much Fear, Uncertainty, and Doubt [FUD] in the market. This assertion can be supported by looking at traders’ sentiment over the last 12-24 hours.

    Using Santiment’s on-chain social tool, AMBCrypto noticed that the calls to sell were much more than the ‘buy the dip’ screams. A few weeks ago, that was not the case. This, because any slight dip in the cryptocurrency’s price triggered a wave of bullish calls around that time.

    Is fear the power source for a hike?

    However, this situation is not entirely bad for Bitcoin as a peak in FUD might set off a bounce on the charts. In fact, something similar happened recently, specifically on 21 April.

    On that day, BTC depreciated and fell to $64,531, with many traders opining that a further decline was imminent. Contrary to those expectations, however, Bitcoin swung upwards and hit $67,169.

    Source: Santiment

    With that in place, it is possible to see a repeat of that situation if bears continue to share their sentiment publicly. However, it is also important to look at the possibility from a metric-driven PoV.

    To start off, AMBCrypto looked at the Market Value to Realized Value (MVRV) Z Score. For the uninitiated, the MVRV Z Score can spot the bottoms and tops of a cryptocurrency. It can also tell if an asset is overvalued or undervalued.

    At the time of writing, Bitcoin’s MVRV Z Score was 2.32. Looking at the chart below, we can see that since March, the price has recovered every single time the metric fell below 2.60.

    Data showing that Bitcoin is undervalued and could rebound

    Source: Santiment

    However, there is a chance that BTC might drop to lower than $62,400 if bears retain control of the price. If that is the case, the revival could be better, and a hike to $68,600 could be next.

    BTC looks sound for the latter part

    Another metric AMBCrypto evaluated was the Pi Cycle Top indicator. Historically, this metric has been instrumental in identifying when BTC is overheated or otherwise. On the indicator, you would find two lines — A green one and a purple one. The green line represents the 111-day Simple Moving Average (SMA) while the purple indicates the 350-day MA.

    In most cases, Bitcoin closes in on the top when the 111SMA reaches the same spot or crosses above the 350SMA. However, at press time, that was not the situation as the green line remained below the purple line.

    Bitcoin's metric showing that the coin has bullish potential

    Source: Glassnode


    Read Bitcoin’s [BTC] Price Prediction 2024-2025


    The state of this metric seemed great for Bitcoin bulls not only for the short term. but for most of this cycle.

    Should the Pi Cycle Top hold its position in the coming months, BTC may rally. And, a target of $80,000 to $85,000 could be possible too.

    Kristi Noem draws backlash after book recounts shooting of dog and goat

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    It doesn’t matter if you’re a Republican or Democrat, liberal or conservative — a growing number of elected officials and political groups all suddenly want you to know: they love their dogs.

    The outpouring of animal love from political social media is all in response to South Dakota Gov. Kristi L. Noem (R) — who is believed to be in the running to be Donald Trump’s running mate — admitting in her forthcoming book that she killed a family dog and goat in a gravel pit with a gun on the same day.

    According to an excerpt of the book obtained by the Guardian in advance of its publication next month, Noem, a farmer and rancher, said she shot and killed her 14-month-old wirehair pointer, Cricket, because she was “untrainable” and aggressive.

    Noem described how Cricket was overexcited on a hunt and wrote that she attacked another family’s chickens like “a trained assassin.” The governor also said Cricket had tried to bite her during the incident, later writing that she “hated that dog.”

    After killing Cricket, Noem wrote that she then decided to kill a family goat that was “nasty and mean” and which “loved to chase” Noem’s children.

    Democrats, including President Biden’s reelection campaign, had some fun with it — along with some spirited politicking.

    The Democratic National Committee, responding to Noem’s book excerpt, issued a statement on behalf of “the dogs of the DNC, aka the Dogmocratic Party.”

    “As DNC’s canine companions, we’ve heard a lot from our owners about just how extreme and dangerous Donald Trump and his far-right MAGA allies are — but nothing could prepare us for the truly disturbing and horrifying passages Kristi L. Noem willingly chose to put in her new book,” the statement said.

    “Our message is plain and simple: If you want elected officials who don’t brag about brutally killing their pets as part of their self-promotional book tour, then listen to our owners — and vote Democrat,” the statement added.

    After Noem’s excerpt went public, the Biden campaign’s rapid response team shared pictures on X of Vice President Harris holding a puppy and President Biden walking his German shepherd, Commander, at the White House (although Commander was removed from the White House last year after he bit several staffers and Secret Service officers).

    Democratic Gov. Tim Walz (Minn.) shared a photo on X of him feeding his dog a treat, writing the caption, “Post a picture with your dog that doesn’t involve shooting them and throwing them in a gravel pit. I’ll start.” The post garnered responses from Gov. Gretchen Whitmer (D-Mich.) and Gov. Phil Murphy (D-N.J.) with their furry companions.

    The Lincoln Project, a political organization founded by moderate conservatives who oppose Trump, published a tongue-in-cheek video that seemed to nod at Sarah McLachlan’s earworm ads for the American Society for the Prevention of Cruelty to Animals.

    “You have options,” a narrator says in the video. “Shooting your dog in the face should not be one of them. And if you do happen to shoot your dog in the face, please don’t write about it in your autobiography.”

    The organization also subsequently said that Trump and Noem’s “disregard for animals reflects their disregard for everything else. Cruelty is the point.”

    Other Republicans who do not support Trump, including former Trump aides Alyssa Farah Griffin and Sarah Matthews, as well as Meghan McCain, similarly expressed shock over Noem’s story.

    And Laura Loomer, a right-wing activist and Trump ally, wrote on X, “You can’t shoot your dog and then be VP.”

    Noem’s actions have been blasted by animal advocacy organizations. Colleen O’Brien, senior vice president of media relations at People for the Ethical Treatment of Animals, said in a statement that the excerpt reveals the governor “obviously fails to understand the vital political concepts of education, cooperation, compromise, and compassion.”

    Sara Amundson, president of the Humane Society Legislative Fund — the lobbying arm of the Humane Society of the United States — said in a statement that “there is no redeeming takeaway from a story about the ending of these animals’ lives, including a juvenile dog who was the family pet.”

    The organization noted that the 86 million American homes “have at least one beloved pet and value our relationship with them. There are so many effective and humane ways to deal with canine behavioral issues that don’t resort to such means.”

    Noem appeared to verify the details of the excerpt published by the Guardian, writing on X Friday morning, “We love animals, but tough decisions like this happen all the time on a farm. Sadly, we just had to put down 3 horses a few weeks ago that had been in our family for 25 years.”

    The governor, in her post, then urged her followers to preorder “No Going Back,” her forthcoming book, “if you want more real, honest, and politically INcorrect stories that’ll have the media gasping.”

    Amy B Wang contributed to this report.

    How US Economy Could Enter Stagflation After GDP, Inflation Data: Experts

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    Jonathan Kitchen/Getty Images

    • Slower growth and rising inflation has brought back distant cries that stagflation is coming.
    • This would force interest rates to stay higher for longer, putting pressure on US businesses and consumers.
    • One investor says anyone looking to hedge this risk should focus on fixed income.

    A pair of economic reports has brought back a word no central banker ever wants to hear: stagflation.

    The difficult scenario occurs when inflation rises and growth stalls, a dangerous combination just experienced by the US economy.

    Worries emerged when Thursday’s first-quarter GDP reading slumped against expectations, growing at an annualized 1.6% rate. That’s a considerable slowdown from previous quarters, and falls well under estimates of 2.5%.

    Just a day later, personal consumption expenditures did the opposite, outpacing forecasts on Friday. The inflation metric, favored by the Federal Reserve, rose 2.8% against a 2.7% consensus.

    “If you take [the] inflation report in conjunction with yesterday’s GDP report, I think what investors really have to start positioning themselves for is the resurgence of the stagflation debate,” LPL Financial’s chief economist Jeffrey Roach told Business Insider.

    If this was to actually take hold, it would not be a welcome sight for markets. 

    Lessons can be drawn from the 1970’s, a decade often cited as cautionary tale. Iin that era, a cycle of low growth and double-digit inflation only ended after the Fed sent interest rates sky-high, driving the US into a recession. When issues first emerged, volatility sent stock markets falling.

    To be sure, stagflation isn’t Roach’s base case, as he and other analysts will want to see more data points before making such a call. 

    “It really all depends on the inflation part of the equation, and if that forces the Fed’s hand to be higher for longer,” said Mike Reynolds, vice president of investment strategy at Glenmede, told BI. He also noted that he’s recently become more attentive to stagflation risks.

    “A couple of Fed officials are floating ideas of maybe additional rate hikes — that’s not the consensus — but the fact that it’s being talked about now is kind of indicative of the situation that we’re in,” Reynolds said.

    Among the most prominent Wall Street voices warning of stagflation right now is JPMorgan CEO Jamie Dimon, who has made frequent references to the 1970s as a reason for why markets shouldn’t get too comfortable with the current economy: 

    “I point out to a lot of people, things looked pretty rosy in 1972 — they were not rosy in 1973,” he recently told the Wall Street Journal, warning that a slowdown could come in the next two years, amid rising inflation.

    In the case that monetary policy is forced to stay higher this year, both Roach and Reynolds agreed that consequences could come about as soon as 2025. 

    In Reynold’s view, any fallout would be delayed by election-related fiscal boosts, though this would only add to inflation, worsening the Fed’s options. 

    Meanwhile, 2025 and 2026 will see both the government and businesses rolling over debt, Roach said, adding that if rates stay high, that only increases the risk of something breaking.

    To hedge against any rising risks, Reynolds suggested modestly going underweight on equities. He said this could be offset with additional exposure to fixed income, though investors shouldn’t overexpose themselves to duration, as future inflation risk could add upside to rates, weighing on long-dated assets.

    Alternative investments could counter any disappointment in bonds or equities, Roach said.

    But for now, stagflation is just a distant possibility, and the threat may diminish with future reports or a GDP revision, both experts noted. 

    On Friday, Bank of America pushed against the scenario, citing no signs of stagflation. Echoing points by Reynolds, its note focused on the fact that first-quarter GDP fell on inventories, while consumer spending remained resilient — potentially boosting PCE.

    “This created a narrative of ‘stagflation’ or a negative supply shock. We think that view is misguided, as it is based on an apples-to-oranges comparison,” the firm said.

    Bungie Wants To Hear The Giant ‘Destiny 2’ Changes You Want To See, Here Are Mine

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    In the midst of some rough times at Bungie and for Destiny 2 this past year, Bungie has now blown open the doors and is now checking off a list of things that players have been asking for, quite literally for years, if not a full decade, from the series.

    Horde mode? Done. Returning classic exotic missions? Here. Cross-account power gains? Yup. Friends auto-powering up to play together? Coming. Unsunsetting every old weapon in the game? Check. Hell, favorting shaders? They got it.

    Now, Community lead Cozmo is asking players what else they want, as Bungie has now shifted into genie-granting wish mode with executives now seeming open to listening to both players and the developers relaying those concerns, previously seeing many ignored.

    So, what should be next on the list? I mean they’ve done an absolute ton lately but:

    Unlimited Transmog – Time to get rid of the goofiest transmog system in the industry, a cap on earned transmog each season and an offer to pay $10 per armor set to transmog the rest. Just no. Stop. This reminds me of when they were selling consumable shaders, and forget it. Just make it so when you find armor, you can transmog it. Stop with this absurd system just to try to squeeze more cash from a stone.

    World Drop Armor – I’m tired of getting world drop armor at this point, which may not be as prevalent or annoying as blues were, but they might as well be blues given that they are 100% not useful for so many players. I get that still-leveling players might need it but again, once you hit the cap to make blues stop dropping, you should make world armor stop dropping too. Don’t reduce drops, but replace them with weapons.

    Armor/Weapon Encounter Chests – This could be something in dungeons or raids pulled from how The Coil has handled this. Allow players to pick a reward between getting armor from an encounter or getting weapons, which would make farming much less annoying for those activities given that they are two entirely separate grinds.

    Ping System – Another very common request and one that would be roughly 50 times more useful than just vaguely emoting when you want other players to do thing without a mic. Emotes should be in a wheel anyway and not taking up the entire D-pad.

    Return The Missing Planets – Bungie is doing some good work taking a number of things out of the vault like those exotic missions, but it’s time to start getting the old zones back in the game that were previously deleted, preferably with their strikes in tow. If we’re undoing old mistakes, that’s one of them. I don’t know if asking for every single campaign mission and raid is viable, but the zones themselves? Yes. Specifically, lore-wise, after The Witness is defeated, that would make sense.

    Tribute Hall – Perhaps not the exact one (but sure why not) but we do need a place for weapon testing that isn’t pinging those little floaties in the crafting chamber. We lost a lot of things on Leviathan but that was a really important one.

    More Face Cosmetic Options – If you’re going to bother letting players re-do their faces and genders now, for the love of god, add more options there. Many of these are unchanged from a full decade ago, as almost all of it was ported from Destiny 1. Time for an update if facial re-arranging is now a thing (and yes, also time for beards).

    New Gambit Maps – I will die on this hill. Gambit is still fun. It’s the best state it’s been in. It is also a dead skeleton at the bottom of the pool. It needs any amount of resources devoted to it and should be allowed to exist as a viable ritual activity instead of one that has been hamstrung with actively removed maps over time. Returning one deleted map is not enough (is that even still happening?).

    New Onslaught Maps/Modes/Loot – I’ve spoken about this before, but it’s clear Onslaught is a hit, and it’s definitely going to be worth a lot more investment over time. Bungie should not ignore it long-term like they did with Dares just because it’s free. You need good free activities!

    Trying to avoid monster things like “unvault every piece of content” or “build a bunch of sparrow racing courses,” but this is what I got. Tell Cozmo you own.

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    Pick up my sci-fi novels the Herokiller series and The Earthborn Trilogy.

    GAIN Pets of the Week | Lifestyle

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    The Pacific Daily News is partnering with Guam Animals in Need to help get cats and dogs into loving homes.

    Every week, we feature some of the cutest at the shelter. If you’d like to meet any of these adorable fur babies, you can swing by the Yigo shelter, Monday to Saturday, but call for the hours to make sure they’re open before you go. The number is (671) 653-4246.

    You can also adopt by going online at guamanimals.org. They can process adoptions completely over email.

    If you are interested in fostering rather than adopting, email GAIN’s acting foster coordinator Kelsey Graupner at kelsey@guamanimals.org for more information.

    Linebacker Tyrice Knight, UTEP, Round 4, Pick No. 118

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    The Seahawks have made their latest pick in the 2024 NFL Draft, selecting Tyrice Knight, a linebacker out of UTEP with pick No. 118 overall in the fourth round.

    “The first thing that stands out about Tyrice Knight is his high football IQ. Pre-snap, he takes command of the defense by making calls and getting the rest of the defense set. Post-snap, he’s quick to key and diagnose run plays, trusts what he sees and is consistently around the ball.

    Against zone runs, Knight knows when to trigger downhill to help get unblocked tackles near the line of scrimmage. While his open-field tackling needs some work, he’s effective in the box with good pad level and wraps up to make sure tackles.”

    This is a developing story. Check back soon for additional news and analysis.

    Most Promising Indication Of Life On Another Planet Found, Courtesy James Webb

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    Scientists are focusing on detecting dimethyl sulphide (DMS) in its atmosphere.

    The James Webb Space Telescope (JWST), the most powerful telescope ever launched, is set to begin a crucial observation mission in the hunt for extraterrestrial life.

    As reported by The Times, the telescope will focus on a distant planet orbiting a red dwarf star, K2-18b, located 124 light-years away.

    K2-18b has captured the attention of scientists due to its potential to harbour life. It’s believed to be an ocean-covered world with a size exceeding Earth’s by about 2.6 times.

    The key element scientists are looking for is dimethyl sulphide (DMS), a gas with a fascinating characteristic. According to NASA, on Earth, DMS is “only produced by life,” primarily by marine phytoplankton.

    The presence of DMS in K2-18b’s atmosphere would be a significant discovery, although Dr Nikku Madhusudhan, the study’s lead astrophysicist from Cambridge, cautions against jumping to conclusions. While preliminary data from JWST suggests a high probability (over 50%) of DMS presence, further analysis is needed. The telescope will dedicate eight hours of observation this Friday, followed by months of data processing before a definitive answer can be reached.

    The lack of a known natural, geological, or chemical process for generating DMS in the absence of life adds weight to the excitement. However, even if confirmed, the sheer distance of K2-18b presents a technological hurdle. Travelling at the speed of the Voyager spacecraft (38,000 mph), it would take a probe a staggering 2.2 million years to reach the planet.

    Despite the immense distance, the JWST’s ability to analyse the chemical composition of a planet’s atmosphere through spectral analysis of starlight filtering through its clouds offers a new window into the potential for life beyond Earth. This mission holds the potential to answer the age-old question of whether we are truly alone in the universe.

    The upcoming observations also aim to clarify the existence of methane and carbon dioxide in K2-18b’s atmosphere, potentially resolving the “missing methane problem” that has puzzled scientists for over a decade. While theoretical work on non-biological sources for gas continues, definitive conclusions are expected within the next four to six months.