Wall Street no longer believes that Kevin Warsh can do what Trump wants
Fortune • • business
Key Points:
- U.S. and global stock markets showed mixed but generally positive movements, with the S&P 500 hitting a record high and Asian markets varying by country; Brent crude oil prices dropped to $106 per barrel, and Bitcoin fell to $79.7K.
- Inflation data for April exceeded expectations, leading markets to shift expectations from Federal Reserve rate cuts to potential rate hikes later this year, with Fed Funds Futures indicating a likely hold until September followed by possible increases.
- Data centers in water-stressed U.S. regions like Arizona and Georgia were found illegally extracting public water, highlighting growing concerns over the sector's rapidly increasing water consumption projected to more than double by 2028.
- Contrary to reports of a jet fuel shortage amid geopolitical tensions, Elevate Jet's CEO stated there is no shortage; airline cancellations are attributed to airlines avoiding unprofitable routes while maintaining airport slots under "force majeure" claims.
- Analysis shows no clear statistical evidence that AI adoption is causing widespread job losses, suggesting that companies may be using AI as a justification for workforce reductions rather than actual displacement of workers.