Trump Vs Powell – ryan
Hello. An Air India Boeing 787 Bound for London Crashed soon after takeoff from the city of Ahmedabad, India, this morning. More than 240 People were on Board the Plane, Acciting to India’s Directorate General of Civil Aviation. We are following this Developing Story here.
In Today’s Newsletter, New Economic Data is reinvigorating the Administration’s Fight with the Fed to cut interest rate.
What’s On Deck
Markets: Form Goldman Sachs Interns Shared Advice they’d give to the Bank’s Newest Crop.
Tech: We Picked 10 Exciting He Agent Starts From Y Combinator’s Spring Batch.
Business: An exclusive look at Big Changes Amazon is Making to HOW WHOE FOODS SITS WITH ITS ORGANIZATION.
But first, what inflation?
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The Big Story
A Call for Cuts
Kevin Dietsch/Getty Images
Inflation isn’t rising as expert, but the fight to cut interest rate is heating up.
May’s Consumer Price Index Report Rose Only 2.4% Compared to Last YearA Lower-Than-Expected Bump that has had the Trump Administration Calling for Interest-Rate Cuts Again.
Economists predicted a 2.5% rise in inflation. Shelter, which has been a bit of a mess Since the Covid Pandemic, was also identified as the “primary factor” in the increes in inflation by the bureau of labor statistics. Finally, Core CPI, WHICH DOESN’T INCLUDE More Volatile Prices, Rose Only 0.1% Compared to a 0.3% Rise Expectation.
In short, it was a good day for anyoing inflation is no longer a problem.
Which brings with to jd vance. The Vice President Bashed The Federal Reserve, Posting on x That The Central Bank’s Refusal to Cut Rates is “Malpractice“Writes Bi’s Jennifer Sor.
Vance took a Page Out of His Boss’s Playbook. Last Week, President Donald Trump, Embolded by Weak Jobs Date from ADP, Took a Shot at Fed Chair Jerome Powell’s Inaction.
Of Course, One Key Issue Giving Powell Pause is Trump’s Own Doing. The President’s Tariffs are Expped by Many to Drive Inflation, Forcing the Fed to Reconsider Cutting Rates Despite Prices Moving in the Right Direction.
At the Same Time, Powell has previously said he can only work with the hard data when the rate-cut decides. And if that remeins the case, the numbers don’t the yet show fee being a problem.
May’s CPI Report didn’t Indicate a Major Impact from Tariffs. Prices Fell Last Month for Apparel, Furniture, and Cars Despite Those Areas Being Viewed As Potential Vicims of Trump’s Trade Police.
Ronaldo Schemidt/AFP Via Getty Images
Meanwhile, Do you Key Group is Changing Its Tune on Inflation.
For the first time this year, Americans are Feeling Less Anxious About Rising PricesWrites Bi’s Christine Ji.
Consumer sentiment Might Not seam Important, but it is. The Gap BetWeen The Hard Economic Date and How Consumers Actually Feel About the Economy haen ben noticeableas Jennifer and Christine have previously covered.
(Grant, not everyeryone is Feeling Good. Two Recent Fed Reports Showed Small-Business Owners’ Pain and Uncetainty Over Tariffs.)
Ultimately, The Fed Desn’t Have to Answer to Trump or the American People. Its focus is on keeping unemployment and inflation low.
And the Market DOESN’T SEE ANYONE FORCING THE FED’S HAND YET. Cme fedwatch has the probability of Rates Remaining Unchanged Next Week at Almost 100%.
3 Things in Markets
Nicole Pullen Ross, Shane Cote, and Anna Kouba. Goldman Sachs
1. Internship Advice from Goldman Sachs Insider. Three Former Goldman Interns Who Are Now an Associate, A VP, and a partner Shared with Bi Words of the Firm’s New Class of 2,600 Summer Interns. Here’s What they wish they have had Known at that age.
2. Avala Global’s Inflection Point. In 2022, Viking Global Star Divya Form Founded Avala Global, Becoming the first billion-dollar launch by a Woman. The firm has Seen Good Performance and Significant Staff Turnover. As it Approaches its Third Anniversary, Netthimi Told B and Believes Avala Is Exactly WHERE IT SHOULD EU.
3. Apollo ditches the pe recruiting practice that Angered Jamie Dimon. This Year, Marc Rowan’s $ 785 Billion Asset Manager won’t interview new analysts for jobs that start in 2027. The memo Came JUST DAYS AFTER JPMORGAN SAID IT’D FIRE ANY FIRST-YEAR Bankers with A Future-Dated Job.
3 Things in Tech
Courtesy of Apple
1. Apple Finally Explains Why the New Siri is Still Mia AT Apple’s 2024 WWDC Conference, The Company Introduced An AI-Powered Siri, Which Was Met With Mucle Fanfare. A year late, the new-And-Improved Siri Still isn’t. Recently, Apple Exec Craig Federighi Has Been Speaking Candidly About the Delay. Tldr: Apple Wants to Get It Right.
2. Microsoft is working on a version of it he Copilot for the pentagon. In a recent blog Written for Government Customers, The Tech Giant Said The Microsoft 365 Copilot for Dod Environments Waould Be available as soon as this SummerWrites Bi’s Ashley Stewart. IT’S unclear if this is the mystery customer that close to adding one million copilot users, but regardless, the deal goo a major win for Microsoft.
3. Y Combinator Asked for AI agent startups. The Startup Community Delivered. Of the 144 startups in yc’s Spring Accelerator Program, 70 Build AI Agents. Bi DUG Through the Cohort to Find 10 of the Most Interesting AGENTIC STARTUPSFrom Teaching an Old Robot New Tricks to Helping Consumers Apply for the Best Mortgage.
3 Things in Business
Smith Collection/Gado/Getty Images
1. Whole Foods X Amazon = One Big Ol ‘Fam-Azon. Amazon is Mounting A Big Reorg to Bring the Organic Grocer, Which It Bowht in 2017, Into Its Core Business. Whole Foods Corporate Staff Will Move Under Amazon’s Employs Programs, Including Performance Reviews and Pay Structure, for a Copy of a Company Memo obtained by bi’s eugene kim. Here’s the Team Leading it.
2. Two Major Breakthroughs in Cancer Research. At the World’s Biggest Cancer Conference, Doctors Gave Standing Ovations to Two Announcements That COULD Change the game on Cancer Treatment and Prevention. One Suggested Exercise Could Be A Solution.
3. The British Can’t Get Enough of Chinese Cars. Byd sales are booming in the uk, where there are no tariffs on chinese evs. It ‘sign for tesla, whose sales are plummeting there, Becauses it shows byd Can Quickly snap up market Share in a straight fight.
In other news
What’s Happening Today
- Bilderberg Meeting BetWene US and European Political and Business Leaders is Held in Stockholm.
The Insider Today Team: Dan Defrancesco, Deputy Editor and Anchor, in New York. Lisa Ryan, Executive Editor, in New York. Hallam Bullock, Senior Editor, in London. Grace Lett, Editor, in Chicago. Akin Oyedele, Deputy Editor, in New York. Amanda Yen, Associate Editor, in New York. Ella Hopkins, Associate Editor, in London. Elizabeth Casolo, Fellow, in Chicago.