Fed Chair Jerome Powell and his central bank mafia are pretty much a...
Fed Chair Jerome Powell and his central bank mafia are pretty much a lock to keep interest rates steady, despite President Trump’s urging to lower rates. Much like everyone in the business world, the Fed is trying to navigate a deep fog of uncertainty, and Powell has repeatedly said he needs more clarity on the economy's direction before making a move. Traders are betting the first rate cut will come in July.
Mark Carney meets Donald Trump: On Tuesday, Canada’s...
Mark Carney meets Donald Trump: On Tuesday, Canada’s newly elected prime minister will sit down with the man who got him elected: President Trump. Carney’s defiant rhetoric toward Trump helped him overcome a 25-point polling deficit to his opponent, and tomorrow comes the awkward part where the two will meet at the White House. Carney said he’ll kickstart negotiations on lowering US tariffs on Canada, but tamped down expectations of a breakthrough: “Do not expect white smoke out of that meeting.”
Sovereignty won the 151st Kentucky Derby, holding off the favorite, Journalism, in the mud.
Anthony Albanese, the prime minister of Australia, won his reelection bid, and his Labor Party widened its majority in the House of Representatives.
NYC bodegas will receive panic buttons to help reduce violent crimes at delis in “hotspot” areas.
Warren Buffett Says He Plans to Step Down as Head of Berkshire
Warren E. Buffett has been...
Warren E. Buffett has been at the forefront of American capitalism for decades as the chief executive of Berkshire Hathaway, the conglomerate he built into a $1.1 trillion colossus.
By the end of the year, he is preparing to give up that role.
Mr. Buffett said at the company’s annual shareholder meeting on Saturday that he plans to ask Berkshire’s board to approve making Gregory Abel, his heir apparent, the chief executive by the end of the year.
Mr. Buffett, 94, told the tens of thousands of Berkshire shareholders at the meeting in Omaha that Mr. Abel would have “the final word” regarding the company's operations, investments, and other matters.
However, Mr. Buffett added that he “would still hang around and conceivably be useful in a few cases.” He will remain chairman of Berkshire—turning that role over to his son Howard Buffett upon his death—and remains the single biggest shareholder in Berkshire, with a roughly 14 percent stake worth about $164 billion.
Trump wants to cut $163 billion in government spending. President...
Trump wants to cut $163 billion in government spending. President Trump proposed a budget yesterday that would make big cuts to federal spending next year on healthcare, education, housing, environmental, and foreign aid programs, while boosting defense spending by 13% and border security funding by 65%. The proposal is known as a “skinny budget,” which is a summary presidents often release in their first term, and—like most presidential budgets—it is likely more of a wish list than actual future policy that would be able to make it through Congress.
Temu stopped shipping directly from China to US consumers as the de minimis loophole was officially closed yesterday.
President Trump renewed his threat to take away Harvard’s tax-exempt status, saying on Truth Social that “it’s what they deserve.”
The president also signed an executive order terminating federal funding for NPR and PBS, calling them ideologically biased. The media companies say the order is unlawful and they plan to fight it.
Jeff Bezos plans to sell as much as $4.8 billion worth of Amazon stock.
A federal judge ruled that President Trump’s order targeting the law firm Perkins Coie is unconstitutional and cannot be enforced.
Gregg Popovich, the coach with the most wins in NBA history, will step down as head coach of the Spurs and will become the team’s president of basketball operations after having a stroke in November.
Prince Harry told the BBC that he “would love a reconciliation” with his family, noting that he did not know how much longer his father, King Charles, has to live.
Crude oil posts biggest weekly loss in a month as OPEC+ speculation outweighs tariff war
Crude oil fell Friday to end a second straight weekly loss, as key OPEC+...
Crude oil fell Friday to end a second straight weekly loss, as key OPEC+ members reportedly are discussing another production increase of ~400K bbl/day in June ahead of a video conference to set policy on Saturday, moved up from the expected May 5 meeting time.
OPEC+ stunned the oil market last month with a 411K bbl/day May production hike that was triple the amount originally planned. The cartel is apparently trying to discipline over-producing members such as Kazakhstan by driving down prices, and Bloomberg reported that it is considering doing the same again next month.
Goldman Sachs expects OPEC+ to announce a 410K bbl/day supply increase for June, citing modest compliance from Kazakhstan, lower-than-expected OECD inventories, and Saudi Arabia's ability to handle lower oil prices.
The bank also maintained its oil price forecast, expecting Brent crude to average $63/bbl and WTI crude at $59/bbl for the rest of 2025, with prices sliding further in 2026 to $58 for Brent and $55 for WTI, and that a global slowdown or a complete reversal of the 2.2M bbl/day of voluntary OPEC+ cuts could push Brent prices into the $40s next year.
Front-month Nymex crude (CL1:COM) for June delivery ended this week -7.5% to $58.29/bbl, its second lowest settlement value of the year, and front-month July Brent crude (CO1:COM) finished -6.8% to $61.29/bbl this week, a new 52-week low;on Friday, WTI fell 1.6% and Brent dropped 1.3%.
