Fed to Hold Rates Steady as Pressures Mount
Federal Reserve officials are widely expected to leave interest rates unchanged Wednesday as they await clarity on the Trump administration's trade policies, a move likely to frustrate the president and anyone else seeking answers about the US central bank's next move.
An aggressive slew of tariffs on imported goods is denting consumer confidence, with households bracing for a potential spike in consumer prices and a weakening job market. Yet the latest data show inflation decelerated in March, while the unemployment rate remained steady in April.
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Washington Post
20 minutes ago
- Washington Post
McCarthy, Vikings value Jefferson's presence and leadership in offseason practices
EAGAN, Minn. — The Minnesota Vikings urged Justin Jefferson to fully participate in their offseason program, a commitment some established NFL stars aren't willing to make each spring. The sixth-year wide receiver was already a step ahead of the coaching staff. This is a critical offseason for Jefferson and the Vikings, breaking in a new quarterback in J.J. McCarthy , so he was planning to make his attendance a priority. 'It's definitely important to gain a little bit of a sight of what the new year is coming to look like, to build that connection with my teammates and especially with my quarterback,' Jefferson said after practice on Monday. 'It's definitely great to be out here early to kind of get into the feel.' These late spring practices, known in league parlance as organized team activities, are when the basic installation of the playbook begins, even though only the three-day minicamp next week is contractually mandated. It's also a prime opportunity to build that rhythm and trust between the quarterback and his receivers. 'He's a tremendous talent, tremendous leader, but his leadership really shows up when he's here,' said McCarthy, who accompanied Jefferson to a Timberwolves playoff game last month when they sat together in courtside seats. 'Just being able to get that chemistry building on and off the field has been invaluable.' Jefferson, whose 7,432 receiving yards are the most in league history through a player's first five seasons, said he doesn't concern himself with the style or tendencies of who's throwing. 'As long as the ball gets close to my face, I'm going to try to catch it,' he said. 'It doesn't matter how fast the ball is going, the spin of it or if it's coming from a lefty or a righty. My job is to catch the ball.' What's most important to Jefferson is the quarterback learning to adjust to his route-running preferences, with an exceptional stride length and side-to-side agility that helps set him apart. 'It's that timing, those reps,' McCarthy said. 'All of that has to be built up over time.' Which is why Jefferson being around all the time is so valuable. 'He's an energy igniter of the whole building, and I think he's come back with a purpose and a mindset,' coach Kevin O'Connell said. 'You hear his voice, you hear his interaction with teammates, and they just carry such a long way.' Not just for the quarterback. 'The guys in that locker room know, 'If this guy, one of the best in the world at what he does, is pushing himself in May and June, I sure as heck better be doing the same thing,'' O'Connell said. McCarthy, whose rookie season was spent entirely in the training room recovering from knee surgery, at least had some meaningful time in strategy meetings that helped him start to build the knowledge base in the offense even if he wasn't taking snaps on the field. 'I've been really surprised by some of the things that he does know. You're like, 'Man, we covered that in a 10-minute burst in Week 11 last year. How do you remember that?'' O'Connell said. 'And then there's some other things where you're like, 'Oh, I assumed he knew that.' So it's our job — baseline teaching and stacking days and layered learning so that we're constantly making him feel like he's growing but never comfortable.' Jefferson can see that too. 'He definitely has an arm, that's for sure. He can definitely zip it whenever he needs to,' he said, before recounting his advice to McCarthy at this stage of the offseason. 'Just let everything happen. Don't try to make the best play every single play.' ___ AP NFL:
The Hill
22 minutes ago
- The Hill
Meta faces moment of truth
The Big Story The Federal Trade Commission (FTC) and Meta have wrapped up a six-week trial over the Facebook and Instagram parent's alleged social networking monopoly, leaving the final decision in the hands of the judge. © Thibault Camus, Associated Press The trial, which came to a close last week, seeks to determine whether Meta has a monopoly over personal social networking that the company entrenched with its acquisitions of Instagram and WhatsApp. Here's what to know about the trial and what comes next: Full-circle moment for Trump administration The FTC's trial with Meta represented a full-circle moment for the second Trump administration, after the agency originally brought the case at the tail end of President Trump's first administration. The agency sued Meta, then known as Facebook, in December 2020. The case came as part of a push by the Trump administration to take aim at major tech firms, following the Department of Justice's (DOJ) antitrust lawsuit against Google. Zuckerberg tries to settle, ends up on stand Meta CEO Mark Zuckerberg reportedly courted Trump and White House officials to settle the case in the weeks leading up to the trial. However, these efforts don't appear to have paid dividends. The Meta CEO's initial offer of $450 million was brushed aside, with the FTC demanding at least $18 billion and a consent decree, according to The Wall Street Journal. Zuckerberg reportedly upped his offer to $1 billion, but to no avail. The Meta trial began mid-April, and the FTC immediately called Zuckerberg to the stand, where he spent three days facing questions. Who is Meta's competition? At the heart of the trial is the FTC's claim that Meta has a monopoly over personal social networking — a market that includes Meta's apps, as well as Snapchat and MeWe and is centered on sharing between family and friends. Meta has pushed back on this market definition, arguing it faces competition from a much broader swath of social media platforms, including TikTok, YouTube, X and iMessage. U.S. District Judge James Boasberg has seemed skeptical of the FTC's proposed market, noted Geoffrey Manne, president and founder of the International Center for Law & Economics. 'The judge has expressed some reservations about the way the FTC is trying to demonstrate its market definition, but obviously the underlying issue is monopoly power,' Manne told The Hill. Read more in a full report at tomorrow. Welcome to The Hill's Technology newsletter, we're Miranda Nazzaro and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley. Did someone forward you this newsletter? Subscribe here. Essential Reads How policy will be impacting the tech sector now and in the future: Greene says she'll oppose Trump's 'big beautiful bill' if AI provision isn't removed Rep. Marjorie Taylor Greene (R-Ga.) is calling on the Senate to eliminate a provision that would ban state regulation of artificial intelligence (AI) from President Trump's 'big, beautiful bill,' arguing it violates states' rights. 'Full transparency, I did not know about this section on pages 278-279 of the OBBB that strips states of the right to make laws or regulate AI for 10 years,' Greene … Warren releases 130-accusation report on Elon Musk's tenure Sen. Elizabeth Warren (D-Mass.) on Tuesday released a 130-accusation report on tech billionaire Elon Musk's time as a special government employee, arguing he profited from his work in the Trump administration. 'While serving as a 'Special Government Employee' in the White House and leading the Department of Government Efficiency (DOGE), Musk has maintained extensive financial conflicts of interest through his ownership or stake … 'Disgusting abomination': Elon Musk tears into Trump megabill Billionaire Elon Musk ramped up his criticism of the megabill of President Trump's tax cut and spending priorities, calling the legislation a 'disgusting abomination.' 'I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,' Musk posted Tuesday on his social platform X. 'Shame on those who voted for it: you know you did wrong. You know … Speaker Johnson calls Musk criticism of Trump agenda bill 'terribly wrong' Speaker Mike Johnson (R-La.) on Tuesday said Elon Musk's sharp criticism of the party's massive tax cuts and spending bill is 'terribly wrong.' The comments came minutes after Musk torched the sprawling package on X, calling it 'a disgusting abomination.' 'Let me say this: It's very disappointing,' Johnson told reporters at the Capitol, later adding: 'With all due respect, my friend Elon is terribly wrong about the one big, … The Refresh News we've flagged from the intersection of tech and other topics: Crypto Corner A new crypto wallet for $TRUMP token? © Samuel Corum/Politico/Bloomberg via Getty Images Welcome to Crypto Corner, a daily feature focused on digital currency and its outlook in Washington. Magic Eden, a non-fungible token (NFT) marketplace, announced Tuesday it is partnering with the team behind the $TRUMP memecoin to launch a crypto wallet. A crypto wallet is a tool that allows users to store and manage their cryptocurrencies or other blockchain assets. In a statement on X, Magic Eden said the wallet is 'coming soon,' and described it as the 'first and only crypto wallet for true Trump fans.' A waitlist for the $TRUMP Wallet began Tuesday at and Magic Eden said it will offer up to $1 million in $TRUMP rewards for those who sign up or refer at least one other person. The wallet, like the $TRUMP meme coin, is marketed with a graphic of President Trump, and is the latest expansion of Trump's crypto ventures. Both the president and first lady have meme coins with their image and likeness. Jack Lu, the CEO of Magic Eden, said the partnership 'represents our commitment to onboarding mainstream audience deeper into crypto.' Using the wallet, users will be able to trade the $TRUMP token, along with major assets like Bitcoin, Solana and Ethereum. Trump's sons, Eric and Donald Trump Jr., who lead efforts at the family's cryptocurrency company World Liberty Financial, said they had no knowledge of the product. 'The Trump Organization has zero involvement with this wallet product. @EricTrump and I know nothing about it. Stay tuned—World Liberty Financial @worldlibertyfi, which we have been working tirelessly on, will be launching our official wallet soon,' Trump Jr. wrote on X. 'I run @Trump and I know nothing about this project! @worldlibertyfi $Trump @AmericanBTC,' Eric Trump added. Trump has come under scrutiny for his crypto ventures, especially his meme coin. Last month, he hosted a private dinner with the top investors in his meme coin, which Democrats dubbed as a 'pay-to-play scheme.' In Other News Branch out with other reads on The Hill: Trump administration extends tariff pause on Chinese-made chips for 90 days The Trump administration has extended a long-running exemption for Chinese-made chips from a 25 percent tariff imposed during President Trump's first administration. The office of U.S. Trade Representative Jamieson Greer said in a notice posted Saturday it was extending the exemption, set to expire that day, to Aug. 31. The 25 percent tariff, which initially went into effect in 2019, would have applied to a variety … What Others are Reading Two key stories on The Hill right now: Hegseth orders Navy strip oiler ship USNS Harvey Milk of name Defense Secretary Pete Hegseth has ordered the Navy to rename an oil ship named after gay rights activist Harvey Milk, a move that pointedly comes … Read more White House sends Congress request for $9.4B in DOGE cuts The White House on Tuesday sent Congress a request to claw back $9.4 billion in funding for foreign aid and to public broadcasting — the first package … Read more What Others are Reading Opinions related to tech submitted to The Hill: You're all caught up. See you tomorrow!
Yahoo
24 minutes ago
- Yahoo
Bank of America says to bet on this neglected part of the Trump trade
Energy stocks have lost their appeal among fund managers despite Trump's push for more drilling. Large investors have reduced energy exposure following poor sector performance in Trump's first term. Bank of America upgraded its energy sector rating, citing strong cash flow and inflation resilience. A part of the market once considered a classic "Trump trade" has been left behind by investors, but they might want to reconsider, Bank of America said. Enthusiasm for energy stocks has fizzled out among big investors, despite the president's mantra of "drill, baby, drill." According to Bank of America, large-cap active mutual funds have reduced their energy holdings the most out of any sector in the past three months, and hedge funds are shorting energy more than any other S&P 500 sector. The downbeat views on energy follow a lackluster performance during Trump's first term. However, while institutional players flee the space, Bank of America sees an opportunity. The bank still sees plenty of upside and upgraded its rating to overweight in a note last month. It's not just the fact that institutional buyers may be nearing capitulation, though. Energy is a top performer in times of inflation and stagflation, thanks to the sector's focus on cash dividends. Bank of America pointed to the sector's strong free cash flow generation as a sign that energy stocks are in good shape and can provide income to investors in times of rising prices. The sector is also well insulated from tariffs compared to other parts of the market, as Bank of America believes energy companies would be largely exempt from protectionist trade policies. Historically, the energy sector has been sensitive to oil prices, which could be a concern crude remains stuck in a rut. But since 2016, the energy sector's sensitivity to oil has dropped by a third, which Bank of America attributes to the sector's focus on distributing dividends. That means the sector will be shielded in a stagflationary scenario with lower growth and energy prices. "If stagflation is the base case, Energy is more likely to outperform than underperform," Savita Subramanian, head of US equity and quantitative strategy at the bank, wrote. Read the original article on Business Insider Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
