Nvidia Earnings Ahead, SpaceX Faces Another Setback
Bloomberg's Caroline Hyde and Ed Ludlow discuss what investors are expecting from Nvidia's earnings, which are set to be released after markets close on Wednesday. Plus, SpaceX's Starship test flight ends in a fiery setback for the Elon Musk-led company. And, Okta CEO Todd McKinnon says his company offers better value than 'legacy' tech competitors. (Source: Bloomberg)
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13 minutes ago
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Fed's Waller Outlines Path to Rate Cuts Later This Year
(Bloomberg) -- Federal Reserve Governor Christopher Waller said he continues to see a path to interest-rate cuts later this year amid his expectations that tariffs will boost unemployment and temporarily increase inflation. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Where the Wild Children's Museums Are The Economic Benefits of Paying Workers to Move Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania NYC Congestion Toll Brings In $216 Million in First Four Months Waller said tariffs will raise inflation in the 'coming months,' but he supports looking through any near-term rise in price growth when setting policy as long as inflation expectations remain anchored. 'Assuming that the effective tariff rate settles close to my lower tariff scenario, that underlying inflation continues to make progress to our 2% goal, and that the labor market remains solid, I would be supporting 'good news' rate cuts later this year,' Waller said in remarks prepared for a Bank of Korea conference in Seoul on Monday. Waller referenced a speech he gave in mid-April, in which he outlined two scenarios for how trade policy may unfold. His 'large-tariff' scenario assumed an average trade-weighted tariff on goods of 25% that remained in place for 'some time.' The 'smaller-tariff' scenario assumed a 10% average tariff, and that higher country and sector-specific duties would be negotiated lower over time. In both scenarios, Waller expects the impact of tariffs on inflation would be temporary. He also anticipates the levies will cause an increase in the unemployment rate that will 'probably linger.' That said, job cuts would likely be 'modest,' he said, under the smaller-tariff option. 'Reported progress on trade negotiations since that speech leaves my base case somewhere in between these two scenarios,' Waller said. He now estimates a 15% trade-weighted tariff on goods imports. During Waller's dialogue with Bank of Korea Governor Rhee Chang-yong, he attributed recent increases in long-term treasury yields to rising concerns over the US fiscal deficit. He said markets had expected some progress toward fiscal consolidation, but estimates now suggest the federal deficit will remain near $2 trillion — about 6% of gross domestic product — for the foreseeable future. 'If there's going to be a lot more debt issuance than the markets thought, they'll buy it — but at a much lower price, unfortunately,' he told Rhee. 'It's not a question of whether it will sell, but the price they're willing to pay.' He added that recent trade and geopolitical developments, including tariff announcements and signals from the White House, have fueled risk aversion among foreign investors. Some institutional buyers are reassessing their exposure to US assets, which could weigh on demand and push yields higher. Inflation Expectations Waller largely dismissed a 2025 surge in the University of Michigan's gauge of consumers' inflation expectations over the next five to 10 years. He said he prefers to look at market-based measures of inflation compensation and professional forecasters' expectations, which have not seen a similar increase. Waller said the 'strong' labor market and recent progress toward the Fed's 2% inflation goal offer policymakers time to see how trade negotiations unfold, echoing many of his colleagues. Fed officials have largely indicated rates are in a good place while they await further clarity on President Donald Trump's policies — particularly tariffs — and their impact on the economy before adjusting borrowing costs. Waller underscored that considerable uncertainty remains around the ultimate level of duties imposed on other countries and sectors. Trump announced Friday that he would be increasing tariffs on steel and aluminum to 50%, from 25%. 'As of today, I see downside risks to economic activity and employment and upside risks to inflation in the second half of 2025, but how these risks evolve is strongly tied to how trade policy evolves,' Waller said. Stablecoin Implications Waller also weighed in on stablecoins, describing them as a potential tool to introduce competition into payments system. While noting he couldn't speak for the US government's stance on legislation, Waller said he views stablecoins as 'just a payment instrument,' one that could be issued by non-bank entities in the same way deposits are used for transactions. 'If stablecoins can help drive down costs, especially for small and medium-sized firms doing cross-border transfers, I'm all for allowing competition rather than having regulators set prices,' Waller said. (Updates with Waller's comments after speech.) YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Will Small Business Owners Knock Down Trump's Mighty Tariffs? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. 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Yahoo
15 minutes ago
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UNM researchers make new discovery about Yellowstone National Park supervolcano
ALBUQUERQUE, N.M. (KRQE) – It's one of the world's largest supervolcanoes, and recent work out of the University of New Mexico led to a breakthrough discovery that could help geoscientists better predict an eruption and save lives. 'So it's very satisfying to see that come to fruition,' said Tobias Fischer, Distinguished Professor of Earth and Planetary Sciences at UNM. Story continues below Crime: Albuquerque business owner faces murder charge for shooting fleeing shoplifter News: Las Vegas deputy charged with aggravated battery and robbery Business: A downtown Albuquerque shoe shine parlor is still serving patrons after nearly a century Events: What's happening around New Mexico May 30-June 5? Kirtland Air Fiesta and more Fischer teamed up with a colleague to investigate Yellowstone National Park's volcanic system. 'Professor Brandon Schmandt is really the person who started this project. He's a geophysicist and he wanted to investigate the composition of the magma and where the magma is under Yellowstone, and especially how much volatiles are in the magma right now,' said Fischer. Fischer said Yellowstone's last volcanic eruption was about 70,000 years ago, and there is still an entire system sitting below the park today. 'So the hydrothermal system has all these beautiful geysers and hot springs and mud pots that attract millions of people a year to see the park and see these features,' said Fischer. Last August, KRQE News 13 reported on a 'localized' hydrothermal explosion that happened at the national park. The team's study led them to look at earthquakes they produced themselves with a big thumper truck. 'With that detailed geophysical study, they can make a very nice CT scan essentially of what's under Yellowstone, and they discovered that there is a really gas-rich, volatile-rich cap on top of the magma chamber,' said Fischer. Fischer said that when volcanoes erupt, they are driven by new magma coming into the system. They use samples from Yellowstone on a machine in one of UNM's labs to learn more. 'As magma rises towards the surface, gases like water and CO2 exalt from that magma at shallower levels,' said Fischer. Those gases migrate up to the surface and then eventually accumulate at some depth. The group found exactly where that accumulation happens, allowing them a better picture at what's taking place right under our feet. 'So it's a very detailed image of the quantity of water, the quantities of pores, the quantities of magma, and where exactly it sits under Yellowstone and how big it is,' said Fischer. Fischer said the Yellowstone system is similar to the Valles Caldera in New Mexico. Although Valles Caldera is smaller, it's a super volcano that produced large eruptions roughly a million years ago. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
19 minutes ago
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Drug maker Indivior to abandon London stock market for the US
Drug maker Indivior has announced plans to delist its shares from the London Stock Exchange (LSE), marking the latest company to abandon the UK market for the US. However, the LSE welcomes Anglo-American's platinum spin-off Valterra after becoming independent from the mining giant. Indivior's exit comes after the company moved its primary listing to the US's Nasdaq index last year. It said cancelling the secondary listing in London eliminates 'cost and complexity' and better reflects the business – with more than 80% of its revenues generated in the US. It also said liquidity on the Nasdaq now 'far outweighs' that of the LSE with a greater level of trading. The US-based pharmaceutical firm makes prescription medicines to treat opioid addiction, and has a market capitalisation of £1.2 billion. 'A single primary listing on Nasdaq best reflects the profile of Indivior's business,' chairman David Wheadon said. 'We appreciate the support received from shareholders for this initiative and look forward to capitalising on the expected benefits of this move, including reductions in cost and complexity.' The LSE faced the largest exodus of companies since the global financial crisis in 2024, according to EY analysis. There were 88 companies to delist or transfer their primary listing from the main market – the most since 2009. At the same time, the LSE struggled to attract as many new companies to fill the gaps – with 18 new listings in total last year. Nevertheless, Indivior's exit, which will take effect from July 25, comes as Valterra Platinum makes its debut on the London market. Anglo American spun off its platinum business into the new entity, which has become the world's most valuable producer of the metal. Valterra will have its secondary listing on the LSE, with its primary on the Johannesburg Stock Exchange. Duncan Wanblad, Anglo American's chief executive, said: 'Valterra Platinum has been a major part of the company for many years but now is the right time for it to optimise its value creation prospects on an independent path – it's an outstanding business and team and I have every confidence that Valterra Platinum will thrive as a leader in the global platinum group metals industry.' Sign in to access your portfolio
