What we’re reading (5/3)
“US Stocks End Higher In Choppy Trading Session As Oil Prices And Bond Yields Fall Ahead Of Critical Fed Decision” (Insider). “US stocks closed higher Tuesday as investors prepare for a key interest rate decision from the Federal Reserve at the conclusion of its meeting tomorrow. The central bank is expected to ramp up monetary policy tightening at the end of its meeting on Wednesday as part of its campaign to tamp down inflation that is running at 40-year highs. Wall Street is broadly expecting the Fed to hike rates by 50 basis points.”
“Elon Musk Plans To Take Twitter Public A Few Years After Buyout” (Wall Street Journal). “Mr. Musk said he plans to stage an initial public offering of Twitter in as little as three years of buying it, according to people familiar with the matter. The deal is expected to close later this year, subject to conditions including the approval of Twitter shareholders and regulators, the company has said.”
“America Is Trying To Fix The Chip Shortage One Factory At A Time” (Vox). “This new crop of chip factories, sometimes called fabs, won’t be ready in time to solve the current chip shortage. These facilities will take years to build, and even when they’re completed, they won’t produce as many chips as the US uses. Still, the government thinks the fabs could play a critical role in blunting the impact of a future crisis, like climate change or another pandemic.”
“SEC Launches A Hiring Spree To Fight Cryptocurrency Fraud” (CNN Business). “The additional 20 positions will result in almost a doubling in size of the agency's Cyber Unit, which is also being renamed the Crypto Assets and Cyber Unit to reflect the group's growing mission, the SEC said in a release. The Cyber Unit was first founded within the SEC's enforcement division in 2017.”
“Watchdogs Take A Swipe At Apple Pay” (The Economist). “There is not yet an app to keep track of the growing number of antitrust complaints against Apple. But perhaps there should be. On May 2nd the European Commission, the EU’s executive arm, added another to the pile. Following an investigation begun in 2020, it sent the smartphone-maker a ‘statement of objections’, saying that, in the commission’s view, Apple is abusing its power in the market for smartphone payments.”
