What we’re reading (5/6)
“U.S. And Chinese Officials To Meet Amid Trade War” (Wall Street Journal). “Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are traveling to Switzerland on Thursday to meet Beijing’s lead economic representative, potentially paving the way for broader trade talks. Bessent and Greer are expected to meet with Chinese Vice Premier He Lifeng, leader Xi Jinping’s economic czar, according to people familiar with the matter.”
“Stock Market Bulls Have Gone Into Hiding. Why Our Money Pros Are The Most Bearish In Nearly 30 Years.” (Barron’s). “America’s money managers are more bearish today than they have been in nearly 30 years. Barron’s latest Big Money poll of professional investors finds 32% of respondents bearish on the outlook for stocks over the next 12 months—the highest percentage since at least 1997. Just think about all the crises investors have weathered since then: the bursting of the dot-com bubble, the 9/11 terrorist attacks, the collapse of Lehman Brothers and the 2008-09 financial crisis, the Covid-19 pandemic. And yet the Big Money pros are more anxious now than during any of those painful points for the financial markets, the economy, and the country. The bulls’ ranks also stand at historic levels in our spring survey—historically low, that is. Just 26% of respondents call themselves bullish on the market’s prospects, the smallest percentage since 1997.”
“Traders Bet It Will Take Longer For Fed To Start Cutting Rates” (Bloomberg). “Traders are betting on a slower pace of interest-rate cuts from the Federal Reserve this year, with economic resilience forcing policymakers to remain on hold for longer before easing more sharply in 2026. Just a day ahead of the US central bank’s latest policy decision, money markets are pricing three quarter-point reductions this year, one less than at the start of April. About a half point of additional cuts are expected next year, the most priced in for 2026 at any point in the current easing cycle.”
“A New Study Raises Alarms About Plastics And Heart Disease. Here’s What To Know.” (New York Times). “The news made for an alarming headline this week: Research showed that common chemicals in plastics were associated with 350,000 heart disease deaths across the world in 2018…[w]hile experts agree that phthalates are harmful, they cautioned that the study relied on complex statistical modeling and a series of assumptions and estimates that make it difficult to determine how many deaths might be linked to the chemicals…In the latest study, researchers attempted to quantify global cardiovascular deaths attributable specifically to one type of phthalate, known as DEHP. One of the most widely used and studied phthalates, DEHP is found in vinyl products including tablecloths, shower curtains and flooring.”
“How Could Tesla Replace Elon Musk?” (The Week). “Will he stay or will he go? Tesla last week shot down a report that its board is searching for a new CEO to replace Elon Musk atop the company. But questions about the company's future are not going away. Finding somebody to take Musk's place is a ‘huge challenge’ for Tesla, said Axios. There are three ‘practically unanswerable’ questions about the process: Who could take his place? How would Musk react? What would investors think? The questions may soon need answering. Tesla has ‘suffered declining sales’ since Musk made himself the face of the Trump administration's government-slashing efforts. Despite the company's stumbles, any new CEO ‘will be operating in Musk's shadow.’”
