What we’re reading (5/7)
“Fed Warns Of Rising Economic Risks As It Leaves Rates Steady” (Wall Street Journal). “The Federal Reserve warned that tariffs were raising risks of higher unemployment and higher inflation when officials unanimously agreed to hold interest rates steady on Wednesday. ‘If the large increases in tariffs that have been announced are sustained, they’re likely to generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment,’ Fed Chair Jerome Powell said at a news conference.”
“Countdown To China Trade Talks” (DealBook). “Treasury Secretary Scott Bessent said that the focus of the talks, which will involve Jamieson Greer, the United States trade representative, and He Lifeng, China’s vice premier for economic policy, would be more about de-escalation than achieving immediate tariff relief.”
“Buffett’s Bet Of The Century” (Financial Times). “Due to legal restrictions on gambling in some US states, the bet was arranged through something called Long Bets, a forum for big wagers on the future backed by Amazon’s Jeff Bezos. Although seemingly frivolous, friendly gambles can have a lot of power. In 1600, Johannes Kepler entered into a bet with a Danish astronomer that he could calculate a formula for the solar orbit of Mars in eight days. In the end it took him five years, but the work help revolutionise astronomy.”
“Amazon Unveils Hi-Tech Robots That Could Replace Huge Numbers Of Warehouse Workers” (Mirror). “The machines, called Vulcan, have cutting-edge technology that learn to ‘feel’ and have a human-like sense of touch. By doing so, they can carry out detailed picking and packing in warehouses that until now could only be done by people. It paves the way for the robots to take over jobs currently done by workers in Amazon’s vast warehouses - known as fulfilment centres - in the UK and around the world. Amazon, founded by billionaire Jeff Bezos, employs around 75,000 people in the UK alone, most of them in warehouses. Globally, it has about 1.5 million employees.”
“Young Banker’s Death That Sparked Backlash Against Jefferies Involved Fentanyl And Cocaine, Autopsy Reveals” (Business Insider). “Carter McIntosh, an associate with the bank's technology, media, and telecommunications coverage team in Dallas, was found dead in his apartment in January, leading Jefferies CEO Richard Handler to issue a memo defending the bank from ‘unfounded’ speculation about the banker's cause of death. The police initially ruled it an ‘unexplained death.’ An autopsy report by the medical examiner's office now says McIntosh's death was an accident caused by the ‘combined toxic effects’ of fentanyl and cocaine, according to a copy of the report obtained by Business Insider.”
