What we’re reading (6/24)
“Powell Reaffirms Wait-And-See Posture On Rate Cuts” (Wall Street Journal). “Federal Reserve Chair Jerome Powell told lawmakers on Tuesday that recent economic data would have likely justified continuing to lower interest rates if not for concerns that higher tariffs might derail the central bank’s yearslong fight to defeat inflation.”
“Wall Street Bull Calls For Another 10% Rally In S&P 500 By End Of 2025” (Yahoo! Finance). “[BMO Capital Markets chief investment strategist Brian] Belski's call for a roughly 10% rally for the S&P 500 from current levels joins a growing list of such predictions from rejuvenated bulls as the market marches back toward record highs. No fewer than 11 Wall Street firms lowered their S&P 500 targets amid the market sell-off in April. At least eight of those have since raised their bets on where the index will end 2025.”
“The Treasure Trove Of Platinum On The Moon” (The Week). “The moon is likely to become the next mining hot spot, as there may be extensive platinum and other metal deposits in its craters. Guidelines about resource mining on the moon are still not solidified, so this could lead to problems with more countries and private companies trying to stake their claim. But the potential for platinum could also entice private companies to invest more in space exploration.”
“A Key Gauge Signals Waning Demand For US Dollar In $7.5 Trillion Market” (Bloomberg). “A measure of demand in the $7.5-trillion-a-day foreign-exchange market is catching the attention of Wall Street, pointing to diminished appetite for the US dollar even during market turbulence that would otherwise send investors flocking to the greenback.”
“Milken Protege Peizer Gets 3-1/2 Years Prison For Insider Trading, Plans Appeal” (Reuters). “A protege of former junk bond king Michael Milken was sentenced on Monday to 3-1/2 years in prison for insider trading at a healthcare company he once led, over his use of a trading plan designed to protect executives against that crime. Terren Peizer, 65, the founder and former chief executive of Ontrak, was sentenced by U.S. District Judge Dale Fischer in Los Angeles. She also imposed a $5.25 million fine and forfeiture of more than $12.7 million of ill-gotten gains.”
