This is the strongest evidence yet that the Fed needs to start cutting int rates despite persistent inflation >2%.

Slower growth April employment numbers all around. Now we know why Powell wasn’t hawkish.

I posted this last month as to why I thought $TSLA sales had started dropping. IMO there are four main reasons:

1/ Early adopters have already bought EVs. To reach the next cohort of buyers (“rational pragmatists”) TSLA must overcome range anxiety and provide reasons why to go…

At least in Chicago, $SBUX no longer welcomes customers to sit down and enjoy a cup of coffee (or three or four). All the window stools have been removed. Clear message: Get your coffee and go. No wonder comps are negative. Howard Schultz

In today’s pre-mkt summary for Subscribers: U.S. equities gain as rate relief sets in; Powell keeps rate cuts on the table but leaves timing uncertain; $TSLA rally reflects investors’ interest in lower priced EVs and FSD/autonomy; $AAPL earnings tonight.

Headline: Fed flags lack of inflation progress but signals rate hikes unlikely. Fed futures now suggesting first rate cut unlikely before Sept and only one hike this year. Fed sees low risk of stagflation (high inflation combined with high unemployment).

Fed futures now suggest a first rate cut in September (70% odds) and a single 25bp rate cut this year.

Key Takeaways From Fed Decision (Bloomberg)

Here are key takeaways from the Federal Reserve's interest-rate decision on Wednesday:
•Federal Open Market Committee votes unanimously to leave benchmark rate unchanged in target range of 5.25%-5.5%, a two-decade high, for sixth…

In today’s pre-mkt summary for Subscribers: Earnings misses by $SMCI, $AMD and $SBUX pressuring NDX; $TSLA continues to retreat following Monday’s rally on Supercharger growth concerns and reassessment of significance of China FSD approval; Fed decision today may confirm…

$LLY (+7.2% pre-mkt) raised its FY’24 rev and eps guidance behind strength in Zepbound and Mounjaro, it’s GLP-1 drugs used for weight loss and Ty 2 diabetes.

FY’24 guidance:
- Revs $42.4-$43.6B, saw $40.4-$41.6B, est $41.2B
- Adj EPS $13.50-$14.00 vs est $12.45

1Q results…