Ending Inflation needs a Demand Hit

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BUSINESS & ECONOMY

📉 Fed's Barkin: Curbing inflation may necessitate reducing demand

Richmond Fed President Thomas Barkin, speaking in Columbia, South Carolina, indicated that ending inflation might require dampening consumer demand. Despite improvements from supply factors like increased immigration and productivity, these alone have not sufficed to meet the Federal Reserve's inflation target. Barkin stated, "I do tend to imagine that we're going to need a little more edge off of demand to get all the way back to target."

👩‍💼 More Women Working in the U.S. Than Ever Before

The latest U.S. jobs report reveals a landmark surge in employed women of working age, reflecting the influence of flexible work setups and a robust job market. Economist Diane Swonk warns that childcare crises could widen gender pay gaps. "Women are working and caring for their families, but a crisis in childcare is making it harder for them to stay at work." 

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WORLD

🔍 US reviews Gaza ceasefire proposal, opposes Rafah invasion

The US is reviewing a ceasefire proposal following Hamas's acceptance of a deal mediated by Qatar and Egypt, with specifics yet undisclosed. State Department spokesperson Matthew Miller stated, "We are reviewing that response now and discussing it with our partners in the region," Amid escalating military operations in Rafah, President Biden has voiced strong opposition to any ground invasion. 

🚧 Protesters demand Israel accept ceasefire-hostage deal, halt Rafah push

Protesters in Tel Aviv and Jerusalem, including families of hostages held in Gaza, rallied against the Israeli government's rejection of a Hamas ceasefire deal and its decision to intensify military operations in Rafah. They demanded a ceasefire and the release of captives while the Police dispersed the protesters twice, detaining several individuals.

🌊 Brazil President Rattled as Historic Floods Claim 83 Lives

The catastrophic floods in Rio Grande do Sul, Brazil, triggered by unprecedented rainfall, resulted in 83 deaths and extensive disruptions. Governor Eduardo Leite described it as the "worst disaster ever registered in the state." Meanwhile, President Lula, deeply affected criticized global inaction on climate change, stating, "We have to stop just running after disaster. 

SCIENCE & TECH

🌟 Microsoft's Latest AI Poses Challenge to GPT-4 and Google Gemini

Microsoft launches a new AI model, MAI-1, led by ex-Google AI head Mustafa Suleyman. With 500 billion parameters, it rivals OpenAI's GPT-4 and positions Microsoft to independently innovate in AI, separate from its $10 billion OpenAI partnership focusing on both small locally run language models for mobile devices and larger state-of-the-art models that are powered by the cloud. 

📱 iPhone 15 Pro Max Tops Global Smartphone Sales, Outpacing Samsung

According to a recent report from Counterpoint Research, the iPhone 15 Pro Max has surpassed Samsung to become the world's top-selling smartphone. The Pro Max model dominated first-quarter sales in 2024, indicating a consumer shift towards high-end devices. It notably contributed to over 60% of Apple's smartphone revenue, up from 24% in 2020.

🚀 Boeing crewed space launch delayed for safety inspection

Boeing's inaugural crewed spaceflight to the International Space Station was postponed just hours before its scheduled launch from Cape Canaveral due to a safety concern with an oxygen relief valve. NASA chief Bill Nelsons stated, "Standing down on tonight's attempt to launch. As I've said before, @NASA's first priority is safety. We go when we're ready." The next launch opportunity is targeted for Friday.

SPORTS & ENTERTAINMENT

🏀 NBA playoffs: Refs acknowledge the crucial kick-ball error in heated Pacers-Knicks finale

The Pacers-Knicks showdown hit a boiling point in the final minute with a contentious kick-ball call. Officials later admitted the error, recognizing its game-altering impact. Pacers coach Rick Carlisle remained silent postgame, but crew chief Zach Zarba acknowledged fault and promised officiating improvement. "We hold ourselves accountable and will strive for betterment."

🏀 Jalen Brunson's 4th Consecutive 40-Point Game Secures Victory for Knicks

Jalen Brunson's scoring spree continues with his fourth consecutive 40-point game in the Knicks' 121-117 victory over the Pacers. Brunson's clutch plays, including a crucial assist to Donte DiVincenzo, sealed the win amidst controversy over a missed call. Knicks coach Tom Thibodeau said. "All he cares about is winning, and he cares about his teammates.

OTHER NEWS

🌪️ Rare 'high risk' tornadoes hit Oklahoma and Central US

Severe storms bring tornadoes to Oklahoma, accompanied by damaging winds and large hail. A particularly dangerous situation tornado watch covers parts of central Oklahoma and south-central Kansas, including Oklahoma City, until 11 p.m. CDT, hinting at multiple strong, enduring tornadoes. A rare Level 5 severe thunderstorm risk is declared, escalating fears of nocturnal tornado activity in the area.  

🚨 American Soldier Arrested in Russia 🇷🇺

A U.S. soldier, Staff Sgt. Gordon Black, was detained in Vladivostok, Russia, on charges of theft, though his guilt remains unclear. Black, visiting his Russian girlfriend, was arrested amidst already tense U.S.-Russia relations. Army spokeswoman Cynthia Smith emphasized the State's commitment to supporting Black, stating, "The U.S. Department of State is providing appropriate consular support to the soldier in Russia." 

THIS DAY THAT YEAR

On May 7th, 1992, Amendment the Twenty-seventh Amendment garnered the necessary votes as Michigan ratified it. This amendment stands as a guardrail against sudden changes to the compensation of Congress members. Crafted with precision, its language ensures that alterations to their salaries must await the conclusion of the next election cycle.

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