Fed Approach Outdated?

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BUSINESS & ECONOMY

🏠 Home prices outlook shifts as Fed rate cuts become less likely

Freddie Mac's latest outlook drastically revises U.S. home price forecasts, with an expected increase of only 0.5% in 2024 and 2025, down from 2.5% and 2.1% respectively. Despite potentially benefiting buyers, limited inventory and high mortgage rates dampen the overall outlook. Glenn Kelman CEO of Redfin sums it up starkly, "Housing is in this recession, and the rest of the economy is booming."

🔄 Bernanke Proposes Alternative Forecasting Method, Challenging Outdated Fed Approach

Traditional economic forecasts falter post-pandemic, prompting a shift to scenario analysis advocated by Bernanke, former Fed Chair,  for transparency in policy decisions. Fed projections face scrutiny as markets seek clarity. This method highlights credible risks and potential central bank responses, crucial amidst high economic uncertainty. Fed officials' upcoming policy review indicates a shift towards innovative approaches to communication and decision-making.

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WORLD

📰 Mass grave discovered at a hospital in Gaza's Khan Younis with nearly 200 bodies

Palestinian rescuers found a mass grave at Nasser Medical Complex in Gaza, uncovering 180 bodies amid Israeli bombardment. Israel's six-month assault killed over 34,000 Palestinians, mostly children and women. Recent strikes in Rafah killed 22, including 18 children as the US continues arms support. Al Jazeera reports "Entire families are being directly targeted inside the residential homes they shelter in."

🇺🇸🇮🇱 Netanyahu pledges refusal of US sanctions on Israeli army units

Israeli PM Netanyahu opposes US aid cut to military unit over alleged abuses in West Bank. US Secretary of State Blinken hinted at forthcoming measures and Israel's Defence Minister urged the US to reconsider. The Netzah Yehuda battalion is under scrutiny. Past incidents include the death of Palestinian-American Omar Assad. Netanyahu stated, "If anyone thinks they can impose sanctions on a unit of the IDF, I will fight it." 

SCIENCE & TECH

🤖 Internet Traffic Soared Due to Bots in 2023

The 2024 Imperva Bad Bot Report uncovers a surge in automated bot traffic, now comprising nearly half of global internet activity, with bad bots escalating to 32%. Notable trends include a rise in "simple bots" to 39.6% due to the rapid adoption of generative AI and large language models. Nanhi Singh, General Manager of Application Security at Imperva, underscores "Automated bots will soon surpass the proportion of internet traffic coming.” 

🚫 U.S. House Passes Updated Bill Targeting TikTok

The U.S. House passes a bill compelling ByteDance to sell TikTok within nine months or face a U.S. ban, extending previous deadlines. Senate Commerce chair Cantwell signaled potential approval. Backed by the bipartisan majority and President Biden, the bill awaits Senate review. TikTok plans legal opposition, citing free speech concerns. 

🍏 Apple creating an on-device large language model for speed and privacy

Apple's upcoming generative AI features, powered by Apple's LLM, will run on-device for faster responses and better privacy. Despite potential limitations compared to cloud-based rivals, Apple may enhance capabilities through technology licensing, possibly from Google. Expect a comprehensive unveiling of Apple's AI strategy alongside major software updates at WWDC in June.

SPORTS & ENTERTAINMENT

🔥 Beckham sues Wahlberg for $10M in F45 Training deal

David Beckham is pursuing legal action against Mark Wahlberg and F45 Training, citing a $10 million loss from a soured deal involving promised stocks. Alleging deception by Wahlberg and F45 founders, Beckham targets Wahlberg’s investment firm too. Endorsing F45 since 2021, Beckham stated Wahlberg introduced him to the franchise.

🎵 Taylor Swift's 'The Tortured Poets Department' Smashes Spotify Records 📈

Taylor Swift's latest album "The Tortured Poets Department" has shattered streaming records, garnering over 300 million streams in a single day on Spotify, with the lead track "Fortnight (feat. Post Malone)" becoming the platform's most streamed song in a day. Released with 15 additional surprise songs, Swift described it as an anthology reflecting sensational yet sorrowful moments. 

OTHER NEWS

📰 Muslim Voters Upset with Biden Over $26B Israel Aid Approved by House

President Biden's $26 billion aid to Israel, draws backlash from U.S. Islamic groups like The Council on American-Islamic Relations (CAIR). They criticize it as a "blank check" for alleged Israeli war crimes, prompting warnings of community ties being severed. Rep. Pramila Jayapal compares it to the Iraq war. Muslim voters, in swing states like Michigan, threaten to withdraw support for Biden. 

👏 Mike Johnson garners bipartisan acclaim for supporting Ukraine aid

Speaker Mike Johnson navigated a contentious $95 billion foreign aid vote, drawing both praise and scrutiny. Despite internal rifts, Johnson prioritized national interest over party lines, earning accolades from GOP's McCaul and Democrat Khanna. However, Rep. Marjorie Taylor Greene's threat to Johnson's leadership looms. "The respect for him's gone way up," noted McCaul.

THIS DAY THAT YEAR

On April 22, 1970, a monumental occasion unfolded as Earth Day dawned for the first time, drawing an impressive gathering of approximately 20 million individuals nationwide. From bustling schools to serene community centers, the spirit of environmental consciousness permeated tens of thousands of locations across the United States.

BRAIN TEASER

What can fill an entire room without taking up any space?

Nailed it or stumped? Hit us with a reply and find the correct answer 🎯

Here’s the Friday’s brain teaser

I’m tall when I’m young, and I’m short when I’m old. What am I?"

The answer is: A candle

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