Fed Postpones Rate Cuts

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BUSINESS & ECONOMY

📉 Fed Postpones Rate Cuts

The Federal Open Market Committee (FOMC) chooses to maintain rate stability in response to unexpected inflation, deferring cuts "for the foreseeable future." Powell emphasizes this position, anticipating an extended inflation recovery period. Despite low expectations for cuts (8%), a hawkish shift is improbable. Market volatility may ensue, prompting a cautious approach while awaiting clearer inflation indicators.

📉 US consumer confidence hits lowest point since 2022

US consumer confidence plunges to its lowest since 2022 due to the job market and economic doubts. Rising prices, especially for food and gas, overshadow other concerns. Despite wage growth, inflation worries persist, impacting stock markets as the Federal Reserve is likely to delay interest rate cuts amid inflation fears. JPMorgan Chase CEO Jamie Dimon notes  "The odds of a soft landing I think it’s half of that."  

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WORLD

📈 Eurozone Escapes Recession 'Big Four' Economies Surpass Expectations 

The eurozone has emerged from recession with a remarkable 0.3% growth in Q1 2024, surpassing forecasts. The "big four" economies – Germany, France, Italy, and Spain led the recovery amidst lower inflation, hinting at potential interest rate adjustments. Sam Miley of the Centre for Economics and Business Research asserted, “This morning’s confirmation put an end to a short-lived recession in the eurozone.”

🌋 Indonesia's Ruang volcano erupts, forcing evacuation of over 12,000.

Indonesia's Ruang volcano erupted, prompting an evacuation of over 12,000 nearby residents. The eruption, marked by lightning flashes and lava flows, raised alert levels, with warnings of possible tsunamis. Evacuations included residents from both Ruang and Tagulandang islands. Earlier eruptions this month disrupted lives and closed airports. Indonesia sits on the seismically active "Pacific Ring of Fire."

SCIENCE & TECH

🚀 Apple to Introduce AI-Powered Safari with OS Updates

Apple is set to introduce Safari 18, boasting AI features like Intelligent Search, using on-device tech to summarize web content. The browser also includes a Web Eraser for content blocking. A revamped UI consolidates controls for user convenience. Further, Apple is planning a robust Visual Lookup feature for 2025 that will enable users to gather product information from images within Safari. 

🌟 Chile unveils world's highest observatory 

The University of Tokyo Atacama Observatory (TAO) in Chile, at 5,640m altitude, is now the world's highest observatory. With its 6.5m infrared-optimized telescope operational after 26 years of planning, TAO promises unparalleled clarity for cosmic exploration. Astronomer Yuzuru Yoshii hails TAO, stating, "The completion of TAO marks a triumph in our quest to unlock the mysteries of the universe." 

SPORTS & ENTERTAINMENT

🌟 Manchester City's Erling Haaland to Feature in Clash of Clans Game! 

Manchester City's Erling Haaland joins Clash of Clans as the new Barbarian King, marking the first real-person character in the game's history. Haaland, expressing excitement, called it "really cool." Clash of Clans' general manager Stuart McGaw expressed delight, calling it a dream scenario. Haaland, known for his love for the game, posted a trailer on social media.

🔥 Kendrick Lamar intensifies feud with Drake in scathing diss track "Euphoria"

Kendrick Lamar intensifies his feud with Drake through the blistering diss track "Euphoria," responding to Drake's recent provocations. In the six-minute track, Lamar criticizes Drake's integrity, parenting, and musical motives. Lamar's lyrical prowess shines, even mimicking Drake's accent. Drake's response, a scene from "10 Things I Hate About You," falls short of Lamar's lyrical punch. Lamar's stated, "I hate the way I don't hate you."

OTHER NEWS

🏠 White House Mulls Accepting Gaza Palestinians as Refugees

The White House is contemplating admitting Palestinians from Gaza as refugees, potentially offering refuge to those fleeing conflict. Internal documents reveal discussions on resettlement options for Palestinians with American ties as historically, the U.S. has resettled few Palestinian refugees. While facing potential political challenges, providing a lifeline to those escaping the Israel-Hamas war.

🌿 US set to loosen marijuana restrictions in a historic move

The U.S. is set for a landmark shift in marijuana policy, with the Drug Enforcement Administration (DEA) considering reclassification, recognizing its medical uses but maintaining control. President Biden's call for review aligns with this move, aiming to end federal prohibition. Senate Majority Leader Sen. Chuck Schumer sees it as a "historic step forward."  

🚔 Police Enter Columbia University's Hamilton Hall During Pro-Palestinian Protests

Amid pro-Palestinian protests, New York police entered Columbia University's Hamilton Hall, ending a student-led occupation. The university cited safety concerns and emphasized the need to restore order. Protesters demand divestment from companies linked to Israel. President Minouche Shafik submitted a written request to the NYPD to help remove every protester from Hamilton Hall and all campus encampments. 

THIS DAY THAT YEAR

On May 1st, 1961, the United States experienced its inaugural aerial hijacking as a commercial airliner traveling from Miami to Key West, Florida, was compelled to divert its route to Cuba.

BRAIN TEASER

I sound like one letter but I’m written with three. I show you things when you look through me. What am I?

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Here’s what yesterday’s teaser was

If you drop me I’m sure to crack, but smile at me and I’ll always smile back. What am I?

The answer is - Mirror

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