US Exhausts $2.1T Pandemic Savings

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BUSINESS & ECONOMY

📉 Americans Exhaust $2.1 Trillion Pandemic Savings

As per San Francisco FED, US households have depleted pandemic-era savings. "The latest estimates... turned negative, suggesting American households fully spent their pandemic-era savings as of March 2024," wrote economists Hamza Abdelrahman and Luiz Oliveira. Pandemic-era excess savings hit $2.1 trillion from March 2020 to August 2021, then were drawn down at an average monthly pace of $70 billion, reaching -$72 billion in March 2024. 

📉 Fed Reserve President: No Rate Cuts Expected in 2024 

Minneapolis Fed President Neel Kashkari, speaking at a Milken Institute conference, hinted at maintaining interest rates in 2024, pending sustained evidence of inflation decline. "I would need to see multiple positive inflation readings suggesting that the disinflation process is on track," Kashkari noted. Year-over-year inflation stands at 2.7%, above the Fed's 2% target.

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WORLD

🛑 Biden suspends arms shipment to Israel over Rafah attack dispute

The U.S. halted arms delivery to Israel due to concerns of an imminent Rafah assault, withholding 3,500 bombs to prevent civilian casualties. Israeli troop movements and airstrikes in Rafah indicate escalating tensions. President Biden reiterated support for Israel's security despite the decision, affirming, "My commitment to Israel's safety and right to exist as an independent state is unwavering, even amid disagreements."

🌍 Russian Intelligence Plans Sabotage Across Europe

European intelligence alerts to suspected Russian plans for sabotage across the continent, encompassing bombings, arson, and infrastructure damage this is because of the Recent arrests and investigations. NATO expresses deep concern, and Germany vows consequences for Moscow over hacking, As Keir Giles from Chatham House notes, "There's always a combination of things going on."

🚀  IDF seizes control of Rafah crossing

The Israel Defense Forces announced their first ground operation in Rafah, taking control of the Gazan side of the crossing with Egypt. Consequently, travel and aid flow into Gaza ceased. Israel plans to negotiate a ceasefire and hostage release through mediators in Egypt. Wael Abu Omar, a Gaza border official, said travel and the flow of aid into the Strip “stopped completely.”

SCIENCE & TECH

📱 TikTok sues U.S. government, citing First Amendment violation

TikTok filed a lawsuit against the U.S. government in the D.C. Circuit Court over a bill demanding its Chinese owner to sell or be banned, citing national security concerns. The legal action contests the law's constitutionality, arguing it infringes on free speech rights and lacks evidence of security risks. Gautam Hans, Cornell University Law Associate stated,  "TikTok has prevailed in its previous First Amendment challenges."

🍎 Apple unveils latest iPad Pro featuring M4 chip, alongside iPad Air tablets

Apple introduced the new iPad Pro in 11-inch and 13-inch sizes, which features a slim design at 5.1 millimeters, an M4 chip, and an OLED display. It is accompanied by the Magic Keyboard with a keyboard and trackpad. Apple also introduced The iPad Air powered by the M2 chip in 2 sizes 11inch and 13inch with a landscape front-facing camera.  

SPORTS & ENTERTAINMENT

🎬 Travis Kelce debuts in Ryan Murphy's 'Grotesquerie' as lead TV role

Travis Kelce, the Kansas City Chiefs tight end, joins Ryan Murphy in his first ever  TV role "Grotesquerie" alongside Niecy Nash-Betts, Courtney B. Vance, and Lesley Manville. Although his character details remain undisclosed, Kelce expressed excitement about the project on Instagram, sharing a video with Niecy Nash-Betts. Kelce mentioned, "Stepping into new territory with Niecy." 

🔥 Jamal Murray of the Nuggets fined $100,000 for tossing heat pack and towel onto court

Denver Nuggets guard Jamal Murray was fined $100,000 by the NBA for tossing a heat pack and a towel onto the court during Game 2 against the Minnesota Timberwolves in a 106-80 loss. The incident occurred after Murray, upset over no-calls, threw the items onto the court during play. Timberwolves Coach Chris Finch stated "It’s inexcusable and dangerous.” 

🌟 Mbappé Takes Responsibility for PSG's Champions League Elimination

Kylian Mbappé, the player of Paris Saint-Germain, took responsibility for the team's 2-0 aggregate loss to Dortmund, acknowledging, "I tried to help my team as best as I could but I didn't do enough." Despite PSG's dominance in possession and shots, Mbappé candidly admitted that their missed opportunities were costly, asserting, "We weren't good enough."

OTHER NEWS

🔍 Trump's classified documents trial indefinitely delayed by judge

Former President Trump's trial for retaining classified documents is indefinitely delayed by U.S. District Judge Aileen Cannon in Florida due to unresolved pretrial issues, postponing it from the initial May 20 date. Additional hearings are scheduled, possibly pushing the trial to August. Judge Cannon cited unresolved pretrial and Classified Information Procedures Act (CIPA) issues for the delay.

🌪️Stormy Daniels Testifies in Trump's Hush Money Trial

Stormy Daniels testified in a Manhattan courtroom, recounting her 2006 encounter with Trump, initiated during a golf tournament where they conversed about the adult film industry. Daniels mentioned Trump's invitation to dinner and their subsequent sexual encounter. She also addressed the $130,000 payment from Trump's lawyer, Michael Cohen, to remain silent before Trump won his presidency in 2016. 

THIS DAY THAT YEAR

On May 8, 1886, Coca-Cola was born as a pure tonic by Dr. John Stith Pemberton in Atlanta, Georgia. Georgia. Designed as a medicinal remedy, its evolution into a beloved soda marked a significant shift in its purpose and popularity.

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