FEDERAL RESERVE BRACES FOR TRUMP 2.0. Federal Reserve Chair Jerome Powell defended the Fed’s political independence at the NYT DealBook Summit, countering President-elect Trump’s call for presidential influence over interest rate policies.
Three takeaways…
Powell said he’s not concerned that the central bank will lose its independence under Trump 2.0. “I’m not concerned that there’s some risk that that we would lose our statutory independence. There’s very, very broad support for that set of ideas in Congress, in both political parties, on both side of the Hill.”
Powell said Trump’s tariffs and immigration plans will not Impact interest rate decisions. More on that via USAT.
Bitcoin swings closer to $100K as Powell compares Bitcoin to gold. “People use bitcoin as a speculative asset. It's like gold, it's just like gold — only it's digital. People are not using it as a form of payment or a store of value," Powell said. "It's highly volatile. It's not a competitor for the dollar; it's really a competitor for gold. That's really how I think about it"
hello, future. it’s me, kev.
…and this is a dispatch from the digital frontier. Your one-stop shop for markets, tech, and the future. The day is 339. The year is 2024. The planet is Earth. My name is Kevin Cirilli —> LinkedIn.
Are a pink pilates princess? Spotify thinks you are. The music streaming giant — which we love and have had for more than a decade — has released its annual Spotify Wrapped today… but it’s not getting rave reviews. As CNN “reports,” this year was just as controversial.
Back to the future...
SPOTIFY DEBUTS “WEIRD” WRAPPED A.I. PODCAST FOR USERS. Did you listen to your “personal” Spotify AI podcast?… That’s right, if you have Spotify, you also got a personalized mini-podcast with two AI voices that “analyze” your music from the last year. Tom’s Guide puts it this way: I just listened to my Spotify Wrapped AI podcast — and it's weird.
FORMER SPACEX EXEC AND FIRST PRIVATE SPACEWALK ASTRONAUT WILL LEAD NASA, via Associated Press: Tech billionaire and private astronaut Jared Isaacman, 41, has been nominated by President-elect Trump to head NASA. A SpaceX collaborator and spacewalk pioneer, Isaacman vows to champion America’s role in space exploration. If confirmed, he’ll succeed Bill Nelson, a former astronaut and Biden appointee.
GEOPOLITICS // CHINA
CHINESE HACKING CAMPAIGN TARGETS U.S. TELECOMS AND GOVERNMENT FIGURES
SALT TYPHOON EXPOSED: Chinese hackers infiltrated at least eight U.S. telecom firms and targeted senior U.S. officials, compromising private communications. White House calls for urgent cybersecurity reforms.
DIG DEEPER: Learn about the sprawling breach, its political fallout, and expert strategies to prevent future cyber intrusions.
Reuters: US senators vow action after briefing on Chinese Salt Typhoon telecom hacking.
READ THE ROOM, via Gordon Change in The Telegraph: Bankruptcy, depression and random death: Xi’s China is tearing itself apart. The recent spate of murderous attacks shows the sickness of Communist China. Repression is only making the situation worse.
XI + PUTIN BROMANCE, via Voice of America: China grows global influence through partnership with Russia in 2024.
AUSTRALIA BANS SOCIAL MEDIA FOR KIDS UNDER 16. Australia is now the first nation to ban social media for kids. It’ll go into effect in one year. What to know:
THE EXPERIMENT: Australia has passed a law banning social media access for anyone under 16, aiming to protect kids from online risks and limit their exposure to platforms like TikTok, Snapchat, and Instagram.
CHALLENGES AHEAD: The law takes effect in a year, but enforcement remains unclear, raising questions about how to navigate the digital habits of tech-savvy teens.
COULD THIS WORK IN THE U.S.? Similar restrictions could face pushback from parents, teens, and tech giants, making implementation as complex as the social media world itself. But popular opinion against social media and the impacts on kids mental health might push a policy like this closer to reality.
Full story: AP News.
FUTURES
TECH POWERS U.S. GAINS IN MARKETS, market wrap via Bloomberg:
US equity futures were little changed after Wednesday advances for the S&P 500 and tech-heavy Nasdaq 100 nudged a gauge of global stocks to a new high.
The moves were driven by US tech with the so-called Magnificent Seven rising for a fourth consecutive session, helped along by an advance for Nvidia Corp and Meta Platforms Inc.
NVIDIA STILL RISING DESPITE AMAZON CHIPS CHALLENGE. Yesterday… we told you about Amazon’s plans to build more chips in-house to rival Nvidia… but it looks like the market isn’t buying it yet. Nvidia Stock Rises as Amazon Ramps Up Rival AI Chip Plans, via Barron’s.
—> SITUATIONAL AWARENESS: Schneider Electric working with Nvidia to design data center cooling systems, via NYT Times.
MARKET MOVES: BITCOIN STEADIES AS TRUMP TAPS ATKINS FOR SEC CHAIR: Bitcoin rose 0.4% to $95,611, staying rangebound between $90K-$100K as traders digest Trump’s SEC pick, Paul Atkins, a former commissioner known for his business-friendly stance.
ONE MORE THING
POPE GOES GREEN — THE POPEMOBILE IS NOW AN ELECTRIC VEHICLE. The Vatican just got a major upgrade… Pope Francis is now cruising in a sleek, all-electric Mercedes-Benz G-Class, gifted by CEO Ola Källenius and his team. A perfect fit for the "green Pope," it’s a stylish step toward the Vatican’s zero-emissions goal by 2030. More via Vatican News.
Source: Vatican News.
With gratitude,
Kev
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