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Khan

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Though policymakers expressed concern about the direction of inflation and the vagaries of trade policy, they nevertheless that economic growth was “solid,” the labor market is “broadly in balance” though risks were growing that it could weaken, and consumers were continuing to spend. As it has done since the last cut in December, the FOMC kept its benchmark federal funds rate in target between 4.25%-4.5%. “In considering the outlook for monetary policy, participants agreed that with economic growth and the labor market still solid and current monetary policy moderately restrictive, the Committee was well positioned to wait for more clarity on the outlooks for inflation and economic activity,” the summary said. The post-meeting statement noted that “uncertainty about the economic outlook has increased further. Also, the committee said that its ability to meet its dual goals of full employment and low inflation have increased due to policy uncertainty.
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METAPLANET ISSUES ZERO-INTEREST BONDS TO BOOST BITCOIN INVESTMENTS Tokyo-listed Metaplanet has announced a new $50 million zero-interest bond issuance, a strategic move to expand its Bitcoin (BTC) exposure and strengthen its position in the cryptocurrency market. This issuance confirms Metaplanet's ongoing commitment to shifting away from traditional fiat-based reserves to more modern digital assets, particularly Bitcoin, as its primary financial asset. These bonds have a total value of $50 million, distributed across $1.25 million in notes, with no interest paid throughout the term. The company stated that the proceeds from these bonds will be used directly to increase Metaplanet's Bitcoin holdings, furthering its ambitious strategy in the cryptocurrency market and strengthening its position as a leading investor in digital assets.
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MACY’S CUTS PROFIT OUTLOOK AS TARIFFS, PROMOTIONS HIT ITS BUSINESS. Macy’s cut its full-year profit guidance on Wednesday even as it beat Wall Street’s quarterly earnings expectations. In a news release, the department store operator said it reduced its earnings outlook because of higher tariffs, more promotions and “some moderation” in discretionary spending. Macy’s stuck by its full-year sales forecast, however. For fiscal 2025, Macy’s now expects adjusted earnings per share of $1.60 to $2, down from its previous forecast of $2.05 to $2.25. It reaffirmed its full-year sales guidance of between $21 billion and $21.4 billion, which would be a decline from $22.29 billion in the most recent full year. Here’s how Macy’s did during its fiscal first quarter, compared with what Wall Street was anticipating, based on a survey of analysts by LSEG: 🟡Earnings per share: 16 cents adjusted vs. 14 cents expected 🟡Revenue: $4.60 billion vs. $4.50 billion expected
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CHINA AND TARIFFS HAVE WIPED OFF $130 BILLION FROM CRITICAL CHIP FIRM ASML SINCE PEAK VALUE More than $130 billion of value has been wiped off of ASML in under a year amid restrictions on exports to China and U.S. tariff uncertainty Shares of ASML, which is seen as a critical cog in the semiconductor supply chain, hit a record high of over 1,000 euros a piece in July last year for a market capitalization of $429.5 billion, according to data from S&P Capital IQ. That fell to just under $297 billion at the Tuesday close price. Semiconductor stocks have been volatile since last year due to tightening U.S. chip export restrictions to China and U.S. President Donald Trump’s threat of tariffs on the sector since he took office. ASML and other European semiconductor firms have felt the heat.
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THE PEOPLE'S BANK OF CHINA SETS THE YUAN EXCHANGE RATE AT 7.1894 TO THE DOLLAR, CHANGING ITS APPROACH TO THE CURRENCY AMID THE DOLLAR'S DECLINE The People's Bank of China decided on Wednesday morning to set the dollar-yuan exchange rate at 7.1894 yuan per dollar. The Reuters survey forecast for the pair was 7.1996, and the previous closing price was 7.1955 yuan per dollar. The continued decline of the dollar has prompted the Chinese central bank to change its approach to managing its currency, shifting from supporting the yuan to being cautious about the risks of rapid appreciation. The People's Bank of China set the yuan's daily rate slightly weaker than market expectations this week, after having been higher for most of the past six months. The People's Bank of China is also set to halt banknote sales in Hong Kong for the third consecutive month.
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JAPAN’S BOND MARKET IGNITES FEARS OF OUTFLOWS FROM U.S., CARRY TRADE UNWIND AND MARKET TURMOIL Japan’s bond market is igniting fears of capital flight from the U.S. and a carry trade unwind as long-dated yields hover near record highs. Yields resumed their move higher Wednesday as demand for 40-year government bonds reportedly dropped to its weakest level since July last year, according to Reuters’ calculations, hovering near record highs hit last week. Japan’s 40-year government bonds yields hit an all-time high of 3.689% Thursday and were last trading at 3.318% — almost 70 basis points higher so far this year. Yields on 30-year government debt are up more than 60 basis points this year at 2.914%, also not too far from all-time highs, while for 20-year debt they are up over 50 basis points.
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ALL EYES ON CHINA RESTRICTIONS AS NVIDIA GETS SET TO REPORT RESULTS Nvidia continues to see massive growth from sales of graphics processors, with demand for artificial intelligence infrastructure showing no signs of cooling. But for the AI chipmaker, the mood is different heading into Wednesday’s earnings report than it’s been in recent quarters. There’s one big reason why: China. On April 9, the Trump administration sent Nvidia a letter, and said it was requiring an export license for the company’s H20 chip, a version of its Hopper processor specially designed for the Chinese market to comply with previous U.S. restrictions. Dating back to President Joe Biden’s term, the U.S. government has been concerned that AI chips from Nvidia and other semiconductor companies like Advanced Micro Devices can be used to create supercomputers for adversaries’ military purposes.
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FED CHAIR JEROME POWELL SAYS THE BIGGEST CAREER MISTAKE GRADS CAN MAKE IS AVOIDING RISKS Federal Reserve Chairman Jerome Powell shared one of the biggest career mistakes with Princeton graduates and said taking risks and initiatives is the key to getting ahead. In a commencement address to Princeton’s Class of 2025 on Sunday, Powell described one of the key traits he said was behind him ultimately becoming a member of the Federal Reserve Board. “As you strive in coming years to reach your full potential you’ll need to take risks, and yes to make mistakes. Everyone, and I mean everyone, makes mistakes — take it from an expert — but the bigger mistake is to avoid taking risks. If you’re not failing from time to time you’re not asking enough of yourself,” Powell said. Powell became a member of the Fed’s board of governors in 2012. He was appointed chairman in 2018 by U.S. President Donald Trump, and reappointed in 2022 by former President Joe Biden.
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