Trump Softens Stance on Powell & China Tariffs; Elon Musk to Focus on Tesla

Easing Tensions on Federal Reserve Chair

• 📌 President Trump stated he has no intention of firing Federal Reserve Chair Jay Powell, despite previous public frustration.
• 💡 Trump expressed a desire for Powell to be more active in lowering interest rates, calling it a perfect time for such action.
• 📉 The Federal Reserve has kept interest rates unchanged this year after previously lowering them in late 2024.

Shifting Stance on China Trade

• 🤝 Trump indicated a willingness to be "very nice" to China in trade negotiations, suggesting tariffs could be reduced if a deal is reached.
• 📉 While tariffs won't be eliminated entirely, Trump expects them to come down substantially from current high levels.
• 🌍 The IMF has slashed its global growth forecast and warned that trade wars could increase economic pain, with risks of a global recession growing.

Elon Musk's Focus on Tesla

• 🚗 Elon Musk announced he will significantly reduce his time allocation to government work, shifting focus back to Tesla starting in May.
• 📈 Shares of Tesla rose approximately 6% in early trading following Musk's remarks, despite the company reporting first-quarter earnings below estimates.
• ⚙️ Musk mentioned that Tesla is the least affected car company by tariffs due to its localized supply chains in North America, Europe, and China.

Other Business and Political News

• 📉 Intel plans to announce job cuts affecting over 20% of its workforce (approximately 22,000 employees) as part of a major restructuring.
• 🏛️ Harvard University has sued the US government to unlock over $2 billion in federal funds, challenging what it calls unconstitutional demands.
• 🕊️ Pope Francis's body will lie in state at St. Peter's Basilica, with heads of state expected for his funeral on Saturday.
• 🍎 Health and Human Services Secretary Robert F. Kennedy Jr. questioned the need for all children to receive COVID shots and announced a campaign to phase out petroleum-based dyes from the food supply.
• 🔥 A forest fire in southern New Jersey has grown to 8,500 acres, leading to evacuations and threatening the Oyster Creek nuclear power plant.
• 🎬 Opening statements are scheduled for Harvey Weinstein's rape retrial in New York, with a majority-female jury.

Sports and NFL Draft

• ⚾ The Mets continue to perform well with MLB's lowest team ERA, while the Yankees and Guardians split games.
• 🏀 Home teams Indiana and Oklahoma City took 2-0 series leads in the NBA playoffs; the Lakers tied their series, and the Hurricanes lead the Devils in the NHL playoffs.
• 🏈 The NFL Draft is approaching, with the Tennessee Titans expected to select quarterback Cam Ward with the first overall pick.