Headlines and Quotations
WSJ
Powell Warns of ‘Challenging Scenario’ for Fed as Trade War Rages
- Powell also hinted that the central bank could give priority to its inflation goal over its labor-market mandate if the two were in conflict. The Fed would attempt to balance the two goals, “keeping in mind that, without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans,”
Stock Market Today: Nasdaq Slides 3% After U.S. Tightens Curbs on Nvidia’s China Exports
- The third-largest U.S. company by market value warned late Tuesday that it will take a $5.5 billion charge after the U.S. said it will need a license to export H20 processors to China and other countries.
- Earlier Wednesday, Commerce Department data suggested U.S. consumers front-loaded purchases during March. Retail sales surged 1.4% last month, as car buyers rushed to dealerships to get ahead of auto tariffs. The rise was even bigger than expected.
Nvidia Is Now the Biggest U.S.-China Bargaining Chip
- The company said this will lead it to take a current-quarter $5.5 billion charge related to inventory and purchase commitments for the chip.
Morgan Stanley analyst Joe Moore estimates the H20’s performance is about 75% below that of Nvidia’s H100 family. That was the company’s top-of-the-line AI chip two years ago.
Judge Finds Probable Cause to Hold Trump Administration in Criminal Contempt
- for willfully disregarding an order barring the removal of Venezuelan migrants from the country.
- U.S. District Judge James Boasberg in Washington said in an order that the government must act quickly to avoid possible prosecution, including potentially seeking custody of the migrants sent to a notorious prison in El Salvador.
El Salvador’s Bukele Plans to Double the Size of Giant Prison Holding U.S. Deportees
How Harvard Ended Up Leading the University Fight Against Trump
- The list included requirements that Harvard allow federal-government oversight of admissions, hiring and the ideology of students and staff.
U.K. Supreme Court Rules Trans Women Can’t Be Defined as Women
- Britain’s top court ruled only those born female can be considered women, a landmark judgment that excludes transgender women from the legal definition and paves the way for tighter limits on female-only spaces and services
The Tactics Elon Musk Uses to Manage His ‘Legion’ of Babies—and Their Mothers
Yahoo Finance
Bloomberg
Hertz Surges After Ackman’s Pershing Square Discloses Stake
- Hertz Global Holdings Inc. shares had their biggest gain ever after CNBC reported that Pershing Square Capital Management had amassed a position of almost 20% in the beleaguered car rental company.
Iran Says Ability to Enrich Uranium is ‘Non-Negotiable’ in Trump Nuclear Talks
- Iran said it won’t be drawn into negotiations with the US over its ability to enrich uranium
