🔥 Boeing Feels The Heat From...?

Good morning. US stock futures inched higher in Wednesday morning trading as Wall Street awaits fresh US inflation data.

✈️ Boeing in hot water…again

📝 Our report: Boeing's in a bit of hot water again – turns out they've broken the terms of their settlement deal that kept them out of the criminal spotlight after those unfortunate 737 Max mishaps more than five years ago, according to the Justice Department. It is now up to the Justice Department to decide whether to file charges against Boeing.

 🔑 Key points:

• New 737 Max jets crashed in 2018 in Indonesia and 2019 in Ethiopia, killing 346 people.

• Boeing reached a $2.5 billion settlement with the Justice Department in January 2021 to avoid prosecution on a single charge of fraud — misleading federal regulators who approved the plane.

• In a letter filed in federal court in Texas, Glenn Leon, head of the Justice Department criminal division's fraud section, said Boeing violated terms of the settlement by failing to make promised changes to detect and prevent violations of federal anti-fraud laws.

💡 So what: If the Justice Department files a lawsuit against Boeing for breaching its agreement, the consequences could be significant. Boeing may face hefty fines or penalties, and the company's reputation could take another hit, potentially leading to a loss of trust from customers and investors. Additionally, the legal proceedings could drag on for an extended period, diverting resources and attention away from other business priorities. Overall, such a lawsuit could have far-reaching implications for Boeing's financial health, reputation, and future business prospects.

Wednesday - US Consumer Price Index

Thursday - Cleveland Fed President Loretta Mester Speaks, Housing Starts

Friday - US Leading Economic Indicators

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🤖 Google overhauls search engine with more AI features

WHAT: Google just dropped the mic with some major changes to its Search product – they're unleashing generative AI to serve up answers faster than you can say "Hey Google!" The announcement, part of Google’s I/O developer conference, brings a new look to Search via its AI Overview. The feature provides a brief, AI-generated answer to searches, coupled with a series of links to the sources cited in the response.

WHY: Google is the world leader in search, with research firm Statcounter indicating the company controls 91% of the market compared to rival Microsoft Bing’s roughly 4%.

📈 Fed Chair Powell: Inflation to continue falling this year

WHAT: Federal Reserve Chair Jerome Powell just pulled out his crystal ball and predicted that U.S. inflation will keep on slinking down like it did last year, but with a little less swagger this time around after prices surprisingly jumped in the first quarter. "I expect that inflation will move back down ... on a monthly basis to levels that were more like the lower readings that we were having last year," Powell said at a banking event in Amsterdam. "I would say my confidence in that is not as high as it was."

WHY: Powell spoke shortly after new data showed producer prices in April rose more quickly than expected, a possible sign of pressure building on the prices charged to consumers. The Fed has kept its benchmark policy rate steady in a 5.25% to 5.5% range since July.

🚀 Rocket company set to resume space tourism flights

WHAT: Blue Origin, backed by Jeff Bezos, is gearing up for another round of space escapades, ending a near two-year pause of crewed operations following a 2022 mission failure. The upcoming NS-25 mission will have six crew members, including former Air Force Captain Ed Dwight, the first Black astronaut candidate in the United States.

WHY: The New Shepard rocket, which flies cargo and humans on short trips to the edge of space, has been grounded since a September 2022 uncrewed mission failed roughly a minute after liftoff from Texas, forcing the rocket's capsule full of NASA experiments to safely eject mid-flight.

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