Good morning. US stock futures fell in Thursday morning trading as investors digested the latest round of corporate earnings and reports from the Federal Reserve.

"Financial innovations always appear brilliant at first. But they soon are taken to excess and become a farce. Eventually the farce leads to a tragedy"

Bill Bonner

Top News

$1.5 Trillion should be enough

WHAT: US House Speaker Kevin McCarthy has come up with a plan to raise the US debt limit for a whole year and cut federal spending. It's a 320-page document that'll make your head spin but the gist of it is that it will boost the debt ceiling by $1.5 trillion, giving the US a bit of breathing room until March 31st, 2024.

WHY: The McCarthy plan would also bring federal discretionary spending back to 2022 levels — a $130 billion cut. "The reductions are not draconian, they are responsible" McCarthy said as he unveiled the plan.

US economy still humming along

WHAT: The US economy appears to be holding steady like a cowboy on a bucking bronco. The Federal Reserve's latest "Beige Book" report shows that employment growth has slowed a bit, and so has the rate of price hikes as well.

WHY: The report also cited declining lending volumes and loan demand for households and businesses in the banking sector, while adding that last month's bank failures are expected to reduce the supply of credit in the months ahead.

Follow us for more crypto rules!

WHAT: The European Union's Financial Services chief has a suggestion for the world on how to better regulate cryptoassets: Follow the EU! According to Mairead McGuinness, the EU has created a robust framework that protects consumers and supports financial stability.

WHY: The European Parliament is due to rubber stamp the EU's markets in cryptoassets regulation (MiCA), the world's first comprehensive set of rules for what remains a largely unregulated industry.

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In Other News

Housing from the Magic Kingdom?

WHAT: Turns out Disney isn't just in the business of making dreams come true, but they're also in the business of building affordable housing! Who knew?! The "happiest place on earth" is getting into real estate with plans to break ground next year on a housing development in Central Florida.

WHY: Disney said it plans to provide 1400 housing units on 80 acres of land "a few miles away" from the Magic Kingdom and near schools and shopping. The first units are expected to be completed in 2026.

Amazon in hot water over spying allegations

WHAT: Looks like Amazon is in a bit of a pickle! They're being accused of spying on private Facebook groups where delivery drivers were gripping about working conditions. Now they have to face the music in a nationwide class action lawsuit.

WHY: According to the allegations, Amazon used sophisticated digital tools to monitor the groups, gather information about planned strikes and protests, understand unionizing efforts, and whether researchers examining Amazon's workforce had approached drivers.

Does Facebook owe you $$?

WHAT: Hey all you Facebook fiends out there, listen up! If you've had an account with the social media giant since May 24, 2007, you might be able to get your hands on a piece of Meta's $725 million privacy settlement.

WHY: Meta is paying to settle a lawsuit alleging the world's largest social media platform allowed millions of its users personal information to be fed to Cambridge Analytica, a firm that supported Donald Trump's 2016 presidential campaign.

Key Economic Events

• Thursday - Fed's Bostic Discusses Economic Conditions, ECB March Meeting Account

• Friday - No Major Economic News

Notable Briefs

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• These are the best ways to invest as you age

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