Good morning. US stock futures inched higher in Wednesday morning trading as investors looked ahead to the latest policy decision from the Federal Reserve.

"One man alone can be pretty dumb sometimes. But for real bona fide stupidity, there ain't nothing that can beat teamwork"

Edward Abbey

Top News

White House: We have the tools to keep banking system safe

WHAT: The US government seems to be feeling pretty confident about their ability to keep the banking system safe. The White House said they have "all the tools necessary" to prevent an industry-wide meltdown as banking stocks continued to decline on US stock exchanges.

WHY: The banking sector has been under pressure lately with the collapse of two regional banks and the recent acquisition of First Republic by JPMorgan Chase.

US job market cools

WHAT: The US job market might be going into snooze mode. Job openings hit an all-time low since April 2021, a sign that the Federal Reserve's efforts to cool the job market through interest rate hikes might be taking effect.

WHY: The latest Job Openings and Labor Turnover Survey, or JOLTS report, revealed 9.6 million job openings at the end of March, down from 9.9 million in February. In April 2021, they stood at 9.3 million.

EU countries seek to mitigate dependency on Chinese pharma

WHAT: Looks like 19 European Union states have realized they've been putting all their pharmaceutical eggs in one big Chinese basket. According to a recently released paper, the countries are pushing for measures to reduce their dependency on Chinese imports of pharmaceutical ingredients.

WHY: The move comes a week after the European Commission proposed an overhaul of the legislation governing its 136 billion euro pharmaceuticals industry.

In Other News

Coinbase goes global

 WHAT: Coinbase seems to be stepping up its game as the company announced it's launching an international exchange for cryptocurrency derivates. The company has found itself in the middle of escalating tensions between the crypto industry and regulators trying to clamp down on sketchy activity within the sector.

WHY: The digital assets industry is recovering from several blow ups last year, including the bankruptcy of Sam Bankman-Fried's crypto exchange FTX.

Big Tech unites over tracking concerns

WHAT: Apple and Google are putting their heads together to tackle the issue of Bluetooth tracking which was originally intended to locate lost items like keys or luggage. Apparently, these Bluetooth devices have been causing some unwanted tracking like following people around the house or at their jobs.

WHY: The two companies submitted a proposal to set standards for combatting secret surveillance on Apple's AirTag trackers and similar gadgets.

Fresh out of bankruptcy...

WHAT: Revlon just went through the ultimate makeover and has emerged from bankruptcy as a privately-held company. The company now has a new board, new owners and significantly reduced debt.

WHY: Revlon said it emerged from bankruptcy reorganization with $1.5 billion in debt after eliminating more than $2.7 billion in debt from its balance sheet. The company also changed its name to Revlon Group Holdings and said it had $236 million in available liquidity.

Key Economic Events

• Wednesday - FOMC Rate Decision, Fed Chair Holds Press Conference

• Thursday - ECB President Lagarde Press Conference

• Friday - US Unemployment Rate, Fed's Bullard Discusses The Economic Outlook

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