Good morning. US stock markets are closed in celebration of Memorial Day.

"In our time, the curse is monetary illiteracy — just as inability to read plain print was the curse of earlier centuries"

Ezra Pound

Top News

Biden, McCarthy reach deal over debt limit

WHAT: All long, unnecessarily drawn out battles must come to an end…eventually! That seems to be the case as US President Joe Biden and House Speaker Kevin McCarthy struck a deal agreeing to raise the US debt ceiling for two years, taking the volatile issue of the US’ credit-worthiness off the table for now.

WHY: The announcement comes just days before the government is expected to run out of money to pay its bills which, according to Treasury Secretary Janet Yellen, could happen in early June.

“We’re not tolerating that…”

WHAT: US Commerce Secretary Gina Raimondo has some strong words for China. Speaking at a news conference after a meeting of the Indo-Pacific Economic Framework, Raimondo said the US “won’t tolerate” China’s effective ban on purchases of Micron Technology’s memory chips.

WHY: China’s cyberspace regulator said that Micron, the largest memory chip maker in the US, had failed its security review and that it would block operators of key infrastructure from buying from the company.

Worker mental health plummeting, survey finds

WHAT: The results of a recent survey reveal that American workers’ mental health has taken a nosedive. According to a poll conducted among 1100 workers by the Conference Board, a New York City-based think thank, 34% of workers reported their mental health levels were lower than six months ago.

WHY: The study also added that workers feel less able to communicate with their managers about their mental health challenges.

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In Other News

Google ordered to pay up

WHAT: Another day, another tech patent war. This time Google finds itself on the losing end, having been ordered by a San Francisco federal jury to pay $32 million in damages for infringing on one of smart-speaker maker Sonos patents for its wireless audio devices.

WHY: Sonos first sued Google for patent infringement in 2020, accusing the tech giant of copying its technology during their collaboration on devices including Google Home and Chromecast audio.

Twitter blanks EU online pact

WHAT: Twitter is once again playing the role of the rebellious bird of the internet! According to European Commissioner Thierry Breton, Twitter has raised its wings and flown away from the European Union’s disinformation code of practice.

WHY: Google, TikTok, Microsoft, and Facebook and Instagram parent Meta are among those that have signed up to the EU code which requires companies to measure their work on combatting disinformation and issue regular reports on their progress.

Millennials worry that AI will mess up the money…

WHAT: A fresh survey by HR platform Checkr reveals that everybody’s favorite middle generation, millennials, are having an existential crisis about artificial intelligence. According to the survey, 82% of millennial workers said they were worried AI would result in lower pay for the same position.

WHY: The origins of job anxiety in the current AI revolution have become more salient as AI has begun threatening jobs in media, marketing and even the restaurant industry.

Key Economic Events

• Monday - US Markets Closed For Memorial Day

• Tuesday - Fed’s Barkin Speaks On Monetary Policy Outlook

• Wednesday - Federal Reserve Releases Beige Book, Fed’s Harker Speaks On Macroeconomic Conditions

• Thursday - ADP Employment Change

• Friday - US Unemployment Rate, Labor Force Participation Rate

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