Good morning. US stock futures rose in Monday morning trading as investors looked ahead to the latest inflation data and a key interest rate decision from the Federal Reserve.

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Peter Thiel

Top News

Have stocks entered a bull market?

WHAT: Remember when their was existential dread of a global meltdown in stocks not too long ago? Well those fears seem to have completely vanished as global equity markets struck new highs for the year — recently hitting a 13-month peak — as optimism mounts that the Federal Reserve may skip a rate hike at its next meeting.

WHY: According to data from Refinitiv, the S&P 500 is up 20% from its October lows. The most commonly accepted definition of a bull market is a 20% rise off of a low, and a 20% decline from a high for a bear market.

US Chamber of Commerce mounts legal attack on government

WHAT: The US Chamber of Commerce is digging in its heels for a fight with the Biden Administration by filing a lawsuit against the government that challenges a new law that, for the first time, gives Medicare the power to negotiate drug prices with pharmaceutical companies.

WHY: The Biden Administration is hoping to save $25 billion annually by 2031 by having Medicare, the government health plan for people 65 years and over, negotiate prices.

New World Bank President: Private sector investments needed to advance climate action

WHAT: The New President of the World Bank Ajay Banga means business! The former Mastercard CEO is imploring private sector investors to step their game up in helping developing countries deal with climate change and advance the use of alternative energy sources. “The only way forward is to find a way to get the private sector to believe this is part of their future” Banga said, as he delivered remarks in a CNN interview.

WHY: Private sector capital was critical since funds from governments, philanthropy, the World Bank and other multilateral development banks would never suffice to help poor countries adapt to and mitigate climate change Banga said.

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In Other News

Twitter ducks Google over cloud fees

WHAT: Twitter continues to be the rebellious bird of the internet! This time, according to news outlet Platformer, they’re playing hardball with Google after deciding to skip out on their cloud services bill with the company as its contract with Google comes up for renewal at the end of June.

WHY: In March, Amazon reportedly warned Twitter that it would withhold advertising payments because of the company’s outstanding bills to Amazon Web Services for cloud computing services.

Vaccine maker faces lawsuit over alleged Covid-19 side effects

WHAT: Looks like vaccine maker BioNTech has found itself on the wrong side of allegations over its Covid-19 vaccine. A German woman has filed a lawsuit against the company, alleging that the vaccine caused her side effects such as upper body pain, swollen extremities, fatigue and a sleeping disorder.

WHY: German pharmaceutical law states that makers of drugs or vaccines are only liable to pay damages for side effects if “medical science” shows that their products cause disproportionate harm relative to their benefits or if the label information is wrong.

Corporate climate change targets lack credibility…

WHAT: Corporations have gotten in a tizzy over net-zero — the aim of which is to stop adding planet-warming gasses to the atmosphere — but it looks like it’s more talk than action according to a Net Zero Stocktake report compiled by four independent research organizations. The report stated that few companies have any credible plans on how they intend to tackle climate change.

WHY: The net-zero goal has gained traction in recent years. While 149 countries have such targets, up from 124 in late 2020, the number of publicly listed corporations aiming for net-zero has increased from 417 to 929.

Key Economic Events

• Monday - No Major Economic News

• Tuesday - US CPI Y-o-Y, FOMC Begins Two-Day Meeting

• Wednesday - Fed Chair Holds Conference Following FOMC Meeting

• Thursday - ECB President Christine Lagarde Holds Press Conference

• Friday - U. Of. Mich. Sentiment

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