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Good morning. US stock futures rose in Tuesday morning trading as investors digested earnings reports from big banks.

💸 US workers seek record wages to take up jobs

📝 Our report: Looks like the bar for the lowest acceptable wage among Americans eyeing new gigs just hit a record high in March, according to fresh data from the New York Federal Reserve. The so-called average reservation wage was $81,822 as of March, up substantially from the $73,391 seen in the last report in November of 2023, the regional Fed bank said, drawing on data compiled from in its regular Survey of Consumer Expectations.

 🔑 Key points:

• The New York Fed data tracking reservation wage demands has shown a solid uptrend amid ongoing inflation pressures and labor market tightness.

• The report also found declining satisfaction with wage and non-wage compensation in March, while satisfaction with promotion opportunities held steady.

• Despite the higher wages being sought by workers, the New York Fed found that employers were offering lower starting wages, with the average offer at $73,668 in March compared to $79,160 last November.

💡 So what: An increase in the US reservation wage signals tighter labor market conditions. This can have several implications for the US economy. Firstly, it may indicate that workers feel more confident about their job prospects, leading them to hold out for higher-paying positions. Secondly, it could put pressure on businesses to raise wages in order to attract and retain workers, potentially contributing to overall wage growth. Overall, while an increase in the reservation wage may reflect positive sentiment among workers, it could also pose challenges for businesses and inflationary pressures for the economy.

Tuesday - Fed Chair Jerome Powell Speaks, Building Permits

Wednesday - Fed Beige Book

Thursday - U.S. Leading Economic Indicators, Atlanta Fed President Raphael Bostic Speaks

Friday - Chicago Fed President Austan Goolsbee Speaks

📈 Do you understand the Rule of 72 for investing?

💰 Getting a tax refund? Here are 5 ways you can invest it!

💸 Your guide to credit card finance charges!

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🚗 Tesla layoffs of 10% of global staff

WHAT: In an internal memo to its staff, Tesla broke the news that it is trimming over 10% of its worldwide workforce, citing challenges like dipping sales and heated competition in the electric vehicle (EV) market. Tesla CEO Elon Musk, in an X post said: "About every five years, we need to reorganize and streamline the company for the next phase of growth."

WHY: Musk last announced a round of job cuts in 2022, after telling executives he had a "super bad feeling" about the economy. Tesla never outlined how many jobs it cut in 2022, but its employee headcount has risen from around 100,000 in late 2021 to over 140,000 in late 2023, according to SEC filings.

✈️ Airline loyalty programs come under scrutiny

WHAT: In a bid to shield consumers from tricky airline loyalty schemes, the U.S. Department of Transportation and Consumer Financial Protection Bureau are teaming up for a public hearing to look into airline loyalty programs. The hearing, scheduled for May will include regulators, airline executives, consumer advocates and banking officials. Allegiant Air and Breeze Airways will represent the airline industry.

WHY: The Transportation Department said in December it was scrutinizing the frequent flyer programs of major U.S. airlines for potential deceptive or unfair practices, the agency said as regulators step up oversight of the airline industry.

📱 UK fintechs lobby govt for more support

WHAT: The UK's fintech bigwigs are giving the government a nudge, asking for more tax relief and a boost in investment support. Trade body Innovate Finance's "Unicorn Council", which includes the CEOs of Monzo, Revolut's UK arm and ClearBank, set out policy recommendations that it said would help the UK maintain its position as a fintech hub.

WHY: Global venture capital investments fell to a near five-year low in the first three months of 2024, according to data from PitchBook, as high interest rates dampened risk appetite. Fintech companies in the UK say there is not enough investment coming from UK-based investors in particular.

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