🧑🏾‍💼 Will Your Job Survive AI's Rise?

Good morning. US stock markets are closed in recognition of Martin Luther King Day holiday.

🤖 IMF warns: AI is coming for job market

📝 Our report: Hold on to your desks and coffee mugs folks! The International Monetary Fund just hit us with a warning that nearly 40% of jobs worldwide might be in for a wild ride thanks to the rise of artificial intelligence.  

 🔑 Key points:

• The Washington, D.C.-based institution assessed the potential impact of AI on the global labor market and found that, in most cases, the technology is likely to worsen overall inequality.

• The IMF noted that about 60% of jobs could be impacted by AI in high-income nations, and roughly half of these may benefit from AI integration to boost productivity.

• The IMF also flagged that AI could affect income and wealth inequality within countries, warning of “polarization within income brackets.”

💡 So what: Protecting the job market from the rise of artificial intelligence (AI) involves a multi-faceted approach that combines education, policy, and adaptation. Investing in education and training programs that focus on skills AI can't easily replicate, such as critical thinking, creativity, and emotional intelligence, can prepare the workforce for the future. Additionally, creating policies that encourage companies to adopt AI responsibly, ensuring transparency and ethical use, can help mitigate negative impacts.

Monday - No Major Economic News

Tuesday - Fed Gov. Christopher Waller Speaks

Wednesday - U.S. Retail Sales, Fed Vice Chair for Supervision Michael Barr Speaks, Fed Beige Book

Thursday - Atlanta Fed President Raphael Bostic Speaks

Friday - Consumer Sentiment (prelim), San Francisco Fed President Mary Daly Speaks

 📈 Investing legend Mohnish Pabrai shares these 5 investing tips!

🏠 Everything you need to know about first-time homebuyer programs

💰 These are the 5 levels of financial freedom

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📈 Apple loses its most valuable company title

WHAT: Microsoft just pulled off the ultimate stock market magic trick, outshining Apple and snagging the title of the world's most valuable company. Microsoft's market capitalization stood at $2.887 trillion at the end of its most recent trading day, its highest ever, according to LSEG data. Apple's market capitalization was $2.875 trillion.

WHY: A handful of times since 2018, Microsoft has briefly taken the lead over Apple as the most valuable company, most recently in 2021, when concerns about supply chain shortages related to the COVID-19 pandemic hit the iPhone maker's stock price.

🛬 Boeing planes to remain grounded

WHAT: Looks like Boeing's 737 MAX 9 is getting an extended vacation from the skies. The US Federal Aviation Administration (FAA) said it would require another round of inspections before it considers putting the jets back in service, and announced it will tighten oversight of Boeing itself after a cabin panel broke off a new jet in mid-flight.

WHY: The Alaska Airlines aircraft, which had been in service for just eight weeks, took off from Portland, Oregon and was flying at 16,000 feet when the panel tore off the plane. Pilots flew the jet back to Portland, with only minor injuries among passengers.

🤝🏽 IRS waives tax penalty on Covid-era taxes

WHAT: Well, it looks like the IRS is feeling generous – almost like a tax fairy godparent! For nearly 5 million taxpayers with lingering tax bills from 2020 and 2021, they're getting a magical pass on almost $1 billion in penalty fees! The IRS recently announced penalty relief for taxpayers who had outstanding tax bills but were not sent automated collection reminder notices during the pandemic.

WHY: "As the IRS has been preparing to return to normal collection mailings, we have been concerned about taxpayers who haven't heard from us in a while suddenly getting a larger tax bill. The IRS should be looking out for taxpayers, and this penalty relief is a common-sense approach to help people in this situation," IRS Commissioner Danny Werfel said in a statement.

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