Good morning. US stock futures dipped in Monday morning trading as investors looked ahead to key inflation data and the start earnings season.

"Hubris increases risks more than any other factor"

Paul Singer

Top News

New emissions rules coming

WHAT: The Environmental Protection Agency (EPA) is putting the "pedal to the metal" on the transition to electric vehicles. According to reports, they're expected to propose new rules that will limit tailpipe emissions from good ole gas guzzlers.

WHY: US President Joe Biden has set a non-binding goal for at least 50% of all new cars sold in 2030 to be zero-emission models, including electric and hydrogen fuel cell models.

No takers for crypto firm's cash

WHAT: Seems like the US arm of crypto exchange Binance is having trouble finding a piggybank to handle all their customers crypto cash. According to the Wall Street Journal, since last month's failure of Signature Bank, Binance.US has been swimming alone in the deep end.

WHY: Binance.US has been the subject of much regulator ire recently. The company and its CEO was sued by the US Commodity Futures Trading Commission for allegedly running an illegal exchange and a defective compliance program.

World Bank: Time to speed up debt restructuring

WHAT: The World Bank and International Monetary Fund are teaming up to tackle the debt issues plaguing poor countries. They're pulling out all the stops and presenting some solid ideas to knock down those pesky restructuring obstacles at this year's Spring Meetings.

WHY: "With the debt crisis growing larger, we must approach the meetings with resolve and urgency. Now is the time for all parties to turn words into actions" World Bank President David Malpass said.

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In Other News

The Governor versus The Mouse

 WHAT: Looks like Florida Governor Ron DeSantis has a bone to pick with Mickey Mouse — he's cranking up the heat and trying to nullify an agreement that Disney put in place to keep a watchful eye on their theme park property.

WHY: Florida lawmakers passed a bill in February giving DeSantis effective control over a board that oversees municipal services and development in a special district that encompasses Walt Disney World resorts.

That's our bot tech!

WHAT: Baidu, the Chinese search engine giant, is not a fan of copycats and they're taking their fight to app developers and Apple themselves by suing anyone and everyone involved in making knock-offs of their AI "Ernie Bot" app.

WHY: The company's AI-powered Ernie bot, which launched last month, has been touted as China's closest answer to the US-developed chatbot, ChatGPT.

Tesla ramps up in China

WHAT: Get ready to store your power with a touch of Shanghai flair! Tesla has announced plans to construct a factory in Shanghai where they'll be manufacturing power-storage devices to be sold worldwide.

WHY: The factory is scheduled to break ground in the third quarter of this year and start production in the second quarter of 2024 according to Chinese media reports.

Key Economic Events

• Monday - Fed's Williams Speaks

• Tuesday - NFIB Business Optimism Index, Fed's Harker Speaks

• Wednesday - US Inflation Rate Y-o-Y, FOMC Minutes

• Thursday - No Major Economic News

• Friday - Fed's Waller Speaks, U. Of. Mich. Consumer Sentiment

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