Federal trade court strikes down Trump’s reciprocal tariffs [CNBC]
Dow futures jumped 500 points on news of the ruling, which the Trump administration immediately appealed…. In its ruling, a three-judge panel on the Court of International Trade said that the International Emergency Economic Powers Act, which Trump invoked to impose the tariffs, does not authorize a president to levy universal duties on imports.
The Fed Forecasts Stagflation [WSJ]
The minutes strongly suggest the Fed isn’t close to lowering rates anytime soon…. The labor market was projected to “weaken substantially” over the rest of the year, leading the unemployment rate to rise and remain elevated through 2027.
Tariffs, meanwhile, were expected to “boost inflation markedly this year and to provide a smaller boost in 2026,” the minutes said. Even after substantially revising their inflation forecast for 2025, officials thought that if their forecast turns out to be wrong, it would be because inflation was even higher in 2026 or 2027.
Trump erupts when asked about ‘TACO trade’ ― a new nickname mocking his tariff approach [USA Today via Yahoo!]
“Oh, I chicken out. Isn’t that nice? I’ve never heard that,” Trump said during the exchange…. “Don’t ever say what you said because that’s a nasty question,” Trump said.
Inside Whale Rock’s Rough Start [II]
The long-short hedge fund’s share class that invests just in public securities is down 21.5 percent for the year after dropping a further 17 percent in April.
Elon Musk has to work 40 hours a week at Tesla, top investors say [Quartz via Yahoo!]
Show up for work and do your job — that’s what 12 large pension funds, representing $950 billion in assets, told Tesla CEO Elon Musk in an open letter…. It blames Musk’s competing interests for Tesla’s long-term problems, while also pointing fingers at a board “that appears largely uninterested and unwilling to act in the best interest of all Tesla shareholders by demanding Mr. Musk’s full-time attention on Tesla.”
Why ‘wrench attacks’ on wealthy crypto holders are on the rise [AP]
The headline-grabbing tale of an Italian man who said he was kidnapped and tortured for weeks inside an upscale Manhattan townhouse by captors seeking his bitcoin highlights a dark corner of the cryptocurrency world: the threat of violence by thieves seeking digital assets…. It’s a name popularized by an online comic that mocked how easily high-tech security can be undone by hitting someone with a wrench until they give up passwords…. Several have taken place in France, where thieves cut off a crypto executive’s finger.
