🧠🦾 AI Jobs are the New Tech Jobs from 2020
Happy Wednesday all,
I’m not sure if you’ve noticed, but the buzz surrounding crypto has definitely picked up on social media as of late. I’m seeing crypto creators come up from under the grave. People I haven’t seen in years making the same content they did back 2-3 years ago when crypto was making its massive run.
In other news, the team and I have been working hard to get two uploads a week for the YouTube channel (as well as two newsletters published/week). If you haven’t watched the latest video, it’s linked at the bottom of the newsletter!
Enjoy this week’s Hump Days!
- Humphrey, Rickie & Tim
👀 Eye-Catching Headlines
🏡 Banks With Heavy Commercial Property Exposure See Bonds Get Hit (Bloomberg)
🤖 Humanoid Robots at Amazon Provide Glimpse of an Automated Workplace (Bloomberg)
🎯 Target Aims for Turnaround After First Sales Decline Since 2016 (WSJ)
🇨🇳 Apple iPhone sales plunge 24% in China as Huawei smartphone business resurges (CNBC)
🔐 The Believers Who Rode Bitcoin to a Record High—and the Ones Who Missed Out (WSJ)
☠️ How the Bromance Between Elon Musk and Sam Altman Turned Toxic (WSJ)
🇺🇸 Nikki Haley ends presidential campaign with ‘no regrets,’ ceding GOP nomination to Trump (CNBC)
📉 Jerome Powell Says Fed on Track to Cut Rates This Year (WSJ)
The Weekly Brief
Powell Reiterates Fed Needs More Confidence on Inflation to Cut
In his testimony before a House panel, Fed Chair Jerome Powell emphasized that the Fed is not in a hurry to cut interest rates until there is greater confidence that inflation is sustainably moving towards the 2% target.
He also addressed the Fed's potential revisions to capital requirement plans for big banks and responded to concerns about commercial real estate and the impact of high interest rates on homeownership.
AI Talent in High Demand as Tech Job Listings Decline
U.S. companies have significantly increased their recruitment of AI-related jobs, offering substantial pay premiums despite the tech sector's shift towards efficiency and cost-cutting.
This surge is reflected in job listing data, which shows a 42% increase in new AI job listings since a low in December 2022, contrasting with a 31% decline in new IT job listings.
Biden Finalizing Rule to Cap Credit Card Late Fees at $8
The Consumer Financial Protection Bureau recently announced a rule to cap credit card late fees, potentially saving 45 million people an average of $220 annually.
This initiative is part of a broader effort, discussed at the White House Competition Council meeting, which includes measures to protect farmers from deceptive meat processor practices, combat deceptive pricing, and address issues like bulk billing in broadband services.
Bitcoin and gold simultaneously reached record highs on Tuesday. Bitcoin's surge was largely attributed to inflows into new US ETFs and speculative interests, while gold's rise suggests a more defensive stance amid geopolitical tensions and potential stock market volatility.
Both assets are benefiting from expectations of looser monetary policy, with Bitcoin hitting $69,191.95 and gold peaking at $2,141.79 an ounce.