What I've Read This Week | Issue #3
Reddit goes public! The Federal Reserve has decided to maintain the current interest rate, Elon on Don Lemon Show, NVIDIA Conf and more
In case you missed it – This week I interviewed the CEO of OpenVC.App Stéphane Nasser. You can watch our podcast here
Here is what I’ve read this week starting with…
Reddit Goes Public:
Reddit pops as much as 70% in NYSE debut after selling shares at top of range
Reddit stock price today will be closely watched as NYSE trading begins in much-hyped IPO
Welcome to the stock market, RDDT! Reddit is now a public company
Interest Rates Stay The Same But Feds Plan to Cut Rates 3 Times This Year
Fed Meeting Outcome: The Federal Reserve has decided to maintain the current interest rate, keeping the federal funds rate at a range of 5.25% to 5.5%.This decision comes after the Fed's two-day policy meeting and marks a continuation of the rate since July 2023.
Future Rate Cuts Projected: Despite holding rates steady, the Fed has signaled its intention to cut rates three times in 2024. The anticipated cuts are based on projections that inflation will ease, allowing for a reduction in borrowing costs.
Economic Indicators: The unemployment rate is projected to end 2024 at 4%, slightly lower than the December forecast. Job growth has slowed from about 300,000 in early 2023 to 264,000 in the past three months, with expectations of further deceleration. Wage gains have also declined, aligning more closely with the Fed's inflation target.
Market Reactions: Following the announcement, stocks surged, with the S&P 500 topping 5200 for the first time. The market has responded positively to the prospect of future rate cuts, which have been anticipated since the fall.
Fed's Cautious Approach: The Fed's cautious stance on rate cuts reflects a healthy economy and a desire to approach potential cuts methodically, balancing the need to control inflation with economic growth.
Fed Chair's Remarks: Jerome Powell, the Fed Chair, has emphasized the need for a cautious approach, indicating that the economy is strong and that inflation is expected to come down gradually.
Inflation and Growth Forecasts: Fed officials have revised their estimates for economic growth and inflation in 2024, expecting a faster growth rate and a moderate inflation rate by the end of the year.
Everything Else:
Elon Musk on Racism, Bailing Out Trump, Hate Speech, and More - The Don Lemon Show (Full Interview)
Nvidia's GPU Technology Conference
Nvidia's annual GPU Technology Conference (GTC) kicked off with a keynote address by CEO Jensen Huang. The conference is expected to feature announcements about new chips and advancements in artificialintelligence (AI). Nvidia also announced "Project GR00T," a foundation model for humanoid robots, and unveiled "Jetson Thor," a new computer for humanoid robots
Big Tech accounts for nearly two-thirds of the US digital ad market
The Browser Company raises $50 million at $550 million valuation