Friday, April 26, 2024

4/26 WAKE-UP CALL: Economic Growth Is Slowing


Slowing economic growth and firm inflation spells trouble for Wall Street. Gross domestic product expanded at a 1.6% seasonally- and inflation-adjusted annual rate in the first quarter the Commerce Department said. The pullback from last year’s quick pace lagged behind the 2.4% projected by WSJ-polled economists. The data also suggested inflation, using the Fed’s preferred gauge, was likely firmer than expected in March. That gives investors another reason to stop expecting the central bank to cut interest rates in the coming months. 


Individual readings on growth and prices so far this year haven’t been enough to dramatically change the Fed’s outlook, but the cumulative effect has been notable. Investor concerns drove broad-based declines across U.S. stocks and government bonds.

NY Post 4/26/24
➤WEINSTEIN CONVICTION OVERTURNED:  New York’s highest court overturned Harvey Weinstein’s 2020 conviction for sex crimes. The court, in a divided ruling, said that a trial judge committed fundamental errors, including admitting testimony that shouldn’t have been allowed. In a leading case of the #MeToo movement, jurors found the Hollywood producer guilty of third-degree rape and a first-degree criminal sex act for incidents with two women. 

Weinstein, who was sentenced to 23 years in prison, isn’t a free man, though. In a separate case, a California jury convicted him in 2022 of rape and other offenses, earning him a 16-year prison sentence. The Manhattan District Attorney’s Office said it will “do everything in our power to retry this case.” A Weinstein representative didn’t immediately respond to a request for comment.

➤SCOTUS SEEMS OPEN TO TRUMP IMMUNITY DEFENSE: The Supreme Court appeared open to some of Donald Trump’s immunity claims. The justices considered whether former presidents should be granted immunity from being prosecuted for alleged crimes committed while in office, and specifically whether Trump could be prosecuted on charges that he conspired to steal the 2020 presidential election. He denies any wrongdoing, but has argued that if he broke the law, the Constitution’s framers preferred to let a president get away with crimes than worry about the potential of future prosecution. 

The Supreme Court, which spent little time discussing the specifics of Trump’s case, signaled an interest in broadly protecting the presidency for the future. Any high court decision embracing that position could further delay or end Trump’s trial.

➤PECKER TALKS:  David Pecker testified about deals to bury stories that could be damaging to Trump. Here's what he said.  Longtime tabloid publisher David Pecker was questioned by the prosecution and cross-examined by Donald Trump's attorney in the former president’s criminal hush-money trial. 

During the prosecution’s questioning on Thursday, the longtime tabloid publisher told jurors about the practice of buying stories that could be damaging to Trump and refusing to publish them. His testimony included references to adult film actress Stormy Daniels and former Playboy model Karen McDougal.


➤PROTEST DEADLINE SET: Protesters at Columbia University, an epicenter of growing student dissent against the war in Gaza, faced a deadline Thursday to dismantle their encampment as protests and arrests intensified across the nation. Columbia President Minouche Shafik warned students that if the tents aren't moved by Friday, "we will have to consider options for restoring calm to campus."

In an update late Thursday, the university said talks between student protestors and the school have "shown progress and are continuing." The school, the scene of more than 100 arrests in recent days, also shut down rumors that the New York City Police Department was invited to the campus on Thursday night. House Speaker Mike Johnson lashed out Thursday at Columbia protesters, who booed him during his visit to the school a day earlier. Johnson had criticized students and faculty who participated in the protest and called for Shafik's resignation. Meanwhile, amid the turmoil, the University of Southern California said it was canceling its main commencement ceremony, citing safety concerns.

SCHOOLS SAYING 'NO' TO PROTESTORS: Protesters demand that colleges divest from Israel, but schools are saying no. University administrators have steered clear of activists’ arguments that Israel is committing genocide. Endowment chiefs say divesting would set a questionable precedent at institutions meant to encourage intellectual inquiry and debate and would pose practical challenges and fiduciary risks. Israel has denied committing genocide. Some groups have criticized Israeli boycott calls as holding the Jewish state to an unfair double standard, amounting to antisemitism. Divestment supporters have rejected those charges. Hundreds of pro-Palestinian protesters have been arrested at universities, as demonstrations have intensified and students’ rights to gather and protest have been challenged across U.S. campuses.

➤SECRET SERVICE AGENT TROUBLED: A Secret Service officer assigned to protect Vice President Kamala Harris who got into a brawl with her colleagues earlier this week previously filed a $1 million gender discrimination lawsuit against the city of Dallas while working as a police officer. Michelle Herczeg was removed from her duties on Wednesday after displaying erratic behavior and assaulting a superior officer while awaiting Harris’ departure from Joint Base Andrews in Maryland on Monday.

In December 2016, Herczeg — then a senior corporal with the Dallas Police Department — filed her claim against the city, alleging that she “was targeted for being a female officer and treated less favorably,” according to a contemporary report by the Dallas Morning News.

According to RealClearPolitics, Herczeg arrived at Joint Base Andrews Monday morning and began deleting apps off of a male agent’s personal cell phone before becoming more irate. The outlet reported that Herczeg began mumbling to herself, hiding behind curtains and throwing menstrual pads and other items at another agent, telling her colleagues they were “going to burn in hell and needed to listen to God.”

👑REPORT...KING CHARLES 'NOT GOOD':  King Charles III’s health is worrying friends and the palace as he continues to battle an undisclosed type of cancer. “Speaking to friends of the king in recent weeks about his health, the most common response is … ‘It’s not good,'” Tom Sykes of the Daily Beast reported Thursday. A friend of the monarch claimed Charles “is determined to beat it and they are throwing everything at it,” adding, “Everyone is staying optimistic, but he is really very unwell. More than they are letting on.”

➤FERTILITY RATES DROP: US fertility rates slump by 2% in a year to lowest on record, with 1.62 births per woman in 2023 . . . A little under 3.6 million babies were born in 2023, a 2 percent decline from the year before, according to provisional statistics released the Centers for Disease Control and Prevention. Birth rates have long been falling for teenagers and younger women, but rising for women in their 30s and 40s - a reflection of women pursuing education and careers before trying to start families, experts said.

➤SUGAR WARNINGS:  The ‘nanny state’ is back! Fast-food chains and coffee shops in New York City would have to slap a warning on menu boards and packaging under a new rule from the Adams administration. The city Health Department’s first-in-the-nation edict will mean labels warning on food and drinks with more than 50 grams of added sugar, including frozen coffee drinks from places like Starbucks and Dunkin’ Donuts, fountain sodas and even hot chocolate.

➤OLD AGE IS A NUMBER:  "Old age" now begins at 75 . . . A recent study reveals that perceptions of when old age begins are changing, with individuals delaying the age at which they consider themselves or others to be “old” — pushing up to 75. The shift has been noted across generations, with those born after 1935 pushing back the age they define as old. People used to believe that “old age” begins at 65, when Americans often retire and the age they need to reach to receive Social Security payments from the federal government.


🏈NFL DRAFT: The Chicago Bears selected Southern California quarterback Caleb Williams with the No. 1 pick in the NFL draft Thursday in Detroit. He was followed by the Washington Commanders’ selection of LSU quarterback Jayden Daniels and the New England Patriots’ choice of North Carolina quarterback Drake Maye.  Six quarterbacks — Williams, Daniels, Maye, J.J. McCarthy, Michael Penix Jr. and Bo Nix — were taken in the first 12 picks. In total, 23 offensive players heard their names called, the most in NFL draft history. 

Williams, the consensus top prospect, threw for 3,633 yards, 30 touchdowns and five interceptions last season. He won the Heisman Trophy as the best player in college football the previous season after he took the Trojans from a four-win team to an 11-win team. Williams threw for 4,075 yards, 37 touchdowns and only four interceptions over 13 games in 2022.

⚾MLB SCORES:

  • Athletics 3 Yankees 1
  • Phillies 5 Reds 0
  • Dodgers 2 Nationals 1
  • Rockies 10 Padres 9
  • Mariners 4 Rangers 3
  • Cubs 3 Astros 1
  • Royals 2 Blue Jays 1
  • Guardians 6 Red Sox 1
  • Twins 6 White Sox 3
  • Brewers 7 Pirates 5

🏀NBA SIXERS 125 KNICKS 114:  Joel Embiid powers Sixers to home victory over Knicks, bringing series to 2-1 The Philadelphia 76ers beat the New York Knicks, 125-114, in Game 3 of the best-of-seven series. The Knicks lead the series 2-1. They play again Sunday at 1 p.m. in Philly.

🏀NBA SCORES:

  • Nuggets 112 Lakers 105
  • 76ers 125 knicks 114
  • Magic 121 Cavaliers 83

➤STORM WARNINGS: The National Hurricane Center issued its first advisory of the year on Wednesday, a month before the official start of the Atlantic hurricane season. The advisory was issued for a tropical disturbance that was far out to sea, and has since dissipated, the hurricane center said late Wednesday. The otherwise nondescript system was notable for being the first sign of what's expected to be a ferocious hurricane season in the Atlantic, with potentially dozens of storms. Preseason forecasts from top hurricane experts point to a "hyperactive" or "explosive" season. One group Wednesday from the University of Pennsylvania predicted a record-breaking 33 named storms this year.

➤FRIDAY WEATHER:



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