Techs good, transports bad

Real consumption, led by surging car buying (Rob did his part), soared 3.7 per cent in the first quarter, more than offsetting a small decline in fixed-investment. The contribution from consumption to GDP growth is the highest it’s been since mid-2021. “Welcome to the recession,” wrote Ian Shepherdson of Pantheon Macroeconomics. Read More...


U.S. officials lead urgent rescue talks for First Republic -sources

U.S. officials are coordinating urgent talks to rescue First Republic Bank as private-sector efforts led by the bank’s advisers have yet to reach a deal, according to three sources familiar with the situation. The Federal Deposit Insurance Corporation (FDIC), the Treasury Department and the Federal Reserve are among government bodies that have in recent days started to orchestrate meetings with financial companies about putting together a lifeline for the troubled lender, the sources said. The government’s involvement is helping bring more parties, including banks and private equity firms, to the negotiating table, one of the sources added.

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