FTC investigates baby formula makers for collusion: WSJ: https://www.wsj.com/articles/baby-formula-collusion-ftc-864aeb94 .
WSJ: South Carolina passes 6-week abortion ban: https://www.wsj.com/articles/abortion-restrictions-pass-across-u-s-as-republicans-overcome-divisions-331d7d31 . The Journal hails GOP unity as they set sail on the Titanic. These bans are losers, particularly with women. So right now, the GOP looks like a tribe of lemmings marching to the sea.
Biden calls for assault weapons ban on first anniversary of Uvalde: https://www.cbsnews.com/news/biden-uvalde-shooting-one-year-speech-watch-live-stream-today-2023-05-24/ .
WSJ: The next Fed rate hike: https://www.wsj.com/articles/feds-june-rate-decision-is-close-call-official-says-271b4cba . Note that the market now prices in a 30% chance of a rate hike in June but 55% by July. I would put these chances somewhat higher, at 40% for June, 75% by July. All of this will depend on the data, of course.
WSJ: Food price inflation in Europe: https://www.wsj.com/articles/it-just-had-an-energy-crisis-now-europe-faces-a-food-shock-7a7f88d2 . As the article indirectly notes, this rate of increase causes changes in consumption which lowers the quality of many people’s diets. This creates health risks. But also, taxes will remain high, putting further pressure on the family budget: https://www.wsj.com/articles/u-k-chancellor-warns-taxes-will-stay-high-as-inflation-bites-f9e93c47 .
WSJ: US and China cautiously consider repairing relations: https://www.wsj.com/articles/u-s-and-china-see-fragile-opportunity-to-repair-ties-8ad7ddff .
The singular impact of ChatGPT: https://news.yahoo.com/chatgpt-black-swan-event-070100274.html . Although its facts and analysis are useful reading, I do not agree with the headline idea of this article. In my view, Chat GPT was a completely foreseeable event, even though the speed of subsequent events may be surprising to some. The logical current use of this program involves developing drafts for editing. As ChatGPT and similar programs are self-teaching, the time spent in editing will continually be reduced and will likely be nearly eliminated in the not-too distant future.
So what will be left of human intelligence in the jobs of the future? Creative intelligence – the ability to see outside the box – will quickly become the most sought-after skill. In the actuarial profession, much of what we do is governed by tax and regulatory concerns – that is, inside the box. Be prepared.
Wagner head says over 20,000 of his troops killed in taking Bakhmut: https://apnews.com/article/russia-ukraine-war-border-raid-4f63ade7fb3899b6fa903b562ada0e2c . WSJ: More on Wagner: https://www.wsj.com/articles/wagner-chiefs-feud-with-russian-military-cracks-putins-image-of-control-488ac37 . The Journal provides detail on the long-running animosity between Wagner and the Russian military.
Florida’s insane ideas about education: https://www.aol.com/miami-dade-county-school-bans-235055489.html . The practices here constitute ageism, although not in a group we normally associate with this term. Is anyone realistically suggesting that if a 7 year old read or heard Amanda Gorman’s poem, they would be damaged in any way by the experience? So should we have restricted their viewing of Joe Biden’s inauguration? For some in Florida, the answer is apparently yes. Horse pucky. The real “problem” is that Amanda Gorman is black, young and smarter and more talented than the so-called adults involved in this lunacy.
Texas Republicans find Ken Paxton is a crook: https://apnews.com/article/texas-ken-paxton-investigation-40ba70a33235eda9a31fc2628cbd7d61 . We have reported on a variety of Paxton’s misdeeds over the years. Now that whistleblowers from his office have stepped forward, the Texas GOP has investigated and found considerable evidence of corruption. Not a surprise. Extensive reporting from the New York Times: https://www.msn.com/en-us/news/us/texas-g-o-p-leaders-clash-over-accusations-of-corruption-and-drunkenness/ar-AA1bDJrA?ocid=hpmsn&cvid=2cf8d3fad5d148c584a8557b89d38431&ei=29 . WSJ: More: https://www.wsj.com/articles/texas-attorney-general-interfered-with-fbi-probe-investigators-say-2a1a7c3b .
Governor DeMentis stumbles out of the starting gate: https://apnews.com/article/ron-desantis-2024-presidential-election-live-updates-0495d567326db1e760179d01f1f7c45e . Careful planning and quality control could have prevented this mess. But those things are not a DeMentis hallmark, as he once again proved. The Washington Post’s take: https://www.msn.com/en-us/news/politics/4-takeaways-from-ron-desantis-s-2024-launch/ar-AA1bEywM?ocid=hpmsn&cvid=97ea23b41d4e4affb1360fe4b24241a3&ei=13 . The Post describes the painful failures in the feed, which by all reports was essentially unwatchable. More, from CNN: https://www.cnn.com/2023/05/24/tech/twitter-desantis-meltdown/index.html . WSJ: More: https://www.wsj.com/articles/elon-musks-twitter-event-with-ron-desantis-hits-technical-issues-e83fffea . The Journal’s account significantly underplays the technical issues, in line with Rupert Murdoch’s promised support of Ron DeMentis. However, it is out of line with journalistic standards. Again, the Conference needs to revisit our arrangements with the Journal. Still more: https://www.wsj.com/articles/ron-desantis-trump-successor-president-3e9df9d6 . And: https://www.wsj.com/articles/elon-musks-twitter-event-with-ron-desantis-hits-technical-issues-e83fffea .
Time to indict Orange Julius: https://knewz.com/donald-trumps-mar-a-lago-classified-documents-investigation-concluded-he-will-go-to-jail/ . I expect an indictment and a conviction. However, prison time represents another significant step involving the imprisonment of a former president. WSJ: OJ’s lawyers look to meet with Attorney General: https://www.wsj.com/articles/trump-lawyers-seek-meeting-with-garland-as-special-counsel-probe-wrapping-up-6b3ffe28 . This certainly looks like a desperate Hail Mary. OJ’s lawyers apparently realize their litigation future is bleak.
Judge rewards January 6 insurrectionist “Bigo” with 4½ years in prison: https://www.nbcnews.com/politics/justice-department/jan-6-rioter-put-feet-desk-pelosi-office-sentenced-45-years-prison-rcna85848 . Presumably Orange Julius will pardon all of the media-famous insurrectionists if he retakes the White House. WSJ: More: https://www.wsj.com/articles/judge-to-sentence-jan-6-rioter-who-put-feet-on-desk-in-nancy-pelosis-office-ca2a4d86 .
Alex Murdaugh indicted on financial fraud charges: https://www.nbcnews.com/news/us-news/alex-murdaugh-indicted-financial-fraud-charges-related-housekeepers-de-rcna86005 . Apparently, a significant percentage of the proceeds of cases Murdaugh won went up his nose. Therefore, the defrauded are likely to get a small percentage of what they are owed, if anything.
Tina Turner passes at 83: https://variety.com/2023/music/news/tina-turner-dead-singer-pop-rock-queen-1235624415/ . WSJ: More: https://www.wsj.com/articles/remembering-tina-turner-a-fierce-and-seductive-rock-and-soul-music-icon-2bc1d4ff . Still more: https://www.wsj.com/articles/tina-turner-powerful-voice-bridging-r-b-and-rock-dies-at-83-f5a36249 .