AI Summary
5 min readJerome Powell used what was supposed to be a routine final press conference as Fed chair to announce he isn't leaving the central bank at all. That surprise dominated a day that also saw four of the Magnificent Seven tech companies report earnings in a single afternoon, delivering a mixed picture of who is winning the AI spending race and who is still searching for a payoff.
Powell Stays, Drama Stays
At his last meeting as chair, Jerome Powell held interest rates steady — a decision that was almost an afterthought. The real news was his announcement that he will remain on the Fed's Board of Governors, a position with a term running through 2028, even after his chairmanship ends on May 15. The last time a Fed chair did this was in 1948, when Mariner Eccles stepped down but stayed on the board until 1951.
Powell was unusually direct about why. "My concern is really about the series of legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors," he said. He was referring to President Trump's attempt to fire Fed official Lisa Cook and a now-closed DOJ criminal investigation into the Fed's building renovations, which was widely seen as pressure to lower rates. Powell said he would not leave the board until that investigation ended.
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What you'll learn
- 1 (00:23) **Light Beer Taste Test & Miller Light Takes the Crown** - Food & Wine ranks popular light beers, with Miller Light claiming the top spot and Michelob Ultra finishing last.
- 2 (02:19) **Jerome Powell Stays on as Fed Governor After Leaving Chair** - In his final press conference, Powell announces he will remain a central bank governor due to threats to the Fed's independence from Trump administration actions.
- 3 (06:39) **Big Tech Earnings: Alphabet Shines, Microsoft Stalls, Meta & Amazon Mixed** - Four of the Magnificent Seven report earnings, revealing diverging fortunes in the AI race and cloud computing growth.
- 4 (16:38) **Neil's Numbers: Movie Tickets Hit $50, Polymarket Traders Lose, Sleep Aid Boom** - Three statistics from the week: premium movie pricing, prediction market losses, and rising sleep aid usage.
- 5 (22:19) **Uber Adds Hotel Bookings via Expedia Partnership** - Uber announces hotel booking integration in its app through a deal with Expedia, aiming to become a super app for travelers.
- 6 (24:05) **Saudi PIF Ends Funding for LIV Golf League** - Saudi Arabia's Public Investment Fund pulls the plug on LIV Golf, leaving the league to seek outside investors and players like Jon Rahm and Bryson DeChambeau in limbo.
- 7 (25:18) **Evita Revival Coming to Broadway, Balcony Scene Scrapped** - The Rachel Ziegler-starring *Evita* revival will hit Broadway in spring 2027, but the iconic balcony scene from London will not be replicated due to gun violence concerns.
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Show Notes
Episode 835: Neal and Toby do a roundup of major tech earnings coming from Microsoft, Meta, Alphabet, and Amazon. Then, the Federal Reserve keeps rates steady in what is likely Jerome Powell’s last policy meeting as leader. Next, Neal shares numbers on the $50 movie ticket, prediction market losses, and sleep aids for Americans. Finally, Uber gets into the hotel business and LIV Golf is on its deathbed.
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