We could all do with a break from bank blowups, so fingers crossed we can relax a bit this weekend. And who knows, maybe even catch a glimpse of the funky Northern Lights if the weather is clear.
The S&P 500 Index went up for the second straight week despite the recent tumult. Bond traders abandoned wagers that the Fed will raise interest rates in May and added to bets that the central bank s next shift will be a rate cut as early as June. Gold traded above $2,000 as investors sought out safe harbors to weather any storm.
In a report earlier this week, Bloomberg reported that JPMorgan Chase owned the London Metal Exchange nickel contracts that turned out to be backed by bags of rocks rather than metal. The discovery has resulted in a wider scramble across the metals world, and warehouse staff from South Korea to Italy have rushed to check tens of thousands of two-ton bags of nickel, in some cases by literally kicking them. If you're confused how that could happen, the folks on our QuickTake desk do a great job of explaining it here.
The number of job postings for remote-friendly roles is hitting record levels and trending up as a result of the pandemic, which created new opportunities for employees to enjoy more flexible arrangements. The bounty hasn't been shared equally across the economy or across the nation. The South is the worst part of the US to be an aspiring remote worker.
Kamala Harris is going to Africa. Harris, the first woman and the first black person to hold the No. There is a 2 position that is tasked with strengthening diplomatic ties with Zambia, Tanzania and Ghana. The US is looking to stymie Russian and China efforts to develop alliances on the mineral-rich continent.
March Madness is still delivering upsets, with no top seeds reaching the Elite Eight since the ranking system started in 1979. 9 Florida Atlantic plays Kansas State and Connecticut takes on Gonzaga.
If you want to get off that comfy couch, try a game of pickle ball. If you do succumb to the hodgepodge charm of tennis, badminton and ping-pong, you'll find a reasonably priced or even free place to play. New York's Central Park courts charge a hefty $120 hour during peak times when they open next month. If it rains, a fancy court at Golden Gate Park in San Francisco is a relative bargain at no more than $9 hour.
We will be back tomorrow with a look at the coming week.
No ChatGPT Advances Are Moving so Fast Regulators Can't Keep Up With It.