This morning, the #US Bureau of Economic Analysis published data showing that real, or inflation-adjusted, gross domestic product grew at an annualized rate of 1.6% in the first quarter. That was well below the 2.2% growth that economists were forecasting on average, according to FactSet. And it compares with real GDP growth of 3.4% annualized in the prior quarter.

The #US President Joe Biden was in upstate New York on Thursday to tout $6.1 billion in grants to the memory chip manufacturer Micron Technology, one of several chip makers receiving subsidies under 2022’s CHIPS and Science Act, a centerpiece of Biden’s economic program.

About 12,000 people in the #US turn 65 every day, an age when many decide to retire. With Americans increasingly responsible for their own savings, many cannot afford to retire as planned or under the circumstances they had hoped for. That is why retirement funds, and the financial professionals who help people navigate them, are critically important.

After #Bitcoin halving event triggered rewards cut by half: The miners community collected more than $100 million in revenue for the halving on April 20, the highest total ever recorded in a single day. But now miners face a drop in mining rewards that could reshape the industry. Yet to see if post-halving rally awaits and the rewards increase along with the price of Bitcoin.

Speculators hopeful upcoming Fed meeting will leave rates unchanged: #US inflation rates have eased slightly in April in conjunction with weakening demand in both manufacturing and service sectors. Meanwhile, #crypto bulls hope the Fed holds interest rates steady.

Ripple calls for the #US SEC to reduce fine: Ripple has strongly opposed the SEC's proposed $2B fine for selling its #XRP token, and a contingent of crypto lobbyists have moved to sue the regulator for expanding the definition of a dealer.

Breaking - The #US GDP slows more than expectred: The GDP numbers from Q1 2024 were reported at 1.6%, which was below the expected 2.5%. This lower-than-expected growth rate has sparked discussions about whether the Federal Reserve might consider cutting rates earlier than previously anticipated. The market's reaction to the GDP numbers indicates that there is now increased speculation about the possibility of a rate cut, with some analysts suggesting that this could bring the conversation about rate cuts back to the table sooner rather than later.

Taking into account the global monetary expansion over the past decade, #Bitcoin has increased 44 times in value. In contrast: The #NASDAQ has tripled #Gold has remained unchanged Historically, Bitcoin stands out as the optimal choice for hedging against currency debasement.

#US #Bank #Crisis - Republic First Bancorp, distinct from the prior entity known as First Republic which ceased operations last year, has officially collapsed and is now subject to regulatory seizure. This development marks a significant downturn, with the institution experiencing a staggering 60% decline. Authorities are currently in the process of finalizing the takeover and subsequent sale of the Philadelphia-based bank to another financial entity. This event underscores a broader trend, as it potentially signifies the fourth notable bank failure since the spring of 2023. The impending sale and subsequent announcement of the bank's failure are anticipated to occur imminently, with Friday being cited as a possible timeline. However, critical details such as the identity of the acquiring institution remain undisclosed, and the transaction itself is subject to potential dissolution. Republic First Bancorp encountered challenges reminiscent of other regional banks that have faltered, notably stemming from losses incurred on bonds due to escalating interest rates and a substantial influx of uninsured deposits. Operating under the moniker Republic Bank, the institution currently holds assets totaling approximately $6 billion and maintains a presence across Pennsylvania, New Jersey, and New York. The broader stability of regional banks remains precarious, with heightened interest rates exacerbating deposit-related expenses, potential regulatory requisites looming on the horizon, and mounting pressures affecting commercial real estate loan portfolios.