In the week’s recap, the US and global markets were mostly lower, except for the Asian markets. It’s increasing the likelihood of stagflation because the latest reports indicate the US labor market added jobs at a slower pace in May, but the inflation stays elevated.
Elon Musk To Slash 10% Tesla Jobs, Has “Super Bad Feeling” About Economy. Everyone at Tesla is required to spend a minimum of 40 hours in the office per week: “If you don’t show up, we will assume you have resigned”. Also, Musk tweeted: “Recessions serve a vital economic cleansing function”.
Terra launched a new V failed luna crypto and plunged to $0 earlier this month. Solana Colapso bug in the tech collapses lasted 4 hours. Bitcoin ended higher this week: Up +3.15%. There are 8 billion people in the world and 10 billion nfts.
Two-thirds of the US face the prospect of blackouts this summer, a report by the North American Electric Reliability Corporations; Food shortages & soaring prices become major concern govts globally; China making sure summer wheat harvest proceeds without any problems; Oil posts 6th monthly advance, longest run since 2011; Euro-zone inflation record high for 7 consecutive months:+8.1% May; JPMorgan Chase CEO Jamie Dimon says preparing biggest US bank for an economic hurricane on the horizon and advised investors to do the same.