The Week in Business: Trump on TV
Inflation is slowing down, according to recent reports. This news, paired with Elon Musk's announcement that he has found a new C.E.O. for Twitter, and the upcoming Senate hearings on the banking crisis, indicates that the economy is improving.
What's Up? (May 7-13)
Donald J. Trump, the former president of the United States, had not appeared on CNN in 2016 until last week. At a CNN town hall on Wednesday, Mr. Trump, who is the Republican frontrunner for the 2024 presidential race, repeated the lies and name calling that characterized his presidency. In response to questions from Kaitlan Collins he repeated false information about the 2020 elections, called E. Jean Carroll - the writer who won a lawsuit accusing him sexual abuse and defamation - a wack job and dismissed Ms. Collins' as a nasty' person. When Ms. Collins attempted to correct Mr. Trump’s lies, he would often talk over her. The audience, which was largely supportive, cheered on Mr. Trump throughout the evening. CNN's forum was criticized by critics for giving Mr. Trump a huge platform to spread his message. This is because it was difficult to fact-check his statements live. Chris Licht, the chairman of CNN, defended Thursday's broadcast, saying that it highlighted how covering Mr. Trump will 'continue being messy and tricky'.
Inflation is slowing
The closely-watched report released on Wednesday revealed that the United States' inflation rate had reached an important milestone. April marked the 10th consecutive month in which the rate of price increases has slowed. The Consumer Price Index rose 4.9 percent compared to a year ago, exceeding analysts' expectations in a positive way. Bloomberg's survey of economists had predicted a rise of 5 percent. The core inflation rate, which excludes volatile fuel and food costs, fell as well. This report follows the Federal Reserve's tenth consecutive rise in its benchmark rate. In light of the latest inflation data and other signs that the economy is slowing down, the Federal Reserve may decide to make its May rate increase the last for the time being.
Elon Musk Announces
Elon Musk asked Twitter users long ago if he would step down as CEO of the platform. "I will follow the results of this survey," he declared. Nearly 58 percent agreed that Mr. Musk's position should be terminated. It was surprising, however, when Musk announced that he would be replacing himself with Linda Yaccarino. She is the head of global advertising at NBCUniversal. Ms. Yaccarino will focus on business operations, while Mr. Musk continues to work on technology and product design.
What's Next? (May 14-20)
Senate Hearings on Banking Crisis
This week, two groups will be appearing at Senate hearings to try and place blame on each other. These are the bank heads who have been blaming one another for recent bank failures as well as the federal regulators that oversee these banks. Greg Becker will appear before the Senate Banking Committee on Tuesday. He resigned from his position after Silicon Valley Bank collapsed in March. Two former executives of the failed Signature Bank will also be testifying. The lawmakers are likely to give them a harsh welcome. The chairman of the committee stated in a letter inviting Mr. Becker, "You must account for the downfall of the bank." At a separate Thursday hearing, regulators can also expect to be grilled. Members of Congress from both sides of the aisle blamed the banking crisis on oversight failures when regulators appeared in front of the committee last week. Regulators pointed to the mismanagement of the banks.