Trump’s Defiance, Fed Faces Destructive Blame, Tesla’s Growing Autopilot Issues And More: 5 Key Stories From The Weekend

With the first-quarter reporting season and the debt ceiling impasse now in the rearview, all eyes are now on the June meeting of the Federal Open Market Committee, the policy-setting arm of the central bank. The past two days also witnessed a bloodbath in the cryptocurrency market.

Here’s a recap of a few major headlines you may have missed over the weekend:

1. Trump Stays The Course Despite Indictment: 

Following indictment by a federal jury, former President Donald Trump clarified that there is no case for him to withdraw from the 2024 presidential election in the wake of the multiple legal challenges he faces. He reportedly made the comment in an interview with Roger Stone on the premiere episode of the ‘Roger Stone Show’ on 77 WABC. Separately, at campaign rallies held on Sunday, Trump suggested his opponents are not targeting him but the people in a bid to whip up support for him.

2. Schiff Says Banking System Is Insolvent: 

Gold Bug Peter Schiff took to Twitter to weigh in on the banking system in the U.S. Blaming the Fed for the predicament banks face, he said, “The Fed destroyed the U.S. banking system. It’s insolvent and would collapse without government backstops.

3. Tesla Autopilot Accidents Multiply: 

Analysis of National Highway Traffic Safety Administration data by the Washington Post revealed an increasing number of accidents and deaths with Tesla vehicles driven on Autopilot mode. Tesla Autopilot was associated with 736 crashes and 17 fatalities in the U.S. since 2019, the report said. Experts blamed the increase on the wider rollout of the full-self driving software as NHTSA data suggests in some of the cases it was unknown whether Autopilot or FSD was in use, the Post said.

4. Summers Says U.S. Economy Red Hot With Inflation: 

Former Treasury Secretary Larry Summers, who spoke at the Caixin Asia New Vision Forum via video link, said the economy remains “very, very, hot” and the underlying inflation is trending around 4-4.5%. This is about double the Fed’s target rate.

5. Bitcoin Sell-Off Could Steepen: Analyst:

Bloomberg macro strategist Mike McGlone said Bitcoin was in a poor technical position amid the current downtrend. A rally above $30,000 this year could be seen as an overextended bounce within a macro bear winter, he said.

What Else: 

Apple, Inc. has got some leeway to make changes to the components of the Vision Pro as it embarks on making a cheaper version of the product, said Bloomberg’s Mark Gurman.

Chipmaker Qualcomm, Inc. is focused on seizing the AI opportunity, said SVP and Head of AI, Ziad Asghar said in an exclusive interview with Benzinga.

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Originally Posted June 12, 2023 – Trump’s Defiance, Fed Faces Destructive Blame, Tesla’s Growing Autopilot Issues And More: 5 Key Stories From The Weekend