🗞️First American pope elected

May 8th, 2025

What happened today 🇺🇸,

• American Cardinal Robert Francis Prevost has been elected as the next pope today, he will be the first American-born pope in history and chose the name Pope Leo XIV

• The U.S. has reached a trade agreement with the UK making it the first major trade deal with any country since the tariffs were put into place, the deal notably reduces U.S. tariffs on British steel, aluminum, and autos, while expanding U.S. access to the UK market for products like beef, ethanol, and machinery; in return, the UK will lower its own tariffs on American vehicles, ease its digital services tax on U.S. tech firms, and streamline customs for U.S. imports

• The head of the Federal Emergency Management Agency (FEMA), Cameron Hamilton, has been fired

• The FAA and Department of Transportation have announced a new, multi-billion dollar plan to modernize the U.S. air traffic control system by 2028, replacing outdated technology and infrastructure that dates back decades…for more info click here

• The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) did not pass in the Senate today… the Act was a proposed Senate bill that would create a regulatory framework for "stablecoins," which are digital currencies tied to the value of assets like the U.S. dollar

• Present Trump is looking to raise the top tax rate for those who earn $2.5 million or more to 39.6% up from 37% as a way to help pay for middle and working class tax cuts and protect Medicaid

• Bill Gates announced that he now plans to give away “virtually all” of his wealth, which is around $200 billion, within the next 20 years before shutting down the Gates foundation in 2045

• OpenAI announced that it’s hired Instacart CEO, Fidji Simo, as the head of its applications business and she will be reporting directly to OpenAI CEO Sam Altman

• Nuclear developer Elementl Power has signed an agreement with Google to develop three nuclear sites for advanced reactors…this is another example of tech companies working with the nuclear industry in an effort to meet the vast energy needs of data centers

• The price of Bitcoin has gone above $100,000 for the first time since February

• DOW up .62% / S&P up .58%

Bonus: A look at the change in GDP forecasts from January 2025 to April 2025

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