“JPMorgan Chase & Co. boosted its forecast for U.S. economic growth after a temporary trade deal between the U.S. and China, dropping its earlier call that the world’s largest economy would sink into a recession in 2025,” Bloomberg reports.
Inflation Was Less Than Expected Last Month
“Inflation was slightly lower than expected in April as President Donald Trump’s tariffs just began hitting the slowing U.S. economy,” CNBC reports.
“The consumer price index, which measures the costs for a broad range of goods and services, rose 0.2% for the month, putting the 12-month inflation rate at 2.3%, the Bureau of Labor Statistics said. The monthly reading was in line with the Dow Jones consensus estimate and a bit below the annual forecast for 2.4%.”
Bonus Quote of the Day
“This was the fulcrum of Bernie Sanders’ runs for the presidency. I have a couple of kids who are Democrats and big Bernie Sanders fans, and when I told them this was going to happen, they had tears in their eyes.”
— Health Secretary Robert F. Kennedy Jr., quoted by the Financial Times, on President Trump’s plan to slash U.S. drug prices.
Here’s Who Got Invited to Trump’s Crypto Dinner
Wired: “To win a seat under the crystal chandeliers of the great ballroom at the Trump National Golf Club in Washington, the 220 qualifying attendees had to hold or purchase at least 4,196 units of the TRUMP coin—worth about $55,000 at the time of writing.”
“The 25 largest holders will enjoy an even more intimate experience, including a VIP tour and an ‘exclusive reception before dinner with YOUR FAVORITE PRESIDENT,’ according to the website. To qualify for the reception, these VIPs held around 325,000 TRUMP coins on average, worth $4.3 million as of 1:30 pm ET.”
“The biggest spender, an investor going by the name Sun, topped the leaderboard with around 1.43 million TRUMP coins, worth over $19 million.”
Trump Family Bitcoin Company to Go Public
“American Bitcoin, a cryptocurrency firm co-founded by Eric Trump, announced on Monday that it would become publicly traded, the latest expansion of the Trump family’s investments across the crypto industry,” the New York Times reports.
The Mystery of $MELANIA
Financial Times: “We identified 24 wallets that bought $MELANIA in the minutes before the existence of the coin and its backing from the first lady was publicised (via Melania’s Truth Social account, naturally). These people — who knew where to get the coins and were apparently confident it was not one of the hundreds of unofficial Trump family coins — bought $2.6mn of the tokens and flipped them within days for about $100mn.”
Trump’s Gifted Qatari 747 Would Be a Security Problem
“President Donald Trump on Monday praised Qatar for offering his administration a free luxury jet, but current and former U.S. military, defense and Secret Service officials said he will likely have to waive existing security specifications to be able to use the plane,” the Washington Post reports.
“Retrofitting the 13-year-old aircraft to current Air Force One requirements would take years of work and billions of dollars, current and former U.S. officials say. Such a task would be impossible to complete before Trump leaves office.”
On Buying Trump’s Gratitude
Edward Luce: “What can you give a person who already has everything? The usual remedy is something of sentimental value. In Donald Trump’s case, Qatar has found the perfect blend — a $400mn jumbo jet for which he has indicated nostalgia in advance. Trump inspected the plane at Palm Beach airport a few weeks after he was sworn in. Long after he covers the aircraft’s fixtures in gold plating, he will associate his next Air Force One with Qatar’s ruling family. Or so they must hope.”
“In practice, Trump’s gratitude has limited shelf life. Ask Meta’s Mark Zuckerberg, whose $1mn gift to Trump’s inauguration and $25mn to settle a meritless libel suit have not saved his company from large threatened fines. With Trump, however, you should never say never. Maybe Zuckerberg will find his own sentimental emolument to secure Meta relief from Trump’s antitrust attorneys.”
Mexican Candidate Killed at Rally
A Mexican mayoral candidate was gunned down during a live broadcast of her campaign rally, CNN reports.
Attacks on political candidates are common during election cycles in Mexico.
Trump’s Coalition Is Falling Apart
Vox: “Trump was elected president in no small part because his campaign’s unconventional wager paid off. His team bet that by focusing on the economy, inflation, and immigration — and by bringing that message to non-traditional media platforms and to places where Republicans typically struggle — they might activate a coalition of the disaffected.”
“It worked in November. But now, his perceived inability to deliver on this seems to be fueling the great unraveling of this coalition. Trump’s overall job approval and personal favorability ratings have steadily dropped, largely because voters disapprove of and distrust his handling of the economy.”
Police Probe Fires at Keir Starmer’s Homes
British authorities are investigating suspicious fires at Prime Minister Keir Starmer’s properties as possible targeted attacks, The Telegraph reports.
‘Trump Loves This Stuff’
Playbook: “Trump was greeted off Air Force One by Crown Prince Mohammed bin Salman (MBS), and the two men will spend much of the day together — just as they did on Trump’s first overseas visit in 2017, when the president again eschewed America’s closest neighbors and oldest allies in favor of the Middle Eastern monarchs.”
“So here’s the thing: Trump loves this stuff — really loves it. White House aides say these grand regal ceremonies are a key part of the appeal of Middle Eastern trips, along with the chance to unveil some big-ticket investment deals. Trump loves the red carpet welcomes. He loves the state dinner toasts. He loves being with royalty. For him, it’s part of the point.”
“Don’t forget, this is a president who, rather than rejecting accusations that he wants to rule America as an all-powerful king, chose to lean right into them instead. And it’s not just about ignoring constitutional norms, but the trappings of regal power. Trump has installed gilded edging throughout his Oval Office. His next confirmed state visit is to Britain in September, following a handwritten invite from King Charles III — with all the royal baubles that implies.”
Quote of the Day
“We attempted to shield him from his own staff… So many people didn’t realize the extent of the decline beginning in 2023.”
— An anonymous senior ex-Biden aide, quoted by The Guardian, from the new book, Original Sin.
Signs of a DOGE Recession
“Signs of a DOGE recession are flashing in D.C. — rising unemployment, less credit card spending and jitters about more federal cuts,” Axios reports.
“A local ‘mild recession’ is expected as the Trump administration downsizes the capital city’s big factory — the federal government, employer to 17% of the region’s workforce.”
“Even before most of the federal job cuts, the number of unemployed residents in D.C. increased 12.2% in February over last year, city stats show.”
Xi Slams ‘Bullying’ from Trump
China’s leader Xi Jinping took an apparent swipe at President Trumps tariffs policies on Tuesday, Axios reports.
Said Xi: “There are no winners in tariff wars or trade wars. Bullying or hegemonism only leads to self-isolation.”
Trump Kicks Off Gulf Tour in Saudi Arabia
“President Trump arrived on Tuesday morning in Saudi Arabia and met with Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, beginning a four-day tour through the Gulf that is the first major overseas trip of his second term,” the New York Times reports.
Wall Street Journal: “Trump’s first stop in Riyadh kicked off with a Saudi F-15 escort as Air Force One touched down at King Khalid International Airport on Tuesday. Drums boomed and horns blared as Saudi Crown Prince Mohammed bin Salman, the country’s de facto ruler, greeted Trump on a lavender-colored carpet rolled out beneath the American plane.”
Washington Post: Trump’s Middle East trip marked by potential private business conflicts.
Trump Surprised and Sidelined Israel
“As President Trump takes his first trip to the Middle East after getting re-elected, he’s planning on skipping over America’s closest ally in the region: Israel,” the Wall Street Journal reports.
“It follows a series of announcements by the Trump administration that either sidelined or surprised the Israelis, raising questions in Israel about whether the two sides are fully in sync on some of the biggest challenges in the region.”
Politico: Trump’s Gulf tour doesn’t bode well for Israel.
Biden Aides Discussed Wheelchair Use If Re-Elected
“Joe Biden’s physical deterioration was so severe in 2023 and 2024 that advisers privately discussed the possibility he’d need to use a wheelchair if he won re-election, CNN’s Jake Tapper and Axios’ Alex Thompson write in their new book, Original Sin, out May 20,” Axios reports.
“The discussions reflected the extent of the president’s declining health — particularly the significant degeneration of his spine — and his aides’ alarm over it as Biden sought a second term at age 81.”
“The conversations also reveal the White House’s determination to conceal the reality of Biden’s condition, at the risk of his own health, while he faced a tough re-election bid against Donald Trump.”
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Original Sin: President Biden's Decline, Its Cover-Up, and His Disastrous Choice to Run Again
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- Jake Tapper (Author) - Jake Tapper (Narrator)
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- 05/20/2025 (Publication Date) - Penguin Audio (Publisher)
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