Tether gets junked by S&P

Chancellor Rachel Reeves has announced a budget that raises the UK's tax take to an all-time high of 38% of GDP by the end of the parliament, reflecting a £26 billion tax increase aimed at stabilizing the economy amidst ongoing financial challenges.

Chancellor Rachel Reeves' recent budget announcement has been characterized by the Office for Budget Responsibility (OBR) as a strategy to delay fiscal pain, suggesting that she is now more likely to meet her fiscal rules without additional policy changes. This approach indicates a shift in fiscal management amidst ongoing economic challenges.

S&P has downgraded Tether's assets to the lowest level, citing an increasing exposure to high-risk assets and insufficient disclosures. This decision reflects growing concerns about the stability and transparency of Tether's financial practices in the volatile cryptocurrency market.

The cryptocurrency market has experienced a significant downturn, with a loss of approximately $1 trillion, prompting crypto hoarders to sell off their tokens. This decline reflects a broader trend of traders moving away from speculative assets, particularly as Bitcoin has seen a notable drop in value, raising concerns about market stability.

Americans are increasingly dissatisfied with the rising cost of living, with inflation rates surpassing those from the previous month when President Trump took office. This dissatisfaction is reflected in various economic indicators and public sentiment surveys.

Nvidia shares have fallen significantly amid concerns that Google is gaining a competitive edge in the artificial intelligence sector, leading to a $115 billion sell-off for the chipmaker. This decline reflects investor anxiety about the sustainability of Nvidia's market position in the face of rising competition.

Recent retail sales data has raised alarms regarding the health of the US economy, as consumer confidence has dropped to its second-lowest level since the pandemic, indicating persistent inflationary pressures.

Google continues to solidify its position as a dominant player in the market, with its valuation nearing $4 trillion. As competition from ChatGPT diminishes, user engagement with Google's services has increased, indicating that monetization strategies remain effective.