Financial Daily Dose 5.5.2021 | Top Story: Yellen’s Interest Rate Comments Roil Markets, Prompt Clarification

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Treasury Secretary Yellen perhaps inadvertently dipped back into Fed Chair mode for a bit on Tuesday, acknowledging that some movement in interest rates may be necessary to “keep the economy from overheating given the large investments that the Biden administration is proposing to rebuild the nation’s infrastructure and remake its labor force.” After causing more of a stir than she intended, she later clarified that she “was not making a recommendation” to the central bank to move from its current low-rate strategy - NYTimes and WSJ and Bloomberg and MarketWatch

Behind the question and the answer: inflation, of course - WSJ and Bloomberg

A combination of Wall Street capital and local investments has given China a serious leg up in the electric car manufacturing sector, with the country “erecting factories for electric cars almost as fast as the rest of the world combined” - NYTimes

Much like JPMorgan, Goldman Sachs is reportedly pushing to return the majority of its US and UK employees to the office by the end of next month, a much quicker timetable than other big non-finance businesses, which have focused on fall - NYTimes

Day 2 of the Epic/Apple App Store trial meant some tough questioning from the bench for Epic CEO Tim Sweeney - NYTimes and MarketWatch and Law360

Speaking of court dates, Elizabeth Holmes was before a federal judge in San Jose yesterday for a pretrial conference and arguments over the admissibility of certain evidence in the coming trial of the Theranos founder and ex-CEO on criminal fraud charges - WSJ and Bloomberg and Law360

Krispy Kreme is ready to give public markets another go, 5 years after JAB acquired it for $1.35 billion and took it private. Double K first went public in 2000 to much acclaim, but an SEC inquiry into “accounting irregularities” sent its value plummeting in 2004 - Bloomberg

Thoughts on what the dissolution of the Gates marriage means for the nonprofit behemoth Gates Foundation, which doles out $5 billion annually in grants to organizations in 135 countries - NYTimes and WSJ and Marketplace

Pfizer’s strategic decision last year to profit from its vaccine has paid off, generating a staggering $3.5 billion in revenue for the company in Q1—“nearly a quarter of its total revenue” - NYTimes

A newly released director’s cut of this 2004 Rock & Roll Hall of Fame performance honoring George Harrison is all the excuse I need to remind you of Prince’s ridiculous virtuosity – JAG10th

Stay safe and get vaxxed.

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