Table of Contents

• Jerome Powell Testifies in Congress

• Meta & Vodafone

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Economy & Finance

Jerome Powell Testifies in Congress

While testifying in front of Congress, Jerome Powell's balanced remarks led stocks to hover near record highs, reinforcing speculation about potential Federal Reserve rate cuts this year. Powell emphasized the need for more positive data to ensure inflation is moving toward the 2% target, while also cautioning against cutting rates too soon. The S&P 500 rose for a sixth consecutive day, led by Nvidia, and US 10-year Treasury yields climbed amid European bond selloffs. Wall Street viewed Powell's remarks as maintaining a steady economic outlook, with swaps projecting two rate cuts in 2024. Despite the positive market reaction, investors remain cautious about future economic indicators and the potential for increased market volatility.

Technology

Meta & Vodafone

Meta and Vodafone are collaborating to optimize video delivery and enhance mobile network capacity for all mobile customers. These optimizations, active since June in 11 European markets, have significantly reduced network traffic without compromising video quality. This initiative follows successful tests in the UK, achieving notable traffic reduction on both 4G and 5G networks.

The collaboration aims to improve network efficiency and handle increasing data traffic, particularly video content, amidst ongoing industry discussions about big tech companies' contributions to network infrastructure costs. Both companies are committed to ongoing cooperation and innovation in network resource management.

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